Montrose Football Club Limited - Period Ending 2016-05-31

Registration number: SC012795

Montrose Football Club Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Murray Taylor (Scotland) Limited
Chartered Certified Accountants
10 Murray Lane
Montrose
Angus
DD10 8LF

Montrose Football Club Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Montrose Football Club Limited
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Montrose Football Club Limited for the year ended 31 May 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Montrose Football Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Montrose Football Club Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Montrose 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 Montrose Football Club Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Montrose Football Club Limited. You consider that Montrose 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 accounts of Montrose 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 accounts.

......................................

Murray Taylor (Scotland) Limited
Chartered Certified Accountants
10 Murray Lane
Montrose
Angus
DD10 8LF

27 February 2017

Page 1

Montrose Football Club Limited
(Registration number: SC012795)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					502,034			79,717
Current assets
Stocks					5,081			2,623
Debtors					19,267			7,624
Cash at bank and in hand					5,049			23,549
					29,397			33,796
Creditors: Amounts falling due within one year					(161,396)			(127,479)
Net current liabilities					(131,999)			(93,683)
Total assets less current liabilities					370,035			(13,966)
Creditors: Amounts falling due after more than one year					(400,000)			(8,994)
Net liabilities					(29,965)			(22,960)
Capital and reserves
Called up share capital		4			25,886			24,901
Share premium account					232,974			224,109
Other reserves					35,000			-
Profit and loss account					(323,825)			(271,970)
Shareholders' deficit					(29,965)			(22,960)

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 27 February 2017 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Montrose Football Club Limited
(Registration number: SC012795)
Abbreviated Balance Sheet at 31 May 2016
......... continued

.........................................
T H J Murray C.A., F.C.C.A.
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Montrose Football Club Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis. The directors will not request repayment of their loan accounts to the detriment of other creditors.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Other grants

A grant of £40,000 was received by the club to part fund the laying of the all weather pitch during the year. This grant is being released to the profit and loss account on an annual basis over the expected life of the asset of eight years..

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	2% on cost
Plant and machinery	15% on cost
Motor vehicle	15% on cost
Property Improvements	10% on cost

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

Montrose Football Club Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		530,749			530,749
Additions		475,126			475,126
Disposals		(150,000)			(150,000)
At 31 May 2016		855,875			855,875
Depreciation
At 1 June 2015		451,032			451,032
Charge for the year		52,809			52,809
Eliminated on disposals		(150,000)			(150,000)
At 31 May 2016		353,841			353,841
Net book value
At 31 May 2016		502,034			502,034
At 31 May 2015		79,717			79,717

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

2016 £

2015 £

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £0.50 each		51,772			25,886			49,802			24,901

New shares allotted

During the year 1,970 Ordinary having an aggregate nominal value of £5 were allotted for an aggregate consideration of £9,850.

5

Control

The company is controlled by no single party.

Page 5