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Registered number: 03828764









THE NEW SAINTS FC LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
THE NEW SAINTS FC LIMITED
REGISTERED NUMBER: 03828764

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
3,473
11,806

Tangible assets
 6 
1,580,866
1,663,187

Investment property
 7 
858,206
889,428

  
2,442,545
2,564,421

Current assets
  

Debtors: amounts falling due within one year
 8 
999,393
783,593

Cash at bank and in hand
  
143,180
141,237

  
1,142,573
924,830

Creditors: amounts falling due within one year
 9 
(2,201,738)
(3,121,671)

Net current liabilities
  
 
 
(1,059,165)
 
 
(2,196,841)

Total assets less current liabilities
  
1,383,380
367,580

Creditors: amounts falling due after more than one year
 10 
(24,082)
(18,302)

  

Net assets
  
1,359,298
349,278


Capital and reserves
  

Called up share capital 
  
8
8

Investment property reserve
 11 
(10,635)
20,587

Profit and loss account
 11 
1,369,925
328,683

  
1,359,298
349,278


Page 1

 
THE NEW SAINTS FC LIMITED
REGISTERED NUMBER: 03828764
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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




H M Harris
Director

Date: 24 March 2025

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
THE NEW SAINTS FC LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
8
40,587
321,971
362,566


Comprehensive income for the year

Loss for the year
-
-
(13,288)
(13,288)
Total comprehensive income for the year
-
-
(13,288)
(13,288)

Transfer to fair value reserve
-
(20,000)
20,000
-



At 1 January 2024
8
20,587
328,683
349,278


Comprehensive income for the year

Profit for the year
-
-
1,010,020
1,010,020
Total comprehensive income for the year
-
-
1,010,020
1,010,020

Transfer from fair value reserve
-
(31,222)
31,222
-


At 31 December 2024
8
(10,635)
1,369,925
1,359,298


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
THE NEW SAINTS FC LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

141,237

1,943

-

143,180

Debt due after 1 year

(18,302)

-

9,220

(9,082)

Debt due within 1 year

(336,576)

(4,680)

-

(341,256)


(213,641)
(2,737)
9,220
(207,158)

The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The New Saints FC Limited is a company incorporated in England and Wales, registration number 03828764.  The registered office is Hollis House, Maesbury Road, Oswestry, Shropshire, SY10 8NR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises gate receipts, television and sponsorship revenue, prize money, donations, grants, merchandise, programme, academy and rental income exclusive of value added tax.  Gate receipts and programme sales are recognised when the match is played; television and sponsorship revenue are recognised over the contract or sponsorship period; rental income is recognised over the rental period and all other income is recognised as it becomes receivable in line with the services provided.

 
2.3

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 Amortisation is provided on the following bases:

Player registrations
-
20%
straight line

Player registrations costs, including transfer fees and associated agent fees, are amortised on a straight line basis over the length of the players' contract.

 
2.4

Tangible fixed assets

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

Page 5

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance or straight line methods.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the period of the lease
Plant and machinery
-
10% reducing balance
Fixtures and fittings
-
10% reducing balance
Gantry
-
Over the period of the lease
Pitch
-
8 years straight line
Floodlights
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.

 
2.6

Cash and cash equivalents

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

 
2.7

Grants and 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 Profit and Loss Account in the same period as the related expenditure.

Page 6

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is UK Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

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

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

Page 7

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

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

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


 
2.12

Going concern

The Company had net current liabilities of £1,059,165 at the balance sheet date. Business plan and forecast demonstrate that income expected to be received will provide sufficient funds to meet these liabilities as and when fall due. The ongoing support of the director and ultimate controlling party, Mr M Harris. Mr Harris and Ubuntu Business Holdings Limited have confirmed their intention to support the Company for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements, and on that basis they have been prepared on the going concern basis.

 
2.13

Debtors

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

 
2.14

Creditors

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The investment property is measured at fair value determined by the directors on the basis of recent real estate transactions with similar characteristics and locations.

Page 8

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 53 (2023 - 56).


5.


Intangible assets




Players' registrations

£



Cost


At 1 January 2024
85,000



At 31 December 2024

85,000



Amortisation


At 1 January 2024
73,194


Charge for the year on owned assets
8,333



At 31 December 2024

81,527



Net book value



At 31 December 2024
3,473



At 31 December 2023
11,806



Page 9

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Gantry
Pitch

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,438,479
296,249
56,624
39,288
168,604


Additions
14,241
13,042
11,899
-
-



At 31 December 2024

1,452,720
309,291
68,523
39,288
168,604



Depreciation


At 1 January 2024
191,406
104,970
39,532
21,868
34,410


Charge for the year on owned assets
68,892
21,723
2,250
2,177
21,075



At 31 December 2024

260,298
126,693
41,782
24,045
55,485



Net book value



At 31 December 2024
1,192,422
182,598
26,741
15,243
113,119



At 31 December 2023
1,247,073
191,279
17,092
17,420
134,194
Page 10

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           6.Tangible fixed assets (continued)


Floodlights
Total

£
£



Cost or valuation


At 1 January 2024
82,375
2,081,619


Additions
293
39,475



At 31 December 2024

82,668
2,121,094



Depreciation


At 1 January 2024
26,246
418,432


Charge for the year on owned assets
5,679
121,796



At 31 December 2024

31,925
540,228



Net book value



At 31 December 2024
50,743
1,580,866



At 31 December 2023
56,129
1,663,187

Page 11

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
889,428


Deficit on revaluation
(31,222)



At 31 December 2024
858,206

The 2024 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
868,841
868,841

Accumulated depreciation and impairments
(61,074)
(43,698)

807,767
825,143


8.


Debtors

2024
2023
£
£


Trade debtors
6,448
62,514

Amounts owed by group undertakings
40,447
32,577

Other debtors
708,032
643,963

Prepayments and accrued income
244,466
44,539

999,393
783,593


Page 12

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
291,032
209,693

Amounts owed to group undertakings
1,076,316
1,802,367

Other taxation and social security
40,376
33,386

Other creditors
363,231
336,795

Accruals and deferred income
420,783
729,430

2,201,738
3,121,671


Included within deferred income are capital grants of £360,926 (2023 - £379,974).  As at 31 December 2024, these grants could become repayable under clawback clauses contained within the grant agreements. 


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,082
18,302

Accruals and deferred income
15,000
-

24,082
18,302



11.


Reserves

Investment property revaluation reserve

The investment property relation reserve represents the accumulated unrealised gains in respect of revaluations of investment property held by the Company.

Profit and loss account

The profit and loss account represents cumulative profits and losses of the Company.


12.


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 £25,073 (2023 - £23,452). Contributions totalling £Nil (2023 - £4,784) were payable to the fund at the balance sheet date and are included in creditors.

Page 13

 
THE NEW SAINTS FC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,000
1,000

Later than 1 year and not later than 5 years
4,000
4,000

Later than 5 years
8,083
9,083

13,083
14,083


14.


Controlling party

The ultimate controlling party is M K Harris by virtue of his shareholding in Ubuntu Business Holdings Limited, registered office and principal place of business is Hollis House, Maesbury Road, Oswestry, Shropshire, SY10 8NR. 


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.12 in the financial statements, which indicates that the Company had net current liabilities at the balance sheet date of £1,059,165 and is reliant on the ongoing support of a director and the ultimate controlling party. As stated in note 2.12, these events or conditions, along with the other matters as set forth in note 2.12, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.  Our opinion is not modified in respect of this matter. 

The audit report was signed on 24 March 2025 by Frank Shippam BSc FCA DChA (Senior Statutory Auditor) on behalf of MA Partners Audit LLP.

 
Page 14