Registered number:
For the Year Ended
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Company Information
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Contents
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Strategic Report
For the Year Ended 30 June 2024
The principal activity of the Company is that of a Professional Football League Club.
Results, performance of 2023/24 season and business environment
The 2023/24 season saw Burton Albion Football Club compete in the English Football League (EFL) League One for the sixth consecutive season. On 7 June 2024, Nordic Football Group UK Limited – a company owned by Nordic Football Group AB (‘NFG’), - acquired a majority shares in the Company. Following the acquisition, NFG appointed Ben Robinson as Honorary Chairman of the Club, and he accepted a role to remain in an advisory capacity working alongside NFG. Fleur Robinson returned to the Club and was appointed as Chief Executive Officer, effective from 1 July 2024. The Club’s newly formed Board of Directors saw Ole Jakob Strandhagen appointed as Chairman, NFG’s Founder and CEO Tom Davidson as Deputy Chairman. The financial results for the year ended 30 June 2024 of the Company, are set out on pages 10 to 32. The Company has reported a rise in turnover to £6.4m compared to the year ending June 2023, with a 5.2% increase in commercial income, primarily driven by higher sponsorship and advertising revenue, as well as growth in conferences and events.. The Company made a total loss of £1.3m compared to breakeven for the previous season due to continuous investment to strengthen the squad, and the loss was mostly covered by the previous owner before the takeover. Despite the goal of promotion for the 2023/24 season and the team's best efforts, the club was unable to produce consistently positive results that would indicate a challenge for promotion, and finally finished in 20th position in the league standings. As we write this report, the 2024/25 season is more than halfway complete, with the Club currently in 21st place in the league table, although with the appointment of Gary Bowyer as Head Coach in December 2024, there has been a marked improvement in results with more confidence of retaining our League 1 status. The board will continue to seek the right balance between financial investment and on-pitch success, while providing the best possible community facilities—not only for the men’s senior team but for all teams at Burton Albion Football Club, as well as for the local community to enjoy. The Club has always been, and continues to be, dedicated to its staff, its fan base, and the local community and businesses in the surrounding areas. The Club is appreciative of the continual support from its supporters, season tickets holders, Vice Presidents and all of its sponsors.
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Strategic Report (continued)
For the Year Ended 30 June 2024
The principal risk and uncertainty affecting the Club is financial risk. The directors have commented on this within their report.
The Directors continue to use both financial and non-financial key performance indicators to manage the club and to ensure the above regulations are complied with. The Board regularly monitor performance against these indicators.
The Club intends to continue its development of the men’s senior team , the youth team and the women’s team to ensure they can gain the success their efforts deserve and at the same time the club will commit to expand its commercial activities where possible to ensure that it can maintain its reinvestment in to its facilities for all to benefit.
On behalf of the Board, I would like to take this opportunity to once again thank those individuals, the businesses and employees involved with the Club, for the continued hard work and support offered throughout the period and look forward to seeing the benefits of this into next season.
This report was approved by the board on 28 March 2025 and signed on its behalf.
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Directors' Report
For the Year Ended 30 June 2024
The Directors present their report and the financial statements for the year ended 30 June 2024.
The Directors who served during the year were:
The disclosures for the key performance indicators and future developments as required by S414C(11) have been elevated to the strategic report.
The loss for the year, after taxation, amounted to £1,293,741 (2023 -loss £22,894).
During the period, no dividends (2023 - £Nil) were declared.
On 7 June 2024, NFG Nordic Football Group AB ('NFG'), the ultimate parent company, acquired a majority shareholding in the Company through its subsidiary, Nordic Football Group UK Limited. NFG is owned by a consortium of investors, either directly or via their respective investment vehicles.
Following the acquisition, the investor group has injected substantial funds into the Company, totalling £6,350,000, to strengthen the playing squad and enhance club facilities. Further investment is anticipated to support the club’s long-term strategy and financial sustainability. The Company has prepared detailed cash flow forecasts covering the period up to 30 June 2026, incorporating potential downside scenarios for income and expenses. These projections indicate that ongoing financial support from the investor group will be required between April 2025 and at least March 2026. The investors have collectively issued a £6 million commitment letter to NFG, confirming their intent to provide ongoing financial support. In addition, NFG has issued a letter of support, stating its intention to fund the Company as and when needed. However, as this has not yet been formalised into a binding investor agreement or a firm funding guarantee, it presents a material uncertainty that raises doubt about the company’s ability to continue as a going concern and meet its liabilities in the normal course of business. Both NFG and the directors of the Company fully acknowledge this concern and plan to establish a firm funding guarantee with investors moving forward.
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Directors' Report (continued)
For the Year Ended 30 June 2024
Despite the uncertainties described above, the directors remain confident that the Company will have sufficient resources to meet its obligations as they fall due over the next 12 months and have concluded that it is appropriate to prepare the financial statements on a going concern basis.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
There have been no significant events affecting the Company since the year end, other than those disclosed in this Directors' report or in the notes to these financial statements.
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Directors' Report (continued)
For the Year Ended 30 June 2024
The auditors, Dains Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited
We have audited the financial statements of The Albion Football Club (Burton on Trent) Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 2.2 in the financial statements, which indicates that conditions have been identified that may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited (continued)
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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
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Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Statutory Auditor
Chartered Accountants
Birmingham
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Statement of Comprehensive Income
For the Year Ended 30 June 2024
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Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 32 form part of these financial statements.
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Statement of Changes in Equity
For the Year Ended 30 June 2024
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Statement of Cash Flows
For the Year Ended 30 June 2024
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Statement of Cash Flows (continued)
For the Year Ended 30 June 2024
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Analysis of Net Debt
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
The Albion Football Club (Burton on Trent) Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information section. The nature of the Company's operations and its principal activities are set out in the Director's report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The Company's functional and presentation currency is the pound sterling. Amounts presented in the financial statements have been rounded to the nearest £1. The following principal accounting policies have been applied:
On 7 June 2024, NFG Nordic Football Group AB ('NFG'), the ultimate parent company, acquired a majority shareholding in the Company through its subsidiary, Nordic Football Group UK Limited. NFG is owned by a consortium of investors, either directly or via their respective investment vehicles.
Following the acquisition, the investor group has injected substantial funds into the Company, totalling £6,350,000, to strengthen the playing squad and enhance club facilities. Further investment is anticipated to support the club’s long-term strategy and financial sustainability. The Company has prepared detailed cash flow forecasts covering the period up to 30 June 2026, incorporating potential downside scenarios for income and expenses. These projections indicate that ongoing financial support from the investor group will be required between April 2025 and at least March 2026. The investors have collectively issued a £6 million commitment letter to NFG, confirming their intent to provide ongoing financial support. In addition, NFG has issued a letter of support, stating its intention to fund the Company as and when needed. However, as this has not yet been formalised into a binding investor agreement or a firm funding guarantee, it presents a material uncertainty that raises doubt about the company’s ability to continue as a going concern and meet its liabilities in the normal course of business. Both NFG and the directors of the Company fully acknowledge this concern and plan to establish a firm funding guarantee with investors moving forward. Despite the uncertainties described above, the directors remain confident that the Company will have sufficient resources to meet its obligations as they fall due over the next 12 months and have concluded that it is appropriate to prepare the financial statements on a going concern basis.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Deferred income usually represents income from sponsorship and other contractual agreements which will be credited to the profit and loss account over the period of the agreements, season ticket renewals and advance income from executive boxes and hospitality seats at Pirelli Stadium.
The costs associated with acquiring players' registrations or extending their contracts, including agents' fees, are capitalised and amortised, in equal installments, over the period of the respective players' contracts. Where a contract life is renegotiated the unamortised costs, together with the new costs relating to the contract extension, are amortised over the term of the contractual arrangements.
Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of First Team appearances or on the occurrence of certain other specified future events. Liabilities in respect of these additional fees are accounted for, as provisions, when it becomes probable that the number of appearances will be achieved or the specified future events will occur. Profits or losses on the sale of players represent the transfer fee receivable, net of any transaction costs and doubtful debt provisions, less the unamortised cost of the applicable player's registration. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment is recognised immediately in the Statement of comprehensive income.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
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Notes to the Financial Statements
For the Year Ended 30 June 2024
Provision for doubtful debts An allowance for doubtful debts is maintained for estimated losses resulting from the ability of the company's debtors to make required payment. The allowance is based on the director's' assessment of the credit worthiness and financial condition of debtors and the likelihood of receiving payment. Depreciation Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate. The estimated lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as the repairs and maintenance program are taken into account. Residual values consider such things as the remaining life of the asset and projected disposal values. Impairment The Directors will perform an impairment review of both tangible and intangible assets if adverse events indicate that the carrying value of assets may not be recoverable. If such circumstances were to arise, the carrying value of the assets would be assessed against the company's best estimate of the asset's fair value less any costs to sell. 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
11.Taxation (continued)
The standard rate of corporation tax for the year was 25% (2023: 19%).
The company has estimated trading losses of £1,678,000 (2023: £661,000) available for carry forward against future trading profits. The deferred tax asset in excess of deferred tax liabilities that would arise in respect of these amounts to £419,000 (2023: £165,000) which has not been recognised as the directors are unable to satisfy themselves that it is more likely than not that sufficient taxable profits will arise in the next accounting period.
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
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Notes to the Financial Statements
For the Year Ended 30 June 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,390 (2023 - £32,259). At the year end date the amount payable to the fund totalled £4,593 (2023 - £5,348).
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Notes to the Financial Statements
For the Year Ended 30 June 2024
25.Contingent liabilities
As part of the club’s contractual agreements with certain players, additional transfer fee payments may become due based on the number of appearances made during the season. These contingent payments are linked to performance-related clauses and will be recognised as liabilities as and when the conditions are met.
At 30 June 2024, the immediate parent undertaking is Nordic Football Group UK Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for Nordic Football Group UK Limited can be obtained from its registered office, Second Floor West Court, Campbell Road, Stoke-On-Trent, England, ST4 4FB.
At 30 June 2024, the ultimate parent undertaking is NFG Nordic Football Group AB (NFG) a company registered in Sweden. Its registered office is Box 6308, 102 35 Stockholm. At 30 June 2024, the Directors considered there to be no ultimate controlling party.
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