Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30truetruetruetruetruefalse1302023-07-01false136truefalse 04458490 2023-07-01 2024-06-30 04458490 2022-07-01 2023-06-30 04458490 2024-06-30 04458490 2023-06-30 04458490 2022-07-01 04458490 1 2023-07-01 2024-06-30 04458490 c:Exceptional 2023-07-01 2024-06-30 04458490 c:Exceptional 2022-07-01 2023-06-30 04458490 d:CompanySecretary1 2023-07-01 2024-06-30 04458490 d:Director1 2023-07-01 2024-06-30 04458490 d:Director2 2023-07-01 2024-06-30 04458490 d:Director3 2023-07-01 2024-06-30 04458490 d:Director4 2023-07-01 2024-06-30 04458490 d:Director5 2023-07-01 2024-06-30 04458490 d:Director6 2023-07-01 2024-06-30 04458490 d:Director6 2024-06-30 04458490 d:Director7 2023-07-01 2024-06-30 04458490 d:Director7 2024-06-30 04458490 d:Director8 2023-07-01 2024-06-30 04458490 d:Director8 2024-06-30 04458490 d:Director9 2023-07-01 2024-06-30 04458490 d:Director9 2024-06-30 04458490 d:Director10 2023-07-01 2024-06-30 04458490 d:Director10 2024-06-30 04458490 d:Director11 2023-07-01 2024-06-30 04458490 d:Director11 2024-06-30 04458490 d:Director12 2023-07-01 2024-06-30 04458490 d:Director12 2024-06-30 04458490 d:RegisteredOffice 2023-07-01 2024-06-30 04458490 c:PlantMachinery 2023-07-01 2024-06-30 04458490 c:PlantMachinery 2024-06-30 04458490 c:PlantMachinery 2023-06-30 04458490 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04458490 c:MotorVehicles 2023-07-01 2024-06-30 04458490 c:MotorVehicles 2024-06-30 04458490 c:MotorVehicles 2023-06-30 04458490 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04458490 c:FurnitureFittings 2023-07-01 2024-06-30 04458490 c:FurnitureFittings 2024-06-30 04458490 c:FurnitureFittings 2023-06-30 04458490 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04458490 c:ComputerEquipment 2023-07-01 2024-06-30 04458490 c:ComputerEquipment 2024-06-30 04458490 c:ComputerEquipment 2023-06-30 04458490 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04458490 c:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 04458490 c:Goodwill 2023-07-01 2024-06-30 04458490 c:Goodwill 2024-06-30 04458490 c:Goodwill 2023-06-30 04458490 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-01 2024-06-30 04458490 c:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 04458490 c:CopyrightsPatentsTrademarksServiceOperatingRights 2023-06-30 04458490 c:CurrentFinancialInstruments 2024-06-30 04458490 c:CurrentFinancialInstruments 2023-06-30 04458490 c:Non-currentFinancialInstruments 2024-06-30 04458490 c:Non-currentFinancialInstruments 2023-06-30 04458490 c:CurrentFinancialInstruments c:WithinOneYear 2024-06-30 04458490 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 04458490 c:Non-currentFinancialInstruments c:AfterOneYear 2024-06-30 04458490 c:Non-currentFinancialInstruments c:AfterOneYear 2023-06-30 04458490 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-06-30 04458490 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-06-30 04458490 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-06-30 04458490 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-06-30 04458490 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-06-30 04458490 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-06-30 04458490 c:ReportableOperatingSegment1 2023-07-01 2024-06-30 04458490 c:ReportableOperatingSegment1 2022-07-01 2023-06-30 04458490 c:ReportableOperatingSegment2 2023-07-01 2024-06-30 04458490 c:ReportableOperatingSegment2 2022-07-01 2023-06-30 04458490 c:ReportableOperatingSegment3 2023-07-01 2024-06-30 04458490 c:ReportableOperatingSegment3 2022-07-01 2023-06-30 04458490 c:ReportableOperatingSegment5 2023-07-01 2024-06-30 04458490 c:ReportableOperatingSegment5 2022-07-01 2023-06-30 04458490 c:ReportableOperatingSegment6 2023-07-01 2024-06-30 04458490 c:ReportableOperatingSegment6 2022-07-01 2023-06-30 04458490 c:ReportableOperatingSegment7 2023-07-01 2024-06-30 04458490 c:ReportableOperatingSegment7 2022-07-01 2023-06-30 04458490 c:UKTax 2023-07-01 2024-06-30 04458490 c:UKTax 2022-07-01 2023-06-30 04458490 c:ShareCapital 2024-06-30 04458490 c:ShareCapital 2023-06-30 04458490 c:ShareCapital 2022-07-01 04458490 c:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 04458490 c:RetainedEarningsAccumulatedLosses 2024-06-30 04458490 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 04458490 c:RetainedEarningsAccumulatedLosses 2023-06-30 04458490 c:RetainedEarningsAccumulatedLosses 2022-07-01 04458490 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 04458490 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 04458490 c:FinancialAssetsAmortisedCost 2024-06-30 04458490 c:FinancialAssetsAmortisedCost 2023-06-30 04458490 c:FinancialLiabilitiesAmortisedCost 2024-06-30 04458490 c:FinancialLiabilitiesAmortisedCost 2023-06-30 04458490 d:OrdinaryShareClass1 2023-07-01 2024-06-30 04458490 d:OrdinaryShareClass1 2024-06-30 04458490 d:OrdinaryShareClass1 2023-06-30 04458490 d:FRS102 2023-07-01 2024-06-30 04458490 d:Audited 2023-07-01 2024-06-30 04458490 d:FullAccounts 2023-07-01 2024-06-30 04458490 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04458490 c:WithinOneYear 2024-06-30 04458490 c:WithinOneYear 2023-06-30 04458490 c:HirePurchaseContracts c:WithinOneYear 2024-06-30 04458490 c:HirePurchaseContracts c:WithinOneYear 2023-06-30 04458490 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-06-30 04458490 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-06-30 04458490 c:Goodwill c:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 04458490 c:CopyrightsPatentsTrademarksServiceOperatingRights c:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 04458490 c:ExternallyAcquiredIntangibleAssets 2023-07-01 2024-06-30 04458490 c:Goodwill c:OwnedIntangibleAssets 2023-07-01 2024-06-30 04458490 c:CopyrightsPatentsTrademarksServiceOperatingRights c:OwnedIntangibleAssets 2023-07-01 2024-06-30 04458490 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04458490









AFC WIMBLEDON LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
AFC WIMBLEDON LIMITED
 
 
COMPANY INFORMATION


Directors
M A Buckley 
M M Little 
I R McNay 
G Price 
N J Robertson 
J E MacDonald (appointed 15 September 2023, resigned 16 January 2025, re-appointed 4 March 2025)
M Gull (appointed 16 February 2024, resigned 7 November 2024)
D M Johnson (appointed 20 March 2024)
K Stewart (resigned 13 September 2023)
A F Fox (appointed 17 July 2024)
S P McLaughlin (appointed 16 January 2025)
F C Merrylees (appointed 4 March 2025)




Company secretary
W D Charles



Registered number
04458490



Registered office
Plough Lane Stadium
Plough Lane

London

SW17 0NR




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
AFC WIMBLEDON LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Statement of Financial Position
13 - 14
Statement of Changes in Equity
15
Notes to the Financial Statements
16 - 32


 
AFC WIMBLEDON LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report and a review of the business for the financial year ended 30 June 2024.

Business review
 
On the pitch – Men’s first team
The 24/25 season has started positively on the pitch progressing in both the League Cup and League Trophy, as well as a strong start in the league. The team continue on a positive trajectory despite a flood severely damaging the Plough Lane playing surface for three weeks before returning to playing home games in October with an emphatic victory over Carlisle United.
 
23/24 marked the first full season of the Club working under its new structure led by the Head of Football Operations, Craig Cope. Following a squad overhaul, the Club achieved its first top half finish since 2016. It was also only the second time Wimbledon had won more games than it had lost during a league campaign, since re-joining the EFL in 2011.
The squad was bolstered in the summer of 2023 with the additions of Jake Reeves, Ryan Johnson, Omar Bugiel, James Ball, Josh Neufville, James Tilley, Armani Little and Ryan McLean, plus a number of loan signings including Joe Lewis.
The team performed well in all domestic cup competitions, reaching the 2nd round of the League Cup, losing narrowly to Premier League Chelsea. The team reached the quarter finals of the EFL Trophy, knocking out teams from the level above who have subsequently been promoted. In the FA Cup, the club reached the 3rd round, being knocked out by Ipswich Town following two fixtures selected for televised coverage.
There was some notable transfer activity during the year with Ali Al-Hamadi being sold to soon to be Premier League Ipswich Town in the January transfer window and Jack Currie being sold to Oxford United in the Summer window. The Club reinvested in the squad paying transfer fees for striker Josh Kelly and centre back Joe Lewis with John-Kymani Gordon, Kofi Balmer, Ronan Curtis and John-Joe O'Toole (later to become permanent) also joining.
Youth development
 
Youth development continues to be an important part of the club and the success of the academy continues to be noticed across the whole country with extensive national media coverage. The academy also provides a vital source of income from transfer fees with the Club benefitting during the season from contingent fees earnt in relation to Michael Golding and Tyler Burey.
The focus of the academy remains to maximise the development of individuals, rather than results, but it is always rewarding to see the youth teams progress in competitions. Last season saw our Under-17s win the EFL League and Cup double, with the final of the cup being played at Plough Lane, a 2-0 win over Blackpool.
Other seasonal highlights included notable achievements for former academy players with Jack Currie winning the Clubs Player of the Year award and Issac Ogundere winning the Club's young Player of the Year. Charlie Wilson Papps was also called up to the England U15s squad.
Financial performance
The club made an operating profit of £0.3m (2023: £1.1m profit) and a total profit for the year of £0.6m (2023: £1.1m profit) with profit from player sales of £3.3m (2023: £2.6m) once again helping to offset operating losses. 
Turnover itself increased by 19% to £8.7m (2023: £7.3m) – a record level for the club. Encouragingly our
Page 1

 
AFC WIMBLEDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

stadium revenues continue to grow with another uplift in season ticket sales, ticketing (aided by cups) and retail. The club also benefitted from London Broncos status as a Super League club and greater stadium usage during the close season. 
Administrative expenses increased in the year by 33% to £4.5m (2023: £3.4m). The costs of running the stadium continued to increase notably across matchday security, insurance, IT and maintenance compounded by the need to increase wages in key areas, including delivering on our commitment to paying London Living Wage to those directly employed by the club. Forward projections suggest inflationary pressures will continue in the medium term with the recent budget significantly increasing our national insurance costs from April 2025. 
Interest receivable increased to £65k (2023: £7k) with the club introducing active treasury management during the season. 
As in previous years, the Academy is a substantial net cost to the club. This is a conscious decision of the club to invest in future talent and does not take into account income from transfer fees and the benefit the first team derives from the Academy. 
The club considers the financial performance for the season to be strong especially in the context of the overall environment for Football League clubs who regularly making significant operating losses running in to millions. 
Financial position
Turning to the balance sheet, shareholders’ funds increased by £0.6m with overall shareholders’ funds now standing at £1.4m. 
Furthermore we fully repaid the EFL Covid loans and reduced our ongoing finance lease commitments (including final payments for our LED boards). 
The cash position at year-end decreased slightly from £1.9m to £1.6m but remains healthy moving into the new season.

Principal risks and uncertainties
 
Risk is normally regarded as having two elements: the likelihood that something will happen, and the probable consequences if it did. In reviewing the risks we face, we have taken both these elements into account.
Strategic risks
The key strategic risks to the club and majority shareholder, the Dons Trust, arise from the continued operation of Plough Lane. In addition to the obvious financial risks, which include increasing revenue generation and managing operational costs, there are cultural risks. In particular, the club needs to maintain the increase it has seen in its regular fanbase proactively engaging with new fans to help them understand our ethos and principles so they can play their part in the future direction of the club.
How the club and Trust manage these changes is a key strategic risk and significant work is undertaken to ensure that management and staff are thoroughly prepared as we embark on developing our long-term strategy at the Plough Lane.
People risks
Operating at a much larger stadium has brought the need to professionalise the club whilst ensuring that new hires understand the culture and history of the club. Significant investment in senior personnel has occurred including the hiring of a full time Head of HR - these key roles are tasked with improving the organisational structure, culture and underlying processes at the club. As a medium sized business, there are a number of single points of failures and any loss of senior staff will need to be carefully managed. The AFCW PLC Board and Dons Trust Board both have monthly meetings which include discussions on succession planning.
 
Page 2

 
AFC WIMBLEDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financing risks
There are financial risks involved in being a fans owned club as, despite  having very generous fans, the majority of our turnover is earned organically. This leaves us more exposed than many other clubs to the adverse financial consequences if we were to be relegated from the English Football League. The Board is satisfied that finances are sufficiently robust to manage this risk with a detailed budget and cash flow forecast prepared for the season to ensure the club has adequate financial resources to continue as a going concern. We reduce our risk by not over extending ourselves on long-term commitments in players’ contracts and by carrying out regular cash flow forecasting during the season.
With the stadium largely complete (excluding the third floor), the Plough Lane Bond debt remains the most obvious risk from a financial perspective with bonds starting to mature from January 2025. The club is embarking on a long-term refinancing plan driven by the finance committee, which includes detailed business plan and cash flow forecasting to ensure we can meet bond maturities. Additionally, we continue to actively engage with bond holders and potential new equity investors.
Reputational risks
We have always been aware of the importance of our reputation, and maintaining it was a particular focus as we sought support for the planning process for the new stadium. Our approach throughout was to stress the positive aspects of a return to Merton and the benefits to the community.
We believe that we are a particularly welcoming club, and new visitors frequently comment on our friendly atmosphere on matchdays. Nonetheless, we remain alert to the reputational damage that can be done by one off events, and we continue to actively monitor fans whose behaviour could bring the club into disrepute.
Operational risks
By their nature, operational risks arise from a wide range of issues. They are managed on a day to day basis by the Senior Leadership Team at the stadium with key issues elevated to the AFCW PLC Board for feedback and guidance.

Financial key performance indicators
 
In any medium sized business, cashflow remains critical with balances monitored on a daily basis and forecast reports provided to the Board monthly. Once a season is under way, the finances are largely predictable, with season tickets and corporate sponsorships sold (and, by and large, collected) in the early part of the season. The major factor that then affects the finances is attendances with their associated impact on matchday income from bars, catering and merchandise sales. Attendances including comparisons against budget are regularly produced and reviewed by the AFCW PLC Board in the management accounts - steps are taken to ensure that we actively promote games which are likely to have lower crowds including Tuesday night games and early rounds of the cup competitions.
The other major area of focus is costs, specifically in relation to operating the stadium and football-related areas with our monthly position reported in the management accounts. The fixed annual commitments within players’ contracts and the policy of only paying substantial bonuses out of additional earnings, such as prize money, means that exposures are limited.

Page 3

 
AFC WIMBLEDON LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


This report was approved by the board and signed on its behalf.



M A Buckley
Director

Date: 24 March 2025

Page 4

 
AFC WIMBLEDON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Directors

The directors who served during the year were:

M A Buckley 
M M Little 
I R McNay 
G Price 
N J Robertson 
J E MacDonald (appointed 15 September 2023, resigned 16 January 2025)
M Gull (appointed 16 February 2024, resigned 7 November 2024)
D M Johnson (appointed 20 March 2024)
K Stewart (resigned 13 September 2023)

Principal activity and future developments

The principal activities of the company throughout the year were those of an association football club. The profit for the year is shown on page 11 and the financial position of the company was considered satisfactory by the directors. The Strategic Report addresses the associated future risks of running the football club and the steps the Board is taking to manage those risks.

Results and dividends

The profit for the year, after taxation, amounted to £555,330 (2023 - £1,080,092).

The directors do not propose payment of a final dividend (2023 - £Nil).
In preparing these financial statements, the company has made use of the disclosure exemptions available to it under FRS 102, as set out in Note 2.2.

Page 5

 
AFC WIMBLEDON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Financial instruments

Credit risk
The company is exposed to credit risk mainly through the invoicing of customers for sponsorship, player transfers and hiring of facilities. The risk is monitored and controlled on a monthly basis and regular follows up performed by the finance team to ensure amounts are collected timeously.
Interest rate risk
The company has no external borrowings. Amounts due to group companies are interest free and therefore the company does not have any significant exposure to interest rates.
Going concern
Having reviewed the performance of the company subsequent to the year-end and having prepared forecasts for the out-turn of the 2024/25 season, the directors are confident that the company will have adequate financial resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.
Relegation to League Two did not see a drop in season ticket sales or overall attendance and the directors are confident that 2024/25 will be another year of stable financial performance, with targeted increases to turnover, continued careful management of costs and lower overall interest payments alongside an already successful start to the playing season both in the league and cup including a lucrative cup draw against Chelsea in the League Cup.

Page 6

 
AFC WIMBLEDON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Directors indemnities

Directors' and Officers' insurance cover has been established for all Directors to provide appropriate cover for their reasonable actions on behalf of the Company. The indemnities, which constitute a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006, were in force during the 2024 financial year and remain in force for all current and past Directors of the Company. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M A Buckley
Director

Date: 24 March 2025

Page 7

 
AFC WIMBLEDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED
 

Opinion


We have audited the financial statements of AFC Wimbledon Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 profit 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 United Kingdom, including the Financial Reporting Council'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.


Page 8

 
AFC WIMBLEDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 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:


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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.


Page 9

 
AFC WIMBLEDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED (CONTINUED)


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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit are to identify and assess the risks of material misstatement of the financial
statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of
material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent
limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may
not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
noncompliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry
in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and
the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by
making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates;
We did not identify any key audit matters relating to irregularities, including fraud.


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 Auditors' Report.


Other matters 
 

The financial statements of AFC Wimbledon Limited for the year ended 30 June 2023 were audited by another auditor who expressed an unmodified opinion on those statements on 21 November 2023.


Page 10

 
AFC WIMBLEDON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Stephen Haffner (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants & Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

24 March 2025
Page 11

 
AFC WIMBLEDON LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,685,903
7,283,010

Cost of sales
  
(7,269,153)
(5,442,748)

Gross profit
  
1,416,750
1,840,262

Administrative expenses
  
(4,091,194)
(3,395,212)

Exceptional administrative expenses
 13 
(409,175)
-

Gain on disposal of players' registrations
 5 
3,279,741
2,644,079

Other operating income
 5 
140,099
-

Operating profit
 6 
336,221
1,089,129

Interest receivable
 10 
64,958
7,126

Interest payable
  
(19,654)
(16,163)

Profit before tax
  
381,525
1,080,092

Taxation
  
173,805
-

Profit for the financial year
  
555,330
1,080,092

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
AFC WIMBLEDON LIMITED
REGISTERED NUMBER: 04458490

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
276,770
165,311

Tangible assets
 15 
231,710
223,488

  
508,480
388,799

Current assets
  

Stocks
 16 
276,832
250,439

Debtors: amounts falling due after more than one year
 17 
831,240
175,000

Debtors: amounts falling due within one year
 17 
22,637,025
20,984,863

Cash at bank and in hand
  
1,645,395
1,879,970

  
25,390,492
23,290,272

Creditors: amounts falling due within one year
 18 
(22,518,260)
(21,248,129)

Net current assets
  
 
 
2,872,232
 
 
2,042,143

Total assets less current liabilities
  
3,380,712
2,430,942

Creditors: amounts falling due after more than one year
 19 
(1,989,633)
(1,595,193)

  

Net assets
  
1,391,079
835,749


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,391,077
835,747

  
1,391,079
835,749


Page 13

 
AFC WIMBLEDON LIMITED
REGISTERED NUMBER: 04458490
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2025.




M A Buckley
M M Little
Director
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
AFC WIMBLEDON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
2
(244,345)
(244,343)



Profit for the year
-
1,080,092
1,080,092



At 1 July 2023
2
835,747
835,749



Profit for the year
-
555,330
555,330


At 30 June 2024
2
1,391,077
1,391,079


The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

AFC Wimbledon Limited is a company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given in the Company Information page. The nature of the Company's operations and its principal activities are given in the Directors' Report.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates ('the functional currency'), being Sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of AFCW PLC as at 30 June 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 16

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Going concern

During the year the company made a profit of £0.6m (2023: £1.1m) and the balance sheet shows net assets of £1.4m (2023: £0.8m).
Having reviewed the performance of the company subsequent to the year end, and having prepared  forecasts for the outturn of the 2025/26 season and extending to December 2026, the Board of Directors have concluded that the company has adequate financial resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.
In arriving at this conclusion the directors have applied prudent assumptions in forecasting match day cup attendance, cup income, player sales including contingencies, donations and underlying costs. As a result, the directors consider that it is appropriate to draw up the financial statements on a going concern basis.

 
2.4

Turnover

Turnover represents gate receipts, commercial, online streaming, donations and other income associated with the principal activity of running a football club and related activities, exclusive of VAT. Season tickets, debenture income and other revenues relating to future periods are held as deferred income in the statement of financial position and released to revenue in the future periods to which they relate. Merchandise and bar income are recognised as at the point of sale, whereas sponsorship, donations and youth development income are recognised in the relevant period in which they occur.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 17

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

The cost of players' registrations, comprising transfer fees payable and signing-on fees (if any), is capitalised at the fair value of consideration payable as at the date of acquisition and is amortised over the period to which the registration relates. The carrying value is reviewed to take into account any perceived impairment of the value of the registrations. Contingent transfer fees payable are recognised once the contingent event occurs.
The directors do not consider it possible to determine the value in use of an individual player in isolation, as that player cannot generate cash flows on his own. However, in circumstances where it is apparent that as at the period end the player would not be available for selection to play for the club, the player is taken outside of the wider football club single cash generating unit and valued at the lower of amortised cost and recoverable amount, being the directors' best estimate of the player's fair value less cost to sell, with any resulting impairment charge being made in operating expenses.
Examples of such circumstances include: the player falling out of favour with the senior football management, career-threatening injury and a clear intention on behalf of the player to leave the club. The directors' assessment of fair value will be based on:
• in the case of a player who has fallen out of favour with senior football management or intends to leave the club, either the agreed selling price if a transfer has been agreed subsequent to the year end or, if a transfer has not yet been agreed, the directors' best estimate of disposal value taking into account relevant transfer market information; or
• in the case of a player who has suffered a career-threatening injury, the value attributed by the club's insurers.
Gains or losses on the disposal of player registrations are calculated as the amount received for the sale of the player registration less the carrying value of the player registration at the date of the sale.
Where computer licences relate to software that is not an integral part of a related item of computer hardware, the licence is treated as an intangible asset. Capitalised licence costs include external direct costs of goods and services. Capitalised licences are amortised on a straight line basis over their expected useful lives of five years. Any impairment in value is recognised within profit or loss.

 
2.7

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 18

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.7
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 straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 years
Motor vehicles
-
3 years
Fixtures and fittings
-
4 years
Computer equipment
-
3 years

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.

 
2.8

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.9

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.

Page 19

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.11

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 Comprehensive Income in the same period as the related expenditure.

Page 20

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

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 reporting 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 reporting 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 reporting date.


Page 21

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following key judgements:
• Determine whether leases entered into by the company either as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis.
• Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
• Determine whether, at the year end, players are available to play for the club. In circumstances where it is apparent that the player would not be available and has not yet been sold (for example, has suffered a career-threatening injury) that player is valued on a 'recoverable amount' basis which is based on the directors' best estimate of his valuation at the next available transfer opportunity. Any resulting impairment charge is recorded within operating expenses.
• Determine whether, at the year end, contingent player acquisition payables are probable or contingent player disposal receivables are virtually certain. In general these conditions are not considered to be met until the underlying contingency has been satisfied
Other key sources of estimation uncertainty:
• Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Match receipts, player loans and prize money
5,354,457
4,405,512

Merchandise and programmes
850,211
613,028

Sponsorships and advertising
872,243
842,385

Bar and catering
890,441
739,281

Donations and sundry
199,551
142,160

Youth development income
519,000
540,644

8,685,903
7,283,010


All turnover arose within the United Kingdom.

Page 22

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Other operating income

2024
2023
£
£

Grants receivable
140,099
-

Profit on disposal of players' registrations
3,279,741
2,644,079

3,419,840
2,644,079



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
126,577
104,824

Amortisation of intangible fixed assets
152,596
172,636

Operating lease rental
480,000
480,000


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
30,000
57,500


8.

Employees

2024
2023
        £
        £
Wages and salaries

4,663,309

3,721,070
 
Player and football staff expenses

27,857

40,284
 
Social security costs

448,477

351,131
 

5,139,643

4,112,485
 

Page 23

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Football staff (including Scholars and Development Squad)
60
60



Bar and other part-time staff
15
4



Administration
28
32



Academy staff
33
34

136
130

The number of employees is on a headcount basis. In addition to the numbers of paid staff included  above, there are many unpaid volunteers who carry out a wide range of work. Their importance to the club's operations is fundamental, particularly on a match day to ensure that everything runs smoothly in addition to many other volunteers work during the week.


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
25,119

Company contributions to defined contribution pension schemes
-
636

Amount paid to third parties in respect of a director's services
-
20,000

-
45,755


During the year retirement benefits were accruing to no directors (2023 - two) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £nil (2023 - £25,755).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
64,958
7,126

64,958
7,126

Page 24

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank loan & other interest
10,835
1,121

Finance leases
8,819
15,042

19,654
16,163


12.


Taxation


2024
2023
£
£

Corporation tax


Prior years - R&D tax credit
(173,805)
-

(173,805)
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
381,526
1,080,092


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
95,382
221,374

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,301
13,838

Capital allowances for year in excess of depreciation
(38,835)
(18,564)

R&D tax credit relating to previous year
(173,805)
-

Unrelieved tax losses carried forward
(59,848)
(216,648)

Total tax charge for the year
(173,805)
-

Page 25

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Exceptional items

2024
2023
£
£


Exceptional debt provision
409,175
-

409,175
-

During the financial year, a company owing us £409,175 went into liquidation. This left the entity with a debt of £409,175 which we have made full provision for in the accounts as we believe it is unlikely to be recovered. The directors are taking legal advice and working to do everything we can to recover the amount owed.
The above is excluded from the impairment loss referred to in note 16 as it is disclosed separately.


14.


Intangible assets




Computer licenses
Player registrations
Total

£
£
£



Cost


At 1 July 2023
184,292
426,112
610,404


Additions
-
320,000
320,000


Disposals
-
(426,111)
(426,111)



At 30 June 2024

184,292
320,001
504,293



Amortisation


At 1 July 2023
128,116
316,976
445,092


Charge for the year on owned assets
46,517
106,079
152,596


On disposals
-
(370,165)
(370,165)



At 30 June 2024

174,633
52,890
227,523



Net book value



At 30 June 2024
9,659
267,111
276,770



At 30 June 2023
56,175
109,136
165,311



Page 26

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
175,806
67,252
141,706
136,085
520,849


Additions
31,046
-
102,171
1,582
134,799



At 30 June 2024

206,852
67,252
243,877
137,667
655,648



Depreciation


At 1 July 2023
89,447
41,590
64,443
101,881
297,361


Charge for the year on owned assets
31,563
16,597
58,886
19,531
126,577



At 30 June 2024

121,010
58,187
123,329
121,412
423,938



Net book value



At 30 June 2024
85,842
9,065
120,548
16,255
231,710



At 30 June 2023
86,359
25,662
77,264
34,204
223,489


16.


Stocks

2024
2023
£
£

Goods for resale - merchandise
276,832
250,439

276,832
250,439


Page 27

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
831,240
175,000

831,240
175,000


2024
2023
£
£

Due within one year

Trade debtors
3,194,852
1,329,484

Amounts owed by group undertakings
19,127,364
19,456,246

Other debtors
6,049
1,659

Prepayments and accrued income
308,760
197,474

22,637,025
20,984,863


Included within Trade Debtors is an amount of £831,240 falling due after one year (2023: £175,000).
Amounts owed by group companies are interest free and repayable on demand.
The impairment gain recognised in the profit and loss for the year in respect of bad and doubtful trade debtors was £60,148 (2023: loss of £20,162).


18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Loans - unsecured (note 20)
5,736
45,789

Finance leases (note 23)
36,807
58,806

Trade creditors
1,199,420
954,426

Amounts owed to group undertakings
18,823,692
18,878,537

Other taxation and social security
750,095
4,059

Other creditors
32,193
-

Accruals and deferred income
1,670,317
1,306,512

22,518,260
21,248,129


Amounts owed to group undertakings are interest free and repayable on demand.

Page 28

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loans - unsecured (note 20)
30,345
36,284

Finance leases (note 23)
50,590
87,396

Accruals and deferred income
1,908,698
1,471,513

1,989,633
1,595,193



20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due:

Within one year
5,736
45,789

Between one and two years
5,881
5,731

Between two and five years
18,550
18,077

In more than five years
5,913
12,476

36,080
82,073


On 18 May 2020, AFC Wimbledon Limited agreed an unsecured loan with The Co-operative Bank Plc for £50,000 of which £36,080 is outstanding. The loan attracts an interest rate of 2.5% per annum and is due to expire in May 2030.
On 25 March 2020, AFC Wimbledon Limited agreed an unsecured loan with The Football League Limited for £182,800. The loan attracted an interest rate of 0% per annum and was fully repaid in April 2024.

Page 29

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



22.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.


23.


Finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
36,807
58,806

Between 1-5 years
50,590
87,396

87,397
146,202

The company holds finance lease arrangements with third parties in respect of the LED advertising board and TV's located around the stadium that are held by a fellow group undertaking.


24.


Related party transactions

During the year, the company received sponsorship income of £233,333 (2023: £233,333) from a company for which one of the directors of the intermediate parent company, AFCW PLC, is also a director of. There is a further amount of £800,000 (2023: £233,333) recorded within deferred income from the same company.
During the year, the company paid for a number of transactions on behalf of AFC Wimbledon Foundation, an independent charity which has one Trustee who is a current director of the company. The total of such transactions during the year was £598,695 (2023: £598,695), and the amount payable at 30 June 2024 was £7,193 (2023: £26,242 receivable). 

Page 30

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Controlling party

The immediate parent is AFCW PLC which owns 100% of the issued share capital of the company and is the parent company of the smallest and largest group to prepare financial statements which include the results of the company. The consolidated financial statements of AFCW PLC are available to the public and can be obtained from Companies House.
The ultimate parent company is Wimbledon Football Club Supporters' Society Limited, a registered society under the Co-operative and Community Benefit Societies Act 2004.


26.


Commitments under operating leases

At 30 June 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
80,000
80,000

80,000
80,000


27.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,645,395
1,879,971

Financial assets that are debt instruments measured at amortised cost
23,211,054
20,962,389

24,856,449
22,842,360


Financial liabilities


Financial liabilities measured at amortised cost
(21,220,908)
(20,200,148)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors, amounts owed to group undertakings and accruals.

Page 31

 
AFC WIMBLEDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

28.


Subsequent events

Subsequent to year-end, the club sold Jack Currie to Oxford United and Justin Clarke to Everton for  undisclosed fees.
Additionally at the time of writing in autumn 2024, the club recently experienced a major incident resulting in significant flood damage to the pitch and ground floor of the stadium, caused by extreme rainfall and subsequent impact on local surface water drainage being overwhelmed. The club postponed three home matches, and is facing significant business interruption - notably by offices remaining out of action for several months, and all lifts out of action for a prolonged period - compromising non matchday income as well as guest experience. We are extremely grateful for significant donations from supporters, the wider football family, and local community which will help cover the insurance excess and increase in premium. Club officials are working closely with insurers, Merton Council, the Environment Agency on building business resilience in the event of a similar incident.

 
Page 32