Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31309false2023-01-01Football club277falsetruefalse 00181839 2023-01-01 2023-12-31 00181839 2022-01-01 2022-12-31 00181839 2023-12-31 00181839 2022-12-31 00181839 2022-01-01 00181839 c:Director1 2023-01-01 2023-12-31 00181839 c:Director2 2023-01-01 2023-12-31 00181839 c:Director3 2023-01-01 2023-12-31 00181839 c:Director4 2023-01-01 2023-12-31 00181839 c:Director5 2023-01-01 2023-12-31 00181839 c:Director5 2023-12-31 00181839 c:Director6 2023-01-01 2023-12-31 00181839 c:Director7 2023-01-01 2023-12-31 00181839 c:RegisteredOffice 2023-01-01 2023-12-31 00181839 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 00181839 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 00181839 d:CurrentFinancialInstruments 2023-12-31 00181839 d:CurrentFinancialInstruments 2022-12-31 00181839 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00181839 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 00181839 d:ShareCapital 2023-01-01 2023-12-31 00181839 d:ShareCapital 2023-12-31 00181839 d:ShareCapital 2022-01-01 2022-12-31 00181839 d:ShareCapital 2022-12-31 00181839 d:ShareCapital 2022-01-01 00181839 d:SharePremium 2023-01-01 2023-12-31 00181839 d:SharePremium 2023-12-31 00181839 d:SharePremium 2022-01-01 2022-12-31 00181839 d:SharePremium 2022-12-31 00181839 d:SharePremium 2022-01-01 00181839 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 00181839 d:OtherMiscellaneousReserve 2023-12-31 00181839 d:OtherMiscellaneousReserve 2022-01-01 2022-12-31 00181839 d:OtherMiscellaneousReserve 2022-12-31 00181839 d:OtherMiscellaneousReserve 2022-01-01 00181839 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00181839 d:RetainedEarningsAccumulatedLosses 2023-12-31 00181839 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00181839 d:RetainedEarningsAccumulatedLosses 2022-12-31 00181839 d:RetainedEarningsAccumulatedLosses 2022-01-01 00181839 c:OrdinaryShareClass1 2023-01-01 2023-12-31 00181839 c:OrdinaryShareClass1 2023-12-31 00181839 c:OrdinaryShareClass1 2022-12-31 00181839 c:OrdinaryShareClass2 2023-01-01 2023-12-31 00181839 c:OrdinaryShareClass2 2023-12-31 00181839 c:OrdinaryShareClass2 2022-12-31 00181839 c:OrdinaryShareClass3 2023-01-01 2023-12-31 00181839 c:OrdinaryShareClass3 2023-12-31 00181839 c:OrdinaryShareClass3 2022-12-31 00181839 c:OrdinaryShareClass4 2023-01-01 2023-12-31 00181839 c:OrdinaryShareClass4 2023-12-31 00181839 c:OrdinaryShareClass4 2022-12-31 00181839 c:FRS102 2023-01-01 2023-12-31 00181839 c:Audited 2023-01-01 2023-12-31 00181839 c:FullAccounts 2023-01-01 2023-12-31 00181839 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00181839 d:WithinOneYear 2023-12-31 00181839 d:WithinOneYear 2022-12-31 00181839 d:BetweenOneFiveYears 2023-12-31 00181839 d:BetweenOneFiveYears 2022-12-31 00181839 d:MoreThanFiveYears 2023-12-31 00181839 d:MoreThanFiveYears 2022-12-31 00181839 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00181839 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 00181839 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 00181839 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00181839










MANSFIELD TOWN FOOTBALL CLUB LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

COMPANY INFORMATION


Directors
J L Radford 
C M Radford 
S P Hymas 
M W Burton 
D J Sharpe (resigned 3 July 2023)
A M Sherriff 
Stags Fan United Society Limited 




Registered number
00181839



Registered office
Field Mill Ground
Quarry Lane

Mansfield

Nottinghamshire

NG18 5DA




Independent auditors
PKF Smith Cooper Audit Limited
Statutory auditors

1 Prospect Place

Millennium Way

Derby

DE24 8HG





 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

CONTENTS



Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 13


 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
REGISTERED NUMBER: 00181839

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 5 
172,760
72,987

  
172,760
72,987

Current assets
  

Debtors: amounts falling due within one year
 6 
1,089,073
929,834

Cash at bank and in hand
 7 
62,438
127,389

  
1,151,511
1,057,223

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(5,640,503)
(5,460,600)

Net current liabilities
  
 
 
(4,488,992)
 
 
(4,403,377)

Total assets less current liabilities
  
(4,316,232)
(4,330,390)

Net liabilities
  
(4,316,232)
(4,330,390)


Capital and reserves
  

Called up share capital 
 9 
2,132,957
2,132,957

Share premium account
 10 
98,252
98,252

Other reserves
 10 
5,174
5,174

Profit and loss account
 10 
(6,552,615)
(6,566,773)

  
(4,316,232)
(4,330,390)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2024.




J L Radford
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 1

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
2,132,957
98,252
5,174
(6,516,639)
(4,280,256)


Comprehensive income for the year

Loss for the year
-
-
-
(50,134)
(50,134)
Total comprehensive income for the year
-
-
-
(50,134)
(50,134)



At 1 January 2023
2,132,957
98,252
5,174
(6,566,773)
(4,330,390)


Comprehensive income for the year

Profit for the year
-
-
-
14,158
14,158
Total comprehensive income for the year
-
-
-
14,158
14,158


At 31 December 2023
2,132,957
98,252
5,174
(6,552,615)
(4,316,232)


The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mansfield Town Football Club Limited is a Company limited by shares and incorporated in England. The Company registered number is 00181839. The Company registered office is Field Mill Ground, Quarry Lane, Mansfield, Nottinghamshire, NG18 5DA. The Principal activity of the Company is the operation of a football club.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company's functional and presentational currency is GBP.
The Company has prepared it's financial statements to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the Company had net liabilities of £4,316,232 (2022: £4,330,390). The Company is reliant on funding and sponsorship from companies connected to the ultimate to owner to meet day to day capital requirements.
As part of their assessment the directors have considered a period in excess of 12 months from that date of approval of the financial statements and identified further support will be required over this period.
RSCPBR Ltd has provided a letter of support to the Company. RSCPBR Ltd is the ultimate parent company of a group of companies who enter into significant sponsorship agreements with the football club on a seasonal basis, and whom are also owed connected company loans from the football club.  RSCPBR Ltd is controlled by J Radford who also controls the football club through his ownership of RSCPBR B Ltd. The letter of support from RSCPBR Ltd confirms that it's subsidiaries will not seek repayment of the connected company loans owed by the football club unless the club is in a position to repay amounts owed. In addition to this, the letter of support confirms that the significant subsidiaries of RSCPBR Ltd will continue to support the club financially, through providing further loans where necessary and entering into future sponsorship arrangements with the club, for at least 12 months from the date of approval of the financial statements. As a result, the directors believe that the Company will have adequate resources for at least 12 months following the date of approval of the financial statements and thus have determined that the going concern basis of preparing the financial statements is appropriate. 

Page 3

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue represents amounts receivable for net gate and ticket receipts, television and sponsorship revenue, FA and prize money, player loan fees and other commercial activities net of VAT. Net gate and ticket receipts are recognised when the match is played. Television and sponsorship revenues are recognised over the contract or sponsorship period. All other income is recognised as it becomes receivable in line with the service provided. 
Revenue received in advance of the year end but relating to events occurring in future periods, principally season ticket income, is treated as deferred income. The deferred income is released to revenue as and when the Company performs it's contractual obligations in relation to that income. For season ticket income, this is as each home league game is played.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Multi-employer pension plan

The Company is a member of a multi-employer plan. Where it is not possible for the Company to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.

The Company is one of a number of employers who participate in the Football League Pension and Life Assurance (FLPLA) Scheme. The last actuarial valuation of the FLPLAS scheme was carried out at 31 August 2017, where the total deficit on the on-going valuation basis was £30.4m. The accrual of benefits ceased within the scheme on 31 August 1999, therefore there are no contributions relating to current accruals.
Under FRS102 the scheme is treated as a defined benefit multi-employer scheme, however the scheme's actuary has advised that the paticipating employer's share of the underlying assets and liabilities cannot be identified on a reasonable and consistent basis and accordingly no disclosures are made under the provision of FRS102 section 28.
The Company makes monthly future deficit reduction payments based on a notional split of the total expenses and deficit contributions of the scheme. In accordance with FRS102, the Company recognises a liability in it's financial statements equal to the present value of the future deficit reduction payments.

Page 5

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

The costs associated with acquiring players' registrations, including transfer fees, associated agent fees, league levy fees and other directly attributable costs are initially recognised at cost as an intangible fixed asset. The intangible fixed assets are subsequently measured at cost less accumulated amortisation and impairment. The player registration intangibles are amortised over the length of player's contracts.
Where agent fees are incurred relating to the acquisition of a player registration that is for a period of less than one year, these are recognised as current assets within prepayments rather than intangible fixed assets and are released evenly over the length of the player's contract.
Under the conditions of certain transfer agreements, further fees may become payable in the event of players or the club achieving certain outcomes. Costs are capitalised at the date of achievement with any future costs treated as contingent liabilities.
The profit or loss on sale of players' registrations represents the proceeds of sale less the net book value of the registration, which includes transfer and agent fees, as well as league levy fees. Contingent consideration receivable from a sale of the players' registration is only recognised in the profit or loss once the perfomance conditions within the contract are met.

  
2.8

Impairment of intangible fixed assets

At each reporting date the company assesses whether there is any indication of impairment of its intangible fixed assets. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 6

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Page 7

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Contingent assets and liabilities
Under the conditions of certain transfer agreements, further fees may become payable in relation to acquisition of player registrations in the event of players or the club achieving certain outcomes. Costs are capitalised at the date of achievement with any future costs treated and disclosed as contingent liabilities until events and outcomes are met.
Contingent assets also arise where contingent consideration is receivable from a sale of the players' registration. This consideration is only recognised in the profit and loss once the perfomance conditions within the contract are met.

Page 8

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In application of the Company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of certain assets and liabilities. These estimates are reviewed on an ongoing basis. The following critical judgements have been applied in preparing these financial statements: 
Carrying value of group and connected company balances
The Company has made and received loans from fellow group entities as well as with entities which are under common control. Outstanding group and connected company debtors are reviewed for impairment by management on an annual basis. Management consider if impairment is required after taking account of the current financial positions of group and connected companies, as well as the amounts considered likely to be repaid by these entities in the future.


4.


Employees

The average monthly number of employees, including directors, during the year was 309 (2022 - 277). Of  this, payroll costs for an average monthly number of employees totalling 252 (2022 - 217) were recharged to group and connected companies.


5.


Intangible assets




Player registrations & agent commissions

£



Cost


At 1 January 2023
95,426


Additions
205,743



At 31 December 2023

301,169



Amortisation


At 1 January 2023
22,438


Charge for the year on owned assets
105,971



At 31 December 2023

128,409



Net book value



At 31 December 2023
172,760



At 31 December 2022
72,988



Page 9

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Trade debtors
75,871
35,207

Amounts owed by group undertakings
28,604
33,816

Other debtors
391
1,857

Called up share capital not paid
267,939
267,939

Prepayments and accrued income
232,961
123,387

Amounts owed by connected companies
483,307
467,628

1,089,073
929,834


Amounts owed by group undertakings and connected companies are interest free and repayable on demand. 


7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
62,438
127,389



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
219,476
72,641

Amounts owed to group undertakings
-
3,675,509

Amounts owed to connected companies
3,633,606
210,565

Other taxation and social security
405,361
230,922

Other creditors
741,267
749,966

Accruals and deferred income
640,793
520,997

5,640,503
5,460,600


Amounts owed to group undertakings and connected companies are interest free and repayable on demand. Following a group restructure, some amounts owed to group undertakings are now presented as amounts owed to connected companies.

Page 10

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



99,324 (2022 - 99,324) Ordinary shares of £0.50 each
49,662
49,662
447,486 (2022 - 447,486) "A" Ordinary shares of £0.50 each
223,743
223,743
10,000 (2022 - 10,000) Community shares of £0.50 each
5,000
5,000
1,854,552 (2022 - 1,854,552) Preference shares of £1.00 each
1,854,552
1,854,552

2,132,957

2,132,957

Ordinary and Community shares entitle the holders to receive notice and attend general meetings of the Company, entitle holders to vote on shareholder resolutions, have no restriction on distribution of dividends and entitle holders for return on capital to their respective shareholdings.
"A" Ordinary shares rank equally in all respects with the Ordinary shares except for holders not being entitled to receive notice of general meetings or attending or voting at these meetings unless a resolution has been passed for the winding up of the Company.
Preference shares have no voting rights, but no restriction on distribution of dividends and entitle the holders for return on capital to their respective shareholdings.



10.


Reserves

Share premium account

Represents consideration received for share issued above the nominal value of the shares, less any related transaction costs incurred. 

Other reserves

Represents amounts received for reissued shares previously held on trust and capital redemption reserves.

Profit and loss account

Includes all current and prior period retained profits and losses and is distributable. 

Page 11

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,531 (2022 - £57,987). Contributions totalling £20,446 (2022 - £17,530) were payable to the fund at the balance sheet date and are included in creditors.
Certain ex-employees are members of the Football League Pension and Life Assurance Scheme (FLPLAS), a defined benefit pension scheme. As the Company is one of a number of participating employers in the FLPLAS, it is not possible to accrue any actuarial surplus or deficit on a reliable basis. The assets of the scheme are held seperately from those of ther Company, being invested with insurance companies. Under the provisions of FRS102 the scheme is treated as a multi-employer defined benefit pension scheme.
The last actuarial valuation of the FLPLAS scheme was carried out at 31 August 2017, where the total deficit on the on-going valuation basis was £30.4m. The accrual of benefits ceased within the scheme on 31 August 1999, therefore there are no contributions relating to current accruals.
The Company pays monthly contributions based on a notional split of the total expenses and deficit contributions of the scheme. The Club currently pays total contributions of £11,605
 per annum which increases at 5% per annum (increases applying each year on 1 September), which is sufficient to pay off the deficit calculated in the last actuarial valuation by 31 August 2026. 
In accordance with FRS102, a liability of £32,575 (2022: £44,371) has been recorded in the financial statements equal to the present value of the future deficit reduction payments.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
47,210
240,000

Later than 1 year and not later than 5 years
188,840
960,000

Later than 5 years
2,313,290
10,560,000

2,549,340
11,760,000

Lease commitments have reduced following a new lease agreement being signed for rent of the Onecall stadium.

Page 12

 
MANSFIELD TOWN FOOTBALL CLUB LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

Included within other creditors are amounts owed to directors and ex-directors totalling £688,017 (2022: £688,017). The amounts owed are interest free and repayable on demand.
The Company is owed £267,939 (2022: £267,939) from shareholders in respect of unpaid share capital.
The Company is owed £733,307 (2022: £517,628) from companies under common control and has provided for £250,000 (2022: £50,000) of amounts owed. The Company owes £3,633,606 (2022: £210,565) to companies under common control. The amounts are interest free and repayable on demand. 
The Company is owed £28,604 (2022: £33,816) from fellow group companies and owes £nil (2022: £3,675,509) to fellow group companies. The amounts are interest free and repayable on demand. 
The Company generated sales of £2,180,909 (2022: £1,883,333) with companies which were group companies in the year, but classified as connected companies on 31st December 2023 after a group restructure. The Company incurred management charges of £50,951 (2022: £67,001) from fellow group companies.
The Company incurred rent costs of £47,210 (2022: £240,000) from a company under common control. The Company made academy contributions of £40,000 (2022: £40,000) to a company under common control.


14.


Controlling party

The immediate parent company is Mansfield Town 1861 Limited by virtue of it's controlling interest in the equity capital in Mansfield Town Football Club Limited. The ulimate parent company is RSCPBR B Limited, which is incorporated in England.
The ulimate controlling party is J L Radford by virtue of his controlling interest in the equity capital in RSCPBR B Limited.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 11 September 2024 by James Delve (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


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