BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Company Registration No. 12022161 (England and Wales)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
COMPANY INFORMATION
Director
Mr S P Sadler
Company number
12022161
Registered office
Bloomfield Road Stadium
Seasiders Way
Blackpool
Lancashire
FY1 6JJ
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

For the financial year, the Group (excluding intra-group trading) reported a turnover of £12.05m (2023: £19.70m). This was generated by its trading subsidiaries:

As a result, the Group recorded a pre-tax loss of £5.08m (2023: £1.19m loss).

To support its financial position, Blackpool Football Club Holdings Group received total funding of £6.19m (2023: £3.92m), consisting of interest-free, unsecured loans of £5.00m (2023: £3.57m) from Seaside Holdings Ltd. Additionally, all tax benefits generated by Seaside Holdings Ltd (£1.19m in 2024, £0.35m in 2023) will be reimbursed as cash to benefit the Blackpool Football Club Holdings Group.

As of 30 June 2024, Seaside Holdings had provided a total of £13.38m to the BFC Group. Mr. S P Sadler had contributed £16.14m, including the initial acquisition of the Group and its assets (£8.4m) and a gift of £0.17m, with total tax reimbursements amounting to £2.15m. The cumulative total funding received stands at £31.67m, with a projected increase of £4.3m in 2025.

In the 2023–24 season, The Club competed in EFL League One, marking its return to the third tier following relegation from the Championship in the previous season. Despite a late rally, the team's efforts proved insufficient, culminating in an eighth-place finish with 73 points from 46 games, just two places outside the play-off spots.

Despite this, continued support from the Club’s ownership enabled investments both on and off the pitch. These investments relate to infrastructure projects, including:

Principal risks and uncertainties

The Club’s divisional status within the professional football pyramid remains the most significant risk to the Group, as changes in league position materially affect revenue streams. Additionally, regulatory changes imposed by football authorities could further impact income.

The Group’s board and senior management hold regular meetings to assess risks and take necessary actions to mitigate them.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Development and performance

The Directors remain committed to advancing the Football Club, with a strategy focused on:

Key performance indicators

Revenue generation is a critical component of The Club’s financial sustainability, particularly following the challenges associated with relegation. The table below highlights the key revenue streams that drive The Club’s financial performance. These revenue streams are considered our Key Performance Indicators (KPIs) as they directly impact The Club’s ability to operate effectively, invest in the playing squad, and plan for long term growth.

Revenue Stream

2024 (£)

2023 (£)

% Change

Key Observations

Matchday

4,464,780

5,345,837

-16.5%

Decrease due to lower attendance and reduced ticket pricing after relegation from the Championship.

Football

3,251,790

9,425,211

-65.5%

Significant drop due to reduced EFL central distributions.

Commercial

1,983,406

2,489,890

-20.3%

Lower sponsorship and advertising revenue, linked to reduced visibility in League One.

Hotel

1,524,649

1,361,612

12.0%

Increase shows strong demand for hotel services, boosted by external bookings & non-matchday revenue streams.

Rental

821,018

1,080,529

-24.0%

Reduced rental opportunities.

Total

12,045,643

19,703,079

-38.9%

Overall decrease after relegation from the Championship.

On behalf of the board

Mr S P Sadler
Director
24 March 2025
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company continued to be that of a holding company.

 

The principal activities of the company's subsidiaries during the year were as follows:

 

The Blackpool Football Club Limited- Professional football club

Blackpool Football Club Hotel Ltd- Operation of a hotel

Blackpool Football Club Stadium and Property Ltd- Property company

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a dividend.

Director

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

Mr S P Sadler
Auditor

The auditor, Champion Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

On behalf of the board
Mr S P Sadler
Director
24 March 2025
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
- 5 -
Opinion

We have audited the financial statements of Blackpool Football Club Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

As part of our planning process:

 

- We enquired of management the systems and controls the company and group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and group. We determined that the following were most relevant: FRS 102, Companies Act 2006 and compliance with the Financial Fair Play regulations as set out by the English Football League (EFL).

- We considered the incentives and opportunities that exist in the company and group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company and group, together with discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to doubtful debt provisions and depreciation and amortisation methods.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, including cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Mark Turner FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
24 March 2025
Chartered Accountants
Statutory Auditor
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,045,643
19,703,079
Cost of sales
(1,769,025)
(1,918,552)
Gross profit
10,276,618
17,784,527
Administrative expenses
(17,632,826)
(21,902,070)
Operating loss
4
(7,356,208)
(4,117,543)
Profit/ loss on disposal of player registrations
7
2,281,092
2,926,636
Loss before taxation
(5,075,116)
(1,190,907)
Tax on loss
8
1,192,912
345,456
Loss for the financial year
(3,882,204)
(845,451)
Loss for the financial year is attributable to:
- Owners of the parent company
(3,777,625)
(841,225)
- Non-controlling interests
(104,579)
(4,226)
(3,882,204)
(845,451)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Loss for the year
(3,882,204)
(845,451)
Other comprehensive income
-
-
Total comprehensive income for the year
(3,882,204)
(845,451)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(3,777,625)
(841,225)
- Non-controlling interests
(104,579)
(4,226)
(3,882,204)
(845,451)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
2,467,410
2,960,892
Other intangible assets
9
1,392,942
1,741,644
Total intangible assets
3,860,352
4,702,536
Tangible assets
10
8,283,809
8,000,403
12,144,161
12,702,939
Current assets
Stocks
13
221,592
263,738
Debtors falling due after more than one year
14
866,666
762,500
Debtors falling due within one year
14
6,604,016
5,244,219
Cash at bank and in hand
600,454
1,026,573
8,292,728
7,297,030
Creditors: amounts falling due within one year
15
(32,502,942)
(28,468,369)
Net current liabilities
(24,210,214)
(21,171,339)
Total assets less current liabilities
(12,066,053)
(8,468,400)
Creditors: amounts falling due after more than one year
16
(349,662)
(65,111)
Net liabilities
(12,415,715)
(8,533,511)
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
(12,030,940)
(8,253,315)
Equity attributable to owners of the parent company
(12,030,840)
(8,253,215)
Non-controlling interests
(384,875)
(280,296)
Total equity
(12,415,715)
(8,533,511)
The financial statements were approved and signed by the director and authorised for issue on 24 March 2025
24 March 2025
Mr S P Sadler
Director
Company registration number 12022161 (England and Wales)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
2,842,918
2,842,918
Current assets
Debtors
14
26,468,751
21,481,124
Cash at bank and in hand
100
100
26,468,851
21,481,224
Creditors: amounts falling due within one year
15
(29,346,332)
(24,353,075)
Net current liabilities
(2,877,481)
(2,871,851)
Net liabilities
(34,563)
(28,933)
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
(34,663)
(29,033)
Total equity
(34,563)
(28,933)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £5,630 (2023 - £3,880 loss).

The financial statements were approved and signed by the director and authorised for issue on 24 March 2025
24 March 2025
Mr S P Sadler
Director
Company registration number 12022161 (England and Wales)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
Balance at 1 July 2022
100
(7,412,090)
(7,411,990)
(276,070)
(7,688,060)
Period ended 30 June 2023:
Loss and total comprehensive income
-
(841,225)
(841,225)
(4,226)
(845,451)
Balance at 30 June 2023
100
(8,253,315)
(8,253,215)
(280,296)
(8,533,511)
Year ended 30 June 2024:
Loss and total comprehensive income
-
(3,777,625)
(3,777,625)
(104,579)
(3,882,204)
Balance at 30 June 2024
100
(12,030,940)
(12,030,840)
(384,875)
(12,415,715)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
100
(25,153)
(25,053)
Period ended 30 June 2023:
Loss and total comprehensive income for the period
-
(3,880)
(3,880)
Balance at 30 June 2023
100
(29,033)
(28,933)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
(5,630)
(5,630)
Balance at 30 June 2024
100
(34,663)
(34,563)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(5,794,798)
(2,869,659)
Investing activities
Purchase of intangible assets
(1,245,526)
(1,643,938)
Proceeds from disposal of intangibles
2,323,262
1,300,598
Purchase of tangible fixed assets
(643,068)
(1,384,086)
Net cash generated from/(used in) investing activities
434,668
(1,727,426)
Financing activities
Repayment of borrowings
(58,496)
(63,504)
Repayment of Director's loan
(7,493)
(16,840)
Proceeds from other loans
5,000,000
3,573,465
Net cash generated from financing activities
4,934,011
3,493,121
Net decrease in cash and cash equivalents
(426,119)
(1,103,964)
Cash and cash equivalents at beginning of year
1,026,573
2,130,537
Cash and cash equivalents at end of year
600,454
1,026,573
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

Blackpool Football Club Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bloomfield Road Stadium, Seasiders Way, Blackpool, Lancashire, FY1 6JJ.

 

The group consists of Blackpool Football Club Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Blackpool Football Club Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Television and media income is recognised over the course of the season. Season ticket, gate receipt and match streaming income is recognised at the point the relevant match is played. Sponsorship income is recognised over the term of the contract. Catering, retail and merchandise sales are recognised at the point of sale. Hotel accommodation income is recognised at the date of occupancy.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Intangible fixed assets other than goodwill

Intangible fixed assets other than goodwill represent guaranteed transfer fees and associated costs payable, in relation to the transfer of players' registrations. These amounts are amortised as follows:

Players' registrations
Over the remaining term of the contract
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
See below
Leasehold land and buildings
5% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10-33% straight line
Computers
33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Freehold land and buildings are not depreciated. This is on the basis that the properties are well maintained, and the expected residual value would render any depreciation charge immaterial.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of trade debtors

At each balance sheet date, the directors and the finance team review outstanding debtor balances to estimate which, if any, should be impaired or provided against. This calculation involves judgement and is based on factors such as the financial position of the customer, historical payment patterns, and any ongoing discussions between the company and its customers.

 

At 30 June 2024, the outstanding trade debtors amounted to £2,934,612, which is stated net of a provision of £1,740. The estimation of the impairment provision involves uncertainty and may be revised in the future depending on changes in the financial position of customers.

Useful economic life of tangible fixed assets

The useful economic life of tangible assets is judged at the point of purchase and reviewed at each financial reporting date. This judgement is based upon the directors' in depth knowledge of the industry in which the company operates and their understanding of the individual assets .

 

The standard depreciation policies applied are outlined in note 1.8. These estimates are reviewed periodically and may be adjusted based on factors such as changes in industry practices, asset usage, or technological advancements. The net book value of tangible fixed assets at 30 June 2024 is £8,283,809.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Matchday
4,464,780
5,345,837
Football
3,251,790
9,425,211
Commercial
1,983,406
2,489,890
Hotel
1,524,649
1,361,612
Rental
821,018
1,080,529
12,045,643
19,703,079
2024
2023
£
£
Turnover analysed by geographical market
UK
12,045,643
19,703,079
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
1,283
(7,824)
Depreciation of owned tangible fixed assets
355,912
302,469
Amortisation of intangible assets
1,712,437
1,687,239
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,550
1,680
Audit of the financial statements of the company's subsidiaries
23,500
15,650
25,050
17,330
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Footballers, coaches and managers
94
99
-
-
Administrative and other staff
47
41
-
-
Hotel staff
50
76
-
-
Total
191
216
-
0
-
0

In addition, the group engaged on match days an average of 96 (2023: 230) part-time temporary staff.

 

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,486,569
13,133,661
-
0
-
0
Social security costs
941,865
1,319,328
-
-
Pension costs
88,389
52,316
-
0
-
0
10,516,823
14,505,305
-
0
-
0
7
Other gains and losses
2024
2023
£
£
Profit on disposal of player registrations
2,281,092
2,926,636

Profit/loss on disposal of player registrations represents guaranteed transfer fees receivable, less the carrying value of those players at the date of disposal. This figure also includes contingent transfer fees which have become receivable in respect of the transfer of players' registrations in previous periods.

8
Taxation
2024
2023
£
£
Current tax
Group tax relief
(1,192,912)
(345,456)
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 24 -

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

2024
2023
£
£
Loss before taxation
(5,075,116)
(1,190,907)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(1,268,779)
(244,136)
Tax effect of expenses that are not deductible in determining taxable profit
286,045
146,274
Tax effect of income not taxable in determining taxable profit
(422,832)
(231,487)
Tax effect of utilisation of tax losses not previously recognised
(16,471)
-
0
Unutilised tax losses carried forward
106,841
-
0
Permanent capital allowances in excess of depreciation
(1,086)
(109,583)
Other adjustments
123,370
93,476
Taxation credit
(1,192,912)
(345,456)
9
Intangible fixed assets
Group
Goodwill
Players' registrations
Total
£
£
£
Cost
At 1 July 2023
4,934,820
3,837,924
8,772,744
Additions
-
0
1,214,193
1,214,193
Disposals
-
0
(1,717,668)
(1,717,668)
At 30 June 2024
4,934,820
3,334,449
8,269,269
Amortisation and impairment
At 1 July 2023
1,973,928
2,096,280
4,070,208
Amortisation charged for the year
493,482
1,218,955
1,712,437
Disposals
-
0
(1,373,728)
(1,373,728)
At 30 June 2024
2,467,410
1,941,507
4,408,917
Carrying amount
At 30 June 2024
2,467,410
1,392,942
3,860,352
At 30 June 2023
2,960,892
1,741,644
4,702,536
Company
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
5,886,709
152,026
2,327,885
371,873
17,547
37,450
8,793,490
Additions
218,978
-
0
373,825
51,264
-
0
-
0
644,067
Disposals
-
0
-
0
(5,875)
-
0
-
0
-
0
(5,875)
Transfers
(134,812)
-
0
134,812
-
0
-
0
-
0
-
0
At 30 June 2024
5,970,875
152,026
2,830,647
423,137
17,547
37,450
9,431,682
Depreciation and impairment
At 1 July 2023
-
0
25,550
505,416
235,478
11,737
14,906
793,087
Depreciation charged in the year
-
0
7,601
272,854
62,137
3,958
9,362
355,912
Eliminated in respect of disposals
-
0
-
0
(1,126)
-
0
-
0
-
0
(1,126)
At 30 June 2024
-
0
33,151
777,144
297,615
15,695
24,268
1,147,873
Carrying amount
At 30 June 2024
5,970,875
118,875
2,053,503
125,522
1,852
13,182
8,283,809
At 30 June 2023
5,886,709
126,476
1,822,469
136,395
5,810
22,544
8,000,403
Company
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
2,842,918
2,842,918
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
2,842,918
Carrying amount
At 30 June 2024
2,842,918
At 30 June 2023
2,842,918
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
The Blackpool Football Club Limited
Bloomfield Road, Blackpool, FY1 6JJ
Ordinary
96.28
-
Blackpool Football Club Hotel Ltd
Blackpool Club Stadium, Seasiders Way, Blackpool, Lancashire, FY1 6JJ
Ordinary
-
100.00
Blackpool Football Club Stadium and Property Ltd
Blackpool Club Stadium, Seasiders Way, Blackpool, Lancashire, FY1 6JJ
Ordinary
100.00
-
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
221,592
263,738
-
0
-
0
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,934,612
2,094,643
-
0
-
0
Amounts owed by group undertakings
1,537,369
345,646
26,467,751
21,480,124
Other debtors
1,490,736
1,756,073
1,000
1,000
Prepayments and accrued income
641,299
1,047,857
-
0
-
0
6,604,016
5,244,219
26,468,751
21,481,124
Amounts falling due after more than one year:
Trade debtors
866,666
762,500
-
0
-
0
Total debtors
7,470,682
6,006,719
26,468,751
21,481,124

Trade debtors are stated net of a provision of £1,740 (2023: £100,777).

 

Other debtors are stated net of a provision of £243,250 (2023: £243,250).

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
-
0
58,496
-
0
-
0
Payments received on account
2,255
-
0
-
0
-
0
Trade creditors
790,115
967,357
-
0
-
0
Amounts owed to group undertakings
13,375,000
8,375,000
13,375,000
8,375,000
Other taxation and social security
473,351
525,027
-
-
Deferred income
18
1,389,577
2,011,249
-
0
-
0
Other creditors
15,975,978
15,990,712
15,965,702
15,973,195
Accruals
496,666
540,528
5,630
4,880
32,502,942
28,468,369
29,346,332
24,353,075
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
274,770
40,000
-
0
-
0
Accruals and deferred income
74,892
25,111
-
0
-
0
349,662
65,111
-
-
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
-
0
58,496
-
0
-
0
Payable within one year
-
0
58,496
-
0
-
0
18
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,389,577
2,011,249
-
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
88,389
52,316

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
21
Contingent transfer fees

Following the sale of certain players in The Blackpool Football Club Limited, additional transfer fees are expected to become receivable of £30,000 (2023: £20,000) at various stages in the future, contingent on the relevant players triggering certain appearance and performance based clauses.

 

Following the purchase of certain players in The Blackpool Football Club Limited, additional transfer fees are expected to become payable of £31,250 (2023: £100,000) at various stages in the future, contingent on the relevant players triggering certain appearance and performance based clauses.

22
Operating lease commitments

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,422
10,236
-
-
Between two and five years
-
1,422
-
-
1,422
11,658
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
140,937
354,193

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
13,375,000
8,375,000
Company
Entities with control, joint control or significant influence over the company
13,375,000
8,375,000

At the balance sheet date the company and group owed Mr S P Sadler, director of Blackpool Football Club Holdings Ltd, a total of £15,965,702 (2023: £15,973,195). This loan is interest free.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
378,426
-
Other related parties
1,158,943
345,457
Company
Entities over which the company has control, joint control or significant influence
26,467,751
21,480,124
Other related parties
1,000
1,000
Other information

Balances due to and from related parties are unsecured, interest free and repayable on demand.

 

Blackpool F.C. Community Trust currently occupies offices within The Blackpool Football Club Limited's serviced accommodation rent free. Deeds of Assignment have been made between The Blackpool Football Club Limited and Blackpool F.C Community Trust, dated 4 February 2018 and 10 May 2018, for the occupation of training offices in the stadium for a period of 25 years rent-free.

 

Included within other debtors are amounts due from former related parties totalling £243,250 (2023: £243,250). The amount provided against these balances was £243,250 (2023: £243,250).

24
Controlling party

The ultimate parent company is Seaside Holdings Ltd, a company registered in the Cayman Islands. The registered office is The Offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

The ultimate controlling party is Mr S P Sadler, shareholder of the ultimate parent company.

25
Football League Pension Costs

Certain ex-employees of the group company The Blackpool Football Club Limited, are members of the closed Football League Limited Life Assurance Scheme, a defined benefit scheme. Due to the fact that the company is one of a number of participating employers in the scheme, it isn't possible to accurately identify a surplus or deficit. However, under Section 75 of the Pensions Act 1995, the company is liable to fund the deficit relating to the ex-employees who are members of the scheme.

 

The liability calculated by the trustees at 30 June 2024 and allocated to the company amounted to £31,599 (2023 : £25,111), and this amount has been included within accruals accordingly. The assets of the scheme are held separately from those of the company.

BLACKPOOL FOOTBALL CLUB HOLDINGS LTD & SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
26
Cash absorbed by group operations
2024
2023
£
£
Loss after taxation
(3,882,204)
(845,451)
Adjustments for:
Taxation credited
(1,192,912)
(345,456)
Amortisation and impairment of intangible assets
1,712,437
1,687,239
Depreciation and impairment of tangible fixed assets
355,912
302,469
Other gains and losses
(2,281,092)
(2,926,636)
Pension scheme non-cash movement
6,448
(12,354)
Movements in working capital:
Decrease/(increase) in stocks
42,146
(49,825)
Decrease in debtors
397,497
797,868
Decrease in creditors
(331,358)
(869,019)
Decrease in deferred income
(621,672)
(608,494)
Cash absorbed by operations
(5,794,798)
(2,869,659)
27
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,026,573
(426,119)
600,454
Borrowings excluding overdrafts
(58,496)
58,496
-
968,077
(367,623)
600,454
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