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REGISTERED NUMBER: SC296816 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

FOOTBALL NATION LIMITED

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 11

FOOTBALL NATION LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S T Dow
S J C Everest





SECRETARY: S T Dow





REGISTERED OFFICE: Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL





REGISTERED NUMBER: SC296816 (Scotland)





ACCOUNTANTS: McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 29,766 21,583

CURRENT ASSETS
Stocks 59,404 75,957
Debtors 5 155,062 173,333
Cash at bank and in hand 35,925 56,191
250,391 305,481
CREDITORS
Amounts falling due within one year 6 182,290 228,159
NET CURRENT ASSETS 68,101 77,322
TOTAL ASSETS LESS CURRENT
LIABILITIES

97,867

98,905

CREDITORS
Amounts falling due after more than one
year

7

(28,795

)

(35,304

)

PROVISIONS FOR LIABILITIES 11 (5,330 ) (4,051 )
NET ASSETS 63,742 59,550

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 63,642 59,450
SHAREHOLDERS' FUNDS 63,742 59,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Balance Sheet - continued
31 December 2023


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





S T Dow - Director


FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Football Nation Limited 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.

Significant judgements and estimates
The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. The directors are of the opinion that due to the nature of the business, there are no critical accounting estimates or judgements used in the preparation of these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discount and value added taxes. Turnover includes revenue earned from the sale of goods, the goods being football wear, fashion clothes and gifts.

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.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged to profit and loss over the estimated useful economic lives, as follows:

Computer equipment - 33% on cost.
Fixtures and fittings - 15% reducing balance.
Plant and Machinery - 25% reducing balance
Motor vehicles - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

At each reporting date the company assesses whether there is any indication of impairment. if such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use.

Any impairment loss is recognised immediately as an expense within profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Basic financial instruments
Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate of measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Provisions
A provision is recognised when a company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 69,716 6,954 13,667 18,442 108,779
Additions 317 - 19,498 1,259 21,074
Disposals - - (13,667 ) - (13,667 )
At 31 December 2023 70,033 6,954 19,498 19,701 116,186
DEPRECIATION
At 1 January 2023 52,165 5,631 11,843 17,557 87,196
Charge for year 4,482 530 4,874 1,180 11,066
Eliminated on disposal - - (11,842 ) - (11,842 )
At 31 December 2023 56,647 6,161 4,875 18,737 86,420
NET BOOK VALUE
At 31 December 2023 13,386 793 14,623 964 29,766
At 31 December 2022 17,551 1,323 1,824 885 21,583

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 18,747
Transfer to ownership (18,747 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 17,502
Transfer to ownership (17,502 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1,245

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 57,836 88,123
S455 tax recoverable 24,080 24,080
Directors' current accounts 62,924 61,130
Prepayments 10,222 -
155,062 173,333

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 8) 18,856 24,451
Hire purchase contracts (see note 9) 2,992 1,562
Trade creditors 117,377 149,781
Tax - 1,843
Social security and other taxes 7,053 15,461
VAT 5,407 2,155
Other creditors 28,705 30,322
Accrued expenses 1,900 2,584
182,290 228,159

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 8) 18,852 35,304
Hire purchase contracts (see note 9) 9,943 -
28,795 35,304

8. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 1,243
Bank loans 18,856 23,208
18,856 24,451

Amounts falling due between one and two years:
Bank loans - 1-2 years 18,852 31,137

Amounts falling due between two and five years:
Bank loans - 2-5 years - 4,167

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 2,992 1,725
Between one and five years 9,943 -
12,935 1,725

Finance charges repayable:
Within one year - 163

Net obligations repayable:
Within one year 2,992 1,562
Between one and five years 9,943 -
12,935 1,562

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 28,398 19,302
Between one and five years 104,127 -
132,525 19,302

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 37,708 58,512
Hire purchase contracts 12,935 1,562
50,643 60,074

The HP creditor is secured over the assets to which it relates.

Security over the bank loan has been granted by the directors.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 5,330 4,051

FOOTBALL NATION LIMITED (REGISTERED NUMBER: SC296816)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 4,051
Provided during year 1,279
Balance at 31 December 2023 5,330

Deferred tax results from timing differences.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
S T Dow
Balance outstanding at start of year 40,543 40,435
Amounts advanced 2,146 2,108
Amounts repaid (1,000 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 41,689 40,543

S J C Everest
Balance outstanding at start of year 20,587 20,903
Amounts advanced 1,647 1,684
Amounts repaid (1,000 ) (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,234 20,587

Interest was charged on the loans when they became overdrawn at 2.25% and there is no fixed date for repayment.

14. ULTIMATE CONTROLLING PARTY

S T Dow and S J C Everest are both directors and own 45% each of the issued share capital of the company, therefore together they are considered to be the ultimate controlling parties.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Football Nation Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Football Nation Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Football Nation Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Football Nation Limited and state those matters that we have agreed to state to the Board of Directors of Football Nation Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Football Nation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Football Nation Limited. You consider that Football Nation Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Football Nation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






McAllisters
Paxton House
11 Woodside Crescent
Charing Cross
Glasgow
G3 7UL


14 February 2025