Port Vale Football Club Limited - Accounts to registrar (filleted) - small 18.2
Port Vale Football Club Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
FOR |
| PORT VALE FOOTBALL CLUB LIMITED |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PORT VALE FOOTBALL CLUB LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 June 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Mitre House |
Pitt Street West |
Burslem |
Stoke-on-Trent |
ST6 3JW |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
BALANCE SHEET |
30 June 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( | ) | ( | ) |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET LIABILITIES | ( | ) | ( | ) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( | ) | ( | ) |
SHAREHOLDERS' FUNDS | ( | ) | ( | ) |
| 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. |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
BALANCE SHEET - continued |
30 June 2019 |
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 |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2019 |
1. | STATUTORY INFORMATION |
Port Vale Football Club Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Although the Company Balance Sheet discloses net liabilities of £1,748,674 as at 30th June 2019, the directors consider it |
appropriate that the financial statements are prepared on a going concern basis. Within creditors is an amount of £1,200,000 |
owed to Synectics Solutions Limited a company in which Mr and Mrs Shanahan are also directors. The company continues |
to pay it's debts as and when they fall due. The company continues to receive the support of it's associated party by way of |
not withdrawing the amount owed and introducing funds as and when necessary. |
Turnover |
Season ticket and sponsorship income is recognised as and when matches are played. Any income relating to matches |
unplayed at the year end is included within deferred income. |
Central distributions from the Football Association and Football League are recognised in the profit and loss account in the |
relevant financial period for the season to which the income relates. |
All other income is recognised on the provision of service or transfer of economic benefit. |
Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is written off in full. |
Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
| accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
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. |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2019 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2018 |
and 30 June 2019 |
AMORTISATION |
At 1 July 2018 |
Charge for year |
At 30 June 2019 |
NET BOOK VALUE |
At 30 June 2019 |
At 30 June 2018 |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2019 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2018 |
Additions |
At 30 June 2019 |
DEPRECIATION |
At 1 July 2018 |
Charge for year |
At 30 June 2019 |
NET BOOK VALUE |
At 30 June 2019 |
At 30 June 2018 |
6. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
| Trade Debtors includes £396,850 being player transfer fees owed at 30th June 2019. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 14,503 | 132,684 |
Other creditors |
Directors' loan accounts | - | 2,440,642 |
Accruals and deferred income |
Accrued expenses |
PORT VALE FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 08876768) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2019 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Loan from associated party | 1,077,013 | - |
9. | RELATED PARTY DISCLOSURES |
| The land and buildings from which the football club operates were owned by Alchemy Land Limited, a company under the |
| control of the then director Mr N. Smurthwaite, until 7th May 2019. No rent was charged during this period. Mr Smurthwaite |
| resigned as director with effect from 7th May 2019. The company purchased the land and buildings from Alchemy Land |
| Limited on 7th May 2019 for a consideration of £1,000,000 plus VAT. |
| During the year the company received a loan of £1,200,000 from Synectics Solutions Limited, a company in which Mr and |
| Mrs Shanahan are also directors. |