Langford Holdings Limited 11321099 false 2022-07-01 2023-06-30 2023-06-30 2023-06-30 The principal activity of the company is the funding and running of a football club in Belgium. Digita Accounts Production Advanced 6.30.9574.0 true true true false Class 1 Class 2 Class 3 false false true false 11321099 2022-07-01 2023-06-30 11321099 2023-06-30 11321099 bus:Director1 bus:Consolidated 2023-06-30 11321099 bus:Director2 bus:Consolidated 2023-06-30 11321099 bus:OrdinaryShareClass1 bus:Non-cumulativeShares bus:Consolidated 2023-06-30 11321099 bus:OrdinaryShareClass2 bus:Non-cumulativeShares bus:Consolidated 2023-06-30 11321099 bus:Consolidated 2023-06-30 11321099 core:RetainedEarningsAccumulatedLosses 2023-06-30 11321099 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 11321099 core:ShareCapital 2023-06-30 11321099 core:ShareCapital bus:Consolidated 2023-06-30 11321099 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-06-30 11321099 core:CurrentFinancialInstruments 2023-06-30 11321099 core:CurrentFinancialInstruments bus:Consolidated 2023-06-30 11321099 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 11321099 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-06-30 11321099 core:Non-currentFinancialInstruments 2023-06-30 11321099 core:Non-currentFinancialInstruments bus:Consolidated 2023-06-30 11321099 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 11321099 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-06-30 11321099 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2023-06-30 11321099 core:Goodwill bus:Consolidated 2023-06-30 11321099 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-06-30 11321099 core:AdditionsToInvestments 2023-06-30 11321099 core:CostValuation 2023-06-30 11321099 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2023-06-30 11321099 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-06-30 11321099 core:LandBuildings bus:Consolidated 2023-06-30 11321099 core:OtherPropertyPlantEquipment bus:Consolidated 2023-06-30 11321099 bus:FRS102 bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:Audited bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:FullAccounts bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:RegisteredOffice bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:Director1 bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:Director2 bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:Director3 2022-07-01 2023-06-30 11321099 bus:Director3 bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:OrdinaryShareClass1 bus:Non-cumulativeShares bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:OrdinaryShareClass2 bus:Non-cumulativeShares bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:Consolidated 3 2022-07-01 2023-06-30 11321099 bus:Consolidated 1 2022-07-01 2023-06-30 11321099 bus:Consolidated 1 2022-07-01 2023-06-30 11321099 bus:PrivateLimitedCompanyLtd bus:Consolidated 2022-07-01 2023-06-30 11321099 bus:ConsolidatedGroupCompanyAccounts 2022-07-01 2023-06-30 11321099 3 2022-07-01 2023-06-30 11321099 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 11321099 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-07-01 2023-06-30 11321099 core:ShareCapital 2022-07-01 2023-06-30 11321099 core:ShareCapital bus:Consolidated 2022-07-01 2023-06-30 11321099 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-07-01 2023-06-30 11321099 countries:Europe bus:Consolidated 2022-07-01 2023-06-30 11321099 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2022-07-01 2023-06-30 11321099 core:Goodwill bus:Consolidated 2022-07-01 2023-06-30 11321099 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-07-01 2023-06-30 11321099 core:ReportableOperatingSegment1 bus:Consolidated 2022-07-01 2023-06-30 11321099 core:ReportableOperatingSegment2 bus:Consolidated 2022-07-01 2023-06-30 11321099 core:ReportableOperatingSegment3 bus:Consolidated 2022-07-01 2023-06-30 11321099 core:Buildings bus:Consolidated 2022-07-01 2023-06-30 11321099 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2022-07-01 2023-06-30 11321099 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-07-01 2023-06-30 11321099 core:Land bus:Consolidated 2022-07-01 2023-06-30 11321099 core:LandBuildings bus:Consolidated 2022-07-01 2023-06-30 11321099 core:OtherPropertyPlantEquipment bus:Consolidated 2022-07-01 2023-06-30 11321099 core:PlantMachinery bus:Consolidated 2022-07-01 2023-06-30 11321099 core:Subsidiary1 2022-07-01 2023-06-30 11321099 core:Subsidiary1 1 2022-07-01 2023-06-30 11321099 core:Subsidiary1 countries:Belgium 2022-07-01 2023-06-30 11321099 core:ForeignTax bus:Consolidated 2022-07-01 2023-06-30 11321099 countries:EnglandWales bus:Consolidated 2022-07-01 2023-06-30 11321099 2022-06-30 11321099 bus:Consolidated 2022-06-30 11321099 core:RetainedEarningsAccumulatedLosses 2022-06-30 11321099 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-06-30 11321099 core:ShareCapital 2022-06-30 11321099 core:ShareCapital bus:Consolidated 2022-06-30 11321099 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-06-30 11321099 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2022-06-30 11321099 core:Goodwill bus:Consolidated 2022-06-30 11321099 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-06-30 11321099 core:CostValuation 2022-06-30 11321099 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2022-06-30 11321099 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-06-30 11321099 core:LandBuildings bus:Consolidated 2022-06-30 11321099 core:OtherPropertyPlantEquipment bus:Consolidated 2022-06-30 11321099 2021-07-01 2022-06-30 11321099 2022-06-30 11321099 bus:OrdinaryShareClass1 bus:Non-cumulativeShares bus:Consolidated 2022-06-30 11321099 bus:OrdinaryShareClass2 bus:Non-cumulativeShares bus:Consolidated 2022-06-30 11321099 bus:Consolidated 2022-06-30 11321099 core:CurrentFinancialInstruments 2022-06-30 11321099 core:CurrentFinancialInstruments bus:Consolidated 2022-06-30 11321099 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 11321099 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-06-30 11321099 core:Non-currentFinancialInstruments 2022-06-30 11321099 core:Non-currentFinancialInstruments bus:Consolidated 2022-06-30 11321099 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 11321099 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-06-30 11321099 core:DevelopmentCostsCapitalisedDevelopmentExpenditure bus:Consolidated 2022-06-30 11321099 core:Goodwill bus:Consolidated 2022-06-30 11321099 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-06-30 11321099 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2022-06-30 11321099 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-06-30 11321099 core:LandBuildings bus:Consolidated 2022-06-30 11321099 core:OtherPropertyPlantEquipment bus:Consolidated 2022-06-30 11321099 bus:Consolidated 2021-07-01 2022-06-30 11321099 bus:Consolidated 3 2021-07-01 2022-06-30 11321099 3 2021-07-01 2022-06-30 11321099 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 11321099 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-07-01 2022-06-30 11321099 core:ShareCapital 2021-07-01 2022-06-30 11321099 core:ShareCapital bus:Consolidated 2021-07-01 2022-06-30 11321099 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-07-01 2022-06-30 11321099 countries:Europe bus:Consolidated 2021-07-01 2022-06-30 11321099 core:ReportableOperatingSegment1 bus:Consolidated 2021-07-01 2022-06-30 11321099 core:Subsidiary1 1 2021-07-01 2022-06-30 11321099 core:ForeignTax bus:Consolidated 2021-07-01 2022-06-30 11321099 2021-06-30 11321099 bus:Consolidated 2021-06-30 11321099 bus:Consolidated core:PreviouslyStatedAmount 2021-06-30 11321099 core:RetainedEarningsAccumulatedLosses 2021-06-30 11321099 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PreviouslyStatedAmount 2021-06-30 11321099 core:ShareCapital 2021-06-30 11321099 core:ShareCapital bus:Consolidated core:PreviouslyStatedAmount 2021-06-30 11321099 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PreviouslyStatedAmount 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11321099

Langford Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2023

 

Langford Holdings Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Independent Auditor's Report

4 to 6

Consolidated Profit and Loss Account

7

Consolidated Statement of Comprehensive Income

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 27

 

Langford Holdings Limited

Company Information

Director

AI Muzio

Registered office

71 Queen Victoria Street
London
EC4V 4BE

Auditors

Chisnall Comer Ismail & Co
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Langford Holdings Limited

Strategic Report for the Year Ended 30 June 2023

The director presents his strategic report for the year ended 30 June 2023.

Principal activity

The principal activity of the group is the funding and running of a football club in Belgium.

Fair review of the business

The company has been successful in the past year both on and off the pitch in terms of sporting performance and financial results.

The financial year was positively impacted by the sales of players. This has enabled the club to build up significant future transfer fees owed, giving security of future revenue. In addition, the club has also had a successful European campaign for which compensation was received.

Principal risks and uncertainties

The principal risks and uncertainty of the football club are as follows:
Sporting results on the pitch.
Costs relating to stadium hire for European competitions.
Bonuses and premiums linked to sporting results.

Approved and authorised by the director on 23 September 2024
 

.........................................
AI Muzio
Director

 

Langford Holdings Limited

Director's Report for the Year Ended 30 June 2023

The director presents his report and the for the year ended 30 June 2023.

Directors of the group

The directors who held office during the year were as follows:

NJ Smith (ceased 27 March 2023)

AG Bloom (ceased 15 June 2023)

AI Muzio

Statement of Directors' Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

Disclosure of information to the auditor

The director has taken 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 company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 23 September 2024
 

.........................................
AI Muzio
Director

 

Langford Holdings Limited

Independent Auditor's Report to the Members of Langford Holdings Limited

Opinion

We have audited the financial statements of Langford Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 the parent company's affairs as at 30 June 2023 and of the group's profit 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Langford Holdings Limited

Independent Auditor's Report to the Members of Langford Holdings Limited (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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 the director

As explained more fully in the directors' report, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Obtaining an understanding of the legal and regulatory framework that the company and group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;

 

Langford Holdings Limited

Independent Auditor's Report to the Members of Langford Holdings Limited (continued)

Obtaining an understanding of the company and group's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and

Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company, group and our sector-specific experience.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the company and group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.

 

In addition to the above, our procedures to respond to risks identified included the following:

Making enquiries of management about any known or suspected instances of non-compliance with laws, regulations and fraud;

Assessment of matters recorded on the company's health and safety incident register;

Challenging assumptions and judgements made by management in their significant accounting estimates;

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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

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.

......................................
T G Humphries FCA FCCA (Senior Statutory Auditor)
For and on behalf of Chisnall Comer Ismail & Co, Statutory Auditor

Maria House
35 Millers Road
Brighton
BN1 5NP

23 September 2024

 

Langford Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2023

Note

2023

2022

Turnover

3

32,613,841

14,673,773

Cost of sales

 

(884,038)

(401,376)

Gross profit

 

31,729,803

14,272,397

Administrative expenses

 

(28,767,005)

(19,393,465)

Operating profit/(loss)

5

2,962,798

(5,121,068)

Other interest receivable and similar income

6

3,684

16,575

Interest payable and similar expenses

7

(327,137)

(437,278)

   

(323,453)

(420,703)

Profit/(loss) before tax

 

2,639,345

(5,541,771)

Tax on profit/(loss)

10

(704,837)

(11,064)

Profit/(loss) for the financial year

 

1,934,508

(5,552,835)

Profit/(loss) attributable to:

 

Owners of the company

 

1,934,508

(5,552,835)

The above results were derived from continuing operations.

 

Langford Holdings Limited

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

2023

2022

Profit/(loss) for the year

1,934,508

(5,552,835)

Total comprehensive income for the year

1,934,508

(5,552,835)

Total comprehensive income attributable to:

Owners of the company

1,934,508

(5,552,835)

 

Langford Holdings Limited

(Registration number: 11321099)
Consolidated Balance Sheet as at 30 June 2023

Note

2023

2022

Fixed assets

 

Intangible assets

11

12,616,717

7,666,837

Tangible assets

12

2,185,031

1,577,789

 

14,801,748

9,244,626

Current assets

 

Debtors

14

4,233,888

2,477,901

Cash at bank and in hand

 

2,012,094

4,919,174

 

6,245,982

7,397,075

Creditors: Amounts falling due within one year

16

(11,128,525)

(5,314,356)

Net current (liabilities)/assets

 

(4,882,543)

2,082,719

Total assets less current liabilities

 

9,919,205

11,327,345

Creditors: Amounts falling due after more than one year

16

(39,095,508)

(42,438,156)

Net liabilities

 

(29,176,303)

(31,110,811)

Capital and reserves

 

Called up share capital

18

254,889

254,889

Retained earnings

(29,431,192)

(31,365,700)

Equity attributable to owners of the company

 

(29,176,303)

(31,110,811)

Shareholders' deficit

 

(29,176,303)

(31,110,811)

Approved and authorised by the director on 23 September 2024
 

.........................................
AI Muzio
Director

 

Langford Holdings Limited

(Registration number: 11321099)
Balance Sheet as at 30 June 2023

Note

2023

2022

Fixed assets

 

Investments

13

35,677,477

26,677,477

Current assets

 

Debtors

14

3,000,000

12,000,000

Cash at bank and in hand

 

13,622

2,330

 

3,013,622

12,002,330

Creditors: Amounts falling due within one year

16

(145,367)

(125,359)

Net current assets

 

2,868,255

11,876,971

Total assets less current liabilities

 

38,545,732

38,554,448

Creditors: Amounts falling due after more than one year

16

(39,025,508)

(38,890,311)

Net liabilities

 

(479,776)

(335,863)

Capital and reserves

 

Called up share capital

18

254,889

254,889

Retained earnings

(734,665)

(590,752)

Shareholders' deficit

 

(479,776)

(335,863)

The company made a loss after tax for the financial year of €143,912 (2022 - profit of €122,992).

Approved and authorised by the director on 23 September 2024
 

.........................................
AI Muzio
Director

 

Langford Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2023
Equity attributable to the parent company

Share capital

Retained earnings

Total

Total equity

At 1 July 2022

254,889

(31,365,700)

(31,110,811)

(31,110,811)

Profit for the year

-

1,934,508

1,934,508

1,934,508

At 30 June 2023

254,889

(29,431,192)

(29,176,303)

(29,176,303)

Share capital

Retained earnings

Total

Total equity

At 1 July 2021

254,889

(25,812,865)

(25,557,976)

(25,557,976)

Loss for the year

-

(5,552,835)

(5,552,835)

(5,552,835)

At 30 June 2022

254,889

(31,365,700)

(31,110,811)

(31,110,811)

 

Langford Holdings Limited

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

Share capital

Retained earnings

Total

At 1 July 2022

254,889

(590,753)

(335,864)

Loss for the year

-

(143,912)

(143,912)

At 30 June 2023

254,889

(734,665)

(479,776)

Share capital

Retained earnings

Total

At 1 July 2021

254,889

(713,744)

(458,855)

Profit for the year

-

122,992

122,992

At 30 June 2022

254,889

(590,752)

(335,863)

 

Langford Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2023

Note

2023

2022

Cash flows from operating activities

Profit/(loss) for the year

 

1,934,508

(5,552,835)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

3,434,998

2,308,585

Profit on disposal of intangible assets

4

(9,431,633)

(5,589,093)

Finance income

6

(3,684)

(16,575)

Finance costs

7

204,241

561,879

Income tax expense

10

704,837

11,064

 

(3,156,733)

(8,276,975)

Working capital adjustments

 

Increase in trade debtors

14

(1,755,987)

(725,662)

Increase in trade creditors

16

5,248,541

2,171,436

Cash generated from operations

 

335,821

(6,831,201)

Income taxes paid

10

(139,207)

(11,124)

Net cash flow from operating activities

 

196,614

(6,842,325)

Cash flows from investing activities

 

Interest received

3,684

16,575

Acquisitions of tangible assets

(1,080,703)

(510,705)

Proceeds from sale of tangible assets

 

(3,242)

-

Acquisition of intangible assets

11

(8,085,250)

(2,833,117)

Proceeds from sale of intangible assets

 

9,608,706

5,692,868

Net cash flows from investing activities

 

443,195

2,365,621

Cash flows from financing activities

 

Interest paid

7

(204,241)

(561,879)

Repayment of other borrowing

 

(3,342,648)

2,659,469

Net cash flows from financing activities

 

(3,546,889)

2,097,590

Net decrease in cash and cash equivalents

 

(2,907,080)

(2,379,114)

Cash and cash equivalents at 1 July

 

4,919,174

7,298,288

Cash and cash equivalents at 30 June

 

2,012,094

4,919,174

 

Langford Holdings Limited

Statement of Cash Flows for the Year Ended 30 June 2023

Note

2023

2022

Cash flows from operating activities

(Loss)/profit for the year

 

(143,912)

122,992

Adjustments to cash flows from non-cash items

 

Finance income

(1,462)

-

 

(145,374)

122,992

Working capital adjustments

 

Increase in trade debtors

14

-

(2,780,000)

Increase/(decrease) in trade creditors

16

20,007

(6)

Net cash flow from operating activities

 

(125,367)

(2,657,014)

Cash flows from investing activities

 

Interest received

1,462

-

Cash flows from financing activities

 

Repayment of other borrowing

 

135,197

2,659,469

Net increase in cash and cash equivalents

 

11,292

2,455

Cash and cash equivalents at 1 July

 

2,330

(125)

Cash and cash equivalents at 30 June

 

13,622

2,330

 

Langford Holdings Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
71 Queen Victoria Street
London
EC4V 4BE

These financial statements were authorised for issue by the director on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €1.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2023.

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Non-controlling interests have not been recognised as the effect on the consolidated financial statements is immaterial.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including budgets, forecast cash flows, the impact of subsequent events, and the availability of credit in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainity in relation to the appropriateness of continuing to adopt the going concern basis in preparing the financial statements.

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Buildings

6.67% straight line

Furniture, fittings and equipment

10-33% straight line

Plant and equipment

6.67-10% straight line

Other fixed assets

6.67-20% straight line

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its estimated useful life of ten years.

Intangible assets

Player registrations are the costs associated with the acquisition of player registrations. They are capitalised as intangible fixed assets and amortised on a straight line basis over the period of the individual player's contract period.

Other intangible fixed assets are recognised at cost and amortised on a straight line basis over the expected useful life of the asset.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023

2022

Turnover

32,613,841

14,673,773

The analysis of the group's Turnover for the year by class of business is as follows:

2023

2022

Operation of a professional football club

32,613,841

14,673,773

The analysis of the group's Turnover for the year by market is as follows:

2023

2022

Europe

32,613,841

14,673,773

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023

2022

Gain on disposal of intangible assets

9,431,633

5,589,093

5

Operating profit/(loss)

Arrived at after charging/(crediting)

2023

2022

Depreciation expense

476,702

378,056

Amortisation expense

2,958,296

1,930,529

6

Other interest receivable and similar income

2023

2022

Interest income on bank deposits

3,684

16,575

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

7

Interest payable and similar expenses

2023

2022

Interest on bank overdrafts and borrowings

16,200

1,812

Interest expense on other finance liabilities

188,041

560,067

Foreign exchange gains/(losses)

122,896

(124,601)

327,137

437,278

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023

2022

Wages and salaries

15,614,106

11,545,923

Social security costs

2,408,140

1,503,118

Pension costs, defined contribution scheme

2,783,451

1,201,756

Other employee expense

1,596,760

1,689,664

22,402,457

15,940,461

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Employees (including directors)

105

73

105

73

9

Auditors' remuneration

2023

2022

Audit of these financial statements

5,000

-

Audit of the financial statements of subsidiaries of the company pursuant to legislation

13,875

13,000

18,875

13,000

Other fees to auditors

All other non-audit services

38,639

15,212


 

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023

2022

Foreign tax

704,837

11,064

11

Intangible assets

Group

Goodwill
 €

Player registrations
 €

Other intangible assets
 €

Total

Cost or valuation

At 1 July 2022

8,861,880

3,703,941

25,046

12,590,867

Additions acquired separately

-

8,085,250

-

8,085,250

Disposals

-

(818,250)

(7,495)

(825,745)

At 30 June 2023

8,861,880

10,970,941

17,551

19,850,372

Amortisation

At 1 July 2022

3,543,400

1,377,197

3,433

4,924,030

Amortisation charge

886,188

2,067,931

4,178

2,958,297

Amortisation eliminated on disposals

-

(648,672)

-

(648,672)

At 30 June 2023

4,429,588

2,796,456

7,611

7,233,655

Carrying amount

At 30 June 2023

4,432,292

8,174,485

9,940

12,616,717

At 30 June 2022

5,318,480

2,326,744

21,613

7,666,837

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

12

Tangible assets

Group

Land and buildings

Furniture, fittings and equipment
 €

Other tangible assets
 €

Plant and equipment

Total

Cost or valuation

At 1 July 2022

6,909

453,020

2,612,948

134,483

3,207,360

Additions

872,225

64,363

48,816

95,299

1,080,703

Disposals

-

(24,406)

-

(15,839)

(40,245)

At 30 June 2023

879,134

492,977

2,661,764

213,943

4,247,818

Depreciation

At 1 July 2022

3,197

268,937

1,281,359

76,078

1,629,571

Charge for the year

52,414

90,929

298,945

34,415

476,703

Eliminated on disposal

-

(28,350)

-

(15,137)

(43,487)

At 30 June 2023

55,611

331,516

1,580,304

95,356

2,062,787

Carrying amount

At 30 June 2023

823,523

161,461

1,081,460

118,587

2,185,031

At 30 June 2022

3,712

184,083

1,331,589

58,405

1,577,789

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

13

Investments

Company

2023

2022

Investments in subsidiaries

35,677,477

26,677,477

Subsidiaries

Cost or valuation

At 1 July 2022

26,677,477

Additions

9,000,000

At 30 June 2023

35,677,477

Provision

Carrying amount

At 30 June 2023

35,677,477

At 30 June 2022

26,677,477

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Royale Union Saint-Gilloise SRL

Chaussée de Bruxelles 223, 1190 Forest

Belgium

Ordinary

99.44%

99.44%

Subsidiary undertakings

Royale Union Saint-Gilloise SRL

The principal activity of Royale Union Saint-Gilloise SRL is a professional football club.

Royale Union Saint-Gilloise SRL has two subsidiaries: Ecole des Jeunes de la Royale Union Saint-Gilloise (ASBL) and Union Foundation (ASBL). Royale Union Saint-Gilloise SRL holds 100% of the voting rights in these companies registered in Belgium.

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

14

Debtors

   

Group

Company

Current

Note

2023

2022

2023

2022

Trade debtors

 

822,705

948,249

-

-

Amounts owed by related parties

 

-

-

3,000,000

12,000,000

Other debtors

 

3,304,863

1,449,111

-

-

Prepayments

 

106,320

80,541

-

-

   

4,233,888

2,477,901

3,000,000

12,000,000

15

Cash and cash equivalents

   

Group

Company

Note

2023

2022

2023

2022

Cash at bank

 

1,685,922

494,386

13,622

2,330

Short-term deposits

 

326,172

4,424,788

-

-

 

2,012,094

4,919,174

13,622

2,330

16

Creditors

   

Group

Company

Note

2023

2022

2023

2022

Due within one year

 

Trade creditors

 

2,485,729

2,598,070

-

-

Social security and other taxes

 

714,075

-

-

-

Other payables

 

6,069,668

1,778,787

122,920

122,920

Accruals

 

363,377

57,645

22,447

2,439

Income tax liability

10

576,694

11,064

-

-

Deposits received in advance

 

918,982

868,790

-

-

 

11,128,525

5,314,356

145,367

125,359

Due after one year

 

Loans and borrowings

19

39,095,508

42,438,156

39,025,508

38,890,311

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to 2,783,451 (2022 - 1,201,756).

18

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

A Ordinary of £1 each

164,214

191,168

164,214

191,168

B Ordinary of £1 each

54,737

63,722

54,737

63,722

218,951

254,889

218,951

254,889

19

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023

2022

2023

2022

Other borrowings

39,095,508

42,438,156

39,025,508

38,890,311

 

Langford Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

20

Related party transactions

Director's loan

At the period end, the group owed AI Muzio €4,456,829 (2022 - €Nil) in respect of a loan granted to the group from the Director. The loan is interest free and no repayment is expected until such time that the group can afford to make repayments.

Other loans

At the period end, the group owed AG Bloom €34,568,679 (2022 - €42,368,156) in respect of a loan granted to the group from AG Bloom. The loan is interest free and no repayment is expected until such time that the group can afford to make repayments.

AG Bloom was a director and held a controlling interest in the group until 15 June 2023.

Brighton and Hove Albion Football Club

During the year the group loaned player registrations from Brighton and Hove Albion Football Club Limited, a company in which AG Bloom holds a controlling interest. RUSG were responsible for the players' registrations during this period. During the year the group incurred fees of €300,000 due to Brighton and Hove Albion Football Club Limited. At the year end fees of €300,000 (2022 - €Nil) were owed to Brighton and Hove Albion Football Club Limited and settled subsequent to the year end.

21

Controlling party

The ultimate controlling party of the Group is AI Muzio, by virtue of his shareholding in the company.
 

22

Non adjusting events after the financial period

Since the year end, the group has entered into the sale of a player for the amount of €20,000,000.