Acorah Software Products - Accounts Production 15.0.600 false true true 31 May 2023 1 June 2022 false 8 October 2024 1 June 2023 31 May 2024 31 May 2024 SC187738 Mr Michael Murray Mr Robert Cowe Mr Finlay Noble Mr Ewan Mowat Mr James Nicol Mr James Adams Mr David Milne Mr George Thom Mr James Adams iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC187738 2023-05-31 SC187738 2024-05-31 SC187738 2023-06-01 2024-05-31 SC187738 frs-core:CurrentFinancialInstruments 2024-05-31 SC187738 frs-core:Non-currentFinancialInstruments 2024-05-31 SC187738 frs-core:ComputerEquipment 2024-05-31 SC187738 frs-core:ComputerEquipment 2023-06-01 2024-05-31 SC187738 frs-core:ComputerEquipment 2023-05-31 SC187738 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 SC187738 frs-core:FurnitureFittings 2024-05-31 SC187738 frs-core:FurnitureFittings 2023-06-01 2024-05-31 SC187738 frs-core:FurnitureFittings 2023-05-31 SC187738 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-05-31 SC187738 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 SC187738 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-31 SC187738 frs-core:OtherResidualIntangibleAssets 2024-05-31 SC187738 frs-core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 SC187738 frs-core:OtherResidualIntangibleAssets 2023-05-31 SC187738 frs-core:PlantMachinery 2024-05-31 SC187738 frs-core:PlantMachinery 2023-06-01 2024-05-31 SC187738 frs-core:PlantMachinery 2023-05-31 SC187738 frs-core:ShareCapital 2024-05-31 SC187738 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC187738 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC187738 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 SC187738 frs-bus:SmallEntities 2023-06-01 2024-05-31 SC187738 frs-bus:Audited 2023-06-01 2024-05-31 SC187738 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 SC187738 frs-bus:Director1 2023-06-01 2024-05-31 SC187738 frs-bus:Director2 2023-06-01 2024-05-31 SC187738 frs-bus:Director3 2023-06-01 2024-05-31 SC187738 frs-bus:Director4 2023-06-01 2024-05-31 SC187738 frs-bus:Director5 2023-06-01 2024-05-31 SC187738 frs-bus:Director6 2023-06-01 2024-05-31 SC187738 frs-bus:Director7 2023-06-01 2024-05-31 SC187738 frs-bus:Director8 2023-06-01 2024-05-31 SC187738 frs-bus:Director9 2023-06-01 2024-05-31 SC187738 frs-countries:Scotland 2023-06-01 2024-05-31 SC187738 2022-05-31 SC187738 2023-05-31 SC187738 2022-06-01 2023-05-31 SC187738 frs-core:CurrentFinancialInstruments 2023-05-31 SC187738 frs-core:Non-currentFinancialInstruments 2023-05-31 SC187738 frs-core:ShareCapital 2023-05-31 SC187738 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: SC187738
Fraserburgh Football Club Limited
Financial Statements
For The Year Ended 31 May 2024
M Squared Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC187738
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,250 9,500
Tangible Assets 5 87,074 58,000
88,324 67,500
CURRENT ASSETS
Stocks 6 5,536 900
Debtors 7 1,307 5,422
Cash at bank and in hand 971 928
7,814 7,250
Creditors: Amounts Falling Due Within One Year 8 (80,791 ) (39,212 )
NET CURRENT ASSETS (LIABILITIES) (72,977 ) (31,962 )
TOTAL ASSETS LESS CURRENT LIABILITIES 15,347 35,538
Creditors: Amounts Falling Due After More Than One Year 9 (15,334 ) (8,835 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (409 )
NET ASSETS 13 26,294
CAPITAL AND RESERVES
Called up share capital 10 142,500 132,500
Profit and Loss Account (142,487 ) (106,206 )
SHAREHOLDERS' FUNDS 13 26,294
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Murray
Director
08/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Fraserburgh Football Club Limited is a private company, limited by shares, incorporated in Scotland, registered number SC187738 . The registered office is 83 Broad Street, Fraserburgh, Aberdeenshire, AB43 9AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The board of directors acknowledge the challenges that currently face football clubs given the general economic environment in which they operate.  The Board of Directors have undertaken a thorough review of the company’s forecasts and associated risks.  The extent of this review takes into account the current economic environment, the clubs current and projected trading, and the expected position in The Scottish Highland League.  The company’s forecast and projections taking account of reasonable changes in trading performances indicate that the company plans to operate within cash generated and as such The Board of Directors confirm that it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  Accordingly, they continue to adopt the going concern basis in preparing the statutory financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are players contracts. They are amortised to profit and loss account over their estimated economic life based on the terms of contracts.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Tenants Improvements 10% Straight line
Plant & Machinery 10%-25% Straight line
Sponsors Lounge 20% Straight line
Office Equipment 25% Straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2023: 27)
29 27
4. Intangible Assets
Players' contracts
£
Cost
As at 1 June 2023 39,000
As at 31 May 2024 39,000
Amortisation
As at 1 June 2023 29,500
Provided during the period 8,250
As at 31 May 2024 37,750
Net Book Value
As at 31 May 2024 1,250
As at 1 June 2023 9,500
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5. Tangible Assets
Land & Property
Tenants Improvements Plant & Machinery Sponsors Lounge Office Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 87,848 32,899 71,225 17,159 209,131
Additions - 41,059 - - 41,059
Disposals - (11,341 ) - - (11,341 )
As at 31 May 2024 87,848 62,617 71,225 17,159 238,849
Depreciation
As at 1 June 2023 36,005 31,770 71,225 12,131 151,131
Provided during the period 6,836 1,812 - 3,337 11,985
Disposals - (11,341 ) - - (11,341 )
As at 31 May 2024 42,841 22,241 71,225 15,468 151,775
Net Book Value
As at 31 May 2024 45,007 40,376 - 1,691 87,074
As at 1 June 2023 51,843 1,129 - 5,028 58,000
6. Stocks
2024 2023
£ £
Stock 5,536 900
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 1,307 5,422
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 22,646 23,146
Other loans 4,000 -
Other creditors 44,814 13,622
Taxation and social security 9,331 2,444
80,791 39,212
Bank borrowings and overdrafts are secured with personal guarantees from the directors.
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,667 5,335
Other creditors 12,667 3,500
15,334 8,835
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 142,500 132,500
11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our accountants to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12. Audit Information
The auditors report on the account of Fraserburgh Football Club Limited for the year ended 31 May 2024 was unqualified
The auditor's report was signed by RJ Sim FCCA (Senior Statutory Auditor) for and on behalf of Murray Taylor Audit Limited , Statutory Auditor
Murray Taylor Audit Limited
10 Murray Lane
Montrose
Angus
DD10 8LF
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