The Albion Rovers Football Club Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC010466 (Scotland)

Financial Statements for the Year Ended 30 June 2018

for

THE ALBION ROVERS FOOTBALL CLUB LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R G Boyd

I Benton

E Haggerty

C Woodward

G M Lind

L Simpson

M Hunter

W G Shields

REGISTERED OFFICE:

Cliftonhill Stadium

Main Street

Coatbridge

ML5 3RB

REGISTERED NUMBER:

SC010466 (Scotland)

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

981,056

992,502

CURRENT ASSETS

Debtors

6

2,207

3,122

Cash in hand

579

650

2,786

3,772

CREDITORS

Amounts falling due within one year

7

113,163

121,893

NET CURRENT LIABILITIES

(110,377

)

(118,121

)

TOTAL ASSETS LESS CURRENT LIABILITIES

870,679

874,381

CREDITORS

Amounts falling due after more than one year

8

(15,567

)

(41,783

)

PROVISIONS FOR LIABILITIES

(94,970

)

(99,980

)

NET ASSETS

760,142

732,618

CAPITAL AND RESERVES

Called up share capital

3,300

3,300

Revaluation reserve

893,964

888,954

Retained earnings

(137,122

)

(159,636

)

SHAREHOLDERS' FUNDS

760,142

732,618

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 30 October 2018 and were signed on its behalf by:

E Haggerty - Director

C Woodward - Director

1.	STATUTORY INFORMATION

The Albion Rovers Football Club Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts received from gate and television receipts, sponsorship and commercial income, and

transfer fees, exclusive of value added tax. Consideration is given to the point at which the company is entitled to

receive the income.

Tangible fixed assets

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

Land and buildings

-

1% on cost

Plant and machinery etc

-

25% on cost, 20% on cost and 4% on cost

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not

possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the

cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below

this threshold is charged directly to the profit and loss account in the period it is incurred.

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.

Taxation

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.

Going concern

The directors consider it appropriate to prepare the financial statements on a going concern basis.

The Board of directors have taken further steps since the last season to cut costs in the Football Club, wherever

possible, and to generate additional income streams to bring the Football Club back on to an even footing in financial

terms. Results for the current financial year to date indicate that this has been the continuing trend of lowering costs

and continuing to open new income streams.

In the near future the directors are looking to match the costs associated with running the Football Club to the

income being generated to avoid the need for additional external funding in the medium to longer terms. A budget

and cashflow analysis continue to be used to reduce costs and review the club finances. The Club is in on-going

discussions with the Royal Bank of Scotland regarding the overdraft facility to reduce the pressure of short term

cashflow challenges.

The going concern is subject to the continued support from the Football Club's funders, the Club's creditors, as well

as the continued support from the fans. The directors fully expect that this support will be ongoing.

The financial statements do not include any adjustments that would result from a withdrawal of support from the

various groups mentioned above.

Player and manager registrations

Gains or losses on fees receivable from other football clubs on the transfer of players' or managers' registrations are

recorded in the profit and loss account in the accounting period in which the transfer takes place. No value is

attached to any registrations currently in place.

Payments or receipts which are contingent on the performance of the team or players are not recognised until the

events crystallising such payments or receipts have taken place.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2017 - 22 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 July 2017

1,000,000

123,125

1,123,125

Disposals

-

(1,000

)

(1,000

)

At 30 June 2018

1,000,000

122,125

1,122,125

DEPRECIATION

At 1 July 2017

16,875

113,748

130,623

Charge for year

5,625

5,421

11,046

Eliminated on disposal

-

(600

)

(600

)

At 30 June 2018

22,500

118,569

141,069

NET BOOK VALUE

At 30 June 2018

977,500

3,556

981,056

At 30 June 2017

983,125

9,377

992,502

Included in cost or valuation of land and buildings is freehold land of £ 250,000 (2017 - £ 250,000 ) which is not

depreciated.

Cost or valuation at 30 June 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 1990

342,430

-

342,430

Valuation in 2006

758,230

-

758,230

Valuation in 2014

(117,000

)

-

(117,000

)

Cost

16,340

122,125

138,465

1,000,000

122,125

1,122,125

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

16,340

16,340

Aggregate depreciation

184

184

Land was valued on an open market basis on 1 October 2014 by DM Hall, Chartered Surveyors .

Included in fixed asset are assets with a net book value of £483 (2017 - £1,416) that are subject to finance leases.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

2,207

3,122

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

29,339

33,756

Hire purchase contracts and finance leases

26,218

32,728

Trade creditors

7,504

9,098

Taxation and social security

2,496

12,971

Other creditors

47,606

33,340

113,163

121,893

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases

15,567

41,783

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

29,339

33,756

Hire purchase contracts and finance leases

41,785

74,511

71,124

108,267

The bank overdraft is secured by a standard security over the stadium and a bond and floating charge over the whole

of the company's assets. The finance leases are secured over the assets concerned.

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

A valuation of the land and property has been carried out independently by DM Hall as at October 2014 based on

development value as they would not foresee any interest from the existing sector, it assumes no adverse ground

conditions or environmental conditions. We were unable to determine whether these elements would require any

financial adjustments to the financial statements.

The shareholders register is incomplete and a substantial number of shareholders are unidentified. We cannot

therefore verify full shareholder details.

Robert Pollock (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

11.	CONTINGENT LIABILITIES

There is a contingent liability to North Lanarkshire Council for the sum of £22,480. Payment of this amount is

contingent on the sale of Cliftonhill Stadium. This relates to the cost of geological work carried out by North

Lanarkshire Council.

12.	APB 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.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.