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REGISTERED NUMBER: SC691719 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

GLASGOW CITY FOOTBALL CLUB LIMITED

GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLASGOW CITY FOOTBALL CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: L M Montgomery
C A Stewart
S C Anderson
M Anderson
C J Quinn





REGISTERED OFFICE: 60 Mollinsburn Street
Glasgow
G21 4SF





REGISTERED NUMBER: SC691719 (Scotland)





ACCOUNTANTS: Sedulo Accountants Limited
Chartered Certified Accountants
62-66 Deansgate
Manchester
M3 2EN

GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,961 9,868

CURRENT ASSETS
Stocks 4,500 2,500
Debtors 5 76,968 120,805
Cash at bank 263,998 826,148
345,466 949,453
CREDITORS
Amounts falling due within one year 6 324,104 92,343
NET CURRENT ASSETS 21,362 857,110
TOTAL ASSETS LESS CURRENT LIABILITIES 81,323 866,978

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 999,980 999,980
Retained earnings (918,757 ) (133,102 )
81,323 866,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





C A Stewart - Director


GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Glasgow City Football Club Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 26 ) .

GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 306 3,247 7,690 11,243
Additions 36,473 3,829 19,671 59,973
Disposals - - (2,300 ) (2,300 )
At 30 June 2023 36,779 7,076 25,061 68,916
DEPRECIATION
At 1 July 2022 51 203 1,121 1,375
Charge for year 1,726 957 5,807 8,490
Eliminated on disposal - - (910 ) (910 )
At 30 June 2023 1,777 1,160 6,018 8,955
NET BOOK VALUE
At 30 June 2023 35,002 5,916 19,043 59,961
At 30 June 2022 255 3,044 6,569 9,868

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 1,800 37,800
Other debtors 75,168 83,005
76,968 120,805

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 21,450 3,490
Taxation and social security 4,423 48,566
Other creditors 298,231 40,287
324,104 92,343

GLASGOW CITY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: SC691719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


7. RELATED PARTY DISCLOSURES

The following directors of the Company also served as trustees of the registered charity Glasgow City Foundation (SC045450) in the period covered by these accounts:

- L M Montgomery
- S C Anderson
- M Anderson
- C J Quinn

The Company entered into a service level agreement with Glasgow City Foundation in the period covered by these accounts which generated a total of £97,500 (2022: £197,500) of income for the Company. At the year end, the Company was owed £Nil (2022: £30,000) by Glasgow City Foundation.

M Anderson paid £30,000 (2022: £30,000) to the Company in respect of shirt sponsorship on behalf of Glasgow City Foundation.

M Anderson loaned the company £250,000 during the year, this amount remains outstanding at the year end. The loan attracts an interest rate equivalent to the Base Rate and is repayable on demand.