REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
BANKERS: |
148 - 154 High Street |
Ayr |
KA7 1ND |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
BALANCE SHEET |
30 JUNE 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
The Ayr United Football and Athletic Club, Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
TURNOVER |
Turnover represents the value of goods and services provided in the normal course of business, net of any VAT. |
Gate, other match day revenues and Monetary awards are recognised over the period of the football season as games are played. Sponsorship and similar commercial income is recognised over the duration of the respective contracts. |
TANGIBLE FIXED ASSETS |
Land and buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. |
Depreciation is provided on all tangible fixed assets other than freehold land at the above rates. |
Freehold property is revalued on a gross market value with vacant possession basis. Any surplus or deficit on book value is transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost is transferred to the profit and loss account. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
FINANCIAL INSTRUMENTS |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
SIGNING-ON FEES |
Signing-on fees payable to players are recognised as part of wages and salaries in the profit and loss account , and charged evenly over the football seasons covered by the players' contracts. |
GRANTS |
Revenue grants receivable are credited to the profit and loss account in the year in which the related expenditure is incurred. |
Grants in respect of capital expenditure on property, plant and machinery, which are depreciated, are treated as deferred income, a proportion of which is transferred to revenue annually over the estimated useful life of the asset. |
PROVISIONS |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and |
buildings | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Cost or valuation at 30 June 2024 is represented by: |
Fixtures |
Land and | Plant and | and |
buildings | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | (13,516 | ) | - | - |
Cost | 690,472 | 55,052 | 41,952 |
676,956 | 55,052 | 41,952 |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | (13,516 | ) |
Cost | 22,992 | 4,675 | 815,143 |
22,992 | 4,675 | 801,627 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
30/6/24 | 30/6/23 |
£ | £ |
Cost | 690,472 | 690,472 |
Aggregate depreciation | 410,133 | 410,133 |
Value of land in freehold land and buildings | 280,339 | 280,339 |
Land and buildings were valued on a gross market value basis on 8 December 2022 by J & E Shepherd, Chartered Surveyors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Other loans | 5,000 | 5,000 |
Trade creditors |
Social security and other taxes |
VAT | 38,321 | 84,559 |
Deferred income | 256,855 | 222,166 |
Accrued expenses |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/24 | 30/6/23 |
£ | £ |
Directors, former directors |
and associated companies loans |
Other loans | 30,000 | 30,000 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2023 |
Revaluation reserve movement | (13,275 | ) |
At 30 June 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
There were a number of loans advanced by sheet date. Details of amounts including interest payable are as follows. |
2024 | 2023 |
£ | £ |
Directors, former directors and associated companies- | 585,000 | 529,474 |
During the year no interest was charged by the directors. |
Sponsorship and donations of £50,000 were received from directors or associated companies in the year (2023 - £100,000). |
During the year, a company associated with a director, constructed the new North Stand which was brought into use post year end. |
11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
THE AYR UNITED FOOTBALL AND ATHLETIC |
CLUB, LIMITED (REGISTERED NUMBER: SC005950) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |