REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 May 2024 |
for |
Falkirk Football And Athletic Club Ltd. |
(The) |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 May 2024 |
for |
Falkirk Football And Athletic Club Ltd. |
(The) |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Contents of the Financial Statements |
For The Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Falkirk Football And Athletic Club Ltd. |
(The) |
Company Information |
For The Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Statement of Financial Position |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Notes to the Financial Statements |
For The Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Falkirk Football And Athletic Club Ltd. (The) is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Falkirk Football And Athletic Club Ltd. (The) as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Going concern |
The Board of Directors have reviewed the future financial position of the company by preparing detailed cash flow forecasts to the end of season 2024/25. These have been prepared on a cash break-even basis in 2024/25 and it is the Board's view that there will be adequate funding in place to cover all known liabilities as the fall due until the end of the season. The Board has considered uncertainties over the various income streams of the company, and there are a number of actions that can be taken to reduce costs should forecasted income be lower than expected. As with most football clubs, income is front loaded to the start of the financial year. With minimal structured debt and creditors paid in a timely fashion, this allows the Board to prepare a budget for 2025/26 based on expected income for the following season regardless of which league the club is in and cut or increase squad and other costs as appropriate. Therefore, it is the directors' assessment that the financial statement can be prepared on a going concern basis. |
Turnover |
Turnover represents the total invoice and receipts value, excluding value added tax, of providing football entertainment and related activities to general public during the year. Turnover is recognised as and when the product or service has been delivered to the customer. |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and buildings | - |
Long leasehold | - |
Fixtures and fittings | - |
Artificial pitch | - |
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition. |
The directors have considered the residual value of tangible fixed assets, with the exception of leasehold property, to be immaterial and therefore are depreciated to nil value over the course of their estimated useful lives. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in-first-out method and includes the normal cost of transporting stock to its present location and condition. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Valuation of playing squad |
The Directors have considered accounting standards which were issued by the Accounting Standards Board and apply to these accounts, in respect of the valuation of intangible assets to be incorporated into the Balance Sheet, including players. However, at the present stage of development of the Club, the Directors do not consider it prudent to recognise this value in the balance sheet at this time. The Directors will reconsider this position in the future. |
Investments |
Investments are recognised at purchase price less any recognised impairment. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it it probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Long | and | Artificial |
buildings | leasehold | fittings | pitch | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
5. | FIXED ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Additional information is as follows: |
Shares in |
group |
undertaking |
£ |
COST |
At 1 June 2023 |
Impairments | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Loans to |
group |
undertaking |
£ |
At 1 June 2023 |
Write-down in year | ( |
) |
Transfer to fixed assets | ( |
) |
At 31 May 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 108,253 | 4,320 |
Directors' loan accounts | - | 1,667 |
Accruals and deferred income |
Deferred government grants |
Included in creditors is £547,751 (2023: £334,362) of deferred income and deferred grants related to the season 2024/25. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans - 1-2 years |
Directors' loan accounts | - | 3,333 |
Deferred government grants |
An unsecured £50,000 loan was taken out in May 2020 under the Bounce Back Loan Scheme. This is government backed and interest was paid by the government for the first year, with 2.5% charged annually thereafter. No capital payments were due until June 2021 and the loan is being repaid in 60 monthly instalments across 5 years, with the final payment in May 2026. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Falkirk Football And Athletic Club Ltd. |
(The) (Registered number: SC005854) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
12. | RELATED PARTY DISCLOSURES |
The company paid rent of £85,350 (2023: £85,350) to South Stand Development Company Limited, a company owned by shareholder Sandy Alexander. At the year-end, a balance of £25,605 was owed to this company (2023: £25,605). |
The company paid £13,333 to Earlsgate Property Investments Limited, a company owned by shareholder Sandy Alexander, in repayments towards a three-year interest-free loan leaving a balance due at the year end of £26,667 (2023: £40,000). |
The company paid £3,333 to KGO Consulting Ltd, a company where director Keith Gourlay is a 50% shareholder, in repayments towards a three-year interest-free loan leaving a balance due at the year end of £6,667 (2023: £10,000). |
The company paid £30,000 to William Jones, a shareholder of the company, in the repayment of a one-year interest-free loan (2023: £30,000). |
The company paid rent of £13,500 to Behind the Goals Limited, a company with common management. |
13. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements. |