Stevenage Football Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02901467 (England and Wales)

STEVENAGE FOOTBALL CLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2019

Page

Company Information

1

Accountants' Report

2

Abridged Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

P O Wallace

M L Taverner QC

P P Wallace

S I Dinsey

M P Wallace

SECRETARY:

P O Wallace

REGISTERED OFFICE:

The Lamex Stadium

Broadhall Way

Stevenage

Hertfordshire

SG2 8RH

REGISTERED NUMBER:

02901467 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

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 Statement of Financial Position. 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 Stevenage Football Club Limited for the year ended 31st May 2019 which

comprise the Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity

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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Stevenage 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 Stevenage Football Club Limited and state those matters that we have agreed to state to the Board of Directors of Stevenage Football Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stevenage Football Club Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Stevenage 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 Stevenage Football Club Limited. You consider that Stevenage 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 Stevenage 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.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

4th February 2020

FIXED ASSETS

Property, plant and equipment

5

1,898,386

2,006,238

Investments

6

50,001

50,001

1,948,387

2,056,239

CURRENT ASSETS

Inventories

11,393

22,238

Debtors

1,486,274

1,540,170

Cash at bank and in hand

292,262

389,770

1,789,929

1,952,178

CREDITORS

Amounts falling due within one year

(1,059,537

)

(1,210,235

)

NET CURRENT ASSETS

730,392

741,943

TOTAL ASSETS LESS CURRENT LIABILITIES

2,678,779

2,798,182

CREDITORS

Amounts falling due after more than one year

7

(2,616,338

)

(2,616,313

)

NET ASSETS

62,441

181,869

CAPITAL AND RESERVES

Called up share capital

9

35,200

32,470

Share premium

374,799

352,821

Retained earnings

(347,558

)

(203,422

)

SHAREHOLDERS' FUNDS

62,441

181,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31st May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 28th January 2020 and were signed on its behalf by:

P O Wallace - Director

1.	STATUTORY INFORMATION

Stevenage Football Club Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost

convention.

Preparation of consolidated financial statements

The financial statements contain information about Stevenage Football Club Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company

is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare

consolidated financial statements.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these

financial statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other

taxes of sales made during the year.

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that

risks and rewards of ownership have transferred to them.

Property, plant and equipment

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

Land and buildings

-

over the life of the lease

Plant and machinery etc

-

33% on cost, 25% on cost, 20% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Inventories 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 all purchase, transport and handling

costs in bringing inventories to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes

recognised in profit or loss. Derivative financial instruments are initially recorded at cost and

thereafter at fair value with changes recognised in profit or loss.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the statement of financial position 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 the income statement 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.

Transfer fees and sponsorship income

The company recognises transfer fees receivable in the profit and loss account in the year that the

transfer takes place. The company also recognises sponsorship income in the year in which it is

received. The company amortises transfer fees payable over the life of the contract, with the

remaining balance classified in the balance sheet within other debtors.

Capital grants

Capital grants received on the leased properties are amortised over the remaining life on the lease of

that property.

Going concern

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 149 (2018 - 152 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st June 2018

4,515,804

Additions

70,978

At 31st May 2019

4,586,782

Depreciation

At 1st June 2018

2,509,566

Charge for year

178,830

At 31st May 2019

2,688,396

Net book value

At 31st May 2019

1,898,386

At 31st May 2018

2,006,238

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

Cost

At 1st June 2018

and 31st May 2019

50,001

Net book value

At 31st May 2019

50,001

At 31st May 2018

50,001

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable by instalments

Bank loans more 5 yr by instal

435,837

461,817

The football club has received grants for the building of the South and East stands and the new

development at the Shephalbury Park training facility, which are amortised over the remaining life of

their respective leases.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

595,988

628,018

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

35,200

Ordinary

10p

35,200

32,470

During the year the company issued an additional 27,300 Ordinary 10p shares; 27,080 Ordinary shares

were issued at nominal value and a further 220 Ordinary shares were issued at a premium of £99.90

per share.

10.	LEASING AGREEMENT

At 31 May 2019, the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £3,045,000 (2018 - £3,135,000).

11.	POST BALANCE SHEET EVENTS

The company raised £310,500 post year-end on 14 August 2019 through the issue of 12,420 Ordinary

A shares at a premium of £24.90 per share.