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REGISTERED NUMBER: 02800546 (England and Wales)


















Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31st July 2024

for

Chelsea Pitch Owners plc

Chelsea Pitch Owners plc (Registered number: 02800546)






Contents of the Consolidated Financial Statements
for the Year Ended 31st July 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Chelsea Pitch Owners plc

Company Information
for the Year Ended 31st July 2024







DIRECTORS: S W Jones
G Gower
C J S Isitt
M S Eyre
M V Greenwood
P R Bufton
H G Richards
E Trevayne





REGISTERED OFFICE: Trios House
Reform Road
Maidenhead
Berkshire
SL6 8BY





BUSINESS ADDRESS: PO Box 4599
Dunstable
Bedfordshire
LU6 9WQ





REGISTERED NUMBER: 02800546 (England and Wales)





AUDITORS: Hannaways
Chartered Accountants
and Statutory Auditors
Trios House
Reform Road
Maidenhead
Berkshire
SL6 8BY

Chelsea Pitch Owners plc (Registered number: 02800546)

Group Strategic Report
for the Year Ended 31st July 2024

The directors present their strategic report of the company and the group for the year ended 31st July 2024.

REVIEW OF BUSINESS
Chelsea Pitch Owners and its subsidiary, Chelsea Stadium Limited have continued to progress the business, and to fulfil their obligations under the terms of the lease of Stamford Bridge and the associated loan.

The board has taken steps to update the company's administrative functions to improve efficiency. A new strategy has been implemented to attract a wider and more diverse shareholding base through social media initiatives and the company's merchandise range is due to go on sale shortly to generate revenue streams outside of normal share sale activities.

Signed share certificates are now received on a regular basis, satisfying demand for the most part, and pitch presentations are back to pre-pandemic levels with no waiting list. The annual lunch has now been replaced by a more inclusive evening social event to take place in the Spring of 2025, hopefully making a significant contribution to the company's result.

The board wishes to thank Chelsea FC and its staff for their continued co-operation and assistance to Chelsea Pitch Owners.

PRINCIPAL RISKS AND UNCERTAINTIES
Relations with the Club remain generally positive, although mixed results on and off the pitch have led to slower share sales than anticipated.

The Company understands that the new owners, in conducting due diligence, have considered a range of options regarding the redevelopment of the stadium, including the viability or otherwise of moving away from Stamford Bridge. However, as of the date of this report, no decision has been communicated regarding future plans. This uncertainty is expected to be resolved shortly, at which point the company's workload will increase.

SECTION 172(1) STATEMENT
The directors of the company are required to act in accordance with a set of general duties. These duties are detailed in s172 of the UK Companies Act 2006 which is summarised as follows: 'A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole'.

The directors are aware of their obligations with regards to the matters under s172, namely:

- the likely consequences of any decisions in the long term;
- the interest of the company's employees;
- the need to foster the company's business relationships with suppliers, customers and others;
- the impact of the company's operations on the community and the environment;
- the desirability for the company maintaining a reputation for high standards of business conduct; and
- the need to act fairly between members of the company.

The board regularly reviews issues in respect of shareholders, suppliers and customers, which it takes into account in its decision making process. The company has strong relationships with the few number of suppliers it engages, established over many years. The board is committed to engaging regularly with the shareholders so that they understand the boards strategy and objectives. The company has no employees, other than the directors on the board.

FUTURE DEVELOPMENTS
Chelsea Pitch Owners will continue to implement the published business plan and to create initiatives to encourage increased share ownership together with increased participation by shareholders.


Chelsea Pitch Owners plc (Registered number: 02800546)

Group Strategic Report
for the Year Ended 31st July 2024

KEY PERFORMANCE INDICATORS
The business plan sets out six KPI's.

1. Shares sold
The numbers of shares sold in the year were 675 ordinary A shares and no ordinary B shares. The total value of these was £67,500. In the previous year the company sold 718 ordinary A shares and no ordinary B shares. The total value of these was £71,800.

2. Profitability, Cash Flow and Cash Reserves
The operating loss for the year was £22,600. The previous year produced an operating profit of £14,734. The cash flow for the year shows a decrease of £1,352 compared with a decrease of £117,443 in the previous year. The cash reserves at 31st July 2024 are £113,228 compared with £114,580 for the previous year.

3. Loan Repayment
The company made a repayment to Chelsea FC of £61,030 in respect of the shares sold during the financial year, leaving a balance on the loan of £8,005,832.

4. Events and Attendance Numbers
No events were held during the year. A new, more inclusive social event is planned for March 2025

5. Engagement on Social Media
The company now has over 16,700 followers on X (Twitter), over 1,400 on Instagram, and has recently started posting on TikTok. The website is regularly updated with the support and co-operation of the Club who continue to host it.

6. Engagement with Chelsea Supporters Groups
The company engaged extensively with fan groups during the year to ensure common purpose in our joint approach. There is ongoing communication with both domestic and overseas supporter groups to encourage share purchase from the widest possible fan base.

ON BEHALF OF THE BOARD:





C J S Isitt - Director


15th November 2024

Chelsea Pitch Owners plc (Registered number: 02800546)

Report of the Directors
for the Year Ended 31st July 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st July 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of repaying a loan to Chelsea FC plc which arose when purchasing the freehold interest in the land upon which Chelsea Football Club is situate, and to ensure that the land is available for use as a football stadium and is unavailable for any other use.

DIVIDENDS
No dividends will be distributed for the year ended 31st July 2024.

DIRECTORS
The directors during the year under review were:

S J Frankham - resigned 23.8.23
S W Jones
G Gower
C J S Isitt
M S Eyre
M V Greenwood
P R Bufton - appointed 12.2.24
H G Richards - appointed 15.4.24
E Trevayne - appointed 15.4.24

The beneficial interests of the directors holding office on 31st July 2024 in the issued share capital of the company were as follows:
1.8.23
or date of
appointment
31.7.24 if later
Ordinary A £100 shares

S W Jones 5 5
G Gower 1 1
C J S Isitt 2 2
M S Eyre 1 1
M V Greenwood 1 1
P R Bufton 1 1
H G Richards 1 1
E Trevayne 1 1

Ordinary B £25 shares

S W Jones 9 9
G Gower - -
C J S Isitt - -
M S Eyre - -
M V Greenwood 2 2
P R Bufton - -
H G Richards - -
E Trevayne - -

In accordance with the company's Articles of Association, all the directors retire by rotation and offer themselves for re-election.

SHARE CAPITAL
During the period the company issued a further 672 Ordinary £100 A shares.


Chelsea Pitch Owners plc (Registered number: 02800546)

Report of the Directors
for the Year Ended 31st July 2024

DIRECTORS' INDEMNITIES
The Company has made qualifying third party indemnity provisions for the benefit of its Directors which were in place during the year and remain in force at the date of this report. The Company maintains directors' and officers' liability insurance for its Directors and officers.

DISCLOSURE IN THE STRATEGIC REPORT
Information on how the directors have had regard to the need to foster the company's business relationships with suppliers, customers and others can be found in the Strategic Report.

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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Hannaways, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C J S Isitt - Director


15th November 2024

Report of the Independent Auditors to the Members of
Chelsea Pitch Owners plc

Opinion
We have audited the financial statements of Chelsea Pitch Owners plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st July 2024 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 31st July 2024 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 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.

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.

Report of the Independent Auditors to the Members of
Chelsea Pitch Owners plc


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 page five, 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.

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

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management. We considered the significant laws and regulations to be the Companies Act 2006. We also reviewed minutes of the Board meetings throughout the year.

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our audit work focused on revenue recognition and the shares issued in the year, where the risk of material misstatement due to fraud is the greatest. Our audit work in these areas consisted of analytical procedures and substantive tests of detail on a sample of the population in each area.

We addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals, reviewing accounting estimates for evidence of bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery. misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Report of the Independent Auditors to the Members of
Chelsea Pitch Owners plc


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.




Christopher Northwood BSc FCA (Senior Statutory Auditor)
for and on behalf of Hannaways
Chartered Accountants
and Statutory Auditors
Trios House
Reform Road
Maidenhead
Berkshire
SL6 8BY

15th November 2024

Chelsea Pitch Owners plc (Registered number: 02800546)

Consolidated Statement of Comprehensive Income
for the Year Ended 31st July 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 28,233 90,774

Cost of sales 3,082 21,804
GROSS PROFIT 25,151 68,970

Administrative expenses 47,751 54,236
OPERATING (LOSS)/PROFIT 6 (22,600 ) 14,734

Income from fixed asset investments 7 19 17
Interest receivable and similar income 8 2,656 1,034
2,675 1,051
(19,925 ) 15,785
Gain/loss on revaluation of assets 200,101 799,998
PROFIT BEFORE TAXATION 180,176 815,783

Tax on profit 9 - (370,500 )
PROFIT FOR THE FINANCIAL YEAR 180,176 1,186,283

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

180,176

1,186,283
Prior year adjustment 11 522,500
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

702,676

Profit attributable to:
Owners of the parent 180,176 1,186,283

Total comprehensive income attributable to:
Owners of the parent 702,676 1,186,283

Chelsea Pitch Owners plc (Registered number: 02800546)

Consolidated Balance Sheet
31st July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 12 413 311
Investment property 13 13,000,000 12,800,000
13,000,413 12,800,311

CURRENT ASSETS
Stocks 14 1,000 1,000
Debtors 15 9,615 20,902
Cash at bank 113,228 114,580
123,843 136,482
CREDITORS
Amounts falling due within one year 16 69,273 72,026
NET CURRENT ASSETS 54,570 64,456
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,054,983

12,864,767

CREDITORS
Amounts falling due after more than one
year

17

7,948,457

8,005,917
NET ASSETS 5,106,526 4,858,850

CAPITAL AND RESERVES
Called up share capital 19 2,467,425 2,399,925
Retained earnings 20 2,639,101 2,458,925
SHAREHOLDERS' FUNDS 5,106,526 4,858,850

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2024 and were signed on its behalf by:





C J S Isitt - Director


Chelsea Pitch Owners plc (Registered number: 02800546)

Company Balance Sheet
31st July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 12 414 312
Investment property 13 - -
414 312

CURRENT ASSETS
Stocks 14 1,000 1,000
Debtors 15 10,069,283 10,080,570
Cash at bank 113,228 114,580
10,183,511 10,196,150
CREDITORS
Amounts falling due within one year 16 69,273 72,026
NET CURRENT ASSETS 10,114,238 10,124,124
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,114,652

10,124,436

CREDITORS
Amounts falling due after more than one
year

17

7,948,457

8,005,917
NET ASSETS 2,166,195 2,118,519

CAPITAL AND RESERVES
Called up share capital 19 2,467,425 2,399,925
Retained earnings 20 (301,230 ) (281,406 )
SHAREHOLDERS' FUNDS 2,166,195 2,118,519

Company's (loss)/profit for the financial year (19,824 ) 15,783

The financial statements were approved by the Board of Directors and authorised for issue on 15th November 2024 and were signed on its behalf by:





C J S Isitt - Director


Chelsea Pitch Owners plc (Registered number: 02800546)

Consolidated Statement of Changes in Equity
for the Year Ended 31st July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st August 2022 2,328,125 1,272,642 3,600,767

Changes in equity
Issue of share capital 71,800 - 71,800
Total comprehensive income - 663,783 663,783
Balance at 31st July 2023 2,399,925 1,936,425 4,336,350
Prior year adjustment - 522,500 522,500
As restated 2,399,925 2,458,925 4,858,850

Changes in equity
Issue of share capital 67,500 - 67,500
Total comprehensive income - 180,176 180,176
Balance at 31st July 2024 2,467,425 2,639,101 5,106,526

Chelsea Pitch Owners plc (Registered number: 02800546)

Company Statement of Changes in Equity
for the Year Ended 31st July 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st August 2022 2,328,125 (297,189 ) 2,030,936

Changes in equity
Issue of share capital 71,800 - 71,800
Total comprehensive income - 15,783 15,783
Balance at 31st July 2023 2,399,925 (281,406 ) 2,118,519

Changes in equity
Issue of share capital 67,500 - 67,500
Total comprehensive loss - (19,824 ) (19,824 )
Balance at 31st July 2024 2,467,425 (301,230 ) 2,166,195

Chelsea Pitch Owners plc (Registered number: 02800546)

Consolidated Cash Flow Statement
for the Year Ended 31st July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (10,497 ) (41,225 )
Net cash from operating activities (10,497 ) (41,225 )

Cash flows from investing activities
Interest received 2,656 1,034
Dividends received 19 17
Net cash from investing activities 2,675 1,051

Cash flows from financing activities
Loan repayments in year (61,030 ) (149,069 )
Shares issued 67,500 71,800
Net cash from financing activities 6,470 (77,269 )

Decrease in cash and cash equivalents (1,352 ) (117,443 )
Cash and cash equivalents at beginning of
year

2

114,580

232,023

Cash and cash equivalents at end of year 2 113,228 114,580

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st July 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 180,176 815,783
Gain on revaluation of fixed assets (200,101 ) (799,998 )
Finance income (2,675 ) (1,051 )
(22,600 ) 14,734
Decrease/(increase) in trade and other debtors 11,287 (16,546 )
Increase/(decrease) in trade and other creditors 816 (39,413 )
Cash generated from operations (10,497 ) (41,225 )

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 31st July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 113,228 114,580
Year ended 31st July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 114,580 232,023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank 114,580 (1,352 ) 113,228
114,580 (1,352 ) 113,228
Debt
Debts falling due within 1 year (60,945 ) 3,570 (57,375 )
Debts falling due after 1 year (8,005,917 ) 57,460 (7,948,457 )
(8,066,862 ) 61,030 (8,005,832 )
Total (7,952,282 ) 59,678 (7,892,604 )

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements
for the Year Ended 31st July 2024

1. STATUTORY INFORMATION

Chelsea Pitch Owners plc is a public company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page of the financial statements.

2. STATEMENT OF COMPLIANCE

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 company is a public benefit entity as defined by Financial Reporting Standard 102.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 Chelsea Pitch Owners plc and its subsidiary undertaking drawn up to 31st July each year.

In the company's financial statements, investments in subsidiaries are stated at cost less impairment.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st July 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction cost. Any losses from impairment are recognised in the profit and loss account.

Investments
Listed investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured ar fair value with any changes to fair value recognised in profit or loss.

In the company's own financial statements, investments in subsidiaries are accounted for at cost less impairment.

Concessionary loan
The concessionary loan is recorded at amounts received, less any amounts repaid.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Tickets for events - 35,308
Auctions and raffles 525 22,973
Sundry income 27,708 32,493
28,233 90,774

The turnover for the current and previous period arose entirely in the United Kingdom.

5. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st July 2024 nor for the year ended 31st July 2023.

The average number of employees during the year was as follows:
2024 2023

Office and management 8 6

2024 2023
£    £   
Directors' remuneration - -

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st July 2024

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of equipment - 75
Auditors' remuneration 3,920 3,820

7. INCOME FROM FIXED ASSET INVESTMENTS
2024 2023
£    £   
Dividends received 19 17

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 2,656 1,034

9. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax - (370,500 )
Tax on profit - (370,500 )

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

2024 2023
£    £   
Profit before tax 180,176 815,783
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

45,044

154,999

Effects of:
Income not taxable for tax purposes (3 ) (3 )
Utilisation of tax losses 4,984 (2,997 )
Unrealised gain/loss (50,025 ) (151,999 )

Deferred tax - (370,500 )
Total tax credit - (370,500 )

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st July 2024

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


11. PRIOR YEAR ADJUSTMENT

The prior year adjustment arose on the restating of the deferred tax provision for the year ended 31st July 2023.The original deferred tax provision of £522,500 at 31st July 2023 did not take into account the indexation allowance relief available to the group.

12. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST
At 1st August 2023 311
Fair value adjustment 102
At 31st July 2024 413
NET BOOK VALUE
At 31st July 2024 413
At 31st July 2023 311
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST
At 1st August 2023 1 311 312
Fair value adjustment - 102 102
At 31st July 2024 1 413 414
NET BOOK VALUE
At 31st July 2024 1 413 414
At 31st July 2023 1 311 312

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st July 2024

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

Chelsea Stadium Limited
Registered office: 101 Rose Street South Lane, Edinburgh, EH2 3JG
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,940,332 2,740,332
Profit for the year 200,000 1,170,500


The listed investment relates to 693 shares in Lloyds Banking Group plc. The fair value of the shares as quoted on the London Stock Exchange at 31st July 2024 was £413 (2023 £311).

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st August 2023 12,800,000
Revaluations 200,000
At 31st July 2024 13,000,000
NET BOOK VALUE
At 31st July 2024 13,000,000
At 31st July 2023 12,800,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £
Cost 10,050,000 10,050,000

The investment property was valued on an open market basis on 31st July 2024 by Rawley & Co Surveyors and Valuers.

14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 1,000 1,000 1,000 1,000

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st July 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts owed by group undertakings - - 10,059,668 10,059,668
Other debtors - 17,509 - 17,509
Prepayments 9,615 3,393 9,615 3,393
9,615 20,902 10,069,283 10,080,570

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Concessionary loan (see note 18) 57,375 60,945 57,375 60,945
Trade creditors 5,005 612 5,005 612
Social security and other taxes 1,304 2,360 1,304 2,360
Other creditors 1,669 4,289 1,669 4,289
Accrued expenses 3,920 3,820 3,920 3,820
69,273 72,026 69,273 72,026

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Concessionary loan (see note 18) 7,948,457 8,005,917 7,948,457 8,005,917

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Concessionary loan 57,375 60,945 57,375 60,945
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Concessionary loan 7,948,457 8,005,917 7,948,457 8,005,917

The loan was advanced by Chelsea FC plc on 17th December 1997. The loan is repayable by the company by 14th December 2032. However, the company has an option to extend the loan period for a further 10 years and can continue to exercise this option provided that the loan is repaid within 199 years of the initial advance date. The loan is unsecured and is interest free.

Chelsea Pitch Owners plc (Registered number: 02800546)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st July 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
23,961 Ordinary A £100 2,396,100 2,328,600
(2023 - 23,286 )
2,853 Ordinary B £25 71,325 71,325
2,467,425 2,399,925

675 Ordinary A shares of £100 each were allotted and fully paid for cash at par during the year.

20. RESERVES

Group
Retained
earnings
£   

At 1st August 2023 1,936,425
Prior year adjustment 522,500
2,458,925
Profit for the year 180,176
At 31st July 2024 2,639,101

Company
Retained
earnings
£   

At 1st August 2023 (281,406 )
Deficit for the year (19,824 )
At 31st July 2024 (301,230 )

Included in the group's retained earnings is £2,950,413 (2023 £2,750,311) of profits which are not available to distribute as they are unrealised.

Included in the company's retained earnings is £413 (2023 £311) of profits which are not available to distribute as they are unrealised.

21. RELATED PARTY DISCLOSURES

Included in Administrative expenses is £3,000 (2023 £3,000) charged by the director G Gower in relation to providing marketing services to the company. No amounts were outstanding at the year end.