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REGISTERED NUMBER:
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Exeter City A.F.C. Limited |
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Financial Statements for the Year Ended 30 June 2018 |
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REGISTERED NUMBER:
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Exeter City A.F.C. Limited |
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Financial Statements for the Year Ended 30 June 2018 |
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Exeter City A.F.C. Limited (Registered number: 00097808) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Exeter City A.F.C. Limited |
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Company Information |
for the Year Ended 30 June 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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3 Southernhay West |
Exeter |
Devon |
EX1 1JG |
Exeter City A.F.C. Limited (Registered number: 00097808) |
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Balance Sheet |
30 June 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Exeter City A.F.C. Limited (Registered number: 00097808) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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Exeter City A.F.C. Limited is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Exemption from preparing group accounts |
The company is part of a small group. The company has taken advantage of the exemption provided |
by Section 398 of the Companies Act 2006 and has not prepared group accounts. |
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Turnover |
Turnover represents income from television rights, gate receipts, catering and bar sales, club shop |
and other commercial activities, exclusive of value added tax. |
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Season tickets sold in advance of the following season are included in deferred income and |
accounted for as turnover in the season to which they relate. |
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Parachute payments by the Football League are included as turnover in the year of relegation. |
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Also included in turnover is the income for the support of the youth training academy, Exeter City |
Centres of Excellence. |
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Transfer fees are only included when there is contractual certainty as to their receipt and are |
disclosed separately in the profit and loss account. |
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Tangible fixed assets |
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Football pitches | - |
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Leasehold land and buildings | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Exeter City A.F.C. Limited (Registered number: 00097808) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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3. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Operating leases |
Rentals payable under operating leases are charged in the profit and loss account on a straight line |
basis over the lease term. |
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Pensions |
The company operates a defined contribution pension scheme. Contributions are recognised in the |
profit and loss account in the period in which they become payable in accordance with the rules of the |
scheme. |
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Grants receivable |
The Football Foundation Grant is a contribution towards capital expenditure on leasehold property. |
The grant is included in the profit and loss account over the remaining term of the lease, so as to |
match it with the depreciation of the leasehold property improvements, to which it relates. |
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Donations from the Exeter City AFC Supporters Society Limited |
Income received from the supporters' society is treated as a donation to Exeter City A.F.C. Limited. |
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Player costs |
The costs associated with acquiring players' registrations or extending their contracts, including |
agents' fees, are capitalised and amortised, in equal instalments, over the period of the respective |
players' contracts. |
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Under the conditions of certain transfer agreements or contract renegotiations, further fees will be |
payable in the event of the occurrence of certain other specified future events. Liabilities in respect of |
these additional fees are accounted for, as provisions, when it becomes probable that the number of |
appearances will be achieved or the specified future events will occur. The additional costs are |
capitalised and amortised as set out above. |
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Profits or losses on the sale of players represent the transfer fee receivable, net of any transaction |
costs, less the unamortised cost of the applicable player's registration. |
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Remuneration of players is charged in accordance with the terms of the applicable contractual |
arrangements and any discretionary bonuses when there is a legal or constructive obligation |
Exeter City A.F.C. Limited (Registered number: 00097808) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Player |
registration |
costs |
£ |
COST |
Additions |
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At 30 June 2018 |
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AMORTISATION |
Amortisation for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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6. | TANGIBLE FIXED ASSETS |
Leasehold | Assets |
Football | land and | under |
pitches | buildings | construction |
£ | £ | £ |
COST |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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Exeter City A.F.C. Limited (Registered number: 00097808) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2017 |
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1,000 |
Additions |
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36,750 |
At 30 June 2018 |
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37,750 |
NET BOOK VALUE |
At 30 June 2018 |
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37,750 |
At 30 June 2017 |
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1,000 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Exeter City A.F.C. Limited (Registered number: 00097808) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 470,807 | 77,604 |
Other creditors |
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Deferred grants | 80,232 | 80,232 |
Accruals and deferred income |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Exeter City AFC Supporters |
Society Limited |
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Deferred grants | 165,801 | 246,033 |
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11. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | CAPITAL COMMITMENTS |
2018 | 2017 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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Capital commitments relate to the development of the away supporters stand. |
Exeter City A.F.C. Limited (Registered number: 00097808) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2018 |
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14. | RELATED PARTY DISCLOSURES |
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The directors believe that the transactions set out below are under normal market conditions and |
therefore no longer need to be disclosed in the accounts. However, as a matter of good governance, |
they are included as follows: |
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OTR (Exeter) Limited |
A company of which J Tagg is a director. |
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Included in the profit and loss account is rent payable to OTR (Exeter) Limited of £21,000 (2017: |
£42,000). |
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Included in fixed asset investments is an investment in OTR (Exeter) Limited of £36,750 (2017: £Nil). |
Of this investment £12,000 was purchased from J Tagg. J Tagg made no profit on this transaction. |
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Rolls Bridge Holdings |
A business in which J Tagg has an interest. |
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Included in the profit and loss account are fees payable to Rolls Bridge Holdings of £64,649 (2017: |
£45,000). At the balance sheet date there was no balance owed (2017: £18,090). |
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Exeter City AFC Supporters Society Limited |
Controlling shareholder. |
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Included in the balance sheet are loans from Exeter City AFC Supporters Society Limited totalling |
£7,455 (2017: £7,455) due within one year and £830,058 (2017: £830,058) due after more than one |
year. |
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City Community Trust |
A charity in which J Tagg has an interest. |
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Included in the profit and loss account is income from the City Community Trust of £72,567 (2017: |
£58,156). At the balance sheet date the amount due from the City Community Trust is £22,634 |
(2017: £10,495). |
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South West Highways Limited |
A company in which K Mason is a director. |
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Included in the profit and loss account are expenses payable to South West Highways Limited of |
£7,114 (£14,421) and income from South West Highways Limited of £2,388 (2017: £7,846). K Mason |
does not receive any benefit from the transactions. At the balance sheet date there was no balance |
owed (2017: £4,655 due to South West Highways Limited). |
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15. | CONTROL |
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The company is controlled by Exeter City AFC Supporters Society Limited, whose registered office is |
at Fairlawns, Clyst Hydon, Devon, EX15 2ND and whose principal place of operation is at the offices |
of the company. |