Stevenage Football Club Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02901467 (England and Wales)

STEVENAGE FOOTBALL CLUB LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31ST MAY 2016

Page

Company Information

1

Accountants' Report

2

Abbreviated Balance Sheet

3

to

4

Notes to the Abbreviated Accounts

5

to

7

DIRECTORS:

P O Wallace

M D Shortland

M L Taverner QC

P P Wallace

S I Dinsey

Dr 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, from which the unaudited abbreviated accounts (set out on

pages three to seven) have been prepared.

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 2016

which comprise the Profit and Loss Account, the Balance Sheet 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 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 loss 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

27th February 2017

FIXED ASSETS

Tangible assets

2

2,386,128

2,088,363

Investments

3

1

-

2,386,129

2,088,363

CURRENT ASSETS

Stocks

17,726

16,177

Debtors

232,227

477,064

Cash at bank and in hand

162,930

152,105

412,883

645,346

CREDITORS

Amounts falling due within one year

4

(581,371

)

(752,663

)

NET CURRENT LIABILITIES

(168,488

)

(107,317

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,217,641

1,981,046

CREDITORS

Amounts falling due after more than one year

4

(2,605,016

)

(2,127,949

)

NET LIABILITIES

(387,375

)

(146,903

)

CAPITAL AND RESERVES

Called up share capital

5

32,455

32,435

Share premium

352,821

352,821

Profit and loss account

(772,651

)

(532,159

)

SHAREHOLDERS' FUNDS

(387,375

)

(146,903

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22nd February 2017 and were signed on its behalf by:

P O Wallace - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the total invoice value, excluding value added tax, trade discounts and all other

taxes of sales made during the year.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line

basis over the period of the lease.

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.

Going concern

2.	TANGIBLE FIXED ASSETS

Total

£

Cost

At 1st June 2015

4,012,962

Additions

502,842

At 31st May 2016

4,515,804

Depreciation

At 1st June 2015

1,924,599

Charge for year

205,077

At 31st May 2016

2,129,676

Net book value

At 31st May 2016

2,386,128

At 31st May 2015

2,088,363

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

Cost

Additions

1

At 31st May 2016

1

Net book value

At 31st May 2016

1

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Lily's Day Nursery Limited

Nature of business: Day nursery

%

Class of shares:

holding

Ordinary £1

100.00

31/3/16

£

Aggregate capital and reserves

48,344

Profit for the year

3,098

4.

CREDITORS

Creditors include an amount of £ 694,223 (2015 - £ 207,682 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

532,209

149,627

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

324,350

Ordinary

10p

32,455

32,435

200 Ordinary shares of 10p each were allotted and fully paid for cash at par during the year.