Company registration number 04032392 (England and Wales)
HULL CITY TIGERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
HULL CITY TIGERS LIMITED
COMPANY INFORMATION
Directors
Mrs Ebru Atasav Tahranci
Mr Ali Acun Ilicali
Mr Tan Kesler
Company number
04032392
Registered office
MKM Stadium
West Park
Hull
England
HU3 6HU
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
HULL CITY TIGERS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
HULL CITY TIGERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Review of the business

The directors report a loss before tax for the year, after exceptional items, of £5,218,112 (2022: Profit £13,942,526).

The business had a full year of unrestricted attendances at matches with increased attendances. Together with an increase in broadcasting revenues, this enabled us to achieve an increase in turnover of 17.6% however with this there were increased costs resulting in an operating loss of £9,192,620.

The financial period ended 30th June 2023 represented the 2022/2023 season. Key performance indicators are used to measure and evaluate company performance and to monitor various activities. The main performance indicators employed in the company are:

 

2023

2022

 

£

£

Turnover

18,088,456

15,372,738

Gross profit/(loss)

(9,192,620)

163,302

Profit/(loss) before tax

(5,218,112)

13,942,526

Staff Costs

23,651,367

12,696,820

Net Debt - Group

15,964,508

5,292,138

Net Debt - Other

22,063,972

23,291,040

 

The directors, in accordance with s.172, seek to promote the long term success of the company, and consider the interests of all stakeholders, by regular director meetings and communication, coupled with the substantial experience of the board members and their varied skills.

Principal risks and uncertainties

The income of the Company is dependent upon the League Division of the Football Team which is determined by the performance in competitive matches. The directors ensure that the Team is capable of performing at a high level by investing in quality management, coaches and players.

The Company must also ensure that it complies with Football League rules.

The company relies upon the support of its ultimate parent company to continue to operate as a going concern.

Future developments

The company will continue to invest in the football club with the aim of returning to the Premier League.

 

On behalf of the board

Mr Tan Kesler
Director
29 January 2024
HULL CITY TIGERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of professional football.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs Ebru Atasav Tahranci
Mr Ali Acun Ilicali
Mr Tan Kesler
Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

HULL CITY TIGERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
On behalf of the board
Mr Tan Kesler
Director
29 January 2024
HULL CITY TIGERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HULL CITY TIGERS LIMITED
- 4 -
Opinion

We have audited the financial statements of Hull City Tigers Limited (the 'company') for the year ended 30 June 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HULL CITY TIGERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HULL CITY TIGERS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HULL CITY TIGERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HULL CITY TIGERS LIMITED
- 6 -

Use of our report

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.

Christopher Hession C.A.
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
29 January 2024
Chartered Certified Accountant
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
HULL CITY TIGERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
18,088,456
15,372,738
Cost of sales
(27,281,076)
(15,209,436)
Gross (loss)/profit
(9,192,620)
163,302
Amortisation and impairment of players
(3,214,102)
(1,624,385)
Administrative expenses
(8,192,421)
(6,406,980)
Operating loss
4
(20,599,143)
(7,868,063)
Profit on the disposal of players
15,192,334
2,325,779
Interest receivable and similar income
6
800,392
606,585
Interest payable and similar expenses
7
(611,695)
(1,115,525)
Amounts written off investments
8
-
20,000,000
Restructuring
(6,250)
(Loss)/profit before taxation
(5,218,112)
13,942,526
Tax on profit
9
-
0
233,292
(Loss)/profit for the financial year
(5,218,112)
14,175,818

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HULL CITY TIGERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
£
£
(Loss)/profit for the year
(5,218,112)
14,175,818
Other comprehensive income
-
-
Total comprehensive (loss)/ income for the year
(5,218,112)
14,175,818
HULL CITY TIGERS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
6,396,897
1,347,988
Tangible assets
11
356,482
689,768
6,753,379
2,037,756
Current assets
Stocks
12
457,430
132,559
Debtors
13
25,988,345
23,777,105
Cash at bank and in hand
513,445
433,418
26,959,220
24,343,082
Creditors: amounts falling due within one year
14
(24,974,106)
(11,232,401)
Net current assets
1,985,114
13,110,681
Total assets less current liabilities
8,738,493
15,148,437
Creditors: amounts falling due after more than one year
15
(21,980,634)
(23,172,465)
Net liabilities
(13,242,141)
(8,024,028)
Capital and reserves
Called up share capital
19
1,316,001
1,316,001
Profit and loss reserves
20
(14,558,142)
(9,340,029)
Total equity
(13,242,141)
(8,024,028)
The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
Mr Tan Kesler
Director
Company registration number 04032392 (England and Wales)
HULL CITY TIGERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
1,316,001
(23,515,847)
(22,199,846)
Year ended 30 June 2022:
Profit and total comprehensive income
-
14,175,818
14,175,817
Balance at 30 June 2022
1,316,001
(9,340,029)
(8,024,029)
Year ended 30 June 2023:
Loss and total comprehensive income
-
(5,218,112)
(5,218,112)
Balance at 30 June 2023
1,316,001
(14,558,142)
(13,242,141)
HULL CITY TIGERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(16,656,648)
(8,036,406)
Income taxes refunded
-
0
233,292
Net cash outflow from operating activities
(16,656,648)
(7,803,114)
Investing activities
Purchase of players
(8,387,147)
(1,075,298)
Proceeds from sale of players
15,316,470
2,325,778
Purchase of tangible fixed assets
(9,525)
(157,343)
Proceeds from disposal of tangible fixed assets
270,419
-
0
Interest received
800,392
606,585
Net cash generated from investing activities
7,990,609
1,699,722
Financing activities
Proceeds from borrowings
9,372,140
6,818,790
Payment of finance leases obligations
(14,380)
92,432
Interest paid
(611,695)
(1,115,525)
Net cash generated from financing activities
8,746,065
5,795,697
Net increase/(decrease) in cash and cash equivalents
80,026
(307,695)
Cash and cash equivalents at beginning of year
433,419
741,113
Cash and cash equivalents at end of year
513,445
433,418
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
1
Accounting policies
Company information

Hull City Tigers Limited is a private company limited by shares incorporated in England and Wales. The registered office is MKM Stadium, West Park, Hull, England, HU3 6HU.

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.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company relies upon the continued support of it's ultimate parent company. The parent company has agreed to provide funds to meet all trading obligations as they fall due and will continue to support the company.

1.3
Turnover

Turnover represents income receivable, net of VAT, from football and related commercial activities. Gate and other match day revenues are recognised over the period of the football season. Sponsorship and similar commercial income is recognised over the duration of the respective contracts. The fixed element of broadcasting revenues and facility fees is recognised over the duration of the financial year, additional facility fees arising are taken when earned. All income arises within the United Kingdom.

1.4
Intangible fixed assets other than goodwill

Players transfer fees and related costs of player registrations are capitalised as intangible fixed assets and are amortised over the period of the player contracts. Coaching staff contracts are also capitalised and amortised over the length of the contract. Where there has been an impairment in value, provisions are made to reflect this.

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:

Freehold land and buildings
2% Straight line
Fixtures and fittings
10% Straight line
Tools and Equipment
10% Straight line
Motor vehicles
33% Straight line

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.

HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
1.6
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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 14 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

As disclosed in the note above, the company relies upon the continued support of its parent company, Acun Medya Holding B.V. The parent company has provided funds to meet all trading obligations and will continue to support the company. The opinion of the directors it is correct to prepare the accounts on the going concern basis.

Impairment of intangible assets

The directors review the net book value of player transfer costs and consider the likelihood of the company obtaining economic benefits from each contract. If the estimated economic benefit is lower than the net book value at the time of review, an impairment provision is recorded.

Amount owed by group undertakings

Included in debtors are amounts owed by group undertakings from Superstadium Management Company Limited of £22,236,211 (2022: £19,202,193). Superstadium Management Company Limited is a group company. At the year end it had net liabilities of £21,888,668 (2022: £19,705,587) and made a loss for the year of £2,368,080 (2022: £1,578,338). The parent company has agreed to provide financial support to Superstadium Management Company Limited, to enable it to meet it's obligation as they fall due.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Attendance
3,928,270
3,341,726
Other match day
2,041,934
2,282,074
TV and FL distribution
8,217,000
7,692,883
Commercial
2,631,196
1,375,233
Retail
1,270,056
680,822
18,088,456
15,372,738
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Turnover and other revenue
(Continued)
- 15 -
2023
2022
£
£
Turnover analysed by geographical market
UK
18,088,456
15,372,738
2023
2022
£
£
Other revenue
Interest income
800,392
606,585
4
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Exchange losses
47,299
61,866
Fees payable to the company's auditor for the audit of the company's financial statements
17,383
7,500
Depreciation of owned tangible fixed assets
72,391
275,920
Amortisation of intangible assets
3,214,102
1,624,385
Carrying amount of stock sold
1,268,884
813,753
Operating lease charges
1,553,502
1,223,181
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Players, coaches and office staff
225
189

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
20,410,228
11,297,140
Social security costs
3,169,165
1,332,666
Pension costs
71,974
67,014
23,651,367
12,696,820
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
800,392
606,585
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
800,392
606,585
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
8,323
-
Other interest
603,372
1,115,525
611,695
1,115,525
8
Amounts written off investments
2023
2022
£
£
Amounts written back to current loans
-
20,000,000
9
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(233,292)
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Taxation
(Continued)
- 17 -

The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(5,218,112)
13,942,526
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(1,304,528)
2,649,080
Tax effect of expenses that are not deductible in determining taxable profit
26,610
(4,229,916)
Unutilised tax losses carried forward
1,307,175
1,114,252
Adjustments in respect of prior years
-
0
233,292
Permanent capital allowances in excess of depreciation
(29,257)
-
0
Taxation charge/(credit) for the year
-
(233,292)
10
Intangible fixed assets
£
Cost
At 1 July 2022
4,117,065
Additions
8,387,147
Disposals
(2,000,092)
At 30 June 2023
10,504,120
Amortisation and impairment
At 1 July 2022
2,769,077
Amortisation charged for the year
3,214,102
Disposals
(1,875,956)
At 30 June 2023
4,107,223
Carrying amount
At 30 June 2023
6,396,897
At 30 June 2022
1,347,988
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
11
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Tools and Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
551,512
1,481,800
1,346,824
306,402
3,686,538
Additions
-
0
-
0
9,525
-
0
9,525
Disposals
(270,419)
-
0
-
0
-
0
(270,419)
At 30 June 2023
281,093
1,481,800
1,356,349
306,402
3,425,644
Depreciation and impairment
At 1 July 2022
8,250
1,478,069
1,320,389
190,062
2,996,770
Depreciation charged in the year
1,000
2,818
23,049
45,524
72,391
At 30 June 2023
9,250
1,480,887
1,343,438
235,587
3,069,162
Carrying amount
At 30 June 2023
271,843
913
12,911
70,815
356,482
At 30 June 2022
543,262
3,731
26,435
116,340
689,768

At 30 June 2023, assets with a net book value of £68,105 were held under hire purchase contracts.

12
Stocks
2023
2022
£
£
Finished goods and goods for resale
457,430
132,559
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,802,298
3,813,217
Amounts owed by group undertakings
22,236,211
19,202,195
Other debtors
408,200
163,475
Prepayments and accrued income
541,636
598,218
25,988,345
23,777,105
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
15,870
16,407
Other borrowings
16
16,110,028
5,486,738
Trade creditors
4,561,185
2,303,317
Amounts owed to group undertakings
-
0
548,599
Taxation and social security
984,974
929,287
Other creditors
37,534
135,644
Accruals and deferred income
3,264,515
1,812,409
24,974,106
11,232,401
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
62,182
76,025
Other borrowings
16
21,918,452
23,096,440
21,980,634
23,172,465
16
Loans and overdrafts
2023
2022
£
£
Loans from group undertakings
15,964,508
5,292,138
Other loans
22,063,972
23,291,040
38,028,480
28,583,178
Payable within one year
16,110,028
5,486,738
Payable after one year
21,918,452
23,096,440
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
15,870
16,407
In two to five years
62,182
76,025
78,052
92,432
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,974
67,014

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1,316,001
1,316,001
1,316,001
1,316,001
20
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
(9,340,029)
(23,515,847)
(Loss)/profit for the year
(5,218,112)
14,175,818
At the end of the year
(14,558,142)
(9,340,029)
21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
1,223,082
1,223,082
Between two and five years
4,892,328
4,892,328
In over five years
30,557,050
31,800,132
36,672,460
37,915,542
HULL CITY TIGERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
22
Related party transactions

The following amounts were outstanding at the reporting end date:

Included in debtors are amounts owed by group undertakings from Superstadium Management Company Limited of £22,236,211 (2022: £19,202,193). Superstadium Management Company Limited is a group company. At the year end it had net liabilities of £21,888,668 (2022: £19,705,587) and made a loss for the year of £2,368,080 (2022: £1,578,338). The parent company has agreed to provide financial support to Superstadium Management Company Limited, to enable it to meet it's obligation as they fall due.

23
Ultimate controlling party

The parent company is Acun Medya Holding BV, a company registered in Netherlands, under the company number 67477801.

The company is ultimately controlled by Ali Acun Ilicali.

24
Cash absorbed by operations
2023
2022
£
£
(Loss)/profit for the year after tax
(5,218,112)
14,175,818
Adjustments for:
Taxation charged/(credited)
-
0
(233,292)
Finance costs
611,695
1,115,525
Investment income
(800,392)
(606,585)
Gain on disposal of intangible assets
(15,192,334)
(2,325,779)
Amortisation and impairment of players
3,214,102
1,624,385
Depreciation and impairment of tangible fixed assets
72,391
275,920
Other gains and losses
-
(20,000,000)
Movements in working capital:
(Increase)/decrease in stocks
(324,871)
30,627
Increase in debtors
(2,138,078)
(3,204,019)
Increase in creditors
3,118,951
1,110,994
Cash absorbed by operations
(16,656,648)
(8,036,406)
25
Analysis of changes in net debt
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
433,419
80,026
513,445
Borrowings excluding overdrafts
(28,583,178)
(9,445,302)
(38,028,480)
Obligations under finance leases
(92,432)
14,380
(78,052)
(28,242,191)
(9,350,896)
(37,593,087)
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