Registered number
SC098412
Cove Rangers Football Club Limited
Filleted Accounts
31 October 2023
Cove Rangers Football Club Limited
Registered number: SC098412
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 900,000 -
Tangible assets 5 444,592 507,426
1,344,592 507,426
Current assets
Stocks 6,146 6,146
Debtors 6 735,752 345,296
Cash at bank and in hand 95,920 12,393
837,818 363,835
Creditors: amounts falling due within one year 7 (1,361,794) (709,596)
Net current liabilities (523,976) (345,761)
Total assets less current liabilities 820,616 161,665
Creditors: amounts falling due after more than one year 8 (786,728) (376,333)
Provisions for liabilities (508,976) (534,856)
Net liabilities (475,088) (749,524)
Capital and reserves
Called up share capital 200 200
Profit and loss account (475,288) (749,724)
Shareholder's funds (475,088) (749,524)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Keith Moorhouse
Director
Approved by the board on 10 May 2024
Cove Rangers Football Club Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. The fair value of consideration takes into account trade discounts, settlement discounts, and volume rebates. Revenue for ticket sales is recognised in the month incurred.
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

The company's intangible assets relate to the revaluation of player registrations.

The Directors review the value of player registrations to identify if there is an impairment. The recoverability of player registrations is assessed by reference to an assumed market value of individual registrations. The Directors make their assessment based on internal and external references, such as recent comparable transfers or offers received for those players.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Player Registrations Over the terms of each individual contract
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 7-20 years straight line
Leasehold land and buildings over the lease term
Plant and machinery 3 years straight line
Fixtures, fittings, tools and equipment 4 years straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Wilfred Emmanuel
Firm: A7 Accountants
Date of audit report: 10 May 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 40 40
4 Intangible fixed assets £
Players valuation:
Cost
Additions 900,000
At 31 October 2023 900,000
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 900,000
5 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 757,579 47,272 804,851
Additions 13,021 - 13,021
At 31 October 2023 770,600 47,272 817,872
Depreciation
At 1 November 2022 269,406 28,019 297,425
Charge for the year 71,534 4,321 75,855
At 31 October 2023 340,940 32,340 373,280
Net book value
At 31 October 2023 429,660 14,932 444,592
At 31 October 2022 488,173 19,253 507,426
6 Debtors 2023 2022
£ £
Trade debtors 407,246 228,011
Accrued income - 59,922
Prepayments 23,726 52,583
Other debtors 304,780 4,780
735,752 345,296
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 94,768 55,909
Trade creditors 447,643 401,944
Taxation and social security costs 59,741 40,591
Accruals 3,500 130,202
Other creditors 756,142 80,950
1,361,794 709,596
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 786,728 376,333
9 Related party transactions
During the year, £271,000 were received from director which resulted in amounts due by the company at the year end of £291,000 (2022 - £22,000).The loan is unsecured and interest free with no fixed repayment terms in place.
10 Other information
Cove Rangers Football Club Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Balmoral Stadium Wellington Circle
Altens
Aberdeen
Aberdeenshire
AB12 3JG
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