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 2021

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 2021 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 profit 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

22nd February 2022

FIXED ASSETS

Property, plant and equipment

5

3,461,546

3,544,662

Investments

6

50,001

50,001

3,511,547

3,594,663

CURRENT ASSETS

Inventories

7,986

11,291

Debtors

2,007,090

428,838

Cash at bank and in hand

458,988

243,013

2,474,064

683,142

CREDITORS

Amounts falling due within one year

(1,551,045

)

(872,743

)

NET CURRENT ASSETS/(LIABILITIES)

923,019

(189,601

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,434,566

3,405,062

CREDITORS

Amounts falling due after more than one year

7

(2,641,827

)

(3,214,778

)

PROVISIONS FOR LIABILITIES

(68,047

)

-

NET ASSETS

1,724,692

190,284

CAPITAL AND RESERVES

Called up share capital

9

36,442

36,442

Share premium

684,057

684,057

Retained earnings

1,004,193

(530,215

)

SHAREHOLDERS' FUNDS

1,724,692

190,284

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2021 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 2021 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 and authorised for issue on 22nd February 2022 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 the income statement 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 117 (2020 - 170 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Totals

£

Cost

At 1st June 2020

6,347,841

Additions

59,641

At 31st May 2021

6,407,482

Depreciation

At 1st June 2020

2,803,179

Charge for year

142,757

At 31st May 2021

2,945,936

Net book value

At 31st May 2021

3,461,546

At 31st May 2020

3,544,662

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

Cost

At 1st June 2020

and 31st May 2021

50,001

Net book value

At 31st May 2021

50,001

At 31st May 2020

50,001

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans more 5 yr by instal

325,546

393,822

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:

2021

2020

£

£

Bank loans

526,022

567,995

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

35,200

Ordinary

10p

35,200

35,200

12,420

Ordinary A

10p

1,242

1,242

36,442

36,442

10.	LEASING AGREEMENT

At 31 May 2021, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £2,865,000 (2020: £2,955,000).