Excelsior Stadium Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC340763 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Excelsior Stadium Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Hetherington

S C Russell

SECRETARY:

P A Hetherington

REGISTERED OFFICE:

Excelsior Stadium

Craigneuk Avenue

Airdrie

Lanarkshire

ML6 8QZ

REGISTERED NUMBER:

SC340763 (Scotland)

ACCOUNTANTS:

cbs (Scotland) Ltd

33 Laird Street

Coatbridge

Lanarkshire

ML5 3LW

FIXED ASSETS

Tangible assets

4

285,404

131,062

CURRENT ASSETS

Stocks

14,326

7,804

Debtors

5

214,444

584,587

Cash at bank and in hand

53,553

130,600

282,323

722,991

CREDITORS

Amounts falling due within one year

6

(136,289

)

(344,895

)

NET CURRENT ASSETS

146,034

378,096

TOTAL ASSETS LESS CURRENT LIABILITIES

431,438

509,158

CREDITORS

Amounts falling due after more than one year

7

(63,684

)

(85,223

)

PROVISIONS FOR LIABILITIES

(68,531

)

(14,688

)

NET ASSETS

299,223

409,247

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

299,123

409,147

SHAREHOLDERS' FUNDS

299,223

409,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 29 September 2023 and were signed on its behalf by:

S C Russell - Director

1.	STATUTORY INFORMATION

Excelsior Stadium Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc - 25% on cost and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments, including cash, bank balances, debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

262,861

Additions

265,304

Disposals

(65,555

)

At 31 December 2022

462,610

DEPRECIATION

At 1 January 2022

131,799

Charge for year

50,962

Eliminated on disposal

(5,555

)

At 31 December 2022

177,206

NET BOOK VALUE

At 31 December 2022

285,404

At 31 December 2021

131,062

Included within the net book value of plant and machinery etc is an amount of £46,046 (2021 - £58,115) relating to assets held under hire purchase contracts classified as finance leases.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

57,598

78,712

Other debtors

156,846

505,875

214,444

584,587

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts (see note 8)

11,539

11,539

Trade creditors

28,455

168,761

Taxation and social security

(28,929

)

33,269

Other creditors

115,224

121,326

136,289

344,895

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

25,833

35,833

Hire purchase contracts (see note 8)

37,851

49,390

63,684

85,223

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Net obligations repayable:

Within one year

11,539

11,539

Between one and five years

37,851

49,390

49,390

60,929

Non-cancellable

operating leases

31.12.22

31.12.21

£

£

Within one year

3,767

3,767

Between one and five years

628

4,395

4,395

8,162

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Hire purchase contracts

49,390

60,929

The company has allowed a floating charge over the company’s assets as security for bank borrowings. At the year end, there are no bank borrowings for which security has been provided.

The hire purchase obligations are secured over the company's tangible fixed assets held under hire purchase contracts (see note 8).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the company owed the director, £624 (2021 - £624).

11.	RELATED PARTY DISCLOSURES

At the year end, the company was due from Airdrieonians FC Ltd, a company under common control £142,197 (2021 - £176,099).

At the year end, the company owed Blythswood Square Capital Limited, a company under common control £100,000 (2021 - £50,000).

At the year end, the company owed Excelsior Stadium LLP, a LLP under common control £6,338 (2021 - £171,368).