Company registration number 06550400 (England and Wales)
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
COMPANY INFORMATION
Directors
A R Stewart
R P Stewart
K Thomas
Secretary
K Thomas
Company number
06550400
Registered office
New York Stadium
New York Way
Rotherham
South Yorkshire
S60 1AH
Auditors
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
Bankers
Barclays Bank Plc
77 Albion street
Leeds
LS1 5LD
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of total comprehensive income
10
Statement of changes in equity
11
Balance sheet
12
Notes to the financial statements
13 - 22
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business and future developments

The 2023-24 season is Rotherham United's (RUFC) 99th season in their existence.

After managing to avoid relegation in 2022/23, hopes were high that the club would consolidate in the Championship. The season has been a struggle both on and off the pitch. The primary aim was around survival, competing with larger clubs with significant foreign investment and parachute payments.

Despite changes in management the season culminated in relegation to League One.

Turnover including income from player trading was £19.2m compared to last season £15.7m. Central Funding increased from £8.5m the previous season to £9.2m this year due to maintaining Championship status. Football income from season tickets, gate receipts and prize money increased from £2.6m to £2.9m (ie. up 11.7% year on year). Commercial income increased by 3% (£3.2m v £3.1m previous season). Merchandising income (including retail, website, programme and car park revenue) has marginally increased year on year (£836k v £830k). Income from media has reduced from £435k to £357k due to less TV coverage this season. Income from player trading was £2.5m (£95k 2023).

Cost of sales has increased by 11.7 % from £14.7m to £16.4m due to increased Championship wage pressures and match day operational costs.

Administration(including profit from disposal of assets) costs of £4.5m increased from £2.1m. last season mainly due to restructuring cost, pitch repairs and increased utility costs. Profit on disposal of assets was £268k this season compared to £870k last season 2022/23.

In a challenging season the loss before tax was £1.7m (compared to loss £1.1m 2023).

 

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

Business risk

The nature of the principal activities of the business are such that the company's revenues are somewhat dependent on the 'on-pitch' performance of the football team and getting fans and sponsors back into the stadium.

Relegation will result in a significant loss of revenue, including broadcasting and sponsorship income. The club will continue to focus on financial health, balancing investment in players and facilities against mandatory increased costs. The club will continue to manage costs through stringent financial planning.

We must continue to engage with fans, maintain and build relationships with sponsors and research any commercial opportunities that may create additional revenue for the club.

In order to compete in highly competitive leagues, significant and continued investment is required in the playing squad. Acquisition of new players and renewal of current key player contracts is essential to the long term playing and financial health of the club. Our existing squad includes a mix of domestic and international players. Recruitment of international players comes with visa and work permit issues which are mitigated by working closely with our legal partners to navigate the process. We will need to continue to widen our search for new talent using data analysis and increased scouting in the UK and Europe.

A major risk for the club is the potential loss of crucial staff, especially during a turbulent season. We will continue to offer competitive contracts and incentives to retain talent, ensuring a positive working environment.

With rising inflation and increases in minimum wage the club will need to continue to budget carefully to accommodate these increases without compromising investment in players. Streamlining operations and using technology for efficiency (eg digital ticketing and automation) could help manage these costs in 2024/25.

Ensuring fan safety is a critical issue and the growing trend towards safe standing areas, which allows fans to stand during a match, can raise additional risks if not properly managed. Effective crowd control, appropriate stewarding and compliance with health and safety standards are paramount. The club must continue to work with steward partners to ensure stewards are trained and maintain strong relationships with local authorities. Additionally technology (ie CCTV) and monitoring of ticket sales may help identify risks early.

Changes in governments and legislation can have a significant implications for the club, especially with regards to finance, employment, safety standards and infrastructure. To remain resilient the club will continue to be proactive in monitoring policies and adapting accordingly.

Compliance with the Football League regulations is a key area for the club. Company performance will continue to be monitored in order to comply with the financial constraints of the regulatory framework.

Credit risk
The company's credit risk is relatively low and is mainly attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring payments against contractual arrangements. Through conducting regular reviews the company can minimise the risk of exposure.

Liquidity risk
The company is financed by a mixture of central league funding, support from the club's sponsors and revenues raised through the normal business activities. Managing the company's cash and borrowings efficiently reduced the company's exposure to adverse interest expense.

 

 

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Key Performance Indicators

The financial performance of the company is monitored against budget prepared by management. The Club works within the guidelines set by EFL Football League, in the Championship this is Profit & Sustainability.

 

 

2024

2023

Change

Change

 

£k's

£k's

£k's

%

Income

 

 

 

 

 

 

 

 

First Team

8,703

7,934

769

9.7%

Academy

538

580

-42

-7.2%

Total Funding

9,241

8,514

727

8.5%

 

 

 

 

 

Match Day Income

1,135

1,000

135

13.5%

Season Tickets

1,744

1,578

167

10.6%

Total Match Receipts

2,879

2,578

302

11.7%

 

 

 

 

 

Sponsorship, Advertising & Hospitality

3,232

3,133

99

3.2%

Merchandising & Other Match Day

836

830

6

0.7%

Media

357

435

-79

-18.0%

Other Player Trading

2,542

95

2,447

2,576.3%

Other grants

86

101

-15

-15.1%

Total Income

19,173

15,686

3,487

22.2%

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

Profit/(Loss) After Tax

(1,699)

(878)

(821)

93.4%

 

Net current liabilities are £5.7m (£2.7m 2023).

Main movements in the company’s balance sheet are increased debtors by £611k from £1,385k to £1,996k. This includes football debtors £1,655k (£848k 2023).

Total Creditors are £8,836k (£4,253k 2023). Included in Creditors are loans from the EFL to guarantee PAYE payments £946k (£1,728k 2023) as well as other football creditors £907k (£436k 2023). Also included in creditors to be paid in less than 1 year is a group loan from ASD Lighting Plc £5,205k (£929k 2023).

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Other information and explanations

Non-financial performance is benchmarked against other Clubs and used in setting targets for the following season:

 

2024

2023

Change

Change

 

 

 

 

 

Average League Attendance

10,677

10,148

529

5.2%

Season Tickets Sold

7,225

6,711

514

7.7%

A huge thank you to our returning season ticket holders and fans that supported us on a match by match basis.

 

Future Developments

 

The club must focus on long-term player development, integrating academy graduates, and building a strong scouting network to identify hidden gems from lower leagues or overseas. We need to maximise the use of the loan markets, focus on smart scouting and lean heavily on the Youth Academy to bring through players that can play in League 1.

Our Management team will continue to make use of the facilities at our Roundwood training site whilst identifying innovative ways to measure and improve player’s fitness and skills.

We will continue to be proactive in monitoring changes in law and ensure that policies are updated and training is delivered where necessary.

We will continue to engage with fans and supporters to strengthen community engagement and support our Community Trust which continues to deliver sport, education and confidence to the local community.

We will continue to follow guidance from Public Health England and the EFL and ensure our that the health and safety of our staff, players and fans remains a priority.

Season ticket sales for 2024 are in excess of 6700. ASD Lighting Plc has agreed to sponsor the Club for another season. Other Sponsors secured include AESEAL, Mears, Eric Twigg Foods, KCM, Hughie Construction, our Diamond Partners and many more all secured for another season.

We look forward to an exciting season in League 1. Up the Millers.

 

 

On behalf of the board

K Thomas
Director
20 December 2024
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

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

Principal activities

The principal activity of the company continued to be that of a football league club and is unchanged from the previous years.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A R Stewart
R P Stewart
K Thomas
Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Inclusion and Anti-Discrimination Statement of Commitment
Rotherham United Football Club (RUFC) Ltd is a diverse organisation that values difference and recognises that people with different backgrounds, skills, attitudes and experiences bring fresh ideas and perceptions. Rotherham United Football Club (RUFC) Ltd take great care to treat each individual as a person in their own right, with equal rights and responsibilities to any other individual, whether they are an adult or a child. We are committed to providing equality of opportunity and anti-discriminatory practice for all players, officials, staff, fans, members of the community, partners and other stakeholders according to their individual needs. Discrimination on the grounds of sex, age, race, religion or belief, marriage or civil partnership, disability, sexual orientation, gender reassignment, pregnancy or maternity, ethnic or national origin or political belief has no place within the Club
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

The future developments of the company are discussed in the Strategic Report.

Auditor

In accordance with the company's articles, a resolution proposing that Buckle Barton Limited be reappointed as auditor of the company will be put at a General Meeting.

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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:

 

 

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 of disclosure to auditor

In so far as the directors are aware:

 

On behalf of the board
K Thomas
Director
20 December 2024
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
- 7 -
Opinion

We have audited the financial statements of Rotherham United Football Club (RUFC) Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
- 8 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

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

- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.

 

- We enquired of the directors for evidence of non compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

 

- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.

 

- The risk of fraud and non compliance with laws and regulations and fraud was discussed within the audit team and teste were planned and performed to address these risks. We identified the potential for fraud in the following areas - revenue recognition.

 

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

 

- We enquired of the directors about actual and potential litigation and claims.

 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

 

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

 

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
- 9 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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 an auditor's 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.

Mark Dalton BA FCA (Senior Statutory Auditor)
For and on behalf of Buckle Barton Limited
20 December 2024
Chartered Accountants
Statutory Auditor
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
19,172,906
15,686,000
Cost of sales
(16,393,065)
(14,680,220)
Gross profit
2,779,841
1,005,780
Administrative expenses
(4,479,875)
(2,136,490)
Other operating income
-
0
52,507
Operating loss
4
(1,700,034)
(1,078,203)
Interest receivable and similar income
7
(237)
-
0
Loss before taxation
(1,700,271)
(1,078,203)
Tax on loss
8
988
200,000
Loss for the financial year
(1,699,283)
(878,203)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
2,850,004
(5,057,441)
(2,207,437)
Year ended 30 June 2023:
Loss and total comprehensive income
-
(878,203)
(878,203)
Balance at 30 June 2023
2,850,004
(5,935,644)
(3,085,640)
Year ended 30 June 2024:
Loss and total comprehensive income
-
(1,699,283)
(1,699,283)
Balance at 30 June 2024
2,850,004
(7,634,927)
(4,784,923)
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
1,123,562
521,429
Tangible assets
10
328,386
341,382
1,451,948
862,811
Current assets
Stocks
11
159,645
112,540
Debtors
12
2,001,106
1,385,225
Cash at bank and in hand
969,944
56,828
3,130,695
1,554,593
Creditors: amounts falling due within one year
13
(8,838,680)
(4,253,042)
Net current liabilities
(5,707,985)
(2,698,449)
Total assets less current liabilities
(4,256,037)
(1,835,638)
Creditors: amounts falling due after more than one year
14
(528,886)
(1,250,002)
Net liabilities
(4,784,923)
(3,085,640)
Capital and reserves
Called up share capital
17
2,850,004
2,850,004
Profit and loss reserves
(7,634,927)
(5,935,644)
Total equity
(4,784,923)
(3,085,640)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
K Thomas
Director
Company registration number 06550400 (England and Wales)
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
1
Accounting policies
Company information

Rotherham United Football Club (RUFC) Limited is a company limited by shares incorporated in the UK and registered in England and Wales. The registered office is New York Stadium, New York Way, Rotherham, South Yorkshire, S60 1AH. New York Stadium, New York Way, Rotherham, S60 1AH

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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ASD Lighting Holdings Limited. These consolidated financial statements are available from the parent company's registered office, Mangham Road, Barbot Hall Industrial Estate, Rotherham, S61 4RJ.

1.2
Going concern

The accounts have been prepared on a going concern basistrue. Although the company had significant net liabilities at 30 June 2024 the directors have prepared cash flow forecasts for the next 12 months which show that the company can continue to trade as a going concern but it must continue to rely upon the support of sponsors, in particular its fellow subsidiary company ASD Lighting PLC to enable it to do so.

 

 

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover

Turnover represents income receivable from football and related commercial activities, exclusive of VAT. Gate receipts and other match day revenue are recognised as the games are played. The club also receives central distributions from the Football League and a solidarity payment from the Premier League that are beyond the direct control of the officers of the club. These distributions are recognised evenly over the course of the financial year.

 

Revenue derived from season tickets is credited to income in the period to which it relates. Amounts received in advance are credited to deferred income in the balance sheet.

 

Sponsorship, advertising and similar commercial income is recognised over the duration of the respective contracts. Amounts received in advance are credited to deferred income in the balance sheet.

1.4
Intangible fixed assets - Player registrations

In line with FRS 102, the costs associated with the acquisition of players' registrations are capitalised as intangible fixed assets and amortised over the period of the respective player's contracts. Players' registrations are written down for impairment when the carrying amount exceeds the amount recoverable through use or sale.

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:

Improvements to leasehold property
Over the period of the lease
Plant and equipment
20% on cost
Equipment, fixtures and fittings
20% on cost

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
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.7
Stocks

Stocks, which comprise goods held for re-sale, are stated at the lower of cost and estimated net realisable value.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more(or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

1.9
Retirement benefits

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

1.10
Leases

Rentals under operating leases are charged to the profit and loss account as they fall due.

1.11

Pension scheme

The pension costs charges in the financial statements represent the contribution payable by the company during the period.

1.12

Signing on fees

Signing on fees represent a normal part of the employment cost of the player and as such are to be charged to the profit and loss account in the accounting period in which payment is made. Potential instalments due in the future based on continued service are disclosed as a contingent liability.

1.13

Grants

There were no deferred grant releases during the year.

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.

 

The key estimates and judgements made by the directors when preparing the financial statements relate to:

 

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover
Match income & season tickets
2,878,941
2,577,320
Central distributions
9,219,950
8,486,119
Commercial income
3,231,561
3,132,725
Merchandising income
835,692
829,687
Media receipts
356,830
435,413
Transfer fees & sell on clauses
2,542,487
95,000
Other receipts
107,445
129,736
19,172,906
15,686,000
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
19,165,275
15,681,836
Rest of World
7,631
4,164
19,172,906
15,686,000
4
Operating loss on ordinary activities before taxation
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditors for the audit of the company's financial statements
13,200
12,000
Depreciation of owned tangible fixed assets
52,936
41,758
(Loss)/profit on disposal of tangible fixed assets
-
(1,700)
Amortisation of intangible assets
689,534
474,567
Profit on disposal of intangible assets
(266,667)
(869,697)
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,200
12,000
6
Employees

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

2024
2023
Number
Number
Sales, matchday, ground staff
64
63
Administration and other
6
6
First team players and coaches
52
45
Youth team players and coaches
53
52
Total
175
166

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
11,417,943
9,097,897
Employers NI
1,402,242
1,129,478
Class 1 NI
75,110
52,125
Pension (paid to EFL for players)
17,716
16,880
Pension FT Staff
35,849
39,921
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
(237)
-
0
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(988)
-
0
Group tax relief
-
0
(200,000)
Total current tax
(988)
(200,000)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,700,271)
(1,078,203)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(425,068)
(221,032)
Tax effect of expenses that are not deductible in determining taxable profit
1,302
1,223
Unutilised tax losses carried forward
255,507
-
0
Adjustments in respect of prior years
(988)
-
0
Group relief
170,869
-
0
Permanent capital allowances in excess of depreciation
(15,844)
-
0
Depreciation on assets not qualifying for tax allowances
13,234
4,690
Deferred tax roundings
-
0
(18,910)
Group relief not charged for
-
0
34,029
Taxation credit for the year
(988)
(200,000)
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
9
Intangible fixed assets
Player Registrations
£
Cost
At 1 July 2023
1,265,000
Additions
1,400,000
Disposals
(565,000)
At 30 June 2024
2,100,000
Amortisation and impairment
At 1 July 2023
743,571
Amortisation charged for the year
689,534
Disposals
(456,667)
At 30 June 2024
976,438
Carrying amount
At 30 June 2024
1,123,562
At 30 June 2023
521,429
10
Tangible fixed assets
Improvements to leasehold property
Plant and equipment
Equipment, fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
470,918
475,121
306,455
1,252,494
Additions
-
0
32,000
7,940
39,940
At 30 June 2024
470,918
507,121
314,395
1,292,434
Depreciation and impairment
At 1 July 2023
273,940
345,301
291,871
911,112
Depreciation charged in the year
19,950
26,820
6,166
52,936
At 30 June 2024
293,890
372,121
298,037
964,048
Carrying amount
At 30 June 2024
177,028
135,000
16,358
328,386
At 30 June 2023
196,978
129,820
14,584
341,382
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
159,645
112,540
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,680,584
903,376
Other debtors
-
0
20,651
Prepayments and accrued income
320,522
461,198
2,001,106
1,385,225

 

Included within debtors are football debtors of £1,651,606 (2023: £847,792).

13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
15
416,666
477,866
Trade creditors
1,574,778
1,090,768
Amounts owed to group undertakings
5,204,737
929,150
Corporation tax
-
0
988
Other taxation and social security
817,041
765,543
Accruals and deferred income
825,458
988,727
8,838,680
4,253,042

Included within creditors falling due within 1 year are loan repayments to the EFL of £416,666 (2023: £477,886) and other football creditors £907,190 (2023: £435,977).

 

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
15
528,886
1,250,002
15
Loans and overdrafts
2024
2023
£
£
Other loans
945,552
1,727,868
Payable within one year
416,666
477,866
Payable after one year
528,886
1,250,002
ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Loans and overdrafts
(Continued)
- 21 -

The long-term loan is a loan from The Football League which is both unsecured and interest free. The loan is repayable in equal instalments with the final repayment is due in July 2025.

 

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,565
56,801

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,850,004
2,850,004
2,850,004
2,850,004

Ordinary shares carry one vote per share.

 

18
Operating lease

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

2024
2023
£
£
Within one year
62,668
61,939
Between two and five years
181,593
136,391
In over five years
113,750
148,750
358,011
347,080

 

ROTHERHAM UNITED FOOTBALL CLUB (RUFC) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
19
Contigent liabilities

Additional transfer costs of £105,000 (2023: £69,500) will become payable if certain conditions contained within the relevant contracts are met. These payments will be accounted for in the year in which they fall due for payment.

 

Additional transfer fees of £675,000 (2023: £625,000) will become receivable if certain conditions contained within the relevant contracts are met. These amounts will be accounted for in the year which they become receivable.

 

The company has provided an unlimited cross guarantee in respect of the banking facilities of ASD Lighting Holdings Limited, ASD Lighting plc and RU Estates Limited. At 30 June 2024 there was a potential liability of £nil (2023: £nil).

20
Related party transactions

The directors of the company are remunerated through ASD Management LLP (an LLP of which A R Stewart and R P Stewart are members) and ASD Lighting plc, a fellow subsidiary of ASD Lighting Holdings Limited.

 

During the year the company received sponsorship and advertising income of £1,006,400 (2023: £1,006,000) from ASD Lighting plc. The company was charged £12,746 (2023: £12,746) for the provision of administrative services by ASD Lighting plc. At 30 June 2024 included within creditors falling due within one year is £5,204,737 (2023: £929,150) owed to ASD Lighting plc.

 

During the year the company was charged £993,056 (2023: £1,083,333) by RU Estates Limited, a company of which A R Stewart and R P Stewart are directors, for the rent of assets.

 

During the year the company made sales of £58,579 (2023: £54,228) to Rotherham United Community Sports Trust, a company of which K Thomas is a Trustee.

21
Ultimate controlling party

A R Stewart is the ultimate controlling party by virtue of his majority shareholding in ASD Lighting Holdings Limited, the parent company of Rotherham United Football Club (RUFC) Limited.

 

ASD Lighting Holdings Limited is registered in England and Wales, accounts are available from Companies House, Crown Way, Cardiff CF14 3UZ.

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