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REGISTERED NUMBER: 07895367 (England and Wales)













Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30 June 2023

for

Lincoln City Holdings Limited

Lincoln City Holdings Limited (Registered number: 07895367)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


Lincoln City Holdings Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: R G Bates
Lincoln City Supporters' Society Ltd
C H Nates
J S Wright
G D Levine
H F F Kok
D Lowes
S A Melnick
S L Tointon
H Jabara
G C Rossini
P C Webster





SECRETARY: R J Parnell





REGISTERED OFFICE: LNER Stadium
Sincil Bank
LINCOLN
Lincolnshire
LN5 8LD





REGISTERED NUMBER: 07895367 (England and Wales)





AUDITORS: Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

Lincoln City Holdings Limited (Registered number: 07895367)

Group Strategic Report
for the Year Ended 30 June 2023

REVIEW OF BUSINESS

The Holding company is an investment vehicle for the football club. There have been no transactions in the income statement this year and only investment activity on the balance sheet. Therefore the majority of the transactions in this report relate to the subsidiary, Lincoln Football Club Company Limited, and therefore the strategic report is based on this company's year of trading.

2023 2022 2021 2020
£    £    £    £   

Turnover 6,527 6,981 5,567 6,548
Staff Costs 5,931 6,236 5,169 5,145
Profit/(loss) (2,636) (2,052) (1,404) (889)
Net assets 2,855 2,439 1,791 1,733
Final Position (League 1) 11th 17th 5th 16th
Average League Attendance 8,486 8,773 N/A 8,986

Season review
In our fourth successive season back In League 1, we finished in a credible 11th place under Head Coach Mark Kennedy. League form improved significantly after the close of the winter transfer window with 21 year-old Ethan Erhahon being a notable signing at the end of January for a six-figure sum. That transfer fee however remains below the club record fee paid of £325,000 (including a promotion add-on) for John Akinde in July 2018.

In cup competitions, we disappointingly exited in the first round of the FA Cup at non-league Chippenham Town but did well to reach the fourth round of the Carabao Cup by knocking out Championship side Bristol City before losing controversially away at Premier League Southampton. Whilst the Carabao Cup run was fantastic for fan engagement, it wasn't as commercially rewarding as we would have hoped from a usual 4th round progression, with our net profit from this run being only £55k. In the EFL Trophy we progressed to the quarter finals before losing on penalties to Accrington Stanley.

Turnover
Turnover is analysed into its main components as follows:
2023 2022
£    £   

Matchday 2,231 2,290
Central distributions and grants 1,719 2,127
Commercial and hospitality 1,523 1,654
Academy grants and fundraising 699 695
Football fortune and miscellaneous income 355 215
6,527 6,981

Matchday revenue was down marginally with both league gate receipts and EFL digital revenue reflecting declines. This was offset to some extent by higher gate receipts from cup competitions specifically from the run in the Carabao Cup.

Central distributions were lower by £400k which was the main reason for the decline in overall turnover.

Although retail income was unchanged both commercial income and hospitality declined by in excess of 8%.


Lincoln City Holdings Limited (Registered number: 07895367)

Group Strategic Report
for the Year Ended 30 June 2023

Football fortune and miscellaneous income was up significantly with higher loan fees received and increased prize money from cup competitions.

Player Trading
Overall player trading amounted to just short of £600k. Profits were generated from the sale of Cohen Bramall, Anthony Scully and to a lesser extent from Tom Hopper. A small loss was made on the sale of Jamie Robson. Sell-on fees were received from the transfer of Harry Toffolo and Jorge Grant and a minor add-on was received from the sale of James Jones following Wrexham's promotion. With this latest fee generated from the sale of Harry Toffolo, the total fees received from his transfer amount to approximately £640,000, a record for the club.

Compensation was also received for a very young academy player signed by a Premier League club.

Operating loss
The operating loss for the year increased further from £2.0m to £2.6m with administrative expenses up by £343k.

With continued inflationary pressures, operating costs across the club were significantly higher again. Although staff costs reflect a decrease of £305k over the previous year, when related items such as amortisation, agent fees and net loan fees are included there was only a small decline over the previous year.


Balance sheet
In order to fund the operating losses, player signings and capital expenditure, the company issued shares for cash amounting to £3.05million.

Capital expenditure was down on last year's very significant outlay but still amounted to just short of £300k. Among the major items targeted was the completion of the stadium-wide IT and network upgrade, pitch frost covers, upgrades to the Legends Lounge, EPC pitch improvements and the fit-out of the new catering concessions zone.

Transfer fees for players exceeded £400k during the year. This included fees for Ethan Erhahon, Danny Mandroiu, Dylan Duffy and Jay Benn as well as contingent payments for players signed in previous years. Also included was a fee for Reeco Hackett, signed on the opening of the 2023/24 summer transfer window on 14 June and therefore falling within the current financial year.

Cash at the year-end increased to £1.7million with nearly £0.9million of that ring-fenced towards the Stacey West redevelopment. Net assets were higher by £0.4million at £2.9million.

The increase in long term creditors was attributable to the receipt of capital grants for the Stacey West project. Bonds previously issued to fans for various capital projects continued to mature and in excess of £100k was repaid during the year. Outstanding bonds at year end, including for the Stacey West project, amounted to approximately £800k.






POST BALANCE SHEET AND FUTURE DEVELOPMENTS

Lincoln City Holdings Limited (Registered number: 07895367)

Group Strategic Report
for the Year Ended 30 June 2023

The £2.6million Stacey West Community Hub development commenced in May 2023 and is anticipated to be completed in May 2024. The two-tier development will see the club develop its infrastructure and increase its social impact in the community, working in partnership with Lincoln City Foundation and other community groups.

The club has invested significantly in infrastructure upgrades as part of this project - most notably mains water, power and a pitch water recycling system. Its application to trial safe-standing was also successful and the LNER Stadium now boasts a safe standing section in GBM U7, and is exploring plans to expand standing options in other areas.

Investment also continues into the University of Lincoln Fan Village and other concession areas, as well as the ongoing improvement of facilities at the Soper of Lincoln EPC.

Head Coach Mark Kennedy and his assistant Danny Butterfield departed the club on 18 October. After an extensive recruitment process, the Leeds United U21 Coach Michael Skubala was appointed on 13 November as the new Head Coach on a contract through to the end of the 2026/27 season.

Since the financial year-end we have paid another six-figure transfer fee, with Ethan Hamilton joining from Accrington Stanley. This is the ninth time we have done so since returning to the EFL in 2017. As in the previous year, total player salary costs will be around the mid-table although still below the average costs for League 1.

Despite ongoing inflationary pressures on costs, season ticket prices were limited to low single-digit increases. We anticipate that the operating loss for the forthcoming financial year to exceed £3million.

Directors and key investors continue to support the club with ongoing investment, and shares amounting to £2.2million have been issued since the year-end. We are particularly grateful to the Jabara family for their significant and regular contributions since first becoming involved with the club in June 2021. As a result, HJ-LCFC Holdings LLC is now the largest shareholder in Lincoln City Holdings.

We welcome the Government's intention to bring forward legislation for an Independent Financial Regulator and hope that despite frustrating delays, the Premier League and EFL will ultimately come to an agreement on a fairer redistribution of revenue across the English football pyramid. Any additional income will come with strict financial controls on player spending limiting the ability of owners to boost that through equity or loan injections. Our ability to succeed will thus be even more dependent on the ability to punch above weight through astute processes and decision making and maximising turnover of which fan and partner support will be a major component.

ON BEHALF OF THE BOARD:





C H Nates - Director


29 February 2024

Lincoln City Holdings Limited (Registered number: 07895367)

Report of the Directors
for the Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of that of a holding company.

The principal activity of the subsidiary company was that of running a professional football club together with related and ancillary operations.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

R G Bates
Lincoln City Supporters' Society Ltd
C H Nates
J S Wright
G D Levine
H F F Kok
D Lowes
S A Melnick
S L Tointon

Other changes in directors holding office are as follows:

H Jabara - appointed 23 February 2023
G C Rossini - appointed 23 February 2023
P C Webster - appointed 23 February 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Lincoln City Holdings Limited (Registered number: 07895367)

Report of the Directors
for the Year Ended 30 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Nicholsons Audit (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C H Nates - Director


29 February 2024

Report of the Independent Auditors to the Members of
Lincoln City Holdings Limited

Opinion
We have audited the financial statements of Lincoln City Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
Lincoln City Holdings Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lincoln City Holdings Limited


Auditors' 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 a Report of the Auditors 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.

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit.

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant of those that relate to the reporting framework FRS102 and the Companies Act 2006.

We understood how the Company is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing third party correspondence, including with HMRC and Companies House.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where they considered there was susceptibility to fraud. We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud.

Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included assessing the appropriateness of presentation of separately disclosed items and testing manual journals. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the business.

We also considered the risk associated with transacting in player trading, and the valuation of players at the balance sheet date year as this could have a material impact on the financial statements and therefore work was targeted on these transactions.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were audited by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team.


Report of the Independent Auditors to the Members of
Lincoln City Holdings Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




JOANNE BROWN (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit (Statutory Auditor)
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN

5 March 2024

Lincoln City Holdings Limited (Registered number: 07895367)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   

TURNOVER 6,526,835 6,980,583

Cost of sales 410,915 403,317
GROSS PROFIT 6,115,920 6,577,266

Administrative expenses 9,348,705 9,005,531
(3,232,785 ) (2,428,265 )

Other operating income 30,984 54,669
Player trading 599,108 350,000
OPERATING LOSS 4 (2,602,693 ) (2,023,596 )


Interest payable and similar expenses 5 33,371 28,166
LOSS BEFORE TAXATION (2,636,064 ) (2,051,762 )

Tax on loss 6 - -
LOSS FOR THE FINANCIAL YEAR (2,636,064 ) (2,051,762 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(2,636,064

)

(2,051,762

)

Loss attributable to:
Owners of the parent (2,636,064 ) (2,051,762 )

Total comprehensive income attributable to:
Owners of the parent (2,636,064 ) (2,051,762 )

Lincoln City Holdings Limited (Registered number: 07895367)

Consolidated Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 379,604 320,717
Tangible assets 9 4,602,270 4,472,550
Investments 10 3 3
4,981,877 4,793,270

CURRENT ASSETS
Stocks 11 20,474 2,250
Debtors 12 1,029,438 961,446
Cash at bank and in hand 1,687,335 930,178
2,737,247 1,893,874
CREDITORS
Amounts falling due within one year 13 3,472,885 3,240,141
NET CURRENT LIABILITIES (735,638 ) (1,346,267 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,246,239

3,447,003

CREDITORS
Amounts falling due after more than one
year

14

1,391,541

1,007,681
NET ASSETS 2,854,698 2,439,322

CAPITAL AND RESERVES
Called up share capital 17 2,835,500 2,076,277
Share premium 18 9,586,324 7,306,979
Revaluation reserve 18 722,470 694,132
Interest reserves 18 4,056 12,651
Non controlling interest 18 370,437 399,804
Retained earnings 18 (10,664,089 ) (8,050,521 )
SHAREHOLDERS' FUNDS 2,854,698 2,439,322

Lincoln City Holdings Limited (Registered number: 07895367)

Consolidated Balance Sheet - continued
30 June 2023


The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





C H Nates - Director


Lincoln City Holdings Limited (Registered number: 07895367)

Company Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 12,421,823 9,383,255
12,421,823 9,383,255

CREDITORS
Amounts falling due within one year 13 11 11
NET CURRENT LIABILITIES (11 ) (11 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,421,812

9,383,244

CAPITAL AND RESERVES
Called up share capital 17 2,835,500 2,076,277
Share premium 9,586,324 7,306,979
Retained earnings (12 ) (12 )
SHAREHOLDERS' FUNDS 12,421,812 9,383,244

Company's profit for the financial year - -

The financial statements have been prepared 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 29 February 2024 and were signed on its behalf by:





C H Nates - Director


Lincoln City Holdings Limited (Registered number: 07895367)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2021 1,689,777 (5,990,484 ) 5,923,479

Changes in equity
Share subscriptions 386,500 - 1,383,500
Total comprehensive income - (2,060,037 ) -
Balance at 30 June 2022 2,076,277 (8,050,521 ) 7,306,979

Changes in equity
Share subscriptions 759,223 - 2,279,345
Non controlling interest - (328,680 ) -
Total comprehensive income - (2,284,888 ) -
Balance at 30 June 2023 2,835,500 (10,664,089 ) 9,586,324
Non
Revaluation Interest controlling Total
reserve reserves interest equity
£    £    £    £   
Balance at 1 July 2021 653,978 33,820 380,098 2,690,668

Changes in equity
Share subscriptions - - - 1,770,000
Non controlling interest - - 19,706 19,706
Total comprehensive income 40,154 (21,169 ) - (2,041,052 )
Balance at 30 June 2022 694,132 12,651 399,804 2,439,322

Changes in equity
Share subscriptions - - - 3,038,568
Non controlling interest 28,338 516 (29,367 ) (329,193 )
Movement in interest reserve - (9,111 ) - (9,111 )
Total comprehensive income - - - (2,284,888 )
Balance at 30 June 2023 722,470 4,056 370,437 2,854,698

Lincoln City Holdings Limited (Registered number: 07895367)

Company Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2021 1,689,777 (12 ) 5,923,479 7,613,244

Changes in equity
Issue of share capital 386,500 - 1,383,500 1,770,000
Balance at 30 June 2022 2,076,277 (12 ) 7,306,979 9,383,244

Changes in equity
Issue of share capital 759,223 - 2,279,345 3,038,568
Balance at 30 June 2023 2,835,500 (12 ) 9,586,324 12,421,812

Lincoln City Holdings Limited (Registered number: 07895367)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

30/6/23 30/6/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,238,175 ) (2,048,931 )
Finance costs paid (33,371 ) (28,166 )
Net cash from operating activities (2,271,546 ) (2,077,097 )

Cash flows from investing activities
Purchase of intangible fixed assets (425,375 ) (297,000 )
Purchase of tangible fixed assets (281,072 ) (914,958 )
Sale of players 729,125 350,000
Sale of tangible fixed assets 4,916 -
Net cash from investing activities 27,594 (861,958 )

Cash flows from financing activities
EFL discounted loan interest 10,470 15,825
Capital repayments in year (60,800 ) (86,946 )
Share issue 3,051,439 1,800,416
Net cash from financing activities 3,001,109 1,729,295

Increase/(decrease) in cash and cash equivalents 757,157 (1,209,760 )
Cash and cash equivalents at
beginning of year

2

930,178

2,139,938

Cash and cash equivalents at end of
year

2

1,687,335

930,178

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30/6/23 30/6/22
£    £   
Loss before taxation (2,636,064 ) (2,051,762 )
Depreciation charges 140,602 176,065
Loss on disposal of fixed assets 5,834 27,100
Amortisation 243,187 227,094
Player Trading (599,108 ) (350,000 )
Profit on intangible fixed assets 3,284 -
Finance costs 33,371 28,166
(2,808,894 ) (1,943,337 )
(Increase)/decrease in stocks (18,224 ) 18,275
(Increase)/decrease in trade and other debtors (67,992 ) 40,069
Increase/(decrease) in trade and other creditors 656,935 (163,938 )
Cash generated from operations (2,238,175 ) (2,048,931 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,687,335 930,178
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 930,178 2,139,938


Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 930,178 757,157 1,687,335
930,178 757,157 1,687,335
Debt
Debts falling due within 1 year (50,330 ) (6,209 ) (56,539 )
Debts falling due after 1 year (56,539 ) 56,539 -
(106,869 ) 50,330 (56,539 )
Total 823,309 807,487 1,630,796

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Lincoln City Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of Lincoln City Holdings Limited and its subsidiary undertakings drawn up to 30 June each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

All other subsidiary undertakings have been excluded from consolidation on the basis of having an immaterial impact to the group consolidated financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The financial statements are prepared to generally accepted accounting principles which requires management to make estimates and assumptions that affect assets and liabilities. Actual results could be different due to these estimates. The effect of any differences are reported at the time the information becomes available. Potential assets and liabilities can only be realised once they become due, because of the uncertain nature of football. These include add-on fees relating to but are not limited to sell on clauses, appearances, goals, clean sheets and promotions.

Turnover
Turnover represents gate monies, league levy and cup pool, advertising and sponsorship income, bar and catering, retail shop and all weather pitch income, excluding Value Added Tax.

Income from commercial contracts and season ticket sales received prior the year end but for the following season is classed as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property- Varying rates between 0% and 20% on Cost
Equipment- 20% on Cost
Motor vehicles- 20% on Cost

Due to the repairs and maintenance carried out in the year certain property assets have not been depreciated. In these circumstances the directors undertake an annual impairment review of these assets.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairments.

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Basic financial liabilities
Basic financial liabilities, including creditors, loans 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred that does not meet the criteria for capitalisation.

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Pensions are paid to some employees' personal pension plans. These costs are charged to the profit and loss account as they occur.

Government grants
Government grants received are treated as deferred creditors and credited to the profit and loss account over the estimated useful life of the relevant fixed assets.

Deferred income
Deferred income comprises amounts received from sponsorship, season tickets and other income which is released to the profit and loss on a straight line basis over the period to which it relates.

Intangible assets - player and management registration
Transfer fees and other costs associated with the acquisition of players, management and professional department support team' registrations are capitalised as intangible fixed assets. These costs are amortised over the period of the players, management and professional department support team contracts adjusted for any agreed extensions. These costs are adjusted when the amortised value exceeds the amount recoverable through use or sale. Future costs which may become due are recognised within the original cost of acquisition if, in the opinion of the directors, it is probable that these costs will be incurred.

Where proceeds are received from the disposal of players, management and professional department support team these future receipts are not recognised as part of the proceeds of disposal until such time as the events upon which these receipts are dependent, are known to have occurred. No value is recognised in the financial statements for players, management and professional department support team developed within the company.

Going Concern
The Directors and underlying investors have indicated their intention to support the company by providing funding until the end of the current season and beyond if that is necessary. The Directors continue to take a proactive and broad approach to seeking further investment. The Directors have undertaken a review of the business plan and likely cash flow requirements covering a period of at least twelve months from the date of approval of these accounts and have concluded that it is appropriate for the financial statements to be prepared on the going concern basis.

Rental
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Disclosure Adjustment to Comparative Figures
During the year an exercise was undertaken to re-map certain income types in the financial statements to present a fairer representation of the results for the 2022 financial year. There has been no adjustment to the reported profit. Capital and reserves have also been updated to reflect non-controlling interest.

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS
30/6/23 30/6/22
£    £   
Wages and salaries 5,261,489 5,507,418
Social security costs 552,611 589,438
Other pension costs 116,780 139,110
5,930,880 6,235,966

The average number of employees during the year was as follows:
30/6/23 30/6/22

Pro team and management 31 28
Academy 49 46
Matchday 65 87
Commercial 9 7
Operations 35 25
189 193

During the year directors were paid a total of £0 (2022: £0).

4. OPERATING LOSS

The operating loss is stated after charging:

30/6/23 30/6/22
£    £   
Depreciation - owned assets 140,602 176,064
Loss on disposal of fixed assets 5,834 27,100
Player and management amortisation 243,187 227,094

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/23 30/6/22
£    £   
Bond interest 22,901 6,703
Loan interest 10,470 21,463
33,371 28,166

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2023 nor for the year ended 30 June 2022.

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/23 30/6/22
£    £   
Loss before tax (2,636,064 ) (2,051,762 )
Loss multiplied by the standard rate of corporation tax in the UK of
25 % (2022 - 19 %)

(659,016

)

(389,835

)

Effects of:
Capital allowances in excess of depreciation (18,019 ) -
Depreciation in excess of capital allowances - 25,707
Loss brought forward (1,970,918 ) (1,606,790 )
Loss carried forward 2,647,953 1,970,918
Total tax charge - -

Factors that may affect future tax charges
Losses carried forward amounted to £13,081,393 (2022: £10,373,252). No provision has been made for a deferred taxation asset as the recoverability of these losses against future profits is uncertain.

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

8. INTANGIBLE FIXED ASSETS

Group
Player
and Computer
management software Totals
£    £    £   
COST
At 1 July 2022 589,375 3,900 593,275
Additions 426,625 - 426,625
Disposals (486,875 ) - (486,875 )
At 30 June 2023 529,125 3,900 533,025
AMORTISATION
At 1 July 2022 268,658 3,900 272,558
Amortisation for year 243,187 - 243,187
Eliminated on disposal (362,324 ) - (362,324 )
At 30 June 2023 149,521 3,900 153,421
NET BOOK VALUE
At 30 June 2023 379,604 - 379,604
At 30 June 2022 320,717 - 320,717

9. TANGIBLE FIXED ASSETS

Group
Motor
Property Equipment vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2022 5,837,734 754,946 23,700 6,616,380
Additions 221,962 59,110 - 281,072
Disposals (10,750 ) - - (10,750 )
At 30 June 2023 6,048,946 814,056 23,700 6,886,702
DEPRECIATION
At 1 July 2022 1,475,940 644,190 23,700 2,143,830
Charge for year 63,556 77,046 - 140,602
At 30 June 2023 1,539,496 721,236 23,700 2,284,432
NET BOOK VALUE
At 30 June 2023 4,509,450 92,820 - 4,602,270
At 30 June 2022 4,361,794 110,756 - 4,472,550

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

9. TANGIBLE FIXED ASSETS - continued

Group

Included in property are:



Freehold
property




EPC


All
weather
pitch




Totals
£ £ £ £
COST OR VALUATION
At 1 July 2022 3,865,042 1,538,796 433,897 5,837,735
Additions 211,962 10,000 - 221,962
Disposals (10,750 ) - - (10,750 )
At 30 June 2023 4,066,254 1,548,796 433,897 6,048,947

DEPRECIATION
At 1 July 2022 1,313,085 127,853 35,002 1,475,940
Charge for the year - 46,200 17,356 63,556
Eliminated on disposal - - - -
At 30 June 2023 1,313,085 174,053 52,358 1,539,496

NET BOOK VALUE
At 30 June 2023 2,753,169 1,374,743 381,539 4,509,451
At 30 June 2022 2,551,957 1,410,943 398,895 4,361,795

Freehold property is stated at deemed cost, that being the market value at the date of transition (1 June 2017) to new accounting standards FRS102.


10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 3
NET BOOK VALUE
At 30 June 2023 3
At 30 June 2022 3

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

10. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022 9,383,255
Additions 3,038,568
At 30 June 2023 12,421,823
NET BOOK VALUE
At 30 June 2023 12,421,823
At 30 June 2022 9,383,255

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Lincoln City Football Club Limited
Registered office: LNER Stadium, Sincil Bank, Lincoln, Lincolnshire, LN5 8LD
Nature of business: Football Club
%
Class of shares: holding
Ordinary 83.66
30/6/23 30/6/22
£    £   
Aggregate capital and reserves 2,854,708 2,439,333
Loss for the year (2,636,064 ) (2,051,762 )


11. STOCKS

Group
30/6/23 30/6/22
£    £   
Stocks 20,474 2,250

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30/6/23 30/6/22
£    £   
Trade debtors 330,312 410,786
Amounts owed by group undertakings 47 47
Impfinity Ltd 3 -
Other debtors 82,470 66,662
Prepayments and accrued income 616,606 483,951
1,029,438 961,446

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/6/23 30/6/22 30/6/23 30/6/22
£    £    £    £   
Other loans (see note 15) 56,539 50,330 - -
Trade creditors 691,578 355,980 - -
Social security and other taxes 433,421 455,065 - -
Other creditors 346,773 345,142 11 11
Deferred capital grant 17,702 18,000 - -
Bonds 347,956 343,331 - -
Accruals and deferred income 1,578,916 1,672,293 - -
3,472,885 3,240,141 11 11

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30/6/23 30/6/22
£    £   
Other loans (see note 15) - 56,539
Bonds 442,751 553,285
Deferred capital grant 948,790 397,857
1,391,541 1,007,681

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group
30/6/23 30/6/22
£    £   
Amounts falling due within one year or on demand:
Other loans 56,539 50,330
Amounts falling due between one and two years:
Other loans - 1-2 years - 56,539

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30/6/23 30/6/22
£    £   
In more than five years 190,023 238,125

The tenancy agreement is for a period of 35 years, starting in 2018. Lincoln City Football Club Company Ltd has the ability to terminate the lease from 2028 on 6 months notice. Rent can be increased in line with the prevailing RPI every 36 months by the landlord.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £    £   
10,962,770 Ordinary 10p 2,835,500 2,076,277

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

17. CALLED UP SHARE CAPITAL - continued

Group
Allocated, issued and fully paid:
Number:Class:Nominal 30/06/2330/06/22
value££
28,355,000Ordinary10p2,835,5002,076,277
Total2,835,5002.076,277

Company
Allocated, issued and fully paid:
Number:Class:Nominal 30/06/2330/06/22
value££


28,355,000Ordinary10p2,835,5002,076,277

7,592,230 Ordinary shares of 10p were issued during the year for cash of £759,223.

18. RESERVES

Group
Retained Share Revaluation
earnings premium reserve
£    £    £   

At 1 July 2022 (8,050,521 ) 7,306,979 694,132
Deficit for the year (2,636,064 )
Cash share issue 22,496 - -
Interest reserves 328,680 - -
Share subscriptions - 2,279,345 -
Non controlling interest (328,680 ) - 28,338
At 30 June 2023 (10,664,089 ) 9,586,324 722,470

Lincoln City Holdings Limited (Registered number: 07895367)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

18. RESERVES - continued

Group
Non
Interest controlling
reserves interest Totals
£    £    £   

At 1 July 2022 12,651 399,804 363,045
Deficit for the year (2,636,064 )
Cash share issue - - 22,496
Interest reserves - - 328,680
Share subscriptions - - 2,279,345
Non controlling interest 516 (29,367 ) (329,193 )
Movement in interest reserve (9,111 ) - (9,111 )
At 30 June 2023 4,056 370,437 19,198


19. CONTINGENT LIABILITIES

There are potential liabilities and assets in respect of transactions involving players registrations. Due to the variable nature of these amounts it is not possible to calculate the maximum potential liability or asset.

20. RELATED PARTY DISCLOSURES

TRADING RELATIONSHIPS

During the period the company has traded with other businesses in which individual directors have an interest.

All of these transactions were carried out under normal commercial terms.

DIRECTORS

There were no amounts owing by or to directors at 30 June 2023 or 30 June 2022.

Key Management Personnel

Remuneration of £683,316 (2022: £427,297) was paid to key management personnel during the financial year.

21. ULTIMATE CONTROLLING PARTY

No controlling party.