Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Sir A C Ferguson 28/10/2024 Lady C R Ferguson 05/10/2023 D Ferguson 28/10/2024 29/11/2012 J Ferguson 28/10/2024 29/11/2012 M Ferguson 29/11/2012 11 June 2025 The principal activity of the company during the financial year was sports management consultancy. SC083439 2024-06-30 SC083439 bus:Director1 2024-06-30 SC083439 bus:Director2 2024-06-30 SC083439 bus:Director3 2024-06-30 SC083439 bus:Director4 2024-06-30 SC083439 bus:Director5 2024-06-30 SC083439 2023-06-30 SC083439 core:CurrentFinancialInstruments 2024-06-30 SC083439 core:CurrentFinancialInstruments 2023-06-30 SC083439 core:ShareCapital 2024-06-30 SC083439 core:ShareCapital 2023-06-30 SC083439 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC083439 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC083439 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-06-30 SC083439 core:OtherPropertyPlantEquipment 2023-06-30 SC083439 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-06-30 SC083439 core:OtherPropertyPlantEquipment 2024-06-30 SC083439 core:CostValuation 2023-06-30 SC083439 core:CostValuation 2024-06-30 SC083439 core:AdditionsToInvestments 2024-06-30 SC083439 core:DisposalsRepaymentsInvestments 2024-06-30 SC083439 core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 SC083439 core:ProvisionsForImpairmentInvestments 2023-06-30 SC083439 core:ImpairmentLossProvisionsForImpairmentInvestments 2024-06-30 SC083439 core:ProvisionsForImpairmentInvestments 2024-06-30 SC083439 bus:OrdinaryShareClass1 2024-06-30 SC083439 bus:OrdinaryShareClass2 2024-06-30 SC083439 bus:OrdinaryShareClass3 2024-06-30 SC083439 bus:OrdinaryShareClass4 2024-06-30 SC083439 2023-07-01 2024-06-30 SC083439 bus:FilletedAccounts 2023-07-01 2024-06-30 SC083439 bus:SmallEntities 2023-07-01 2024-06-30 SC083439 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC083439 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC083439 bus:Director1 2023-07-01 2024-06-30 SC083439 bus:Director2 2023-07-01 2024-06-30 SC083439 bus:Director3 2023-07-01 2024-06-30 SC083439 bus:Director4 2023-07-01 2024-06-30 SC083439 bus:Director5 2023-07-01 2024-06-30 SC083439 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-07-01 2024-06-30 SC083439 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 SC083439 2022-07-01 2023-06-30 SC083439 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-07-01 2024-06-30 SC083439 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 SC083439 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC083439 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC083439 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 SC083439 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 SC083439 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 SC083439 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 SC083439 bus:OrdinaryShareClass4 2023-07-01 2024-06-30 SC083439 bus:OrdinaryShareClass4 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC083439 (Scotland)

A C F SPORTS PROMOTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

A C F SPORTS PROMOTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

A C F SPORTS PROMOTIONS LIMITED

BALANCE SHEET

As at 30 June 2024
A C F SPORTS PROMOTIONS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,957,130 1,957,536
Investment property 4 1,276,888 0
Investments 5 19,100,891 18,938,084
22,334,909 20,895,620
Current assets
Debtors 6 3,092,889 2,168,205
Cash at bank and in hand 2,678,683 5,100,998
5,771,572 7,269,203
Creditors: amounts falling due within one year 7 ( 339,087) ( 3,062,070)
Net current assets 5,432,485 4,207,133
Total assets less current liabilities 27,767,394 25,102,753
Provision for liabilities ( 871,359) ( 871,461)
Net assets 26,896,035 24,231,292
Capital and reserves
Called-up share capital 9 300 300
Profit and loss account 26,895,735 24,230,992
Total shareholders' funds 26,896,035 24,231,292

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of A C F Sports Promotions Limited (registered number: SC083439) were approved and authorised for issue by the Director on 11 June 2025. They were signed on its behalf by:

M Ferguson
Director
A C F SPORTS PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
A C F SPORTS PROMOTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

A C F Sports Promotions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ, Scotland, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services, appearance and image rights provided in the normal course of business, and is shown net of VAT and other sales related taxes. Royalties have been accounted for on a receivable basis.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably).

Taxation

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 company’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 when the company has 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.

Tangible fixed assets

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 investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Heritage assets not depreciated
Plant and machinery etc. 3 - 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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.

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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 4 5

3. Tangible assets

Heritage assets Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2023 1,957,130 17,419 1,974,549
At 30 June 2024 1,957,130 17,419 1,974,549
Accumulated depreciation
At 01 July 2023 0 17,013 17,013
Charge for the financial year 0 406 406
At 30 June 2024 0 17,419 17,419
Net book value
At 30 June 2024 1,957,130 0 1,957,130
At 30 June 2023 1,957,130 406 1,957,536

The company's heritage assets consist of football memorabilia, which are on public display at the Manchester United Stadium Museum and the Glasgow Caledonian University library. They are held to provide a contribution to football history, knowledge and culture and are on display for public benefit.

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 0
Additions 1,276,888
As at 30 June 2024 1,276,888

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 3,144,957
At 30 June 2024 3,144,957
Carrying value at 30 June 2024 3,144,957
Carrying value at 30 June 2023 3,144,957

Listed investments Investments in associates Other investments Total
£ £ £ £
Cost or valuation before impairment
At 01 July 2023 8,353,947 1,414,625 6,086,849 15,855,421
Additions 0 0 600,000 600,000
Disposals ( 245,985) ( 1,276,888) ( 154,833) ( 1,677,706)
Movement in fair value 1,017,743 ( 33,048) 278,882 1,263,577
At 30 June 2024 9,125,705 104,689 6,810,898 16,041,292
Provisions for impairment
At 01 July 2023 0 62,294 0 62,294
Impairment 0 0 23,064 23,064
At 30 June 2024 0 62,294 23,064 85,358
Carrying value at 30 June 2024 9,125,705 42,395 6,787,834 15,955,934
Carrying value at 30 June 2023 8,353,947 1,352,331 6,086,849 15,793,127

6. Debtors

2024 2023
£ £
Trade debtors 607,603 600,000
Amounts owed by group undertakings 361,099 85,247
Other debtors 2,124,187 1,482,958
3,092,889 2,168,205

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 48,472 63,511
Corporation tax 56,773 188,832
Other taxation and social security 198,789 98,104
Other creditors 35,053 2,711,623
339,087 3,062,070

8. Financial instruments

The carrying values of the company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

2024 2023
£ £
Financial liabilities at fair value
Derivative financial liabilities due within one year 25,553 47,111

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each 150 150
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
50 Ordinary C shares of £ 1.00 each 50 50
300 300

Ordinary shares have full voting rights and entitlement to receive dividends and distributions under all circumstances.

On a return of capital on liquidation or otherwise the surplus assets of the company remaining after the payment of its liabilities shall be applied first, in paying to each holder of A Ordinary shares in respect of each A Ordinary share of which they are the holder an amount equal to the A Ordinary shares surplus dividend by the number of A Ordinary shares in issue.

On a return of capital on liquidation or otherwise the surplus assets of the company remaining after the payment of its liabilities shall be applied after payment to the A Ordinary shareholders, in paying to each holder of B Ordinary shares in respect of each B Ordinary share of which they are the holder an amount equal to the B Ordinary shares surplus dividend by the number of B Ordinary shares in issue.

On a return of capital on liquidation or otherwise the surplus assets of the company remaining after the payment of its liabilities shall be applied after payment to the B Ordinary shareholders, in paying to each holder of C Ordinary shares in respect of each C Ordinary share of which they are the holder an amount equal to the C Ordinary shares surplus dividend by the number of C Ordinary shares in issue.

The A Ordinary, B Ordinary and C Ordinary shares are non-voting and rank pari passu with other classes in terms of dividends.

10. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 24,710 50,260

Other financial commitments

2024 2023
£ £
Other fixed asset investments - Capital commitment 8,820,391 8,820,391
Other fixed asset investments - Uncalled capital 2,453,254 2,453,254
11,273,645 11,273,645

There are also recallable distributions amounting to £508,898 (2023 - £508,898)

11. Related party transactions

Transactions with owners holding a participating interest in the entity

During the year the company paid consultancy fees of £221,613 (2023: £302,994) to a company owned and operated by one of the former directors. There were no balances owed to or from this company at the balance sheet date (2023: £Nil).

Transactions with the entity's director

At the balance sheet date, the company was due the formers directors' £Nil (2023 - £2,640,199) and the former directors' were due the company £790,281 (2023: £130,199). These loans are interest free with no set repayment terms.

12. Contingent liabilities

The company is subject to a HMRC enquiry which is ongoing in relation to tax years from 2016-17 to 2019-20.

The company's legal advisors are currently involved in an ongoing correspondence with HMRC to resolve these matters.

As a result of the ongoing correspondence, and advice received from the legal advisors, the directors have concluded that neither a reliable estimate of the value nor the timing of the amounts due can be made and therefore have not included a provision in these financial statements.