Independent Auditor's Report to the Members of
Oxford City Football Club (Trading) Limited
We have audited the financial statements of Oxford City Football Club (Trading) Limited for the year ended 31 May 2011, set out on pages 7 to 12. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (Effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the company's affairs as at 31 May 2011 and of its profit for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements and the Directors' Report in accordance with the small companies regime.
......................................
Graham Cole BA FCA (Senior Statutory Auditor)
For and on behalf of Wenn Townsend, Statutory Auditor
30 St Giles
Oxford
OX1 3LE
28 March 2012
Oxford City Football Club (Trading) Limited
Profit and Loss Account for the Year Ended 31 May 2011
| | | | | | | | 2011 | | | | 2010 | |
| | | | Note | | | | £ | | | | £ | |
| Turnover | | | | | | | 194,235 | | | | 254,175 | |
| Cost of sales | | | | | | | (54,865 | ) | | | (71,013 | ) |
| Gross profit | | | | | | | 139,370 | | | | 183,162 | |
| Administrative expenses | | | | | | | (210,468 | ) | | | (248,675 | ) |
| Other operating income | | | | | | | 75,000 | | | | 50,000 | |
| Operating profit/(loss) | | | 2 | | | | 3,902 | | | | (15,513 | ) |
| Other interest receivable and similar income | | | | | | | 1 | | | | — | |
| Interest payable and similar charges | | | | | | | (2,199 | ) | | | (296 | ) |
| Profit/(loss) on ordinary activities before taxation | | | | | | | 1,704 | | | | (15,809 | ) |
| Profit/(loss) for the financial year | | | 8 | | | | 1,704 | | | | (15,809 | ) |
The notes form an integral part of these financial statements.
Oxford City Football Club (Trading) Limited
(Registration number: 03127905)
Balance Sheet at 31 May 2011
| | | | Note | | | | 2011 | | | | 2010 | |
| | | | | | | | £ | | | | £ | |
| Fixed assets | | | | | | | | | | | | |
| Tangible fixed assets | | | 3 | | | | 177 | | | | 264 | |
| Current assets | | | | | | | | | | | | |
| Stocks | | | | | | | 3,500 | | | | 4,500 | |
| Debtors | | | 4 | | | | 121,220 | | | | 107,310 | |
| Cash at bank and in hand | | | | | | | 488 | | | | 12,413 | |
| | | | | | | | 125,208 | | | | 124,223 | |
| Creditors: Amounts falling due within one year | | | 5 | | | | (149,354 | ) | | | (70,247 | ) |
| Net current (liabilities)/assets | | | | | | | (24,146 | ) | | | 53,976 | |
| Total assets less current liabilities | | | | | | | (23,969 | ) | | | 54,240 | |
| Creditors: Amounts falling due after more than one year | | | 6 | | | | (274,704 | ) | | | (354,617 | ) |
| Net liabilities | | | | | | | (298,673 | ) | | | (300,377 | ) |
| Capital and reserves | | | | | | | | | | | | |
| Called up share capital | | | 7 | | | | 100 | | | | 100 | |
| Profit and loss account | | | 8 | | | | (298,773 | ) | | | (300,477 | ) |
| Shareholders' deficit | | | | | | | (298,673 | ) | | | (300,377 | ) |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).
The notes form an integral part of these financial statements.
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Going concern
The company made a net profit of £1704 during the year ended 31 December 2011 and, as of that date, the company's current liabilities exceeded its total assets by £23969 and it had net current liabilities of £24146.
The company is dependent upon the continued support of its creditors. On the basis that this support will continue the accounts have been drawn up on a going concern basis.
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
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 |
| Fixtures and fittings | 20% straight line |
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.
2 Operating profit/(loss)
Operating profit/(loss) is stated after charging:
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Auditor's remuneration - The audit of the company's annual accounts | | | 2,650 | | | | — | |
| Depreciation of tangible fixed assets | | | 87 | | | | 265 | |
| Auditor's remuneration - Other services | | | 3,000 | | | | — | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
......... continued
3 Tangible fixed assets
| | | Fixtures and fittings | | Total |
| | | £ | | £ |
| Cost or valuation | | | | |
| At 1 June 2010 | | | 4,033 | | | | 4,033 | |
| Depreciation | | | | | | | | |
| At 1 June 2010 | | | 3,769 | | | | 3,769 | |
| Charge for the year | | | 87 | | | | 87 | |
| At 31 May 2011 | | | 3,856 | | | | 3,856 | |
| Net book value | | | | | | | | |
| At 31 May 2011 | | | 177 | | | | 177 | |
| At 31 May 2010 | | | 264 | | | | 264 | |
4 Debtors
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Trade debtors | | | 28,648 | | | | 12,590 | |
| Amounts owed by group undertakings and undertakings in which the company has a participating interest | | | — | | | | 1,800 | |
| Other debtors | | | 92,572 | | | | 92,920 | |
| | | | 121,220 | | | | 107,310 | |
5 Creditors: Amounts falling due within one year
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Trade creditors | | | 8,085 | | | | 12,372 | |
| Bank loans and overdrafts | | | 11,216 | | | | 1,383 | |
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | | | 60,221 | | | | — | |
| Other taxes and social security | | | 39,532 | | | | 35,842 | |
| Other creditors | | | 30,300 | | | | 20,650 | |
| | | | 149,354 | | | | 70,247 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
......... continued
6 Creditors: Amounts falling due after more than one year
| | | 2011 | | 2010 |
| | | £ | | £ |
| Other creditors | | | 274,704 | | | | 354,617 | |
7 Share capital
Allotted, called up and fully paid shares
| | | 2011 | | 2010 |
| | | | | | No. | | | | £ | | | | No. | | | | £ | |
| | Ordinary shares of £1 each | | | | 100 | | | | 100 | | | | 100 | | | | 100 | |
8 Reserves
| | | | Profit and loss account £ | | | | Total £ | |
| At 1 June 2010 | | | (300,477 | ) | | | (300,477 | ) |
| Profit for the year | | | 1,704 | | | | 1,704 | |
| At 31 May 2011 | | | (298,773 | ) | | | (298,773 | ) |
9 Commitments
Operating lease commitments
As at 31 May 2011 the company had annual commitments under non-cancellable operating leases as follows:
Operating leases which expire:
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Other | | | | | | | | |
| Over five years | | | 6,500 | | | | 6,500 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
......... continued
10 Related party transactions
The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.
11 Control
The company is controlled by Oxford City Youth Football Club Limited an incorporated charity that acts as the holding company.
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
......... continued
3 Tangible fixed assets
| | | Fixtures and fittings | | Total |
| | | £ | | £ |
| Cost or valuation | | | | |
| At 1 June 2010 | | | 4,033 | | | | 4,033 | |
| Depreciation | | | | | | | | |
| At 1 June 2010 | | | 3,769 | | | | 3,769 | |
| Charge for the year | | | 87 | | | | 87 | |
| At 31 May 2011 | | | 3,856 | | | | 3,856 | |
| Net book value | | | | | | | | |
| At 31 May 2011 | | | 177 | | | | 177 | |
| At 31 May 2010 | | | 264 | | | | 264 | |
4 Debtors
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Trade debtors | | | 28,648 | | | | 12,590 | |
| Amounts owed by group undertakings and undertakings in which the company has a participating interest | | | — | | | | 1,800 | |
| Other debtors | | | 92,572 | | | | 92,920 | |
| | | | 121,220 | | | | 107,310 | |
5 Creditors: Amounts falling due within one year
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Trade creditors | | | 8,085 | | | | 12,372 | |
| Bank loans and overdrafts | | | 11,216 | | | | 1,383 | |
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | | | 60,221 | | | | — | |
| Other taxes and social security | | | 39,532 | | | | 35,842 | |
| Other creditors | | | 30,300 | | | | 20,650 | |
| | | | 149,354 | | | | 70,247 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
......... continued
6 Creditors: Amounts falling due after more than one year
| | | 2011 | | 2010 |
| | | £ | | £ |
| Other creditors | | | 274,704 | | | | 354,617 | |
7 Share capital
Allotted, called up and fully paid shares
| | | 2011 | | 2010 |
| | | | | | No. | | | | £ | | | | No. | | | | £ | |
| | Ordinary shares of £1 each | | | | 100 | | | | 100 | | | | 100 | | | | 100 | |
8 Reserves
| | | | Profit and loss account £ | | | | Total £ | |
| At 1 June 2010 | | | (300,477 | ) | | | (300,477 | ) |
| Profit for the year | | | 1,704 | | | | 1,704 | |
| At 31 May 2011 | | | (298,773 | ) | | | (298,773 | ) |
9 Commitments
Operating lease commitments
As at 31 May 2011 the company had annual commitments under non-cancellable operating leases as follows:
Operating leases which expire:
| | | | 2011 | | | | 2010 | |
| | | | £ | | | | £ | |
| Other | | | | | | | | |
| Over five years | | | 6,500 | | | | 6,500 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2011
......... continued
10 Related party transactions
The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.
11 Control
The company is controlled by Oxford City Youth Football Club Limited an incorporated charity that acts as the holding company.
Independent Auditor's Report to the Members of
Oxford City Football Club (Trading) Limited
We have audited the financial statements of Oxford City Football Club (Trading) Limited for the year ended 31 May 2012, set out on pages 6 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (Effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the company's affairs as at 31 May 2012 and of its loss for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements and the Directors' Report in
accordance with the small companies regime.
......................................
Graham Cole BA FCA (Senior Statutory Auditor)
For and on behalf of Wenn Townsend, Statutory Auditor
30 St Giles
Oxford
OX1 3LE
27 March 2013
Oxford City Football Club (Trading) Limited
Profit and Loss Account for the Year Ended 31 May 2012
| | | | | 2012 | | 2011 |
| | | Note | | £ | | £ |
| Turnover | | | | | | | 248,630 | | | | 194,235 | |
| Cost of sales | | | | | | | (52,059 | ) | | | (54,865 | ) |
| Gross profit | | | | | | | 196,571 | | | | 139,370 | |
| Administrative expenses | | | | | | | (259,132 | ) | | | (210,468 | ) |
| Other operating income | | | | | | | — | | | | 75,000 | |
| Operating (loss)/profit | | | 2 | | | | (62,561 | ) | | | 3,902 | |
| Other interest receivable and similar income | | | | | | | 12 | | | | 1 | |
| Interest payable and similar charges | | | | | | | (5,429 | ) | | | (2,199 | ) |
| (Loss)/profit on ordinary activities before taxation | | | | | | | (67,978 | ) | | | 1,704 | |
| (Loss)/profit for the financial year | | | 8 | | | | (67,978 | ) | | | 1,704 | |
The notes form an integral part of these financial statements.
Oxford City Football Club (Trading) Limited
(Registration number: 03127905)
Balance Sheet at 31 May 2012
| | | | | 2012 | | 2011 |
| | | Note | | £ | | £ |
| Fixed assets | | | | | | |
| Tangible fixed assets | | | 3 | | | | 90 | | | | 177 | |
| Current assets | | | | | | | | | | | | |
| Stocks | | | | | | | 4,000 | | | | 3,500 | |
| Debtors | | | 4 | | | | 65,743 | | | | 121,220 | |
| Cash at bank and in hand | | | | | | | 849 | | | | 488 | |
| | | | | | | | 70,592 | | | | 125,208 | |
| Creditors: Amounts falling due within one year | | | 5 | | | | (235,264 | ) | | | (149,354 | ) |
| Net current liabilities | | | | | | | (164,672 | ) | | | (24,146 | ) |
| Total assets less current liabilities | | | | | | | (164,582 | ) | | | (23,969 | ) |
| Creditors: Amounts falling due after more than one year | | | 6 | | | | (202,069 | ) | | | (274,704 | ) |
| Net liabilities | | | | | | | (366,651 | ) | | | (298,673 | ) |
| Capital and reserves | | | | | | | | | | | | |
| Called up share capital | | | 7 | | | | 100 | | | | 100 | |
| Profit and loss account | | | 8 | | | | (366,751 | ) | | | (298,773 | ) |
| Shareholders' deficit | | | | | | | (366,651 | ) | | | (298,673 | ) |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).
The notes form an integral part of these financial statements.
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2012
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Going concern
The company made a net loss of £69,414 during the year ended 31 December 2012 and, as of that date, the company's current liabilities exceeded its total assets by £164,583 and it had net current liabilities of £235,266.
The company is dependent upon the continued support of its creditors. On the basis that this support will continue the accounts have been drawn up on a going concern basis.
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their useful economic life as follows:
| Asset class | Depreciation method and rate |
| Fixtures and fittings | 20% straight line |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obselete and slow-moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
2 Operating (loss)/profit
Operating (loss)/profit is stated after charging:
| | | 2012 | | 2011 |
| | | £ | | £ |
| Auditor's remuneration - The audit of the company's annual accounts | | | 2,600 | | | | 2,650 | |
| Depreciation of tangible fixed assets | | | 87 | | | | 87 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2012
......... continued
3 Tangible fixed assets
| | | Fixtures and fittings | | Total |
| | | £ | | £ |
| Cost or valuation | | | | |
| At 1 June 2011 | | | 4,033 | | | | 4,033 | |
| Depreciation | | | | | | | | |
| At 1 June 2011 | | | 3,856 | | | | 3,856 | |
| Charge for the year | | | 87 | | | | 87 | |
| At 31 May 2012 | | | 3,943 | | | | 3,943 | |
| Net book value | | | | | | | | |
| At 31 May 2012 | | | 90 | | | | 90 | |
| At 31 May 2011 | | | 177 | | | | 177 | |
4 Debtors
| | | 2012 | | 2011 |
| | | £ | | £ |
| Trade debtors | | | 1,280 | | | | 28,648 | |
| Other debtors | | | 2,680 | | | | — | |
| VAT Control account | | | 61,278 | | | | 90,852 | |
| Prepayments | | | 505 | | | | 1,720 | |
| | | | 65,743 | | | | 121,220 | |
5 Creditors: Amounts falling due within one year
| | | 2012 | | 2011 |
| | | £ | | £ |
| Trade creditors | | | 17,711 | | | | 8,085 | |
| Bank loans and overdrafts | | | 5,286 | | | | 11,216 | |
| Amounts owed to group undertakings and undertakings in which the company has a participating interest | | | 181,681 | | | | 60,221 | |
| Other taxes and social security | | | 1,400 | | | | 39,532 | |
| Other creditors | | | 700 | | | | — | |
| Other loans | | | 22,836 | | | | 13,500 | |
| Accruals | | | 5,650 | | | | 16,800 | |
| | | | 235,264 | | | | 149,354 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2012
......... continued
6 Creditors: Amounts falling due after more than one year
| | | 2012 | | 2011 |
| | | £ | | £ |
| Other loans | | | 202,069 | | | | 274,704 | |
7 Share capital
Allotted, called up and fully paid shares
| | | 2012 | | 2011 |
| | | No. | | £ | | No. | | £ |
| | Ordinary shares of £1 each | | | | 100 | | | | 100 | | | | 100 | | | | 100 | |
8 Reserves
| | | Profit and loss account | | Total |
| | | £ | | £ |
| At 1 June 2011 | | | (298,773 | ) | | | (298,773 | ) |
| Loss for the year | | | (67,978 | ) | | | (67,978 | ) |
| At 31 May 2012 | | | (366,751 | ) | | | (366,751 | ) |
9 Commitments
Operating lease commitments
As at 31 May 2012 the company had annual commitments under non-cancellable operating leases as follows:
Operating leases which expire:
| | | 2012 | | 2011 |
| | | £ | | £ |
| Over five years | | | 6,500 | | | | 6,500 | |
Oxford City Football Club (Trading) Limited
Notes to the Financial Statements for the Year Ended 31 May 2012
......... continued
10 Related party transactions
Other related party transactions
During the year the company made the following related party transactions:
Colin Taylor
(Director)
Interest-free loans made to the company. At the balance sheet date the amount due to Colin Taylor was £164,767 (2011 - £122,367).
The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.
11 Control
The company is controlled by Oxford City Youth Football Club Limited an incorporated charity that acts as the holding company. Group accounts can be obtained at 8 Trinity Close, Abingdon, Oxon OX14 2QE.
