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REGISTERED NUMBER: 04273743 (England and Wales)

















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

CFC 2001 Ltd

CFC 2001 Ltd (Registered number: 04273743)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Chairman's Report 2

Strategic Report 3

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


CFC 2001 Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr J Croot
Mr A Fantom
Mr M W Goodwin
Mr P A Kirk
Mr A A Kirk
Mr D T Simmonds
Dr P C Stankard
Mrs S E Kirk


SECRETARY: Mr P Whiteley


REGISTERED OFFICE: The SMH Group Stadium
1866 Sheffield Road
Chesterfield
United Kingdom
S41 8NZ


REGISTERED NUMBER: 04273743 (England and Wales)


AUDITORS: Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ


BANKERS: Barclays Bank Plc

CFC 2001 Ltd (Registered number: 04273743)

Chairman's Report
for the Year Ended 30 June 2024

This report represents the season that Chesterfield FC Community Trust relinquished control of the football club; I am proud that this happened once Chesterfield FC was confirmed as Champions of the National League and was returned to the Football league.

We always maintained that the Trust acted to ensure that Chesterfield would continue to have a professional club, knowing that this also meant the charity could continue to deliver the good work in our community. However, from the outset we maintained that the Trust would be custodians until the right owner was found. We are confident that a pair of brothers born in the town who are long-term fans means we have the best ownership position.

The annual accounts do show a significant loss, but it was not a secret that the aim was regain our Football League status and that would mean investment both in the playing staff and the stadium. This approach was supported by Ashley and Phil Kirk and that investment has meant the change in ownership to reflect the input of capital.

Since the end of the financial year Terry Ward has left the board. As the original architect of the stadium his input since the Trust take-over has been essential and we are grateful for his support. Around the stadium there have been significant improvements with LED floodlights, a new screen, improved PA system, new pitch surrounds, ball-stop netting and new look dug-outs.

Sharon Kirk joined the board this autumn following Terry's resignation.

It is a proud record that every year under the Trust, playing results improved. Last Season records were broken as the title and automatic promotion was won in style. A record number of wins, home and away, the most goals in a season and the record number of points. Sufficient points were amassed by February to ensure promotion with the Championship Trophy presented in March.

The last match of the season saw the largest crowd in the stadium's history and the average for the season was the best for more than fifty years. Season ticket numbers for the new season are at record levels.

While that exceptional form hasn't carried into the League this season, partly due to a terrible run of injuries, the team is still fighting to be in the promotion mix in the first season back. We are pleased that Paul Cook, and his coaching team, have committed to the club with extended contracts. The manager will continue to be backed to ensure the playing squad is competitive.

Work has continued at the training ground. The pitches there are first rate, and accommodation is starting to be added and improved. We believe such investment can not only bring tangible results on the field of play but also in developing talent that brings reputational and financial returns.



Mike Goodwin
Chairman

14 March 2025

CFC 2001 Ltd (Registered number: 04273743)

Strategic Report
for the Year Ended 30 June 2024

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

The 2023/24 financial year represents the third complete financial year since the takeover of the club by the Chesterfield FC Community Trust. It also marked the end of the charity controlling the football club. Phil Kirk's investment of share capital made him the majority shareholder with him and Ashley Kirk the owners of Chesterfield FC, along with the Chesterfield FC Community Trust and around 1600 other fan shareholders.

REVIEW OF BUSINESS
It was the second full season under Paul Cooks stewardship and one that saw success on the field. The team hit the top of the table after nine games and were then never headed. The title was won with games to spare.

Once again, we had a significant run in the FA Cup with wins over Portsmouth and Leyton Orient. This led to a tie at Watford. Four thousand Spireites travelled south to the Championship side to see Chesterfield take a lead which was held until the last fifteen minutes. The Championship side then won it with a goal deep in additional time.

The league results were record breaking. Effectively the Championship and the sole automatic promotion place was secured in February. A club record of points and goals followed.

Crowds were also once again remarkable, with three matches sold out in the 2023/24 season, and this has been repeated for one match of the 2024/25 season. A new stadium attendance record was also set for the last match of 2023/24 season. The record number of season tickets sold for last season has been eclipsed for the first season back in the Football League. Including the 500 agreed season tickets for the Community Trust there are now just shy of six thousand season ticket holders. This 2024/25 season ad-hoc sales have continued at similar levels to last so a new record fifty-year average is expected.

Paul Cook attempted to build on last season's success by again recruiting established players who are used to performing at a level above our current position. This didn't stop the signing of those yet unproven who the management and recruitment team considered promising. One player signed from step four has subsequently been sold for many times the original cost. The issue in the 2024/25 season has unfortunately been the unprecedented number of injuries the majority of which are impact or appear unavoidable. This has meant that the club has also played at least one first-year scholar in league fixtures. The club will make the best use of loan players now back in the League but prefers to develop its own players.

The return to the Football League is significant for the increased revenue guaranteed by the football authorities. The higher profile and increased television and other media coverage not only helps the club from a commercial and marketing perspective but also benefits the town and the local community.

Phil Kirk has assumed effective ownership of the club and has continued to invest in the playing squad and wider club. This has given some stability for the team and the manager as we return Chesterfield to the football league. Unfortunately, some of that capital and effort by the manager has had to go at fighting our injury crisis. This support has however allowed work to continue at the training ground where facilities are being incrementally improved.

As part of the return to the Football League significant work has been done at the SMH Group Stadium. The floodlights, sound system and pitch surrounds have all been replaced and upgraded. This is a considerable investment, partly funded by the Football Foundation, for the medium-term but has enhanced the match-day experience and also the stadium's commercial potential.

The return to the Football League has meant a formal academy has been re-established. This has meant a commitment of funds to match those from the EFL with the academy initially being a category four. As it is the first year with formal scholars some of the hybrid aspects utilising external education programmes to involve more young players have continued.


CFC 2001 Ltd (Registered number: 04273743)

Strategic Report
for the Year Ended 30 June 2024

The vast majority of home ad-hoc tickets are now sold online with almost half being used from NFC wallets, very few are issued as printed tickets. A few season tickets have been issued as NFC tickets without any issues. It is expected that many will choose to have their season tickets in NFC wallets from next year. We have been keen to work with Ticketmaster and partner clubs to facilitate away tickets from our own database. This means our fans do not need to register with other clubs to buy e-tickets. We expect that virtual tickets for away games and tickets in NFC wallets for home games will become the norm.

PRINCIPAL RISKS AND UNCERTAINTIES
With the country still faced with economic uncertainty, there remains a threat to businesses in the leisure industry and our wider community. We do not take our strong support for granted and understand the pressures faced by ordinary people particularly in Chesterfield and its surrounding areas.

In this business it is what happens on the football field that generates or mitigates most of the risks. This includes commercial activities and to a lesser extent non-football business. Everyone knows the rewards that promotion to the League can mean but they come with increased expenditure and administration. Football is also an industry where as well as budgets, cashflow is a very significant factor.

Apart from promotion and the prevailing economic environment the Club has amongst other uncertainties to manage: the risk of loss or non-availability of key players; the threat of future relegation; the safety of staff and supporters in general but particularly at matches; compliance with league and tax regulations; and the availability of appropriate finance.

FINANCIAL KEY PERFORMANCE INDICATORS
As always, the playing budget is an area that needs constant monitoring. Building a better squad while holding costs is essential but difficult as players are injured. It isn't just about delivering on the field but developing and improving players that when sold can provide a financial return.

The move from Trust control means a more commercial focussed model. However, it is recognised that the community model where engagement with a wider range of businesses, organisations and customers is the norm will still be essential.

In terms of judging performance, we would want to see the turnover rise each year. The turnover in 2024 increased by £1,021,110, an increase of 22% on 2023. However, any rise should be matched by a move towards breakeven. We are looking at more business away from matchdays and greater commercial partnership opportunities. That said our primary business is football so having increased our season ticket numbers to 5400 from fewer than 2800 before the Trust took over is significant; the aim will now be to maintain that level of regular supporters. Match-by-match sales have continued to be strong, and it is hoped this will continue with developments to enhance the matchday experience and to engage with the wider community.

ON BEHALF OF THE BOARD:





Mr J Croot - Director


14 March 2025

CFC 2001 Ltd (Registered number: 04273743)

Report of the Directors
for the Year Ended 30 June 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a football club.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr J Croot
Mr A Fantom
Mr M W Goodwin
Mr P A Kirk
Mr A A Kirk
Mr D T Simmonds
Dr P C Stankard

Other changes in directors holding office are as follows:

Mrs S E Kirk was appointed as a director after 30 June 2024 but prior to the date of this report.

Mr W T Ward ceased to be a director after 30 June 2024 but prior to the date of this report.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

CFC 2001 Ltd (Registered number: 04273743)

Report of the Directors
for the Year Ended 30 June 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sutton McGrath Hartley, were approved for re-appointment at the forthcoming Annual General Meeting and the directors were authorised to fix their remuneration.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr M W Goodwin - Director


14 March 2025

Report of the Independent Auditors to the Members of
CFC 2001 Ltd

Opinion
We have audited the financial statements of CFC 2001 Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Emphasis of matter
We draw attention to note 2 to the financial statements in relation to going concern, which explains other factors that may impact the Company over the next 12 months. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Annual Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
CFC 2001 Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
CFC 2001 Ltd


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

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

Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based approach.

In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies.The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are assessed by obtaining an understanding of the company's operations and control environment. The policies and controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, including the going concern basis, reviewing and evaluating related parties transactions, and wider background searches. Testing of contract amortisation, cut off and carrying value of assets is also completed.

We have ensured that the engagement team have appropriate levels of competence and experience to effectively monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity.

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

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




Howard Matthews BA FCA (Senior Statutory Auditor)
for and on behalf of Sutton McGrath Hartley
5 Westbrook Court
Sharrowvale Road
Sheffield
South Yorkshire
S11 8YZ

21 March 2025

CFC 2001 Ltd (Registered number: 04273743)

Income Statement
for the Year Ended 30 June 2024

2024 2023
Notes £ £

TURNOVER 3 5,598,556 4,577,446

Cost of sales 816,888 611,956
GROSS PROFIT 4,781,668 3,965,490

Administrative expenses 8,036,188 6,204,218
(3,254,520 ) (2,238,728 )

Other operating income 4 60,831 225,504
OPERATING LOSS 6 (3,193,689 ) (2,013,224 )

Interest receivable and similar income 2,039 89,308
(3,191,650 ) (1,923,916 )

Interest payable and similar expenses 8 120,777 226,756
LOSS BEFORE TAXATION (3,312,427 ) (2,150,672 )

Tax on loss 9 - (4,454 )
LOSS FOR THE FINANCIAL YEAR (3,312,427 ) (2,146,218 )

CFC 2001 Ltd (Registered number: 04273743)

Other Comprehensive Income
for the Year Ended 30 June 2024

2024 2023
Notes £ £

LOSS FOR THE YEAR (3,312,427 ) (2,146,218 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(3,312,427

)

(2,146,218

)

CFC 2001 Ltd (Registered number: 04273743)

Statement of Financial Position
30 June 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 66,233 -
Tangible assets 11 12,936,489 12,516,048
13,002,722 12,516,048

CURRENT ASSETS
Stocks 12 95,243 84,857
Debtors 13 667,985 645,970
Cash at bank and in hand 555,741 201,612
1,318,969 932,439
CREDITORS
Amounts falling due within one year 14 3,023,026 2,545,628
NET CURRENT LIABILITIES (1,704,057 ) (1,613,189 )
TOTAL ASSETS LESS CURRENT LIABILITIES 11,298,665 10,902,859

CREDITORS
Amounts falling due after more than one year 15 5,399,503 5,163,564
NET ASSETS 5,899,162 5,739,295

CAPITAL AND RESERVES
Called up share capital 18 14,310,078 10,837,784
Share premium 5,931,216 5,931,216
Retained earnings (14,342,132 ) (11,029,705 )
SHAREHOLDERS' FUNDS 5,899,162 5,739,295

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:





Mr M W Goodwin - Director


CFC 2001 Ltd (Registered number: 04273743)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 July 2022 10,000,000 (8,883,487 ) 5,769,000 6,885,513

Changes in equity
Issue of share capital 837,784 - 162,216 1,000,000
Total comprehensive income - (2,146,218 ) - (2,146,218 )
Balance at 30 June 2023 10,837,784 (11,029,705 ) 5,931,216 5,739,295

Changes in equity
Issue of share capital 3,472,294 - - 3,472,294
Total comprehensive income - (3,312,427 ) - (3,312,427 )
Balance at 30 June 2024 14,310,078 (14,342,132 ) 5,931,216 5,899,162

CFC 2001 Ltd (Registered number: 04273743)

Statement of Cash Flows
for the Year Ended 30 June 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (2,400,503 ) (1,546,572 )
Interest paid (120,777 ) (85,495 )
Decrease in debts with Community Trust (85,812 ) (949,433 )
Net cash from operating activities (2,607,092 ) (2,581,500 )

Cash flows from investing activities
Purchase of intangible fixed assets (100,600 ) (68,750 )
Purchase of tangible fixed assets (549,275 ) (86,256 )
Interest received 2,039 89,308
Net cash from investing activities (647,836 ) (65,698 )

Cash flows from financing activities
New loans in year 431,837 1,351,479
Loan repayments in year (295,074 ) (14,985 )
Share issue 3,472,294 1,000,000
Net cash from financing activities 3,609,057 2,336,494

Increase/(decrease) in cash and cash equivalents 354,129 (310,704 )
Cash and cash equivalents at beginning of
year

2

201,612

512,316

Cash and cash equivalents at end of year 2 555,741 201,612

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Loss before taxation (3,312,427 ) (2,150,672 )
Depreciation charges 163,201 159,570
Loss on disposal of fixed assets - 31,992
Finance costs 120,777 226,756
Finance income (2,039 ) (89,308 )
(3,030,488 ) (1,821,662 )
Increase in stocks (10,386 ) (27,936 )
Increase in trade and other debtors (22,015 ) (298,177 )
Increase in trade and other creditors 662,386 601,203
Cash generated from operations (2,400,503 ) (1,546,572 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£ £
Cash and cash equivalents 555,741 201,612
Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 201,612 512,316


CFC 2001 Ltd (Registered number: 04273743)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/23 Cash flow At 30/6/24
£ £ £
Net cash
Cash at bank and in hand 201,612 354,129 555,741
201,612 354,129 555,741
Debt
Debts falling due within 1 year (151,261 ) 63,806 (87,455 )
Debts falling due after 1 year (3,274,019 ) (200,569 ) (3,474,588 )
(3,425,280 ) (136,763 ) (3,562,043 )
Total (3,223,668 ) 217,366 (3,006,302 )

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

CFC 2001 Ltd is a private company, limited by shares, registered in England and Wales. Its registered number is 04273743 and its registered office is:
The SMH Group Stadium
1866 Sheffield Road
Chesterfield
United Kingdom
S41 8NZ

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At 30 June 2024 the Company had net current liabilities amounting to £1,704,057 (2023: £1,613,189). The Club had just won promotion to the Football League after being crowned National League champions.

The board looked forward to the 2024/25 season and with the recent change in ownership to give Phil Kirk control, agreed that they would underwrite the campaign and ensure the company would meet its debts as they fell due. The Club continues to face uncertainty in its operations and financial performance. Income from catering and concourse sales together with commercial activity and obviously sponsorship and ticket sales are driven by success on the field.

At 30 June 2024, and as at the date of these accounts, Phil Kirk is the majority owner of the Club. As agreed as part of the equity funding by shareholders at the AGM on 13 March 2024, Phil will personally guarantee the Club can meet its debts as they fall due, fulfil its fixture commitments and continue as a going concern for the next season at least (or in excess of 12 months).

Changes in accounting policies
There has been a change in accounting policies in the year in relation to the amortisation of player registrations, as detailed below.

Previously, transfer fees were capitalised and fully amortised immediately upon the registration of the player, because in the league in which the club operated, the future value of players was generally very uncertain.

Now, transfer fees are capitalised and amortised over the length of the player's contract.

The change in policy is in line with EFL rules due to last year's promotion, and makes sense from the club's view point of expected growth in the coming years.

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue received in advance of a period end but relating to events occuring in future periods, principally season ticket income, is treated as deferred income. The deferred income is released to turnover as and when the Company performs its contractual obligations, for example as each home game is played.

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 Income and Retained Earnings in the same period as the related expenditure.

Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

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 seperate 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 Balance Sheet. The assets of the plan are held seperately from the Company in independently administered funds.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Transfer fees are capitalised and amortised over the length of the player's contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 first in, first out basis.

At each balance sheet 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.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is re-measured. It is measured initially at the present value of future cash flows, discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Judgements in applying accounting policies and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

(i) Useful economic lives of tangible assets and intangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and are amended when necessary to reflect current estimates, based on technological advancement and the physical condition of the assets. See note 11 for the carrying amount of tangible fixed assets, and note 2 above for the depreciation rates applied to each category of assets.

The annual amortisation charge for intangible assets (transfer fees for players) is sensitive to changes in the estimated useful economic lives. The useful economic lives are re-assessed annually and are amended when necessary to reflect current estimates, based on management's assessment. See note 10 for the carrying amount of intangible fixed assets, and note 2 above for the amortisation policy.

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. TURNOVER

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

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

2024 2023
£ £
Gates and season tickets 2,614,693 2,100,993
TV and football awards 219,583 178,203
Transfer fees 15,000 265,000
Commercial income 2,494,997 1,690,103
Other income 254,283 343,147
5,598,556 4,577,446

4. OTHER OPERATING INCOME
2024 2023
£ £
Insurance claims receivable - 168,835
Amortisation of government
grants receivable 51,069 51,069
Lease premium income 5,600 5,600
Other grants receivable 4,162 -
60,831 225,504

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,532,745 3,510,413
Social security costs 456,765 317,961
Other pension costs 71,892 69,019
5,061,402 3,897,393

The average number of employees during the year was as follows:
2024 2023

Management, players and coaches 40 36
Admin, commercial, community, C&B 98 91
Matchday 11 54
149 181

Directors remuneration paid by Chesterfield FC Community Trust re-charged to CFC 2001 Ltd in the year totalled £133,348 (2023: £102,000). These totals are included in staff costs above.

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. OPERATING LOSS

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

2024 2023
£ £
Depreciation - owned assets 128,834 95,820
Profit on disposal of fixed assets - (8,008 )
Players registrations amortisation 34,367 63,750
Auditors' remuneration 10,000 10,000

7. EXCEPTIONAL ITEMS
2024 2023
£ £
Exceptional items (203,462 ) (28,400 )

Relates to the write off of intercompany balance with Chesterfield FC Community Trust.

Last year related to the recognition of bad debt following the liquidation of the previous sponsors of the ground - Technique Learning Solutions Ltd.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank loan interest 41,174 983
Other loan interest 79,603 225,773
120,777 226,756

9. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax - (4,454 )
Tax on loss - (4,454 )

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Loss before tax (3,312,427 ) (2,150,672 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 19%)

(629,361

)

(408,628

)

Effects of:
Expenses not deductible for tax purposes (4,701 ) 5,514
Capital allowances in excess of depreciation (43,983 ) (21,416 )
Adjustments to tax charge in respect of previous periods - (4,454 )
Non-taxable income (9,703 ) (9,703 )
Losses to carry forward 687,748 434,233
Total tax credit - (4,454 )

Factors that may affect future tax charges
At 30 June 2024, the Company had trading losses totalling £6,347,900 (2023: £2,728,000) and capital losses totalling £137,000 (2023: £137,000) to carry forward to utilise against taxable profits arising in future periods. No deferred tax asset has been provided in respect of these losses, due to the uncertainty as to the future profitability of the Company. There is no material unprovided deferred taxation liability, and it is expected that there will continue to be small differences between the amount of depreciation charged in the accounts and capital allowances claimed.

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. INTANGIBLE FIXED ASSETS
Players
registrations
£
COST
At 1 July 2023 251,250
Additions 100,600
Disposals (78,750 )
At 30 June 2024 273,100
AMORTISATION
At 1 July 2023 251,250
Amortisation for year 34,367
Eliminated on disposal (78,750 )
At 30 June 2024 206,867
NET BOOK VALUE
At 30 June 2024 66,233
At 30 June 2023 -

11. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£ £ £
COST
At 1 July 2023 13,046,778 192,626 42,630
Additions - 162,693 329,351
At 30 June 2024 13,046,778 355,319 371,981
DEPRECIATION
At 1 July 2023 848,041 111,966 36,675
Charge for year 65,233 24,404 7,652
At 30 June 2024 913,274 136,370 44,327
NET BOOK VALUE
At 30 June 2024 12,133,504 218,949 327,654
At 30 June 2023 12,198,737 80,660 5,955

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 July 2023 761,641 39,119 14,082,794
Additions 57,231 - 549,275
At 30 June 2024 818,872 39,119 14,632,069
DEPRECIATION
At 1 July 2023 536,304 33,760 1,566,746
Charge for year 30,205 1,340 128,834
At 30 June 2024 566,509 35,100 1,695,580
NET BOOK VALUE
At 30 June 2024 252,363 4,019 12,936,489
At 30 June 2023 225,337 5,359 12,516,048

The long leasehold additions in the year relate to the upgrade to the training ground.

12. STOCKS
2024 2023
£ £
Stocks 95,243 84,857

13. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors 500,399 302,372
Other debtors 47,146 40,597
Prepayments and accrued income 120,440 219,668
667,985 562,637

Amounts falling due after more than one year:
Trade debtors - 83,333

Aggregate amounts 667,985 645,970

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 16) 10,000 10,000
Other loans (see note 16) 77,455 141,261
Trade creditors 816,256 868,973
Amounts owed to group undertakings - 85,812
Social security and other taxes 100,999 88,666
VAT 99,008 177,853
Other creditors 8,897 4,280
Deferred income 1,832,765 1,100,328
Accrued expenses 77,646 68,455
3,023,026 2,545,628

Deferred income relates to 2024/25 season tickets and sponsorships.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 16) 13,334 23,333
Other loans (see note 16) 3,461,254 3,250,686
Trade creditors 38,239 -
Accruals and deferred income 1,886,676 1,889,545
5,399,503 5,163,564

The accruals and deferred income value of £1,886,676 relates to a grant for the building of the Stadium for £1,838,476, and is being amortised on a straight line basis over 50 years. £48,200 relates to a grant from the Premier League Stadium Fund in respect of a mower bought in the year.

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000
Other loans 77,455 141,261
87,455 151,261

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000
Other loans - 1-2 years 141,261 5,622
151,261 15,622

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

16. LOANS - continued
2024 2023
£ £
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,334 13,333
Other loans - 2-5 years 232,241 226,619
235,575 239,952

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 3,087,752 3,018,445

Loans total £3,562,043 and represent the following:

£1,187,585 (2023: £1,393,585) from Sport England for Summer and Winter Survival payments, and is repayable over 20 years at a fixed rate of 2% per annum , with a capital and interest holiday for the first 4 years.

£23,334 (2023: £33,333) from a Bounce Back loan financed through Barclays. The Bounce Back loan is repayable over 6 years at an interest rate of 2.5% per annum.

£1,436,959 (2023: £1,056,277) from Phil Kirk, which is repayable no earlier than 31 March 2032 at an interest rate of 6% per annum.

£914,165 (2023: £942,085) in council loans, previously disclosed as a payable to the Trust within creditors due within one year but now agreed as a debt of the Club to the councils payable in line with the loan agreements. The Chesterfield Borough Council and Derbyshire County Council loans are repayable over 15 years with an interest rate of 2.2% above the Bank of England base rate.

A number of fixed and floating charges have been given over the assets of the Company in relation to some of the loans noted above.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 3,727 3,727
Between one and five years 1,552 5,279
5,279 9,006

CFC 2001 Ltd (Registered number: 04273743)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 2024 2023
£    £   
1,000,000 Ordinary 1 10,000,000 10,000,000
6,728,109 Ordinary A 0.25 1,682,027 837,784
1,241,355 Preference 0.50 620,678 -
50,184,327 Ordinary B 0.04 2,007,373 -
14,310,078 10,837,784

The following shares were allotted and fully paid for cash at par during the year:
3,376,974 Ordinary A shares of £0.25 each
1,241,355 Preference shares of £0.50 each
50,184,327 Ordinary B shares of £0.04 each

19. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £72,063 (2023: £69,019). At the year end pension contributions of £5,819 (2023: £4,280) were payable to the scheme and are included in other creditors.

No provision is included in the financial statements for additional payments to other clubs and employees which would become payable on the attainment of specific future events.

20. CAPITAL COMMITMENTS
2024 2023
£ £
Contracted but not provided for in the
financial statements 193,490 -

21. RELATED PARTY DISCLOSURES

The Company was under the control of Chesterfield FC Community Trust until 02 June 2024, when Phil Kirk became the person with significant control.

Transactions with directors in the year with Phil Kirk are disclosed in Note 16.

22. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P A Kirk.