Cove Rangers Football Club Limited |
Notes to the Accounts |
for the year ended 31 October 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Intangible fixed assets |
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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 |
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Tangible fixed assets |
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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: |
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Freehold buildings |
7-20 years straight line |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
3 years straight line |
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Fixtures, fittings, tools and equipment |
4 years straight line |
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Investments |
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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. |
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Stocks |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Wilfred Emmanuel |
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Firm: |
A7 Accountants |
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Date of audit report: |
10 May 2024 |
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3 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
40 |
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40 |
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4 |
Intangible fixed assets |
£ |
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Players valuation: |
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Cost |
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Additions |
900,000 |
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At 31 October 2023 |
900,000 |
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Amortisation |
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At 31 October 2023 |
- |
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Net book value |
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At 31 October 2023 |
900,000 |
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5 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 November 2022 |
757,579 |
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47,272 |
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804,851 |
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Additions |
13,021 |
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- |
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13,021 |
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At 31 October 2023 |
770,600 |
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47,272 |
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817,872 |
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Depreciation |
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At 1 November 2022 |
269,406 |
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28,019 |
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297,425 |
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Charge for the year |
71,534 |
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4,321 |
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75,855 |
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At 31 October 2023 |
340,940 |
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32,340 |
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373,280 |
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Net book value |
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At 31 October 2023 |
429,660 |
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14,932 |
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444,592 |
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At 31 October 2022 |
488,173 |
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19,253 |
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507,426 |
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6 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
407,246 |
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228,011 |
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Accrued income |
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- |
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59,922 |
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Prepayments |
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23,726 |
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52,583 |
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Other debtors |
304,780 |
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4,780 |
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735,752 |
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345,296 |
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7 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
94,768 |
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55,909 |
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Trade creditors |
447,643 |
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401,944 |
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Taxation and social security costs |
59,741 |
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40,591 |
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Accruals |
3,500 |
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130,202 |
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Other creditors |
756,142 |
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80,950 |
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1,361,794 |
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709,596 |
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8 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Bank loans |
786,728 |
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376,333 |
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9 |
Related party transactions |
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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. |
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10 |
Other information |
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Cove Rangers Football Club Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Balmoral Stadium Wellington Circle |
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Altens |
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Aberdeen |
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Aberdeenshire |
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AB12 3JG |