Company Registration No. 04689338 (England and Wales)
YORK CITY FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
YORK CITY FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
YORK CITY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT 30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
28,251
40,617
Tangible assets
5
1,774,903
95,870
Investments
6
6,344,815
3,764,815
8,147,969
3,901,302
Current assets
Stocks
8,174
7,600
Debtors
7
3,425,680
325,683
Cash at bank and in hand
15,799
59,071
3,449,653
392,354
Creditors: amounts falling due within one year
8
(8,015,586)
(9,961,014)
Net current liabilities
(4,565,933)
(9,568,660)
Total assets less current liabilities
3,582,036
(5,667,358)
Creditors: amounts falling due after more than one year
9
(2,425,216)
Net assets/(liabilities)
3,582,036
(8,092,574)
Capital and reserves
Called up share capital
550,000
550,000
Share premium account
12,500
12,500
Revaluation reserve
10
6,333,600
1,753,600
Profit and loss reserves
(3,314,064)
(10,408,674)
Total equity
3,582,036
(8,092,574)
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 21 April 2022 and are signed on its behalf by:
Mr J A McGill
Director
Company Registration No. 04689338
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 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 a
mounts
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
.
T
he company has
therefore
taken advantage of
e
xemptions 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
f
low 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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Revenue from the sale of 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)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
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
Straight line over ten years
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
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.
1.8
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.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
1.9
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.
1.10
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
paymen
ts 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. A
m
ounts 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.
1.11
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.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
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 47 (2020 - 45).
2021
2020
Number
Number
Total
47
45
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2020 and 30 June 2021
247,321
Amortisation and impairment
At 1 July 2020
206,704
Amortisation charged for the year
12,366
At 30 June 2021
219,070
Carrying amount
At 30 June 2021
28,251
At 30 June 2020
40,617
5
Tangible fixed assets
Leasehold improvements
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2020
170,640
132,750
31,595
334,985
Additions
1,722,000
1,860
1,723,860
Disposals
(132,750)
(7,600)
(140,350)
Revaluation
2,000,000
2,000,000
Grant contributions
(2,000,000)
(2,000,000)
At 30 June 2021
170,640
1,722,000
1,860
23,995
1,918,495
Depreciation and impairment
At 1 July 2020
105,174
106,051
27,891
239,116
Depreciation charged in the year
17,064
2,685
926
20,675
Eliminated in respect of disposals
(108,720)
(7,479)
(116,199)
At 30 June 2021
122,238
16
21,338
143,592
Carrying amount
At 30 June 2021
48,402
1,722,000
1,844
2,657
1,774,903
At 30 June 2020
65,466
26,699
3,704
95,870
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
6,344,815
3,764,815
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
6
Fixed asset investments
(Continued)
- 7 -
The company's investment in a subsidiary, Bootham Crescent Holdings Limited, is included at revaluation. The investment was valued during 2012 at £3,764,715 and during the current year by the directors at £6,344,715 on an open market basis. The original cost of the investment was £2,011,115.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2020
3,764,815
Valuation changes
2,580,000
At 30 June 2021
6,344,815
Carrying amount
At 30 June 2021
6,344,815
At 30 June 2020
3,764,815
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
631,050
38,834
Amounts owed by group undertakings
453,976
654
Other debtors
230,273
163,771
1,315,299
203,259
2021
2020
Amounts falling due after more than one year:
£
£
Trade debtors
625,381
Amounts owed by group undertakings
122,424
Other debtors
1,485,000
2,110,381
122,424
Total debtors
3,425,680
325,683
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 8 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
24,420
27,115
Amounts owed to group undertakings
5,473,564
9,740,855
Taxation and social security
86,422
16,981
Other creditors
2,431,180
176,063
8,015,586
9,961,014
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
2,425,216
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable other than by instalments
-
2,425,216
10
Revaluation reserve
2021
2020
£
£
At the beginning of the year
1,753,600
1,753,600
Revaluation surplus arising in the year
2,000,000
Other movements
2,580,000
-
At the end of the year
6,333,600
1,753,600
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.
The senior statutory auditor was Brett Davis and the auditor was Henton & Co LLP.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 9 -
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:
2021
2020
£
£
Within one year
151,724
9,573
Between two and five years
590,991
5,091
Between six and ninety nine years
13,867,375
Total commitments
14,610,090
14,664
13
Events after the reporting date
Put options were exercised to purchase the shares held by the previous shareholders on the sale of Bootham Crescent on 31 March 2022 which resulted in the increase of the share ownership of the Company in Bootham Crescent Holdings Limited to 93.95%. An amount of £285,470 was paid to the previous shareholders for their shares.
As a consequence of these Options being exercised on the 31 March 2022, the carrying value of the Company’s revised 93.95% interest within Bootham Crescent Holdings Limited would have increased from the amount of £6,344,115 disclosed within these Accounts to £6,931,228 thereby providing an overall increase in Capital and Reserves for York City Football Club Limited of £587,113.
The amount disclosed within the Balance Sheet at 30 June 2021 in respect of Total Equity of £3,582,036 would therefore increase to £4,169,149 after the Share Options were exercised.
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
i
nterest charged at 11% in respect of the initial tranche of £650,000 and 6% in respect of the balance. Interest payable during the year was £
Nil
(20
20:
£
650,162
) and an amount of £
Nil
(20
20:
£
95,148
) 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 20
21
was £
5,473,564
(20
20:
£
9,220,180
).
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 £
9,600
(2020: £19,867) was received
for the use of facilities at Bootham Crescent.
J A McGill is also director of York Stadium Management Company Limited.
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 10 -
15
Parent company
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.
2021-06-30
2020-07-01
false
21 April 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
J A McGill
Mr I McAndrew
Ms J Penney
Ms E Adams
Mr S J Kilmartin
04689338
2020-07-01
2021-06-30
04689338
2021-06-30
04689338
2020-06-30
04689338
core:NetGoodwill
2021-06-30
04689338
core:NetGoodwill
2020-06-30
04689338
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2021-06-30
04689338
core:LeaseholdImprovements
2021-06-30
04689338
core:FurnitureFittings
2021-06-30
04689338
core:MotorVehicles
2021-06-30
04689338
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-06-30
04689338
core:LeaseholdImprovements
2020-06-30
04689338
core:FurnitureFittings
2020-06-30
04689338
core:MotorVehicles
2020-06-30
04689338
core:CurrentFinancialInstruments
core:WithinOneYear
2021-06-30
04689338
core:CurrentFinancialInstruments
core:WithinOneYear
2020-06-30
04689338
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-06-30
04689338
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-06-30
04689338
core:CurrentFinancialInstruments
2021-06-30
04689338
core:CurrentFinancialInstruments
2020-06-30
04689338
core:Non-currentFinancialInstruments
2021-06-30
04689338
core:Non-currentFinancialInstruments
2020-06-30
04689338
core:ShareCapital
2021-06-30
04689338
core:ShareCapital
2020-06-30
04689338
core:SharePremium
2021-06-30
04689338
core:SharePremium
2020-06-30
04689338
core:RevaluationReserve
2021-06-30
04689338
core:RevaluationReserve
2020-06-30
04689338
core:RetainedEarningsAccumulatedLosses
2021-06-30
04689338
core:RetainedEarningsAccumulatedLosses
2020-06-30
04689338
core:RevaluationReserve
2020-06-30
04689338
core:RevaluationReserve
2019-06-30
04689338
bus:Director1
2020-07-01
2021-06-30
04689338
core:Goodwill
2020-07-01
2021-06-30
04689338
core:LandBuildings
core:LongLeaseholdAssets
2020-07-01
2021-06-30
04689338
core:LeaseholdImprovements
2020-07-01
2021-06-30
04689338
core:FurnitureFittings
2020-07-01
2021-06-30
04689338
core:MotorVehicles
2020-07-01
2021-06-30
04689338
2019-07-01
2020-06-30
04689338
core:NetGoodwill
2020-06-30
04689338
core:NetGoodwill
2020-07-01
2021-06-30
04689338
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-06-30
04689338
core:LeaseholdImprovements
2020-06-30
04689338
core:FurnitureFittings
2020-06-30
04689338
core:MotorVehicles
2020-06-30
04689338
2020-06-30
04689338
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-07-01
2021-06-30
04689338
core:WithinOneYear
2021-06-30
04689338
core:WithinOneYear
2020-06-30
04689338
core:AfterOneYear
2021-06-30
04689338
core:AfterOneYear
2020-06-30
04689338
core:RevaluationReserve
2020-07-01
2021-06-30
04689338
core:BetweenTwoFiveYears
2021-06-30
04689338
core:BetweenTwoFiveYears
2020-06-30
04689338
core:MoreThanFiveYears
2021-06-30
04689338
core:MoreThanFiveYears
2020-06-30
04689338
bus:PrivateLimitedCompanyLtd
2020-07-01
2021-06-30
04689338
bus:SmallCompaniesRegimeForAccounts
2020-07-01
2021-06-30
04689338
bus:FRS102
2020-07-01
2021-06-30
04689338
bus:Audited
2020-07-01
2021-06-30
04689338
bus:Director2
2020-07-01
2021-06-30
04689338
bus:Director3
2020-07-01
2021-06-30
04689338
bus:Director4
2020-07-01
2021-06-30
04689338
bus:Director5
2020-07-01
2021-06-30
04689338
bus:FullAccounts
2020-07-01
2021-06-30
xbrli:pure
xbrli:shares
iso4217:GBP