IRIS Accounts Productionv24.3.2.4600045611Board of Directors1.7.2330.6.2430.6.24Medium entitiestruetruefalsetruetruefalsefalsefalsetruefalseThese accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.Ordinary share capital50.00000Variable nomination share capital40.00000 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REGISTERED NUMBER: 00045611 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024


for



Lincoln City Football Club
Company Limited



Lincoln City Football Club



Company Limited (Registered number: 00045611)








Contents of the Financial Statements

for the Year Ended 30 June 2024





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

6




Report of the Independent Auditors  

8




Statement of Comprehensive Income

12




Balance Sheet  

13




Statement of Changes in Equity  

15




Cash Flow Statement  

16




Notes to the Cash Flow Statement  

17




Notes to the Financial Statements

19





Lincoln City Football Club



Company Limited



Company Information

for the Year Ended 30 June 2024









DIRECTORS:

R G Bates


Lincoln City Supporters' Society Ltd


S L Tointon


C H Nates


J S Wright


G D Levine


H F F Kok


D Lowes


S A Melnick


A J Slater


C J Travers


S Hindocha


H Jabara


G C Rossini


L J Scully


H N Ragland IV




SECRETARY:

R J Parnell




REGISTERED OFFICE:

LNER Stadium


Sincil Bank


LINCOLN


Lincolnshire


LN5 8LD




REGISTERED NUMBER:

00045611 (England and Wales)




AUDITORS:

Nicholsons Audit (Statutory Auditor)


Newland House


The Point


Weaver Road


LINCOLN


Lincolnshire


LN6 3QN




BANKERS:

National Westminster Bank


Market Place


LOUTH


Lincolnshire


LN11 9NX



Lincoln City Football Club



Company Limited (Registered number: 00045611)



Strategic Report

for the Year Ended 30 June 2024


BUSINESS REVIEW


The key financial and performance indicators for the current and three previous financial years are shown below:


2024



2023



2022



2021



£   



£   



£   



£   



Turnover


6,977



6,527



6,981



5,567


Staff Costs


6,938



5,931



6,236



5,169


Profit/(loss)


(2,981)



(2,636)



(2,052)



(1,404)


Net assets


3,766



2,855



2,439



1,791


Final Position (League 1)


7th



11th



17th



5th


Average League Attendance


8,424



8,486



8,773



N/A



Season review

A fantastic 16-game unbeaten run from mid-January to mid-April saw us push into the top six with one game to go but ultimately miss out on a promotion playoff place by just two points with a final day defeat. This was a remarkable recovery after a disappointing run hampered by injuries to attacking players and red cards culminated in a 2-0 defeat at Blackpool on New Year's Day. The signings of Joe Taylor (on loan) and Jack Moylan, and the return of Freddie Draper from a successful loan spell in League 2 together with Ben House and Reeco Hackett returning from injury were key to the revival. A three game run in which the Imps scored 16 goals with Joe and Jack scoring 6 and 4 times respectively was a particular highlight.


In a disrupted first half to the season, we parted company with head coach Mark Kennedy and his assistant Danny Butterfield with the team sitting 16th in the league. Tom Shaw steadied the ship for a month earning a notable home win over Charlton Athletic during that period before Michael Skubala was appointed as the new permanent head coach on a 4-year deal with Tom as his assistant.


Cup competitions were again a disappointment with defeats to League 2 teams in the first round of the FA Cup and the second round of the EFL Trophy. The Carabao Cup produced the most excitement with a win on penalties over Premier League Sheffield United in the second round followed by a narrow 1-0 defeat in front of a sell-out LNER Stadium to West Ham United.


Turnover

Turnover is analysed into its main components as follows:


2024



2023



£   



£   



Matchday



2,353



2,231


Central distributions and grants



1,768



1,719


Commercial and hospitality



1,750



1,523


Academy grants and fundraising



680



699


Football fortune and miscellaneous income



426



355



6,977



6,527


Matchday revenue was up 5% despite the average attendance declining marginally. Although season ticket income declined this was more than compensated by increased match-by-match attendance from home fans.  Increased income from bar and catering, and attendances in the Carabao Cup.




Lincoln City Football Club



Company Limited (Registered number: 00045611)



Strategic Report

for the Year Ended 30 June 2024


It was pleasing to register a 16% increase in commercial income while the contribution from retail also increased significantly. Hospitality income was marginally higher.


Football fortune and miscellaneous income was higher with player loan fees received again up significantly but prize money from cup competitions declined with the early exits from the EFL Trophy and FA Cup. Also included was a five-figure compensation fee received from Stoke City for Chris Cohen who not only assisted Tom Shaw during his interim head coach role but also spent 5 months as an assistant head coach under Michael.


Player Trading

The only significant sale during the financial year was that of Lasse Sorensen to Huddersfield Town on 18 June 2024. The profit from the sale was reduced by a sell-on fee due to Lasse's previous club, Stoke City.


Further contingent fees were received from previous sales of Jamie Robson and James Jones, and a small fee was received for Charles Vernam.


Operating loss

Despite the higher turnover, administrative expenses increased by 8.6% from £9.3million to £10.1million resulting in an increased loss of just below £3million compared to £2.6million last year.


The main reason for the increase in costs was sharply higher staff costs, up from £5.9million to £6.9million. This was attributable to a larger pro budget, an increase in commercial staff, the dismissal of our previous manager and his assistant, and general staff increases including the securing of senior key management.


Balance sheet

In order to fund the operating losses, player signings and capital expenditure, the company issued shares for cash amounting to £3.9million. With the majority of that investment from the Jabara family, at the financial year-end, HJ-LCFC Holdings LLC was the largest shareholder in Lincoln City Holdings with 32.2% of the issued shares.


Transfer fees amounted to £332k during the period with the most substantial being a six-figure fee paid for Ethan Hamilton from Accrington Stanley. Other fees included a five-figure fee to sign Jack Moylan and contingent payments paid to former clubs of Ethan Erhahon, Sean Roughan and Ben House.


The Stacey West Community Hub development was completed on time and within budget by the Lindum Group. The final account for the project is being agreed with the overall project costs being around £2.5m (£2.2m being shown in these financial statements in freehold property).


Overall cash at the year-end declined from £1.7million to £1.3million but £0.9million of the cash held last year was ring-fenced towards the Stacey West redevelopment. Net assets were higher by £0.9million at £3.8million.


The increase in long term creditors was again attributable to the receipt of capital grants for the Stacey West project. These grants will be recognised in the profit and loss account over the life of the asset to which it relates. The only true long term debt on the balance sheet, amounting to £492k, relates to bonds issued to fans for various capital projects. A further £135k of bonds, included in current liabilities, will be repaid in the next 12 months.





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Strategic Report

for the Year Ended 30 June 2024


POST BALANCE SHEET AND FUTURE DEVELOPMENTS


In addition to the sale of Lasse Sorensen in June, Lukas Jensen was sold to Championship club Millwall for a six-figure fee. Both players were entering the last year of their contracts and the proceeds allowed the club to re-invest in replacements as well as increase the depth of the squad to give us a better chance of coping with injuries which hindered us so significantly in the 2023/24 season.


George Wickens and Erik Ring were signed for six-figure fees and JJ McKiernan, Rob Street and Dom Jefferies involved the payment of five-figure fees to their previous clubs. We were also delighted to bring Conor McGrandles back to the club along with the signings of Tom Hamer and out-of-contract players Tom Bayliss, Jamie Pardington, Zach Jeacock and Tendayi Darikwa in a busy summer transfer window. Erik was the first signing under the new Elite Significant Contribution ("ESC") player requirements in terms of revised GBE guidance post Brexit. This gives us the ability to have up to two foreign players in our squad who qualify under the ESC rules.


It is particularly pleasing to see the contribution being made by Academy graduates to the first team squad. It is only six years since the transformation of the Academy began following the resumption of Premier League funding which had ceased while the club was in the National League. At the age of just 21, Sean Roughan has chalked up more than 100 appearances for the Imps and is also a regular in the Republic of Ireland U21 team. Twenty year-old strikers Jovon Makama and Freddie Draper have established themselves in the first team squad with more than 60 and 30 competitive appearances respectively. We are also encouraged by the progress of Oisin Gallagher and MJ Kamson-Kamara who have both been able to make appearances for the club in the EFL Trophy while on loan. We were also delighted to see 17 year-old academy scholar Zane Okoro make his debut as a substitute in the first round of the FA Cup and then start and score against Manchester City U21's in the EFL Trophy.


Despite Hayden Cann and Sam Long moving on in the summer to Dundalk and Bromley respectively, we retain an interest in both players. It is also worth noting that we retain an interest in two former academy players, both at Premier League clubs, with further income dependent on their progress. Fees were generated for both these players when they moved with one being a six-figure sum.


We were delighted to welcome Ron and Andrew Fowler as investors in April. An initial stake of 12.4% in Lincoln City Holdings has increased further to 19.0% and much of the investment into the club subsequent to the year-end has come through their investment vehicle Liquid Investments, Inc. All contributions by directors/investors continue to be via equity and a further 4.5million shares have been issued since the end of June 2024.


It is disappointing that a fairer redistribution of revenue across the English football pyramid has not yet materialised as the Premier League and its clubs rack up tens of millions in legal fees, money that could be so much better spent across the football ecosystem. If ever there was an example that an Independent Regulator is critical to the future of football in this country, this unseemly infighting clearly demonstrates that.




Lincoln City Football Club



Company Limited (Registered number: 00045611)



Strategic Report

for the Year Ended 30 June 2024


We are therefore encouraged by the introduction of the Football Governance Bill and hope it will make a speedy passage through Parliament giving some hope in the medium term for greater sustainability across the pyramid with better regulation and an element of fairer redistribution.  With the Independent Regulator however only expected to have backstop powers in respect of financial redistribution, there will be limits to which a truly fair redistribution will be implemented. The majority of the power is with the Premier League and even within the EFL, the Championship clubs have far greater clout and there is a risk of the gap widening even further between the Championship and League 1.


Any hope for some effective limits on spending and losses in the short term on the back of a deal with the Premier League consequently fizzled out. With a number of new big spenders in League 1, player costs and transfer fees have exploded this summer and despite an increased pro budget for the 2024/25 season, we now find ourselves with only a fourth quartile budget. To illustrate the insane increase in player expenditure in League 1 this season, the club in the same mid-table ranking we had last season is spending 67% more than our outlay last season.


Even though we anticipate some changes to financial controls to be implemented for the 2025/26 season, similar to the present Salary Cost Management Protocol, there will be no cap on owner contributions in League 1 and League 2. This will continue to permit unlimited spending on player salaries and transfer fees and enable some clubs in League 1 to pay top end Championship money to attract players.


Legal challenges to current regulations are not confined to England with FIFA and UEFA experiencing a number of European court defeats. Although change is long overdue, it does create significant uncertainties for clubs in planning for the future, not least any potential changes to the transfer system following the Diarra case. We hope that both FIFA and UEFA will adopt a more consultative process in reforming, taking into account the views of bodies like the Union of European Clubs, representing over 150 clubs on the continent, of which we have become a member.


Against the background outlined above, we are anticipating another significant deficit similar to the 2023/24 loss. This does not take into account any contributions that may be attained from successful cup runs or further player trading.


ON BEHALF OF THE BOARD:






C H Nates - Director



6 December 2024



Lincoln City Football Club



Company Limited (Registered number: 00045611)



Report of the Directors

for the Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.  


PRINCIPAL ACTIVITY

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

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2024.


DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 July 2023 to the date of this report unless otherwise stated.


The beneficial interests of the directors holding office during the year to 30 June 2024 in the shares of the company, according to the register of directors interests were as follows:



30/06/2024


30/06/2023


R G Bates


200


200


The Red Imps Community Trust


351,548


344,098


S L Tointon


6,500


6,500


C H Nates


20,000


20,000


J S Wright


200


200


G D Levine


200


200


H F F Kok


200


200


D Lowes


200


3,950


S A Melnick


200


200


A J Slater


2,332


2,332


C Travers


-


243,601


S Hindocha


200


-


H Jabara


200


-


G C Rossini


4,000


-


P C Webster - resigned 02 October 2024


200


200


L J Scully - appointed 03 June 2024


200


-



These directors did not hold any non-beneficial interests in the shares of the company.




Lincoln City Football Club



Company Limited (Registered number: 00045611)



Report of the Directors

for the Year Ended 30 June 2024


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period.  In preparing these financial statements, the directors are required to:


-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

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


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


STATEMENT 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 company'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 company's auditors are aware of that information.

AUDITORS

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


ON BEHALF OF THE BOARD:






C H Nates - Director



6 December 2024


Report of the Independent Auditors to the Members of

Lincoln City Football Club

Company Limited


Opinion

We have audited the financial statements of Lincoln City Football Club Company Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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


Conclusions relating to going concern

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


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


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


Report of the Independent Auditors to the Members of

Lincoln City Football Club

Company Limited



Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-

the 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 seven, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Lincoln City Football Club

Company Limited



Auditors' responsibilities for the audit of the financial statements

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


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.


Based on our understanding of the company and its industry we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, Salary Cost Management Protocol  and English Football League regulation.


To help us identify instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and where appropriate those charged with governance as to whether the company is in compliance with laws and regulations.

- Inspecting correspondence, if any, with relevant regulators.

- Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.


We also considered those laws and regulations which have a direct effect on the preparation of the financial statements such as tax legislation, the Companies Act 2006 and the reporting framework (FRS102).


Further to this, we evaluated the Director's and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular valuation and amortisation of player. Work was also targeted at capital expenditure, along with recognition of all revenue streams due to the varying nature.


Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the director and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of internal controls established to mitigate risks related to fraud;

-  Discussing amongst the engagement team the risks of fraud;

- Addressing the risks of fraud through management override of controls by performing journal entry testing;

- Testing of calculations in respect of regulatory matters; and

- Sensitivity analysis around assumptions used.


Report of the Independent Auditors to the Members of

Lincoln City Football Club

Company Limited






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


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


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





JOANNE BROWN (Senior Statutory Auditor)

for and on behalf of Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN


19 December 2024



Lincoln City Football Club



Company Limited (Registered number: 00045611)



Statement of Comprehensive

Income

for the Year Ended 30 June 2024



2024


2023


Notes

£   

£   



TURNOVER

3

6,976,968


6,526,835




Cost of sales

344,899


410,915



GROSS PROFIT

6,632,069


6,115,920




Administrative expenses

10,076,649


9,348,705



(3,444,580

)

(3,232,785

)



Other operating income

478,011


630,092



OPERATING LOSS

5

(2,966,569

)

(2,602,693

)




Interest payable and similar

expenses

6

14,510


33,371



LOSS BEFORE TAXATION

(2,981,079

)

(2,636,064

)



Tax on loss

7

-


-



LOSS FOR THE FINANCIAL YEAR

(2,981,079

)

(2,636,064

)



OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(2,981,079

)

(2,636,064

)




Lincoln City Football Club



Company Limited (Registered number: 00045611)



Balance Sheet

30 June 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

8

412,052


379,604



Tangible assets

9

6,818,836


4,602,270



Investments

10

3


3



7,230,891


4,981,877




CURRENT ASSETS

Stocks

11

2,250


20,474



Debtors

12

1,169,533


1,029,435



Cash at bank and in hand

1,309,605


1,687,335



2,481,388


2,737,244



CREDITORS

Amounts falling due within one year

13

3,627,712


3,472,872



NET CURRENT LIABILITIES

(1,146,324

)

(735,628

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

6,084,567


4,246,249




CREDITORS

Amounts falling due after more than

one year

14

2,318,810


1,391,541



NET ASSETS

3,765,757


2,854,708




CAPITAL AND RESERVES

Called up share capital

17

18,170,865


14,274,076



Revaluation reserve

18

830,200


830,200



Interest reserve

18

-


4,661



Retained earnings

18

(15,235,308

)

(12,254,229

)


SHAREHOLDERS' FUNDS

3,765,757


2,854,708





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Balance Sheet - continued

30 June 2024



The financial statements were approved by the Board of Directors and authorised for issue on 6 December 2024 and were signed on its behalf by:






C H Nates - Director




Lincoln City Football Club



Company Limited (Registered number: 00045611)



Statement of Changes in Equity

for the Year Ended 30 June 2024



Called up



share


Retained


Revaluation


Interest


Total


capital


earnings


reserve


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 July 2022

11,222,637


(9,628,635

)

830,200


15,131


2,439,333




Changes in equity

Issue of share capital

3,051,439


-


-


-


3,051,439



Total comprehensive income

-


(2,625,594

)

-


(10,470

)

(2,636,064

)


Balance at 30 June 2023

14,274,076


(12,254,229

)

830,200


4,661


2,854,708




Changes in equity

Issue of share capital

3,896,789


-


-


-


3,896,789



Total comprehensive income

-


(2,981,079

)

-


(4,661

)

(2,985,740

)


Balance at 30 June 2024

18,170,865


(15,235,308

)

830,200


-


3,765,757





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Cash Flow Statement

for the Year Ended 30 June 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(1,919,639

)

(2,238,175

)


Finance costs paid

(14,510

)

(33,371

)


Net cash from operating activities

(1,934,149

)

(2,271,546

)



Cash flows from investing activities

Purchase of intangible fixed assets

(331,988

)

(425,375

)


Purchase of tangible fixed assets

(2,320,082

)

(281,072

)


Cash receipts from player trading

370,250


729,125



Sale of tangible fixed assets

2,650


4,916



Net cash from investing activities

(2,279,170

)

27,594




Cash flows from financing activities

EFL discounted loan interest

-


10,470



Capital repayments in year

(61,200

)

(60,800

)


Share issue

3,896,789


3,051,439



Net cash from financing activities

3,835,589


3,001,109




(Decrease)/increase in cash and cash equivalents

(377,730

)

757,157



Cash and cash equivalents at

beginning of year

2

1,687,335


930,178




Cash and cash equivalents at end

of year

2

1,309,605


1,687,335





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Cash Flow Statement

for the Year Ended 30 June 2024


1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS



2024


2023

£   

£   



Loss before taxation

(2,981,079

)

(2,636,064

)



Depreciation charges

103,516


140,602




Profit on disposal of fixed assets

(370,757

)

(593,274

)



Loss on revaluation of fixed assets

368,107


599,108




Amortisation

297,397


243,187




Player trading

(368,107

)

(599,108

)



Profit on intangible fixed assets

-


3,284




Finance costs

14,510


33,371



(2,936,413

)

(2,808,894

)



Decrease/(increase) in stocks

18,224


(18,224

)



Increase in trade and other debtors

(140,098

)

(67,989

)



Increase in trade and other creditors

1,138,648


656,932




Cash generated from operations

(1,919,639

)

(2,238,175

)



2.

CASH AND CASH EQUIVALENTS



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



Year ended 30 June 2024


30.6.24


1.7.23

£   

£   



Cash and cash equivalents

1,309,605


1,687,335




Year ended 30 June 2023


30.6.23


1.7.22

£   

£   



Cash and cash equivalents

1,687,335


930,178






Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Cash Flow Statement

for the Year Ended 30 June 2024


3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.7.23

Cash flow

At 30.6.24

£   

£   

£   



Net cash



Cash at bank and in hand

1,687,335


(377,730

)

1,309,605



1,687,335


(377,730

)

1,309,605




Debt


Debts falling due within 1 year

(56,539

)

56,539


-



(56,539

)

56,539


-




Total

1,630,796


(321,191

)

1,309,605





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements

for the Year Ended 30 June 2024


1.

STATUTORY INFORMATION



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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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



Critical accounting judgements and key sources of estimation uncertainty

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


Turnover


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



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



Tangible fixed assets

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

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


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



Stocks

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


Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments

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

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

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

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

Basic financial liabilities
Basic financial liabilities, including creditors, loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Research and development

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


Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


2.

ACCOUNTING POLICIES - continued



Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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


Government grants


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



Deferred income


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



Intangible assets - player and management registrations


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



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



Going Concern


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



Rental


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



Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


3.

TURNOVER



The turnover and loss before taxation are attributable to the one principal activity of the company.



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



2024


2023

£   

£   



Matchday

2,353,012


2,230,682




Central distributions & grants

1,768,428


1,719,025




Comm, hospitality & retail

1,749,839


1,522,995




Academy grants & fundraising

679,493


699,173




Football fortune & misc income

426,196


354,960



6,976,968


6,526,835




4.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

6,179,878


5,261,489




Social security costs

649,313


552,611




Other pension costs

108,579


116,780



6,937,770


5,930,880





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


2024


2023



Pro team and management

34


31




Academy

40


49




Matchday

69


65




Commercial

24


9




Operations

33


35



200


189





During the year directors were paid a total of £32,000 (2023: £0).


5.

OPERATING LOSS



The operating loss is stated after charging/(crediting):



2024


2023

£   

£   



Depreciation - owned assets

103,516


140,602




Profit on disposal of fixed assets

(370,757

)

(593,274

)



Player and management registrations amortisation

297,397


243,187





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bond interest

14,510


22,901




Loan interest

-


10,470



14,510


33,371




7.

TAXATION



Analysis of the tax charge


No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023

£   

£   



Loss before tax

(2,981,079

)

(2,636,064

)



Loss multiplied by the standard rate of corporation tax in the

UK of 25% (2023 - 25%)  

(745,270

)

(659,016

)




Effects of:


Capital allowances in excess of depreciation

-


(18,019

)



Depreciation in excess of capital allowances

18,019


-




Loss brought forward  

(2,647,953

)

(1,970,918

)



Loss carried forward  

3,375,204


2,647,953




Total tax charge

-


-




Factors that may affect future tax charges
Losses carried forward amounted to £15,280,556 (2023: £12,395,308). No provision has been made for a deferred taxation asset as the recoverability of these losses against future profits is uncertain.


Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


8.

INTANGIBLE FIXED ASSETS


Player



and



management


Computer



registrations


software


Totals

£   

£   

£   



COST


At 1 July 2023

529,125


3,900


533,025




Additions

331,988


-


331,988




Disposals

(220,050

)

(3,900

)

(223,950

)



At 30 June 2024

641,063


-


641,063




AMORTISATION


At 1 July 2023

149,521


3,900


153,421




Amortisation for year

297,397


-


297,397




Eliminated on disposal

(217,907

)

(3,900

)

(221,807

)



At 30 June 2024

229,011


-


229,011




NET BOOK VALUE


At 30 June 2024

412,052


-


412,052




At 30 June 2023

379,604


-


379,604




9.

TANGIBLE FIXED ASSETS


Motor



Property


Equipment


vehicles


Totals

£   

£   

£   

£   



COST OR VALUATION


At 1 July 2023

6,048,947


814,056


23,700


6,886,703




Additions

2,232,379


87,703


-


2,320,082




At 30 June 2024

8,281,326


901,759


23,700


9,206,785




DEPRECIATION


At 1 July 2023

1,539,496


721,237


23,700


2,284,433




Charge for year

64,877


38,639


-


103,516




At 30 June 2024

1,604,373


759,876


23,700


2,387,949




NET BOOK VALUE


At 30 June 2024

6,676,953


141,883


-


6,818,836




At 30 June 2023

4,509,451


92,819


-


4,602,270





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


9.

TANGIBLE FIXED ASSETS - continued


Included in property are:



Freehold
property




EPC


All
weather
pitch




Totals
££££
COST OR
VALUATION


At 1 July 2023


4,066,254

1,548,79
6


433,897

6,048,94
7

Additions


2,232,379


-


-

2,232,37
9
Disposals----
At 30 June 20246,298,633,548,796433,897,281,326

DEPRECIATION
At 1 July 20231,313,085174,05352,358,539,496
Charge for the year-46,46418,41364,877
Disposals----
At 30 June 20241,313,085220,51770,771,604,373

NET BOOK VALUE
At 30 June 20244,985,548,328,279363,126,676,953

At 30 June 20232,753,169,374,743381,539,509,451

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


10.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 July 2023


and 30 June 2024

3




NET BOOK VALUE


At 30 June 2024

3




At 30 June 2023

3





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


10.

FIXED ASSET INVESTMENTS - continued



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




Impfinity Ltd


Registered office: LNER Stadium, Sincil Bank, Lincoln, Lincolnshire, LN5 8LD


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00



11.

STOCKS

2024

2023


£   

£   



Stocks

2,250


20,474




12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

715,943


330,312




Amounts owed by group undertakings

47


47




Other debtors

72,430


82,470




Prepayments and accrued income

381,113


616,606



1,169,533


1,029,435




13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Other loans (see note 15)

-


56,539




Trade creditors

396,468


691,579




Social security and other taxes

543,927


433,421




Other creditors

491,414


346,759




Deferred capital grant

17,702


17,702




Bonds

134,534


347,956




Accruals and deferred income

2,043,667


1,578,916



3,627,712


3,472,872





Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR


2024

2023


£   

£   



Bonds

491,507


442,751




Deferred capital grant

1,827,303


948,790



2,318,810


1,391,541




15.

LOANS



An analysis of the maturity of loans is given below:


2024

2023


£   

£   



Amounts falling due within one year or on demand:


Other loans

-


56,539




16.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023


£   

£   



Between one and five years

150,018


190,023





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


17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



22,919,457

Ordinary share capital

50p

11,459,729


11,441,622




16,777,840

Variable nomination share



capital

40p

6,711,136


2,832,454



18,170,865


14,274,076




36,213 Ordinary 50p shares were issued during the year for cash of £18,107 and 9,696,706 variable nomination 40p shares were issued during the year for cash of £3,878,682. Both classes of shares have right to voting and dividends.


Lincoln City Football Club



Company Limited (Registered number: 00045611)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2024


18.

RESERVES


Retained


Revaluation


Interest



earnings


reserve


reserve


Totals

£   

£   

£   

£   




At 1 July 2023

(12,254,229

)

830,200


4,661


(11,419,368

)



Deficit for the year

(2,981,079

)

(2,981,079

)



Interest

-


-


(4,661

)

(4,661

)



At 30 June 2024

(15,235,308

)

830,200


-


(14,405,108

)



19.

CONTINGENT LIABILITIES



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


20.

RELATED PARTY DISCLOSURES



TRADING RELATIONSHIPS



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



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



DIRECTORS



There were no amounts owing by or to directors at 30 June 2023 or 30 June 2024.



KEY MANAGEMENT PERSONNEL



Remuneration of £709,433 was paid to key management personnel for the year ended 30 June 2024 (2023: £683,316).


21.

ULTIMATE CONTROLLING PARTY



During the period, the company was under the control of Lincoln City Holdings Limited.



Consolidated accounts can be obtained from the address below:



LNER Stadium


Sincil Bank


LINCOLN


LN5 8LD