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Registration number: 00053100

Swindon Town Football Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Swindon Town Football Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Swindon Town Football Company Limited

(Registration number: 00053100)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

23,612

59,306

Tangible assets

5

100,873

89,830

Investments

6

1,150,000

1,150,000

 

1,274,485

1,299,136

Current assets

 

Stocks

7

40,307

858

Debtors

8

474,440

468,656

Cash at bank and in hand

 

57,729

84,123

 

572,476

553,637

Creditors: Amounts falling due within one year

9

(2,334,183)

(3,475,527)

Net current liabilities

 

(1,761,707)

(2,921,890)

Total assets less current liabilities

 

(487,222)

(1,622,754)

Creditors: Amounts falling due after more than one year

9

(7,623,825)

(5,148,157)

Net liabilities

 

(8,111,047)

(6,770,911)

Capital and reserves

 

Called up share capital

6,237,293

6,237,293

Retained earnings

(14,348,340)

(13,008,204)

Shareholders' deficit

 

(8,111,047)

(6,770,911)

 

Swindon Town Football Company Limited

(Registration number: 00053100)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 

.........................................
Mr C G B Morfuni
Director

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
County Ground
County Road
Swindon
Wiltshire
SN1 2ED

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

The director acknowledges the challenges facing the company and has secured sufficient personal funding to support all of the company's liabilities as they fall due. As such the director believes the continued use of the going concern basis to be appropriate.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the normal course of business, net of discounts and other sales-related tax.

Merchandising revenue is recognised when goods are paid for and title has passed.

Gate receipts and other match day revenues are recognised as the games are played.

Prize money in respect of cup competitions is recognised when received.

Sponsorship and similar commercial income is recognised over the duration of the respective contracts. Broadcasting revenues received for live coverage or highlights are taken when earned whilst merit awards are allowed for only when known.

Match day turnover which is received in advance of the year end but relating to the following year (mainly sale of seasonal facilities) is treated as deferred income. The deferred income is then released to turnover as the games are played.

Tangible assets

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

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

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Property improvements

3 to 20 years straight line

Business combinations

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Player and football staff acquisition costs

Straight line basis over period of contract

Investments

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


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

Cash and cash equivalents

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

Debtors

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

Stocks

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

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

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

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

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

Leases

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

Share capital

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

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 218 (2023 - 214).

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Players' registrations
 £

Total
£

Cost or valuation

At 1 June 2023

90,000

90,000

Disposals

(30,000)

(30,000)

At 31 May 2024

60,000

60,000

Amortisation

At 1 June 2023

30,694

30,694

Amortisation charge

18,194

18,194

Amortisation eliminated on disposals

(12,500)

(12,500)

At 31 May 2024

36,388

36,388

Carrying amount

At 31 May 2024

23,612

23,612

At 31 May 2023

59,306

59,306

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

3,061,416

673,108

11,773

3,746,297

Additions

-

38,786

-

38,786

Disposals

-

(5,300)

-

(5,300)

At 31 May 2024

3,061,416

706,594

11,773

3,779,783

Depreciation

At 1 June 2023

3,041,379

609,805

5,283

3,656,467

Charge for the year

1,050

20,968

3,925

25,943

Eliminated on disposal

-

(3,500)

-

(3,500)

At 31 May 2024

3,042,429

627,273

9,208

3,678,910

Carrying amount

At 31 May 2024

18,987

79,321

2,565

100,873

At 31 May 2023

20,037

63,303

6,490

89,830

6

Investments

2024
£

2023
£

Investments in joint ventures

1,150,000

1,150,000

Joint ventures

£

Cost

Additions

1,150,000

Provision

Carrying amount

At 31 May 2024

1,150,000

At 31 May 2023

1,150,000

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Stocks

2024
£

2023
£

Other inventories

40,307

858

8

Debtors

Current

2024
£

2023
£

Trade debtors

159,387

173,404

Prepayments

24,611

11,175

Other debtors

290,442

284,077

 

474,440

468,656

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

389,246

515,194

Trade creditors

1,016,482

1,598,805

Taxation and social security

268,649

223,705

Other creditors

659,806

1,137,823

2,334,183

3,475,527

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

7,623,825

5,148,157

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

 

Swindon Town Football Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Not later than one year

102,917

135,000

Later than one year and not later than five years

400,000

400,000

Later than five years

24,383,324

24,483,324

24,886,241

25,018,324

The amount of non-cancellable operating lease payments recognised as an expense during the year was £135,000 (2023 - £135,000).

11

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,246

9,994

Other borrowings

379,000

505,200

389,246

515,194

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

10,506

20,752

Other borrowings

7,613,319

5,127,405

7,623,825

5,148,157

12

Parent and ultimate parent undertaking

The company's immediate parent is Seebeck 87 Limited, incorporated in England and Wales.

 The ultimate parent is Axis Football Investments Ltd, incorporated in England and Wales.

 The ultimate controlling party is Mr C G B Morfuni.