Company registration number 04789632 (England and Wales)
NOTTS COUNTY FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NOTTS COUNTY FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
NOTTS COUNTY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
217,118
138,788
Tangible assets
5
2,952,288
1,309,312
Investments
6
1
1
3,169,407
1,448,101
Current assets
Stocks
234,252
101,389
Debtors
7
406,872
587,175
Cash at bank and in hand
1,709,368
947,966
2,350,492
1,636,530
Creditors: amounts falling due within one year
8
(19,847,758)
(16,439,263)
Net current liabilities
(17,497,266)
(14,802,733)
Total assets less current liabilities
(14,327,859)
(13,354,632)
Provisions for liabilities
(209,254)
(149,202)
Net liabilities
(14,537,113)
(13,503,834)
Capital and reserves
Called up share capital
13,120,000
12,620,000
Profit and loss reserves
(27,657,113)
(26,123,834)
Total equity
(14,537,113)
(13,503,834)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
Mr C Reedtz
Director
Company Registration No. 04789632
NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Notts County Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Meadow Lane Stadium, Meadow Lane, Nottingham, Nottinghamshire, United Kingdom, NG2 3HJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Mr C Reedtz, Mr A Reedtz and the directors of Reedtz Limited have confirmed that it is their intention to provide ongoing support to the company to ensure the company can meet its liabilities as they fall due for a period of at least 12 months from the date of signing the financial statements.

 

The directors would like to reiterate that they are fully committed to supporting the club. In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed cash flow forecasts, considering all reasonably foreseeable potential scenarios and material uncertainties in relation to income and costs. Based on these cash flow forecasts the Club can meet its liabilities as they fall due and the Directors have therefore concluded that it is appropriate for the financial statements to be prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable, net of VAT, from football and related commercial activities in the normal course of business.

 

Match receipts, including season tickets, are recognised over the period of the football season as games are played.

 

Food, drink and shop income is recognised at the point of sale, when the goods have been transferred to the buyer.

 

Sponsorship, English Football League (EFL) grants and similar commercial income is recognised over the duration of the respective contracts.

 

TV and radio income received for live coverage or highlights are taken when earned at the point of broadcast.

 

Income from the sale of season tickets, match receipts, sponsorship, and commercial contracts which have been received prior to the year end in respect of future football seasons is treated as deferred income.

NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill

The costs associated with acquiring players' registration, inclusive of EFL levies, or extending their contracts, including agent fees, are capitalised and amortised on a straight line basis over the period of the respective players' contracts after consideration of their residual values.

 

Where a contract is renegotiated, the unamortised cost, together with the new costs relating to the contact extension, are amortised over the term of the new contract. Residual values are reviewed by the board on an ongoing basis over the course of the season by reference to active market values.

 

Under the conditions of certain transfer agreements, further fees may become payable in the event of players or the company achieving certain outcomes. Costs are capitalised at the date of achievement with any future costs treated as contingent liabilities.

 

The profit or loss on sale of players' registrations represents the proceeds of sale less the net book value of the registration, levies and associated costs.

 

The company undertakes annual impairment reviews on player registrations.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Player transfer costs
Over the duration of the contract
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10%-33% straight line
Fixtures, fittings & equipment
5%-33% straight line
Computer equipment
20%-33% straight line
Motor vehicles
20%-40% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from related parties 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.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Taxation

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15

Pension

The company contributes to the Football League Limited Pension and Life Assurance Scheme for certain former employees, the assets of which are held separately from those of the company in independently administered funds.

In accordance with FRS102, the company records in the financial statements a liability equal to the net present value of the future deficit reduction payments.

 

The company also contributes to individuals' money purchase pension schemes with contributions being charged to the profit and loss account as they become payable.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible assets, amortisation and residual values

The directors have reviewed the estimates for useful lives and associated residual values of all intangible asset classes and have concluded that useful lives and residual values are appropriate.

 

The useful lives of the assets and residual values are assessed regularly and may vary depending on a number of factors. In re-assessing useful lives, factors such as player health and fitness are taken account. Residual value assessments consider issues such as future market conditions, current league status, the remaining life of the asset and the net present value of such cashflows.

Impairment of non-current assets

The company assesses the impairment of tangible and intangible assets subject to amortisation or depreciation whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors considered important that could trigger an impairment review include the following:

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
340
274
NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Intangible fixed assets
Player' registrations
£
Cost
At 1 July 2023
212,000
Additions
182,005
Disposals
(12,000)
At 30 June 2024
382,005
Amortisation and impairment
At 1 July 2023
73,212
Amortisation charged for the year
103,675
Disposals
(12,000)
At 30 June 2024
164,887
Carrying amount
At 30 June 2024
217,118
At 30 June 2023
138,788
5
Tangible fixed assets
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
-
0
579,158
1,935,628
124,744
23,275
2,662,805
Additions
1,382,545
23,000
464,501
6,947
2,500
1,879,493
At 30 June 2024
1,382,545
602,158
2,400,129
131,691
25,775
4,542,298
Depreciation and impairment
At 1 July 2023
-
0
327,036
911,665
96,517
18,275
1,353,493
Depreciation charged in the year
-
0
56,656
165,025
13,044
1,792
236,517
At 30 June 2024
-
0
383,692
1,076,690
109,561
20,067
1,590,010
Carrying amount
At 30 June 2024
1,382,545
218,466
1,323,439
22,130
5,708
2,952,288
At 30 June 2023
-
0
252,122
1,023,963
28,227
5,000
1,309,312
NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
1
1
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
91,321
101,994
Transfer fees receivable
-
0
38,000
Prepayments and accrued income
163,753
372,323
Other debtors
151,798
74,858
406,872
587,175
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
946,499
644,524
Taxation and social security
125,193
353,761
Other creditors
18,776,066
15,440,978
19,847,758
16,439,263
NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
9
Pensions commitment

Notts County Football Club ('the Club') participates in the Football League Pension and Life Assurance Scheme ('the Scheme'). The Scheme is a funded multi-employer defined benefit scheme, with 94 participating employers, and where members may have periods of service attributable to several participating employers.

 

The last actuarial valuation was carried out at 31 August 2023 where the total deficit on the on-going valuation basis was £20.6 million. The key assumptions used to calculate the deficit at the 31 August 2023 actuarial valuation are:

 

Discount Rate: BoE Gilt Yield Curve + 0.5% pa. SER: 5.10% p.a.

RPI inflation: 3.5% p.a. SER: 3.50% p.a.

Pension Increases: 3.0% p.a. for benefits accrued prior to 6 April 1997, and 3.75% p.a. for benefits accrued after 6 April 1997.

Mortality (pre-retirement):     None.

Mortality (post-retirement): 100% of S3PA tables projected using CMI 2022 core projection model and a long-term improvement rate of 1.5% p.a.

 

The accrual of benefits ceased within the Scheme on 31 August 1999, therefore there are no contributions relating to current accruals. The Club pays monthly contributions based on a notional split of the total expenses and deficit contributions of the Scheme.

 

The Club currently pays total contributions of £48,480 per annum which increases at 5% per annum (increases applying each year on 1 September) and based on the valuation assumptions detailed above, will be sufficient to pay off the deficit by 30 November 2028.

 

In accordance with FRS102, a liability of £195,058 has been recorded in the financial statements equal to the net present value of the future deficit reduction payments

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Matthew Woodhead BSc FCA
Statutory Auditor:
Azets Audit Services
11
Contingent asset

The company has entered into agreements with other football clubs in respect of the sale of players from which the company may receive a fixed percentage of net profit on the sale of the player to another club.

 

The maximum asset receivable based on potential future events is £nil (2023: £200,000).

12
Financial commitments, guarantees and contingent liabilities

The company has entered agreements with other football clubs in respect of the purchase of players from which the company may make payments on a fixed percentage of net profit on the sale of the player to another club.

 

The maximum liability payable based on potential future events is £42,500 (2023: £22,500).

NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
4,016,000
2,610,000
14
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
111,381
-
15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Loans advanced
Consultancy
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
1,300,000
-
-
-
Other related parties
2,000,000
2,000,000
110,000
110,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
4,300,000
3,000,000
Other related parties
12,860,000
10,860,000
2024
2023
Amounts due from related parties
£
£
Other related parties
62,008
-
NOTTS COUNTY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
16
Events after the reporting date

Since the Balance Sheet date various players have been bought and sold.

 

The income of these transfers, taking into account the applicable levies and sell on clauses, is £1,194,000 (2023: £nil). The net cost of these transfers, taking into account the applicable levies is £196,000 (2023: £nil). These transfers will be accounted for in the year ending 30 June 2025.

17
Parent company

The immediate parent undertaking is Reedtz Limited, a company registered in the Isle of Man.

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