Falkirk Football and Athletic Club Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC005854 (Scotland)

Audited Financial Statements for the Year Ended 31 May 2018

for

Falkirk Football and Athletic Club

Ltd. (The)

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

237,680

279,612

Investments

5

1,490,454

1,569,304

1,728,134

1,848,916

CURRENT ASSETS

Stocks

24,682

48,606

Debtors

6

170,959

265,853

Cash at bank

631,032

456,284

826,673

770,743

CREDITORS

Amounts falling due within one year

7

(206,342

)

(414,455

)

NET CURRENT ASSETS

620,331

356,288

TOTAL ASSETS LESS CURRENT LIABILITIES

2,348,465

2,205,204

CAPITAL AND RESERVES

Called up share capital

1,211,475

1,211,475

Share premium

518,713

518,713

Capital redemption reserve

81,602

81,602

Retained earnings

536,675

393,414

SHAREHOLDERS' FUNDS

2,348,465

2,205,204

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 9 November 2018 and were signed on its behalf by:

Mr A C Thomson - Director

1.	STATUTORY INFORMATION

Falkirk Football and Athletic Club Ltd. (The) is a private company, limited by shares, domiciled in Scotland,

registration number SC005854. The registered office is The Falkirk Stadium, Westfield, Falkirk, Stirlingshire, FK2

9DX.

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.

Turnover

Turnover represents the total invoice and receipts value, excluding value added tax, of providing football

entertainment and related activities to the general public during the year. Turnover is recognised as and when the

product or service has been delivered to the customer.

Tangible fixed assets and depreciation

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

Plant and machinery etc

-

25% on cost, 10% on cost and 4% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental

costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all

tangible fixed assets are depreciated to nil value.

Stocks

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

moving items. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock

to its present location and condition.

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.

Valuation of playing squad

The Directors have considered accounting standards which were issued by the Accounting Standards Board and

apply to these accounts, in respect of the valuation of intangible assets to be incorporated into the Balance Sheet,

including players. However, at the present stage of development of the Club, the Directors do not consider it prudent

to recognise this value in the Balance Sheet at this time. The Directors will reconsider this position in the future.

Investments

Investments are recognised at purchase price less any recognised impairment. Investment value of loan stock is

written down in line with depreciation of the fixed assets held in the 100% subsidiary, Falkirk FC (Property) Limited.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is

probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably

estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value

of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an

outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2017 - 58 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

466,167

Additions

2,523

At 31 May 2018

468,690

DEPRECIATION

At 1 June 2017

186,555

Charge for year

44,455

At 31 May 2018

231,010

NET BOOK VALUE

At 31 May 2018

237,680

At 31 May 2017

279,612

5.	FIXED ASSET INVESTMENTS

31.5.18

31.5.17

£

£

Shares in group undertakings

104

104

Loans to group undertakings

1,490,350

1,569,200

1,490,454

1,569,304

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 June 2017

and 31 May 2018

104

NET BOOK VALUE

At 31 May 2018

104

At 31 May 2017

104

Loans to

group

undertakings

£

At 1 June 2017

1,569,200

Write-down in year

(78,850

)

At 31 May 2018

1,490,350

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade debtors

84,907

19,370

Other debtors

86,052

246,483

170,959

265,853

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.18

31.5.17

£

£

Trade creditors

44,856

91,641

Amounts owed to group undertakings

55,041

39,594

Taxation and social security

16,986

97,481

Other creditors

89,459

185,739

206,342

414,455

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Wheeler (Senior Statutory Auditor)

for and on behalf of Drummond Laurie CA

9.	RELATED PARTY DISCLOSURES

The company paid rent of £75,000 (2017: £72,729) to South Stand Development Company Limited, a company in

which shareholder Sandy Alexander is a director. There are no balances due to South Stand Development Company

Limited at the year end or prior year end.

Falkirk F.C. (Events) Limited is a 100% subsidiary of Falkirk Football and Athletic Club Limited. During the year

cash was received on behalf of Falkirk F.C. (Events) Limited and this has resulted in a related party creditor of

£54,939 (2017: £39,492).

Falkirk Football and Athletic Club Limited is a member of Behind the Goals Limited, a company limited by

guarantee. During the prior year, the club made a contribution of £28,722 towards the fit-out of the first floor of the

South Stand by this related party.