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REGISTERED NUMBER: SC005854 (Scotland)















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: T A G Angus
K A Gourlay
N M Serafini
K W Jamieson





REGISTERED OFFICE: The Falkirk Stadium
Westfield
Falkirk
Strilingshire
FK2 9DX





REGISTERED NUMBER: SC005854 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
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 1,549,828 63,263
Investments 5 - 1,223,407
1,549,828 1,286,670

CURRENT ASSETS
Stocks 109,616 60,216
Debtors 6 220,078 195,029
Cash at bank and in hand 643,546 415,700
973,240 670,945
CREDITORS
Amounts falling due within one year 7 1,129,173 666,335
NET CURRENT (LIABILITIES)/ASSETS (155,933 ) 4,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,393,895

1,291,280

CREDITORS
Amounts falling due after more than one year 8 217,692 57,425
NET ASSETS 1,176,203 1,233,855

CAPITAL AND RESERVES
Called up share capital 2,298,405 1,919,742
Share premium 519,048 519,048
Capital redemption reserve 173,994 173,994
Retained earnings (1,815,244 ) (1,378,929 )
1,176,203 1,233,855

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:



T A G Angus - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2.5% on cost
Long leasehold - 20% on cost and 4% on cost
Fixtures and fittings - 25% on cost and 10% on cost
Artificial pitch - 10% on cost

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 48 (2023 - 46 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Land and Long and Artificial
buildings leasehold fittings pitch Totals
£    £    £    £    £   
COST
At 1 June 2023 - 119,150 62,499 326,717 508,366
Additions 1,188,018 - 77,875 281,407 1,547,300
Disposals - - - (326,717 ) (326,717 )
At 31 May 2024 1,188,018 119,150 140,374 281,407 1,728,949
DEPRECIATION
At 1 June 2023 - 72,631 54,623 317,849 445,103
Charge for year 11,762 6,935 9,719 32,319 60,735
Eliminated on disposal - - - (326,717 ) (326,717 )
At 31 May 2024 11,762 79,566 64,342 23,451 179,121
NET BOOK VALUE
At 31 May 2024 1,176,256 39,584 76,032 257,956 1,549,828
At 31 May 2023 - 46,519 7,876 8,868 63,263

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 - 102
Loans to group undertakings - 1,223,305
- 1,223,407

Additional information is as follows:
Shares in
group
undertaking
£   
COST
At 1 June 2023 102
Impairments (102 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 102
Loans to
group
undertaking
£   
At 1 June 2023 1,223,305
Write-down in year (35,287 )
Transfer to fixed assets (1,188,018 )
At 31 May 2024 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 112,192 64,156
Other debtors 48,424 5,414
Prepayments and accrued income 59,462 125,459
220,078 195,029

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 10,000 10,000
Other loans 16,666 46,667
Trade creditors 216,290 174,516
Amounts owed to group undertakings - 102
Social security and other taxes 64,490 48,285
VAT 108,253 4,320
Directors' loan accounts - 1,667
Accruals and deferred income 690,181 264,312
Deferred government grants 23,293 116,466
1,129,173 666,335

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 10,796 10,000
Bank loans - 2-5 years - 10,759
Other loans - 1-2 years 16,668 33,333
Directors' loan accounts - 3,333
Deferred government grants 190,228 -
217,692 57,425

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 83,351 75,001
Between one and five years 333,404 300,004
In more than five years 1,396,261 1,471,262
1,813,016 1,846,267

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.

Janice Alexander CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

11. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 335,980

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.