Company registration number 07238760 (England and Wales)
FOR GOOL CO LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
FOR GOOL CO LTD
COMPANY INFORMATION
Directors
C Panagopoulos
J Wojcik
(Appointed 1 April 2023)
Secretary
Centrum Secretaries Limited
Company number
07238760
Registered office
Elscot House
Arcadia Avenue
London
N3 2JU
Auditor
Taylor Associates
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
FOR GOOL CO LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
FOR GOOL CO LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present the strategic report for the year ended 30 June 2023.
Review of the business
During the year the group's revenue was €4,921,322 (2022 - €6,447,474). The net loss was €1,506,576 (2022 Profit - €3,981,706).
The group's balance sheet shows a net asset of €3,257,614 (2022 net liability - €2,993,273).
The group made a loss during the year however the value of the fixed assets has increased substantially in the current financial year due to a change in accounting policy from cost value to fair value. The directors are satisfied with the results for the year and t e financial position at the year end.
Principal risks and uncertainties
The group's key risk is the changes in transaction prices of the sale and acquisition of players' rights which could affect the results of the group. This could also lead to how the Portimonense team would perform in the first football league. To reduce this risk, the group uses advanced sports science and medical methodologies and more developed training techniques. Such improvements are seen as vital by management in order to continue to improve and differentiate.
The group is also aware of the risk associated with reliance upon finance from its shareholder to fund operations. However, the directors are confident that this risk is minimal, based on the recent positive results within the group.
Key performance indicators
In the opinion of the directors, the uncomplicated nature of the group's business does not warrant additional analysis of key performance indicators to fully understand the company's development, performance or position.
Going Concern
The Company's business activities, together with factors likely to affect its future development, performance, and position, have been considered by the Directors throughout the year and will continue to be reviewed in line with the Group's strategic plan.
The Directors have reviewed the cashflow forecasts for the period ending December 2025, which demonstrate the Company can operate within its planned facilities including, if required, support from its controlling parties, for the period.
The Directors therefore have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future with support from its controlling parties. For this reason, they continue to adopt the going concern assumption.
Section 172 (1) statement
In·this section we summarise the directors' approach to those areas specified in Section 172 of the Companies Act 2006 that are relevant to the group.
Consideration of long-term factors
The directors actively consider the long-term success and health of the group whenever they make a decision or assess the way that the businesses are run. The strategy of the group is to create long term value for shareholders and employment for all staff for the foreseeable future. To achieve this goal, it is the aim of the football club to maintain it's position in the Liga Portugal 2, The directors are committed to delivering an exceptionally high standard of customer service and care and this is the basis of historic growth.
Employee engagement
Our employees are important to the success of the group and we want them to be successful individually and as a team. The group encourages the involvement of team members in meetings with the directors and senior management and are keen to hear their opinions to help improve the running of the business. Reviews are also carried individually with employees to help their own personal development
FOR GOOL CO LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Business relationships
The· directors understand the strategic importance of having strong relationships with supporters, key customers and suppliers. These are a key consideration when making investment decisions. The football club's fans and commercial supporters are central to the operations of the group and the board believes that fostering these relationships is hugely important in the overall success of the group. Senior management and directors have regular discussions with the relevant groups to ensure that the interests of the group are fully aligned. Similarly, with our customers., we ensure that we have regular review meetings to .strengthen the relationships.
J Wojcik
Director
3 January 2025
FOR GOOL CO LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company and group continued to be that of: -
Provision of administrative services to the sports industry
professional football services
provision of chauffeuring services
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Panagopoulos
T Minas
(Appointed 9 February 2023 and resigned 27 March 2024)
J Wojcik
(Appointed 1 April 2023)
Financial instruments
The group's principal financial instruments comprise bank balances and creditors. The main purpose of these instruments is to provide finance for its day to day operation. Due to the nature of the financial instruments there is little exposure to price risks other than normal inflationary risks which under the current economic climate may be a factor. The·creditors liquidity risks are managed by ensuring sufficient funds are available to meet the amounts due.
Liquidity risk
The group is dependent on the financial support of its shareholder. To develop the group's financial stability, the directors have continued to focus on operational efficiencies and to maximise cash inflow. In additions, the group has effective procedures for budgeting and reporting, driving accuracy for decision making. It is also one of the group's key priorities to ensure it meets its obligations to its creditors, through the monitoring of payment days and ensuring negotiated credit terms with suppliers are met.
Credit risk
Credit risk relates primarily to the recoverability of trade debtors from commercial activities and cash held at bank. However, the group monitors this closely and implements effective credit control procedures to reduce exposure to credit risk and monitors the financial stability of its bank and other financial institutions. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Auditor
In accordance with the company's articles, a resolution proposing that Taylor Associates be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
FOR GOOL CO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J Wojcik
Director
3 January 2025
FOR GOOL CO LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOR GOOL CO LTD
- 5 -
Opinion
We have audited the financial statements of For Gool Co Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The directors' report has been prepared in accordance with applicable legal requirements.
FOR GOOL CO LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOR GOOL CO LTD
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Enquiring of management of whether they are aware of any non-compliance with laws and regulations.
Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud.
Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations.
FOR GOOL CO LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOR GOOL CO LTD
- 7 -
To address the risk of fraud through management bias and override of controls, we:
Performed analytical procedures to identify any unusual or unexpected relationships.
Audited the risk of management override of controls, including through testing journal entries for appropriateness and reviewing large and unusual bank transactions.
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to:
Agreeing financial statements disclosures to underlying supporting documentation.
Enquiring of management as to actual and potential litigation claims.
Reviewing relevant profit and loss account items for evidence of litigation.
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the further removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Asif Hassan (Senior Statutory Auditor)
For and on behalf of Taylor Associates, Statutory Auditor
Chartered Accountants
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
3 January 2025
FOR GOOL CO LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
€
€
Turnover
3
4,921,322
6,447,471
Administrative expenses
(15,747,971)
(19,503,403)
Other operating income
9,521,088
17,532,070
Operating (loss)/profit
4
(1,305,561)
4,476,138
Interest payable and similar expenses
6
(12,984)
(3,153)
Amounts written off investments
7
-
(155,889)
(Loss)/profit before taxation
(1,318,545)
4,317,096
Tax on (loss)/profit
8
(188,031)
(335,391)
(Loss)/profit for the financial year
(1,506,576)
3,981,705
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(1,272,232)
4,598,395
- Non-controlling interests
(234,344)
(616,690)
(1,506,576)
3,981,705
FOR GOOL CO LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
€
€
(Loss)/profit for the year
(1,506,576)
3,981,705
Other comprehensive income
Revaluation of tangible fixed assets
10,255,284
Cash flow hedges gain arising in the year
Tax relating to other comprehensive income
(2,497,821)
Other comprehensive income for the year
7,757,463
Total comprehensive income for the year
6,250,887
3,981,705
Total comprehensive income for the year is attributable to:
- Owners of the parent company
6,485,231
4,598,395
- Non-controlling interests
(234,344)
(616,690)
6,250,887
3,981,705
FOR GOOL CO LTD
GROUP BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
€
€
€
€
Fixed assets
Intangible assets
9
2,444,573
2,561,529
Tangible assets
10
22,575,383
11,014,209
Investments
11
2,000
2,000
25,021,956
13,577,738
Current assets
Stocks
13
6,126
5,487
Debtors
14
7,626,401
10,774,959
Cash at bank and in hand
959,363
5,292,503
8,591,890
16,072,949
Creditors: amounts falling due within one year
15
(7,288,002)
(12,245,919)
Net current assets
1,303,888
3,827,030
Total assets less current liabilities
26,325,844
17,404,768
Creditors: amounts falling due after more than one year
16
(20,570,409)
(20,398,042)
Provisions for liabilities
Deferred tax liability
19
2,497,821
(2,497,821)
-
Net assets/(liabilities)
3,257,614
(2,993,274)
Capital and reserves
Called up share capital
20
4,387,865
4,387,865
Revaluation reserve
7,757,463
Own shares
(1,545,840)
(1,545,840)
Profit and loss reserves
(6,439,770)
(5,167,539)
Equity attributable to owners of the parent company
4,159,718
(2,325,514)
Non-controlling interests
(902,104)
(667,760)
Total equity
3,257,614
(2,993,274)
The financial statements were approved by the board of directors and authorised for issue on 3 January 2025 and are signed on its behalf by:
03 January 2025
J Wojcik
Director
Company registration number 07238760 (England and Wales)
FOR GOOL CO LTD
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 11 -
2023
2022
Notes
€
€
€
€
Fixed assets
Tangible assets
10
16,290,260
5,663,016
Investments
11
2,000
2,000
16,292,260
5,665,016
Current assets
Debtors
14
456,073
2,389
Cash at bank and in hand
122,721
703,901
578,794
706,290
Creditors: amounts falling due within one year
15
(361,704)
(240,050)
Net current assets
217,090
466,240
Total assets less current liabilities
16,509,350
6,131,256
Creditors: amounts falling due after more than one year
16
(19,712,565)
(19,712,294)
Provisions for liabilities
Deferred tax liability
19
2,497,821
(2,497,821)
-
Net liabilities
(5,701,036)
(13,581,038)
Capital and reserves
Called up share capital
20
115
115
Revaluation reserve
7,757,463
Profit and loss reserves
(13,458,614)
(13,581,153)
Total equity
(5,701,036)
(13,581,038)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was €122,539 (2022 - €1,003,081 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 January 2025 and are signed on its behalf by:
03 January 2025
J Wojcik
Director
Company registration number 07238760 (England and Wales)
FOR GOOL CO LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Revaluation reserve
Own shares
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
€
€
€
€
€
€
€
Balance at 1 July 2021
4,387,865
(1,545,840)
(9,765,934)
(6,923,909)
(51,070)
(6,974,979)
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
-
4,598,395
4,598,395
(616,690)
3,981,705
Balance at 30 June 2022
4,387,865
(1,545,840)
(5,167,539)
(2,325,514)
(667,760)
(2,993,274)
Year ended 30 June 2023:
Loss for the year
-
-
-
(1,272,232)
(1,272,232)
(234,344)
(1,506,576)
Other comprehensive income:
Revaluation of tangible fixed assets
-
10,255,284
-
-
10,255,284
-
10,255,284
Tax relating to other comprehensive income
-
(2,497,821)
-
(2,497,821)
-
(2,497,821)
Total comprehensive income
-
7,757,463
-
(1,272,232)
6,485,231
(234,344)
6,250,887
Balance at 30 June 2023
4,387,865
7,757,463
(1,545,840)
(6,439,770)
4,159,718
(902,104)
3,257,614
FOR GOOL CO LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
€
€
€
€
Balance at 1 July 2021
115
(14,584,234)
(14,584,119)
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
1,003,081
1,003,081
Balance at 30 June 2022
115
(13,581,153)
(13,581,038)
Year ended 30 June 2023:
Profit for the year
-
-
122,539
122,539
Other comprehensive income:
Revaluation of tangible fixed assets
-
10,255,284
-
10,255,284
Tax relating to other comprehensive income
-
(2,497,821)
(2,497,821)
Total comprehensive income
-
7,757,463
122,539
7,880,002
Balance at 30 June 2023
115
7,757,463
(13,458,614)
(5,701,036)
FOR GOOL CO LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
€
€
€
€
Cash flows from operating activities
Cash generated from operations
23
346,209
6,108,620
Interest paid
(12,984)
(3,153)
Income taxes paid
(177,222)
(765,816)
Net cash inflow from operating activities
156,003
5,339,651
Investing activities
Purchase of intangible assets
(1,104,865)
(1,264,998)
Proceeds from disposal of intangibles
50,831
444,727
Purchase of tangible fixed assets
(2,659,173)
(2,216,604)
Proceeds from disposal of tangible fixed assets
98,652
115,179
Repayment of loans
-
(155,889)
Net cash used in investing activities
(3,614,555)
(3,077,585)
Financing activities
Repayment of borrowings
(889,056)
932,109
Payment of finance leases obligations
438,295
856,370
Net cash (used in)/generated from financing activities
(450,761)
1,788,479
Net (decrease)/increase in cash and cash equivalents
(3,909,313)
4,050,545
Cash and cash equivalents at beginning of year
4,868,676
818,131
Cash and cash equivalents at end of year
959,363
4,868,676
Relating to:
Cash at bank and in hand
959,363
5,292,503
Bank overdrafts included in creditors payable within one year
-
(423,827)
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information
For Gool Co Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Elscot House, Arcadia Avenue, London, N3 2JU.
The group consists of For Gool Co Ltd and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company For Gool Co Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.
In arriving at their conclusion on the going concern status of the business, management have considered the group's financial position and given careful attention to its position at the balance sheet date.
The Company's business activities, together with factors likely to affect its future development, performance, and position, have been considered by the Directors throughout the year and will continue to be reviewed in line with the Group's strategic plan.
The Directors have reviewed the cashflow forecasts for the next 12 months, which demonstrate the Company can operate within its planned facilities including, if required, support from its controlling parties for the period.
The Directors therefore have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future with support from its controlling parties. For this reason, they continue to adopt the going concern assumption.
1.5
Turnover
Turnover is recognised when and per the terms of the contracts that have been agreed by the relevant parties.
Revenue is valued at fair value of the consideration received or receivable.
Revenue from the sale of goods is recognised when all of the following conditions are met:
All risks and advantages of ownership of assets are transferred to the buyer;
The Entity does not hold any control over the assets sold;
The revenue may be reliably valued;
Future economic benefits associates to the transaction may flow to the Entity;
Costs incurred or to be borne with the transition can be reliably valued.
Revenue from services rendered is valued at the fair value of the consideration received or receivable, net of taxes, discounts and other costs inherent to its realisation. Revenue is recognised with reference to the stage of completion of the transaction on the reporting date, provided that all of the following conditions are met:
The amount of revenue can be measured reliably;
Future economic benefits associates to the transaction may flow to the Entity;
Costs incurred or to be borne with the transition can be reliably valued;
The stage of completion of the transaction on the reporting date can be reliably valued.
Interest income is recognised using the effective interest method, provided that it is probable that economic benefits flow to the entity and their amount can be reliably valued.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise of economic rights of players and football squad. such assets are defined as having indefinite useful lives and the costs are amortised on a straight line basis over the duration and life of the assets. Intangible assets are stated at cost less amortisation and are reviewed for impairments whenever there is an indication that the carrying value may be impaired.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
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:
Other intangible assets
over the duartion of the rights acquired
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Freehold land and buildings
2% straight line
Plant and equipment
Between 3 - 5 years
Fixtures and fittings
Between 3 - 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge of tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reassesses annually. they are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
3
Turnover
2023
2022
€
€
Turnover analysed by class of business
Sporting activities
4,910,486
6,441,527
Chauffering services
10,836
5,944
4,921,322
6,447,471
2023
2022
€
€
Turnover analysed by geographical market
Europe
4,471,322
4,447,471
Rest of world
450,000
2,000,000
4,921,322
6,447,471
4
Operating (loss)/profit
2023
2022
€
€
Operating (loss)/profit for the year is stated after charging:
Exchange losses
1,573
1,150
Depreciation of owned tangible fixed assets
720,179
572,205
Depreciation of tangible fixed assets held under finance leases
534,453
415,473
Amortisation of intangible assets
1,170,989
946,844
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
103
102
2
2
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
€
€
€
€
Wages and salaries
7,457,044
8,553,084
6
Interest payable and similar expenses
2023
2022
€
€
Interest on bank overdrafts and loans
12,984
3,153
7
Amounts written off investments
2023
2022
€
€
Amounts written back to/(written off) current loans
-
(155,889)
8
Taxation
2023
2022
€
€
Current tax
Foreign current tax on profits for the current period
188,031
335,391
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
€
€
(Loss)/profit before taxation
(1,318,545)
4,317,096
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
(270,302)
820,248
Tax effect of expenses that are not deductible in determining taxable profit
22,000
16,720
Tax effect of utilisation of tax losses not previously recognised
(43,161)
Unutilised tax losses carried forward
(297,760)
Other adjustments
479,494
(203,817)
Taxation charge
188,031
335,391
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
€
€
Deferred tax arising on:
Revaluation of property
2,497,821
-
9
Intangible fixed assets
Group
Other intangible assets
€
Cost
At 1 July 2022
12,800,131
Additions - internally developed
1,104,865
Disposals
(50,834)
At 30 June 2023
13,854,162
Amortisation and impairment
At 1 July 2022
10,238,600
Amortisation charged for the year
1,170,989
At 30 June 2023
11,409,589
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 June 2023
2,444,573
At 30 June 2022
2,561,529
Company
Other intangible assets
€
Cost
At 1 July 2022 and 30 June 2023
2,175,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
2,175,000
Carrying amount
At 30 June 2023
At 30 June 2022
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
€
€
€
€
Cost or valuation
At 1 July 2022
5,839,016
2,457,348
6,552,078
14,848,442
Additions
459,960
1,150,725
1,048,488
2,659,173
Disposals
(98,652)
(98,652)
Revaluation
9,991,284
9,991,284
At 30 June 2023
16,290,260
3,509,421
7,600,566
27,400,247
Depreciation and impairment
At 1 July 2022
176,000
1,320,720
2,337,512
3,834,232
Depreciation charged in the year
88,000
409,822
756,810
1,254,632
Revaluation
(264,000)
(264,000)
At 30 June 2023
1,730,542
3,094,322
4,824,864
Carrying amount
At 30 June 2023
16,290,260
1,778,879
4,506,244
22,575,383
At 30 June 2022
5,663,016
1,136,627
4,214,566
11,014,209
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold land and buildings
€
Cost or valuation
At 1 July 2022
5,839,016
Additions
459,960
Revaluation
9,991,284
At 30 June 2023
16,290,260
Depreciation and impairment
At 1 July 2022
176,000
Depreciation charged in the year
88,000
Revaluation
(264,000)
At 30 June 2023
Carrying amount
At 30 June 2023
16,290,260
At 30 June 2022
5,663,016
The carrying value of land and buildings comprises:
Group
Company
2023
2022
2023
2022
€
€
€
€
Freehold
16,290,260
5,663,016
16,290,260
5,663,016
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
€
€
€
€
Plant and equipment
1,628,406
998,421
Land and buildings with a carrying amount of €16,290,260 were revalued by the directors on an open market basis.The valuation was based on recent market transactions on arm's length terms for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Tangible fixed assets
(Continued)
- 26 -
2023
2022
€
€
Group
Cost
6,298,976
5,839,016
Company
Cost
6,298,976
5,839,016
Carrying value
6,298,976
5,839,016
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
€
€
€
€
Investments in subsidiaries
12
2,000
2,000
2,000
2,000
Movements in fixed asset investments
Group
Shares in subsidiaries
€
Cost or valuation
At 1 July 2022 and 30 June 2023
2,000
Carrying amount
At 30 June 2023
2,000
At 30 June 2022
2,000
Movements in fixed asset investments
Company
Shares in subsidiaries
€
Cost or valuation
At 1 July 2022 and 30 June 2023
2,000
Carrying amount
At 30 June 2023
2,000
At 30 June 2022
2,000
12
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Portimonense Futebol SAD
Estadio Municipal de Portimao, Rua Pe da Cruz, 8500-640 Portimao
Professional football services
Ordinary
85.88
P Cars Transporte E Turismo S A
Portugal
Provision of chauferring services
Ordinary
75.00
The financial statements of the above subsidiaries are not audited by Taylor Associates.
13
Stocks
Group
Company
2023
2022
2023
2022
€
€
€
€
Finished goods and goods for resale
6,126
5,487
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
€
€
€
€
Trade debtors
4,456,944
6,292,658
450,000
Other debtors
2,724,103
4,456,554
4,693
1,032
Prepayments and accrued income
445,354
25,747
1,380
1,357
7,626,401
10,774,959
456,073
2,389
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
€
€
€
€
Bank loans and overdrafts
17
423,827
Obligations under finance leases
18
436,821
170,622
Other borrowings
17
205,251
1,094,307
Trade creditors
3,091,554
2,507,520
5,089
3,308
Amounts owed to group undertakings
111,748
Corporation tax payable
147,536
136,727
Other taxation and social security
129,424
403,866
-
-
Other creditors
2,289,688
6,902,308
130,000
130,000
Accruals and deferred income
987,728
606,742
114,867
106,742
7,288,002
12,245,919
361,704
240,050
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
€
€
€
€
Obligations under finance leases
18
857,844
685,748
Other creditors
19,712,565
19,712,294
19,712,565
19,712,294
20,570,409
20,398,042
19,712,565
19,712,294
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
€
€
€
€
Bank overdrafts
423,827
Other loans
205,251
1,094,307
205,251
1,518,134
-
-
Payable within one year
205,251
1,518,134
The long-term loans are unsecured.
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
€
€
€
€
Future minimum lease payments due under finance leases:
Within one year
241,654
170,622
In two to five years
1,053,011
685,748
1,294,665
856,370
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 29 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
€
€
Revaluations
2,497,821
-
Liabilities
Liabilities
2023
2022
Company
€
€
Revaluations
2,497,821
-
Group
Company
2023
2023
Movements in the year:
€
€
Asset at 1 July 2022
-
-
Charge to other comprehensive income
2,497,821
2,497,821
Liability at 30 June 2023
2,497,821
2,497,821
20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary of €1 each
115
115
115
115
21
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
€
€
Group
Other related parties
19,712,565
19,722,336
22
Controlling party
FOR GOOL CO LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
22
Controlling party
(Continued)
- 30 -
C Panagopoulos, a director, remained the ultimate controlling party by virtue of his majority shareholding.
23
Cash generated from group operations
2023
2022
€
€
(Loss)/profit for the year after tax
(1,506,576)
3,981,705
Adjustments for:
Taxation charged
188,031
335,391
Finance costs
12,984
3,153
Amortisation and impairment of intangible assets
1,170,989
946,844
Depreciation and impairment of tangible fixed assets
1,254,632
987,678
Other gains and losses
-
155,889
Movements in working capital:
Increase in stocks
(639)
(490)
Decrease in debtors
3,148,559
1,503,603
Decrease in creditors
(3,921,771)
(1,805,153)
Cash generated from operations
346,209
6,108,620
24
Analysis of changes in net funds/(debt) - group
1 July 2022
Cash flows
30 June 2023
€
€
€
Cash at bank and in hand
5,292,503
(4,333,140)
959,363
Bank overdrafts
(423,827)
423,827
4,868,676
(3,909,313)
959,363
Borrowings excluding overdrafts
(1,094,307)
889,056
(205,251)
Obligations under finance leases
(856,370)
(438,295)
(1,294,665)
2,917,999
(3,458,552)
(540,553)
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