The Dundee Football Club Limited Filleted accounts for Companies House (small and micro)
The Dundee Football Club Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
SC004585
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Financial Statements |
Year ended 31 May 2022
Contents |
Page |
Officers and professional advisers |
1 |
Directors' responsibilities statement |
2 |
Statement of financial position |
3 |
Statement of changes in equity |
4 |
Notes to the financial statements |
5 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Scotland |
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Auditor |
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Chartered Accountants & statutory auditor |
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Stannergate House |
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41 Dundee Road West |
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Broughty Ferry |
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Dundee |
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DD5 1NB |
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Bankers |
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24 High Street |
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Dundee |
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DD1 1SZ |
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Solicitors |
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11 South Tay Street |
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Dundee |
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Scotland |
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DD1 1NY |
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Directors' Responsibilities Statement |
Year ended 31 May 2022
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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
– |
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Tangible assets |
6 |
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Current assets
Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
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Net current liabilities |
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Total assets less current liabilities |
(
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(
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Provisions
Other provisions |
9 |
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Net liabilities |
(
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(
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Capital and reserves
Called up share capital |
10 |
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Share premium account |
11 |
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Profit and loss account |
11 |
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Shareholders deficit |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
6 May 2023
, and are signed on behalf of the board by:
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Director |
Company registration number:
SC004585
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Statement of Changes in Equity |
Year ended 31 May 2022
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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At 1 June 2020 |
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(
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(
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Profit for the year |
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Total comprehensive income for the year |
– |
– |
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Issue of shares |
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– |
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Total investments by and distributions to owners |
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– |
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At 31 May 2021 |
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(
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(
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Loss for the year |
(
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(
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Total comprehensive income for the year |
– |
– |
(
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(
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At 31 May 2022 |
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(
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(
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Notes to the Financial Statements |
Year ended 31 May 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dens Park Stadium, Sandeman Street, Dundee, DD3 7JY, Scotland.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
Revenue recognition
Foreign currencies
Operating leases
Intangible assets
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Player registration |
- |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenant's improvements |
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Straight line over the remaining life of the lease
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Plant and machinery |
- |
10%-33% Reducing balance and Straight line
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Fixtures and fittings |
- |
10%-33% Straight line
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Motor vehicles |
- |
20% Straight line
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Government grants
Provisions
Financial instruments
Pension cost
4.
Staff costs
The average number of persons employed by the company during the year amounted to
59
(2021:
43
).
The aggregate payroll costs incurred during the year, relating to the above, were:
2022 |
2021 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Pension cost |
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5.
Intangible assets
Goodwill |
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£ |
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Cost |
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At 1 June 2021 and 31 May 2022 |
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-------- |
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Amortisation |
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At 1 June 2021 |
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Charge for the year |
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-------- |
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At 31 May 2022 |
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-------- |
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Carrying amount |
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At 31 May 2022 |
– |
-------- |
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At 31 May 2021 |
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6.
Tangible assets
Tenant's improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 June 2021 |
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Additions |
– |
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– |
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Disposals |
– |
(
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– |
(
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(
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--------- |
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At 31 May 2022 |
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Depreciation |
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At 1 June 2021 |
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Charge for the year |
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Disposals |
– |
(
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– |
(
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(
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--------- |
-------- |
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At 31 May 2022 |
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Carrying amount |
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At 31 May 2022 |
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– |
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At 31 May 2021 |
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7.
Debtors
2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
– |
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8.
Creditors:
amounts falling due within one year
2022 |
2021 |
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£ |
£ |
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DFC 50 bonds |
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Trade creditors |
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Accruals and deferred income |
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Social security and other taxes |
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Other creditors |
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9.
Provisions
Stadium rental |
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£ |
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At 1 June 2021 |
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Charge against provision |
(
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--------- |
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At 31 May 2022 |
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10.
Called up share capital
Issued, called up and fully paid
2022 |
2021 |
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No. |
£ |
No. |
£ |
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2,998,908 |
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2,998,908 |
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154,753 |
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154,753 |
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11.
Reserves
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022 |
2021 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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13.
Summary audit opinion
The auditor's report for the year dated
10 May 2023
was
unqualified
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The senior statutory auditor was
Karen Henderson MCIBS, BA (Hons), CA
, for and on behalf of
FourM Limited
.
14.
Related party transactions
Name of related party: Football Partners Scotland L.P. (FPS) Nature of relationship: FPS is the majority shareholder of
The Dundee Football Club Limited
(DFC). The transaction: The full amount outstanding at the year-end is £1,992,431 (2021 - £1,979,332) and is included in Other creditors in the above Note 9 - Creditors: amounts falling due within one year. The loan has no set repayment dates and interest is being charged at 1% per year. Name of related party: Dark Blue Property Holdings Limited (DBPH) Nature of relationship: DBPH shares two common directors with The Dundee Football Club Limited
(DFC). The transaction: During the year, DBPH advanced loan funds amounting to £200,000 (2021 - £Nil) to DFC. The full amount outstanding at the year-end is £365,122 (2021 - £160,737) and is included in Other creditors in the above Note 9 - Creditors: amounts falling due within one year. The loan has no set repayment dates and interest is being charged at 1% per year.
15.
Controlling party
At the year end the company was under the control, due to their majority shareholding of 75% (2021: 75%), of
Football Partners Scotland L.P
. This entity is controlled by T.Keyes, a director of the company.