Huntly Football Club Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC138604 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

HUNTLY FOOTBALL CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Chartered Accountants' Report

7

DIRECTORS:

Mr A P Stokes

Mr G A Clark

Mr M M MacLean

Dr G Carter

Mr T Christie

Mr W S Walker

Mr G F Green

Mr G McNeil

Mr A Smith QC

Mr S Innes

Mr M S Allan

Mr S Moir

SECRETARY:

Mr A P Stokes

REGISTERED OFFICE:

4 West Craibstone Street

Bon-Accord Square

ABERDEEN

AB11 6YL

REGISTERED NUMBER:

SC138604 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon Accord Square

ABERDEEN

AB11 6YL

BANKERS:

Bank of Scotland

2 Gordon Street

HUNTLY

AB54 8AJ

FIXED ASSETS

Intangible assets

4

15,850

11,000

Tangible assets

5

54,285

56,955

70,135

67,955

CURRENT ASSETS

Stocks

2,179

2,179

Debtors

6

5,457

4,023

Cash at bank and in hand

394

7,240

8,030

13,442

CREDITORS

Amounts falling due within one year

7

38,672

39,194

NET CURRENT LIABILITIES

(30,642

)

(25,752

)

TOTAL ASSETS LESS CURRENT LIABILITIES

39,493

42,203

CAPITAL AND RESERVES

Called up share capital

88

88

Share premium

50,949

50,949

Capital reserve

24,224

24,224

Retained earnings

(35,768

)

(33,058

)

SHAREHOLDERS' FUNDS

39,493

42,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 February 2018 and were signed on its behalf by:

Mr G A Clark - Director

1.	STATUTORY INFORMATION

Huntly Football Club 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 May 2017 are the first financial statements that comply with FRS

102 Section 1A small entities. The date of transition is 1 June 2015.

The transition to FRS 102 Section 1A small entities has not resulted in any changes in accounting policies to those

used previously.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. Turnover represents income receivable from football and related commercial

activities.

Match Receipts

Income from season tickets, gate receipts and other match day revenues are recognised over the period of the

football season as games are played.

Merit Awards

Income from merit awards are only accounted for when the amount receivable is known.

Sponsorship

Income from sponsorship is recognised over the duration of the respective contracts.

Transfer Fees Received

Income from transfer fees received are accounted for in the period in which they are received.

Fund Raising Events

Income from fund raising events are accounted for in the period in which they are received.

Donations

Income from donations are accounted for in the period in which they are received.

Intangible assets

Player contracts are being amortised evenly over the respective contract term.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & buildings

-

2% on cost

Fixtures & equipment

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

moving items.

Capital reserve

The Capital reserve represents non-distributable funds transferred to the company following incorporation of the

football club.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2016 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Players

contracts

£

COST

At 1 June 2016

22,150

Additions

24,730

Disposals

(18,930

)

At 31 May 2017

27,950

AMORTISATION

At 1 June 2016

11,150

Amortisation for year

18,230

Eliminated on disposal

(17,280

)

At 31 May 2017

12,100

NET BOOK VALUE

At 31 May 2017

15,850

At 31 May 2016

11,000

5.	TANGIBLE FIXED ASSETS

Land &

Fixtures

Computer

buildings

& equipment

equipment

Totals

£

£

£

£

COST

At 1 June 2016

and 31 May 2017

70,673

45,001

700

116,374

DEPRECIATION

At 1 June 2016

19,598

39,221

600

59,419

Charge for year

1,415

1,155

100

2,670

At 31 May 2017

21,013

40,376

700

62,089

NET BOOK VALUE

At 31 May 2017

49,660

4,625

-

54,285

At 31 May 2016

51,075

5,780

100

56,955

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

5,457

4,023

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

171

-

Trade creditors

18,678

16,407

Taxation and social security

3,962

6,035

Other creditors

15,861

16,752

38,672

39,194

The Bank of Scotland holds a Bond and Floating Charge over the whole of the assets of the company.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

171

-

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 Huntly Football Club Limited for the year ended 31 May 2017 which comprise the Income Statement, 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 Huntly Football Club 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 Huntly Football Club Limited and state those matters that we have agreed to state to the Board of Directors of Huntly Football Club 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 Huntly Football Club 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 loss of Huntly Football Club Limited. You consider that Huntly Football Club 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 Huntly Football Club 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.

Bain Henry Reid

Chartered Accountants

4 West Craibstone Street

Bon Accord Square

ABERDEEN

AB11 6YL

19 February 2018