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Registered number: 00315587










SHREWSBURY TOWN FOOTBALL CLUB LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
COMPANY INFORMATION


Directors
R E Wycherley MBE (Chairman) 
D P Delves (Vice Chairman) (resigned 2 February 2024)
L F Dooley (appointed 5 September 2024)
D W G Montgomery 




Company secretary
Michael David Parry



Registered number
00315587



Registered office
Croud Meadow
Oteley Road

Shrewsbury

Shropshire

SY2 6ST




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 

CONTENTS



Page
Chairmans Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9 - 10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 32


 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
CHAIRMANS REPORT (INCORPORATING STRATEGIC REPORT)
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The Chairman presents his report for the year ended 30 June 2024.

Business review and principal risks and uncertainties
 
Season 23/24 followed the most challenging and difficult set of financial results in the Club’s History. It is with a little satisfaction that I am able to report that strong actions which were taken at the end of the 2022/2023 season are beginning to impact on the financial sustainability of the football club. 
 
These improved financial results were against a backdrop of a 19th Position finish in League One, successfully avoiding relegation and resulting in the tenth successive season in League One, the current longest serving member of the division. 
 
The measures put in place including the new Vice Chairman, CEO, & Director of Finance and implementation of the Director of Football and Head Coach model have continued to drive these results on and off the pitch as we continue our search for bonafide investment.

Financial key performance indicators
 
Whilst the finish of 19th in League One  was a very worthwhile achievement given the financial challenges facing the club, the Board are still working through a time lag on pre agreed contracts and commitments made under the previous incumbents which unfortunately does still impact on our ability to invest on the field as we would have preferred.  
 
Despite this, in this financial year, it is worth noting that as a club we have managed to more than halve our financial losses from the prior year due to an increase in revenue from £6.2m to £6.8m and a significant cost reduction. Thus, recording a total loss of £1.55m compared to £3.12m in the prior year.
 
In other areas, we are as ever delighted to report the continued success and growth of the STFC Academy and STFC Foundation and work they do for the football club and the local community. 
 
It is with regret that I share that once again there is no movement with the previously proposed EPL & EFL distribution “deal”. This is particularly disappointing given the amount of media coverage this has gained in the last few years. The only green shoots at present is the Football Governance Bill which is currently being discussed in Parliament, but even if this is successful, it is likely to take years rather than months to take shape, with no definite end in sight. 
 
On behalf of the Board of Directors, I would like to take this opportunity to once again thank our loyal supporters, sponsors & partners, box holders, sovereign members and season ticket partners, for their wholehearted support on this journey we are on together.


This report was approved by the board and signed on its behalf.



................................................
R E Wycherley MBE (Chairman)
Director

Date: 12 February 2025

Page 1

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £1,556,007 (2023 - loss £3,128,949).

The directors do not propose a dividend for the current year.

Directors

The directors who served during the year were:

R E Wycherley MBE (Chairman) 
D P Delves (Vice Chairman) (resigned 2 February 2024)
D W G Montgomery 

Future developments

Please refer to the Chairmans report for details of future developments.

Page 2

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
R E Wycherley MBE (Chairman)
Director

Date: 12 February 2025

Page 3

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 

Opinion


We have audited the financial statements of Shrewsbury Town Football Club Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 5

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 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.


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 an Auditors' 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.


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

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 6

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHREWSBURY TOWN FOOTBALL CLUB LIMITED (CONTINUED)


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 Auditors' 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 2006Our 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 Auditors' 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.





Andrew Malpass BA FCA (Senior Statutory Auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
13 February 2025
Page 7

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
As restated
2023
Note
£
£

  

Turnover
 4 
6,823,952
6,212,421

Cost of sales
  
(7,440,477)
(7,764,430)

Gross loss
  
(616,525)
(1,552,009)

Administrative expenses
  
(1,237,070)
(1,586,842)

Other operating income
 5 
277,740
3,740

Operating loss
 6 
(1,575,855)
(3,135,111)

Interest receivable and similar income
 8 
141
2,438

Loss before tax
  
(1,575,714)
(3,132,673)

Tax on loss
 9 
19,707
3,724

Loss for the financial year
  
(1,556,007)
(3,128,949)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 32 form part of these financial statements.

Page 8

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
REGISTERED NUMBER: 00315587

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
As restated
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
103,190
69,857

Tangible assets
 11 
13,981,028
14,049,136

Investments
 12 
1
1

  
14,084,219
14,118,994

Current assets
  

Stocks
 13 
16,184
58,687

Debtors: amounts falling due within one year
 14 
387,286
613,904

Cash at bank and in hand
 15 
95,786
81,184

  
499,256
753,775

Creditors: amounts falling due within one year
 16 
(4,558,811)
(2,681,593)

Net current liabilities
  
 
 
(4,059,555)
 
 
(1,927,818)

Total assets less current liabilities
  
10,024,664
12,191,176

Creditors: amounts falling due after more than one year
 17 
(535,678)
(1,126,476)

Provisions for liabilities
  

Deferred tax
 18 
(327,092)
(346,799)

  
 
 
(327,092)
 
 
(346,799)

Net assets
  
9,161,894
10,717,901

Page 9

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
REGISTERED NUMBER: 00315587
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

2024
As restated
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 19 
2,526,283
2,526,283

Revaluation reserve
 20 
687,750
687,750

Profit and loss account
 20 
5,947,861
7,503,868

  
9,161,894
10,717,901


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R E Wycherley MBE (Chairman)
Director

Date: 12 February 2025

The notes on pages 13 to 32 form part of these financial statements.

Page 10

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022 (as previously stated)
2,526,283
687,750
10,686,007
13,900,040

Prior year adjustment
-
-
(53,190)
(53,190)


At 1 July 2022 (as restated)
2,526,283
687,750
10,632,817
13,846,850


Comprehensive income for the year

Loss for the year (as restated)
-
-
(3,128,949)
(3,128,949)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(3,128,949)
(3,128,949)


Total transactions with owners
-
-
-
-


at 1 July 2023 (as restated)
2,526,283
687,750
7,503,868
10,717,901


Comprehensive income for the year

Loss for the year
-
-
(1,556,007)
(1,556,007)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(1,556,007)
(1,556,007)


Total transactions with owners
-
-
-
-


At 30 June 2024
2,526,283
687,750
5,947,861
9,161,894


The notes on pages 13 to 32 form part of these financial statements.

Page 11

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
As restated
2023
£
£

Cash flows from operating activities

Loss for the financial year
(1,556,007)
(3,128,949)

Adjustments for:

Amortisation of intangible assets
66,667
73,333

Depreciation of tangible assets
93,506
83,741

Profit on disposal of tangible assets
(277,740)
-

Interest received
(141)
(2,438)

Taxation charge
(19,707)
(3,724)

Decrease in stocks
42,503
52,218

Decrease in debtors
226,618
258,527

Increase in creditors
1,286,420
1,377,155

Net cash generated from operating activities

(137,881)
(1,290,137)


Cash flows from investing activities

Purchase of intangible fixed assets
(100,000)
(100,000)

Purchase of tangible fixed assets
(34,257)
(113,645)

Sale of tangible fixed assets
286,599
-

Interest received
141
2,438

Net cash from investing activities

152,483
(211,207)


Net increase/(decrease) in cash and cash equivalents
14,602
(1,501,344)

Cash and cash equivalents at beginning of year
81,184
1,582,528

Cash and cash equivalents at the end of year
95,786
81,184


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
95,786
81,184

95,786
81,184


Page 12

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The entity is a limited liability company limited by shares incorporated in England. The principal activity of the Company is the running of a professional football club.
The registered address of the Company is Croud Meadow, Oteley Road, Shrewsbury, SY2 6ST. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Going concern

After making enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors are providing financial support to the company as set out in note 25 to the accounts, which will be maintained at this level through the 2025 and 2026 periods of account as required. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

Page 13

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
 
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

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

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

Page 14

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Page 15

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property - Stadium
-
Not depreciated
Freehold property - Other
-
5%
Plant and machinery
-
15%
Motor vehicles
-
25%
Fixtures and fittings
-
25%

The stadium is held by the Company as at 30 June 2024 at *£11,266,025* after allocating the capital grant received in relation to the building of the stadium. 
The stadium is not depreciated on the basis that it is constantly maintained and updated.
This policy represents a departure from the statutory accounting principals which require depreciation to be provided on all fixed assets. The directors consider this policy is necessary in order that the Financial Statements show a true and fair view because the current value is of prime importance rather than the systematic annual depreciation. 

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

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

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 18

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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

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

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 19

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually elevated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the relates actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing material adjustment to the carrying amount of the assets and liabilities within the next financial year. 

Page 20

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Ticket sales
1,983,714
1,597,530

Football League income
1,761,428
1,709,157

Contingent fees received
427,500
445,044

Sundry income
1,163,948
1,118,185

Academy income
539,691
514,024

Television and internet portal income
136,263
70,899

Contributions from support organisations
48,756
26,875

Food & beverage sales
762,652
730,707

6,823,952
6,212,421


All turnover arose within the United Kingdom.


5.


Other operating income - exceptional items

2024
2023
£
£

Other operating income
277,740
-

Government grants and insurances receivable
-
3,740

277,740
3,740



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Amortisation of fixed assets
66,667
73,333

Depreciation of fixed assets
93,506
83,741

Fees payable to the Company's auditors and its associates for the audit of the annual financial statements
7,150
6,750

Defined contribution pension costs
71,276
53,165

Page 21

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
4,889,580
5,232,909

Social security costs
457,694
444,907

Cost of defined contribution scheme
71,276
53,165

5,418,550
5,730,981


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Players
42
42



Administrative
21
25



Other Staff
38
55



Stewards & Security
65
60

166
182


8.


Interest receivable

2024
2023
£
£


Other interest receivable
141
2,438

141
2,438

Page 22

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Taxation


2024
As restated
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(19,707)
(3,724)

Total deferred tax
(19,707)
(3,724)


Tax on loss
(19,707)
(3,724)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
As restated
2023
£
£


Loss on ordinary activities before tax
(1,575,714)
(3,132,673)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
(393,929)
(642,198)

Effects of:


Expenses not deductible for tax purposes
19,038
15,033

Capital allowances for year in excess of depreciation
(11,504)
(1,809)

Unrelieved tax losses carried forward
366,688
625,250

Total tax charge for the year
(19,707)
(3,724)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Intangible assets




Trademarks
Player Transfer Fees
Total

£
£
£



Cost


At 1 July 2023
3,190
180,000
183,190


Additions
-
100,000
100,000


Disposals
-
(80,000)
(80,000)



At 30 June 2024

3,190
200,000
203,190



Amortisation


At 1 July 2023
-
113,333
113,333


Charge for the year on owned assets
-
66,667
66,667


On disposals
-
(80,000)
(80,000)



At 30 June 2024

-
100,000
100,000



Net book value



At 30 June 2024
3,190
100,000
103,190



At 30 June 2023
3,190
66,667
69,857



Page 24

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
14,634,394
645,407
65,853
41,192
15,386,846


Additions
8,590
20,417
5,250
-
34,257


Disposals
(8,859)
-
-
-
(8,859)



At 30 June 2024

14,634,125
665,824
71,103
41,192
15,412,244



Depreciation


At 1 July 2023
751,516
527,146
22,052
36,996
1,337,710


Charge for the year on owned assets
34,254
33,080
24,941
1,231
93,506



At 30 June 2024

785,770
560,226
46,993
38,227
1,431,216



Net book value



At 30 June 2024
13,848,355
105,598
24,110
2,965
13,981,028



At 30 June 2023
13,882,878
118,261
43,801
4,196
14,049,136




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
13,848,355
13,882,878

13,848,355
13,882,878


Included within freehold property is land & buildings which has been revalued as at 30 June 2019 by an independent valuer on a replacement cost basis. 

Page 25

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
1



At 30 June 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

STFC 2007 Limited
Ordinary
100%


13.


Stocks

2024
2023
£
£

Raw materials and consumables
16,184
15,752

Finished goods and goods for resale
-
42,935

16,184
58,687


Page 26

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Debtors

2024
2023
£
£


Trade debtors
198,117
452,046

Other debtors
21,286
28,598

Prepayments and accrued income
167,883
133,260

387,286
613,904



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
95,786
81,184

95,786
81,184



16.


Creditors: Amounts falling due within one year

2024
As restated
2023
£
£

Payments received on account
549,925
575,352

Trade creditors
414,448
485,256

Other taxation and social security
469,246
492,985

Other creditors
2,512,673
10,046

Accruals and deferred income
612,519
1,117,954

4,558,811
2,681,593


Page 27

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
-
561,200

Accruals and deferred income
535,678
565,276

535,678
1,126,476



18.


Deferred taxation




2024


£






At beginning of year
(346,799)


Charged to profit or loss
19,707



At end of year
(327,092)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(97,842)
(117,549)

Revaluation of land & buildings
(229,250)
(229,250)

(327,092)
(346,799)

The company has unutilsed trading losses available to it at the year end amounting to £1,556,007 for which no deferred tax asset has been recognised. Under current tax law these losses could be offset against the taxable gain arising on the disposal of the company's revalued land and buildings, in respect of which a deferred tax liability of £327,092 has been recognised. The benefit of doing so however has not been recognised in these financial statements as the directors have no plans to dispose of the property within the foreseeable future and thus it is not probable that the available tax losses will be utilised in this way. Instead the tax losses will be carried for offset against the next available trading profits that arise.

Page 28

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,010,513 (2023 - 1,010,513) Ordinary shares of £2.50 each
2,526,283
2,526,283



20.


Reserves

Revaluation reserve

The revaluation reserve comprises the cumulative revaluation surplus of fixed assets revalued to the balance sheet date.

Profit and loss account

The profit and loss account comprises the cumulative retained earnings of the Company since incorporation.

21.


Analysis of net debt




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

81,184

14,602

95,786

Debt due after 1 year

(561,200)

561,200

-

Debt due within 1 year

-

(2,534,000)

(2,534,000)


(480,016)
(1,958,198)
(2,438,214)

Page 29

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Prior year adjustment

The first restatement of the prior year numbers relates to a reclassification of expenditure in respect of Academy Costs. The 2023 year-end comparatives have been restated to increase Cost of Sales relating to the Academy by £283,638 and a decrease to Administrative Costs relating to the Academy by the same amount.
The second restatement of the prior year numbers relates to an adjustment to the players medical insurance. The brought forward reserve from the 2022 year-end have been reduced by £53,190 and the 2023 year-end comparatives have been restated to increase accruals by £160,385 and increase the recorded loss by £107,195.
Page 30

 
SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.Prior year adjustment (continued)



23.


Pension commitments

Eligible staff are members of the Football League Limited Pension Life Assurance Scheme, which is a defined benefit scheme. The assets of this scheme are held separately from those of the Company, being invested with an insurance Company. 
The total pension costs charged in the year amounted to £71,276 (2023: £53,135). Contributions totalling  £8,675 (2023: £12,752) were payable to the fund at the balance sheet date and are included within other creditors.


24.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
As restated
2023
£
£


Not later than 1 year
48,496
32,880

Later than 1 year and not later than 5 years
56,016
65,434

104,512
98,314


25.


Related party transactions

The Company made purchases of £5,878 (2023: £5,878) from Montgomery Waters Limited, a Company of which D P Delves is a director. At the year end a creditor of £nil (2023: £2,390) is owed to Montgomery Waters Limited.
During the year the Company made sales totalling £8,309 (2023: £17,921) to Delves & Co Limited, Planet Doughnut Ltd, Delfin Investments Limited and Montgomery Waters Limited, companies which D P Delves is also a director of. There were £nil outstanding balances at the end of the year (2023: £NIL).
During the year the company made sales totalling £140,484 to Shrewsbury Town Football Club Foundation, in which a director is a trustee. The company also made purchases totalling £28,972 from the foundation. As at 30 June 2024 balances outstanding owing from the foundation were £3,600.
Included within other creditors are amounts owed to R E Wycherley MBE of £2,100,000 (2023: £400,000), and also amounts owed to D W G Montgomery of £434,000 (2023: £100,000). Support is ongoing and Directors loans to the club, which carry no interest, increased to £2,534,000 (2023: £1,285,000) in the year. Post year-end £2,100,000 was converted into Ordinary Shares, as set out in note 26 below. Director support continues and the amount loaned to the club, in addition to the balance converted into shares, currently stands at £1,125,000.

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SHREWSBURY TOWN FOOTBALL CLUB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Post balance sheet events

On the 13 September 2024, R Wycherley MBE, Director and Chairman, converted £2,100,000 of the Director's loan into Ordinary shares. 


27.


Controlling party

The Company is under the control of R E Wycherley MBE, Director and Chairman, who owns more than 50% of the issued share capital.

 
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