Company registration number 04689338 (England and Wales)
YORK CITY FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
YORK CITY FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
YORK CITY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
15,885
28,251
Tangible assets
5
2,157,298
1,774,903
Investments
6
479,808
6,344,815
2,652,991
8,147,969
Current assets
Stocks
16,261
8,174
Debtors
7
2,563,314
3,425,680
Cash at bank and in hand
145,745
15,799
2,725,320
3,449,653
Creditors: amounts falling due within one year
8
(1,832,372)
(8,015,586)
Net current assets/(liabilities)
892,948
(4,565,933)
Total assets less current liabilities
3,545,939
3,582,036
Creditors: amounts falling due after more than one year
9
(23,255)
Net assets
3,522,684
3,582,036
Capital and reserves
Called up share capital
550,000
550,000
Share premium account
12,500
12,500
Revaluation reserve
10
468,592
6,333,600
Profit and loss reserves
2,491,592
(3,314,064)
Total equity
3,522,684
3,582,036
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 May 2023 and are signed on its behalf by:
Mr G Henderson
Director
Company Registration No. 04689338
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
York City Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is York Community Stadium, Kathryn Avenue, Huntington, York, YO32 9AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of JM Packaging Limited. These consolidated financial statements are available from its registered office, 5 Malton Enterprise Park, Malton, North Yorkshire YO17 6AB.
1.2
Going concern
The financial statements have been prepared on the going concern basis.
The company does not have an overdraft facility and meets its day to day funding requirement with support from its directors and shareholders.
At the Balance Sheet date previously provided funding of £1.05 million is shown as due to the ultimate parent undertaking within one year. Since the year end the ownership of the company has changed and a new board of directors have been appointed.
The current directors are confident that its major shareholder will provide the necessary funds to bridge the shortfall in working capital of the company so that it can meet its financial obligations as and when they fall due in the next twelve months or whilst they have ultimate ownership. However, there can be no certainty in these matters.
The directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Season ticket sales and match ticket sales are recognised over the period of the football season as home matches are played.
Sponsorship contracts are recognised over the duration of the contract, either on a straight line basis, or over the period of the football season, as appropriate, based on the terms of the contract.
Revenue from the sale of merchandise and other goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the term of the lease
Leasehold land and buildings
Over the term of the lease
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
49
47
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
247,321
Amortisation and impairment
At 1 July 2021
219,070
Amortisation charged for the year
12,366
At 30 June 2022
231,436
Carrying amount
At 30 June 2022
15,885
At 30 June 2021
28,251
5
Tangible fixed assets
Leasehold improvements
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2021
170,640
1,722,000
1,860
23,995
1,918,495
Additions
388,759
7,617
396,376
Other changes
26,279
26,279
At 30 June 2022
170,640
2,137,038
9,477
23,995
2,341,150
Depreciation and impairment
At 1 July 2021
122,238
16
21,338
143,592
Depreciation charged in the year
17,064
21,586
946
664
40,260
At 30 June 2022
139,302
21,586
962
22,002
183,852
Carrying amount
At 30 June 2022
31,338
2,115,452
8,515
1,993
2,157,298
At 30 June 2021
48,402
1,722,000
1,844
2,657
1,774,903
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
479,808
6,344,815
The company's investment in a subsidiary, Bootham Crescent Holdings Limited, is included at revaluation. The original cost of the investment was £11,215.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2021
6,344,815
Valuation changes
(5,865,007)
At 30 June 2022
479,808
Carrying amount
At 30 June 2022
479,808
At 30 June 2021
6,344,815
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
780,092
631,050
Amounts owed by group undertakings
161,105
453,976
Other debtors
287,117
230,273
1,228,314
1,315,299
2022
2021
Amounts falling due after more than one year:
£
£
Trade debtors
625,381
Other debtors
1,335,000
1,485,000
1,335,000
2,110,381
Total debtors
2,563,314
3,425,680
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
157,560
24,420
Amounts owed to group undertakings
1,045,779
5,473,564
Taxation and social security
107,004
86,422
Other creditors
522,029
2,431,180
1,832,372
8,015,586
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
23,255
10
Revaluation reserve
2022
2021
£
£
At the beginning of the year
6,333,600
1,753,600
Revaluation surplus arising in the year
2,000,000
Other movements
(5,865,008)
2,580,000
At the end of the year
468,592
6,333,600
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Material uncertainty relating to going concern
We draw attention to note 1.2 in the financial statements, which indicates that whilst the directors are confident that the company's major shareholder will provide the necessary funds to the company through their financing of the shortfall, there can be no certainty in these matters. As noted in note 1.2 these events or conditions along with the other matters in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Brett Davis
Statutory Auditor:
Henton & Co LLP
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding annual commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
14,550,000
14,610,090
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 9 -
13
Financial commitments, guarantees and contingent liabilities
Under the terms of a compromise agreement dated 31 March 2022 between the club and the previous majority shareholder, future payments of up to £650,000 (2021 £nil) may be payable dependent upon football related income. This includes prize money received for appearances in certain competitions, gate receipts over a fixed level, any transfer fees and any club assets sold up to 1 April 2026.
No provision has been made for this amount in the accounts to 30 June 2022.
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
None of the company's directors charge the company for their daily expenses in managing the football club.
The company has use of the property owned by its subsidiary, Bootham Crescent Holdings Limited, on a rent free basis.
J A McGill is also a director of JM Packaging Limited, the parent company. During the year the Company had a loan from JM Packaging Limited with a potential interest charge of 11% in respect of the initial tranche of £650,000 and 6% in respect of the balance. Interest payable during the year was £Nil (2021: £Nil) and an amount of £Nil (2021: £Nil) was also due in respect of non-payment of preferential dividends relating to the Ordinary B Shares as the interest for the year was waived. The amount outstanding in respect of the loan at 30 June 2022 was £1,045,479 (2021: £5,473,564).
J A McGill is also a director of York City Football Club Foundation Limited, a charity to promote participation in sport across North Yorkshire. During the year £12,500 (2021: £9,600) was received for the use of the football club facilities.
J A McGill is also director of York Stadium Management Company Limited.
15
Parent company
As at 30 June 2022 the parent company is JM Packaging Limited which owns 75% of the total issued share capital of the company. Their registered office is: 5 Malton Enterprise Park, Malton, North Yorkshire, YO17 6AB.
2022-06-302021-07-01false31 May 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedJ A McGillMr I McAndrewMr D PenneyMr R AdamsMr S J KilmartinMr M P BrownMrs J HendersonMr G HendersonMr A Smith046893382021-07-012022-06-30046893382022-06-30046893382021-06-3004689338core:NetGoodwill2022-06-3004689338core:NetGoodwill2021-06-3004689338core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3004689338core:LeaseholdImprovements2022-06-3004689338core:FurnitureFittings2022-06-3004689338core:MotorVehicles2022-06-3004689338core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-06-3004689338core:LeaseholdImprovements2021-06-3004689338core:FurnitureFittings2021-06-3004689338core:MotorVehicles2021-06-3004689338core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3004689338core:CurrentFinancialInstrumentscore:WithinOneYear2021-06-3004689338core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3004689338core:Non-currentFinancialInstrumentscore:AfterOneYear2021-06-3004689338core:CurrentFinancialInstruments2022-06-3004689338core:CurrentFinancialInstruments2021-06-3004689338core:ShareCapital2022-06-3004689338core:ShareCapital2021-06-3004689338core:SharePremium2022-06-3004689338core:SharePremium2021-06-3004689338core:RevaluationReserve2022-06-3004689338core:RevaluationReserve2021-06-3004689338core:RetainedEarningsAccumulatedLosses2022-06-3004689338core:RetainedEarningsAccumulatedLosses2021-06-3004689338core:RevaluationReserve2021-06-3004689338core:RevaluationReserve2020-06-3004689338bus:Director82021-07-012022-06-3004689338core:Goodwill2021-07-012022-06-3004689338core:LandBuildingscore:LongLeaseholdAssets2021-07-012022-06-3004689338core:LeaseholdImprovements2021-07-012022-06-3004689338core:FurnitureFittings2021-07-012022-06-3004689338core:MotorVehicles2021-07-012022-06-30046893382020-07-012021-06-3004689338core:NetGoodwill2021-06-3004689338core:NetGoodwill2021-07-012022-06-3004689338core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-06-3004689338core:LeaseholdImprovements2021-06-3004689338core:FurnitureFittings2021-06-3004689338core:MotorVehicles2021-06-30046893382021-06-3004689338core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-07-012022-06-3004689338core:Non-currentFinancialInstruments2022-06-3004689338core:Non-currentFinancialInstruments2021-06-3004689338core:WithinOneYear2022-06-3004689338core:WithinOneYear2021-06-3004689338core:AfterOneYear2022-06-3004689338core:AfterOneYear2021-06-3004689338core:RevaluationReserve2021-07-012022-06-3004689338bus:PrivateLimitedCompanyLtd2021-07-012022-06-3004689338bus:SmallCompaniesRegimeForAccounts2021-07-012022-06-3004689338bus:FRS1022021-07-012022-06-3004689338bus:Audited2021-07-012022-06-3004689338bus:Director12021-07-012022-06-3004689338bus:Director22021-07-012022-06-3004689338bus:Director32021-07-012022-06-3004689338bus:Director42021-07-012022-06-3004689338bus:Director52021-07-012022-06-3004689338bus:Director62021-07-012022-06-3004689338bus:Director72021-07-012022-06-3004689338bus:Director92021-07-012022-06-3004689338bus:FullAccounts2021-07-012022-06-30xbrli:purexbrli:sharesiso4217:GBP