Company registration number 7103873 (England and Wales)
ASD LIGHTING HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ASD LIGHTING HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J Finelli
J Hunt
A R Stewart
K Thomas
Secretary
K Thomas
Company number
7103873
Registered office
Mangham Road
Barbot Hall Industrial Estate
Rotherham
S61 4RJ
Auditor
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
ASD LIGHTING HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 7
Directors' report
8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15 - 16
Company balance sheet
17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Notes to the financial statements
21 - 39
ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

 

The parent company, ASD Lighting Holdings Limited, does not trade in its own right and the directors therefore present their strategic report split between the company's 2 trading subsidiaries - ASD Lighting PLC and Rotherham United Football Club (RUFC) Limited.

 

ASD Lighting PLC

 

The financial statements for the year ended 30 June 2024 for ASD Lighting PLC show turnover of £19.8m (2023 £21.3m).

Sales to the UK were £17.9m (£19.8m 2023), the rest of Europe £1.8m (£1.3m 2023) and the rest of the world £0.1m (£0.2m 2023). Included in the £1.8m to Europe were sales of £1.1m to ASD Lighting Europe Ltd set up to distribute and partner with customers in Europe.

Gross Profit is £7.0m (2023 £8.1m). Against rising material, utility and labour costs the gross profit margin remains strong at 35% (2023 38%).

Administration costs at £7.6m remained the same at last year with increases in staff related costs being reduced by saving in other fixed costs.

The year resulted in an operating loss (before interest and tax) of £0.6m compared to a profit of £0.5m last year.

Profit after interest receivable and tax is £276k (£755k 2023).

Business and employee performance are measured using turnover, gross margin, forecast cash flow, debtors days and stock value.

The company's balance sheet shows that the company remains strong and has maintained its net asset value of £32.0m. Included in this valuation;

ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Key risks and uncertainties

The key risks faced by ASD Lighting PLC are;

The company manages these risks and maintains this focus by;

 

ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Key Performance Indicators

 

KPI £m's

2024

2023

Difference

%

Turnover

£19.8

£21.3

-0.2

-1%

Gross Profit

£7.0

£8.1

-0.1

-1%

Gross Profit Margin

36%

38%

0.0

-0%

Administrative Expenses

£7.6

£7.7

0.3

4%

Operating Profit

-£0.6

£0.5

-0.2

-29%

Capital Investment

£0.2

£0.4

-0.2

-50%

Stock

£2.9

£3.3

0.2

6%

Debtors

£24.1

£19.6

-1

-5%

Trade Debtors days

44

46

-7

-13%

Creditors

£2.6

£3.0

-1.4

-32%

Trade Creditors days

68

69

-2

-3%

 

Sustainable business practices

The company is committed to developing and implementing sustainable business practices by implementing resource efficient practices and adopting strategies to reduce our environmental footprint. Key initiatives includes waste reduction, energy optimisation and commitment to sourcing materials responsibly.

We have maintained certification in ISO 9001, ISO 14001 and OHSAS 18001. The company’s products are specifically designed to allow customers to reduce energy consumption and operate in a more sustainable manner.

The company continues to focus on introducing products and packaging that are recyclable.

On promoting resource efficiency the company have a number of energy/resource saving incentives including significant sections of the factory roof covered in photovoltaic cells to generate energy using solar. The factory also operates with energy saving LED lighting and control systems to maximise those savings through presence detection and daylight sensors. We will continue to maximize energy efficiency by capturing and repurposing waste heat from our powder coating facility through a heat exchange system, which directly heats the warehouse area. We monitor our energy and water consumption;

We continue to comply with WEEE directive of 2003. Cost for 2024 £36k, compared to £41k 2023. The company incurred costs to dispose of other waste of £23k in 2024 (£19k, 2023).

Quality continues to be measured using customer feedback and credit note analysis (credit value is 2.1% of total turnover 2024 compared to 1.9% 2023).

We have maintained total headcount at 162 (average).

 

2024

2023

Production & Sales

106

108

Admin & other

56

55

 

162

163

ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors continue to develop the company’s trading activities, maintain UK sales and market share, whilst looking at opportunities to;

With continuous research and development the directors and management will focus on high quality products and leadership in technology. We will continue to source materials responsibly by regularly assessing our supply chain and continue to monitor and improve sustainability metrics.

An agreement is in place for the company to continue to sponsor RUFC into 2025.

The directors believe that the company is able to respond to ongoing economic uncertainty and government instability.

Rotherham United Football Club (RUFC) Limited

 

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

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

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

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

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

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

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

ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Principal Risks

Business risk

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

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

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

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

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

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

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

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

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

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

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

ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Key Performance Indicators

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

 

 

2024

2023

Change

Change

 

£k's

£k's

£k's

%

Income

 

 

 

 

 

 

 

 

First Team

8,703

7,934

769

9.7%

Academy

538

580

-42

-7.2%

Total Funding

9,241

8,514

727

8.5%

 

 

 

 

 

Match Day Income

1,135

1,000

135

13.5%

Season Tickets

1,744

1,578

167

10.6%

Total Match Receipts

2,879

2,578

302

11.7%

 

 

 

 

 

Sponsorship, Advertising & Hospitality

3,232

3,133

99

3.2%

Merchandising & Other Match Day

836

830

6

0.7%

Media

357

435

-79

-18.0%

Other Player Trading

2,542

95

2,447

2,576.3%

Other grants

86

101

-15

-15.1%

Total Income

19,173

15,686

3,487

22.2%

 

 

 

 

Profitability

 

 

 

 

 

 

 

 

Profit/(Loss) After Tax

(1,699)

(878)

(821)

93.4%

 

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

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

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

 

ASD LIGHTING HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Other information and explanations

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

 

2024

2023

Change

Change

 

 

 

 

 

Average League Attendance

10,677

10,148

529

5.2%

Season Tickets Sold

7,225

6,711

514

7.7%

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

 

Future Developments

 

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

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

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

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

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

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

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

On behalf of the board

A R Stewart
Director
25 March 2025
ASD LIGHTING HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -

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

Principal activities

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

Results and dividends

The results for the year are set out on page 13.

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

Directors

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

J Finelli
J Hunt
A R Stewart
K Thomas
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

Auditor

The auditor, Buckle Barton Limited, 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.

On behalf of the board
A R Stewart
Director
25 March 2025
ASD LIGHTING HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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. They are 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.

ASD LIGHTING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASD LIGHTING HOLDINGS LIMITED
- 10 -
Opinion

We have audited the financial statements of ASD Lighting Holdings Limited (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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

ASD LIGHTING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASD LIGHTING HOLDINGS LIMITED
- 11 -
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 directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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 and the key procedures used included:

 

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Enquiry of entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

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.

ASD LIGHTING HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASD LIGHTING HOLDINGS LIMITED
- 12 -

Use of our report

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

Mark Dalton BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Buckle Barton Limited
25 March 2025
Chartered Accountants
Statutory Auditor
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
ASD LIGHTING HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
37,999,354
35,939,460
Cost of sales
(29,176,603)
(27,824,736)
Gross profit
8,822,751
8,114,724
Administrative expenses
(11,138,920)
(8,810,094)
Other operating income
656
54,204
Operating loss
7
(2,315,513)
(641,166)
Interest receivable and similar income
6
730,338
586,834
Loss before taxation
(1,585,175)
(54,332)
Tax on loss
8
146,572
(85,000)
Loss for the financial year
(1,438,603)
(139,332)
Loss for the financial year is attributable to:
- Owners of the parent company
(1,378,945)
(108,694)
- Non-controlling interests
(59,658)
(30,638)
(1,438,603)
(139,332)
ASD LIGHTING HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
£
£
Loss for the year
(1,438,603)
(139,332)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,438,603)
(139,332)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,378,945)
(108,694)
- Non-controlling interests
(59,658)
(30,638)
(1,438,603)
(139,332)
ASD LIGHTING HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
78,987
94,783
Other intangible assets
9
1,123,562
521,428
Total intangible assets
1,202,549
616,211
Tangible assets
10
2,456,289
3,160,418
3,658,838
3,776,629
Current assets
Stocks
13
3,077,285
3,443,022
Debtors
14
18,590,854
17,779,481
Cash at bank and in hand
6,505,865
9,286,212
28,174,004
30,508,715
Creditors: amounts falling due within one year
16
(6,454,781)
(6,612,564)
Net current assets
21,719,223
23,896,151
Total assets less current liabilities
25,378,061
27,672,780
Creditors: amounts falling due after more than one year
15
(528,886)
(1,250,002)
Provisions for liabilities
Deferred tax liability
18
105,000
240,000
(105,000)
(240,000)
Net assets
24,744,175
26,182,778
Capital and reserves
Called up share capital
20
50,000
50,000
Share premium account
9,107,714
9,107,714
Profit and loss reserves
15,969,264
17,348,209
Equity attributable to owners of the parent company
25,126,978
26,505,923
Non-controlling interests
(382,803)
(323,145)
24,744,175
26,182,778
ASD LIGHTING HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
25 March 2025
A R Stewart
Director
Company registration number 7103873 (England and Wales)
ASD LIGHTING HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
11,907,719
11,907,719
Current assets
-
-
Creditors: amounts falling due within one year
16
(2,565,005)
(2,565,005)
Net current liabilities
(2,565,005)
(2,565,005)
Net assets
9,342,714
9,342,714
Capital and reserves
Called up share capital
20
50,000
50,000
Share premium account
9,107,714
9,107,714
Profit and loss reserves
185,000
185,000
Total equity
9,342,714
9,342,714

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
25 March 2025
A R Stewart
Director
Company registration number 7103873 (England and Wales)
ASD LIGHTING HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 July 2022
50,000
9,107,714
17,456,903
26,614,617
(292,507)
26,322,110
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(108,694)
(108,694)
(30,638)
(139,332)
Balance at 30 June 2023
50,000
9,107,714
17,348,209
26,505,923
(323,145)
26,182,778
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(1,378,945)
(1,378,945)
(59,658)
(1,438,603)
Balance at 30 June 2024
50,000
9,107,714
15,969,264
25,126,978
(382,803)
24,744,175
ASD LIGHTING HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
50,000
9,107,714
185,000
9,342,714
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Balance at 30 June 2023
50,000
9,107,714
185,000
9,342,714
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
-
0
Balance at 30 June 2024
50,000
9,107,714
185,000
9,342,714
ASD LIGHTING HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(1,511,781)
403,987
Income taxes paid
-
(126,049)
Net cash (outflow)/inflow from operating activities
(1,511,781)
277,938
Investing activities
Purchase of intangible assets
(1,400,000)
(200,000)
Proceeds on disposal of intangibles / player registrations
375,000
900,001
Purchase of tangible fixed assets
(248,078)
(448,231)
Proceeds on disposal of tangible fixed assets
6,490
2,802
Loans made / repaid
50,000
(50,000)
Interest received
730,338
586,834
Net cash (used in)/generated from investing activities
(486,250)
791,406
Financing activities
Increase in loans / (Repayment of borrowings)
(782,316)
(477,466)
Net cash used in financing activities
(782,316)
(477,466)
Net (decrease)/increase in cash and cash equivalents
(2,780,347)
591,878
Cash and cash equivalents at beginning of year
9,286,212
8,694,334
Cash and cash equivalents at end of year
6,505,865
9,286,212
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
1
Accounting policies
Company information

ASD Lighting Holdings Limited (“the company”) is a private company limited by shares, domiciled and incorporated in the UK and registered in England and Wales. The registered office is Mangham Road, Barbot Hall Industrial Estate, Greasbrough, Rotherham, S61 4RJ.

 

The group consists of ASD Lighting Holdings Limited 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.

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ASD Lighting Holdings Limited 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.

1.4
Going concern

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

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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.

 

In respect of football club income, gate receipts and other match day revenue are recognised as the games are played. The club also receives central distributions from the Football League and a solidarity payment from the Premier League that are beyond the direct control of the officers of the club. These distributions are recognised evenly over the course of the financial year.

 

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

 

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

 

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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 20 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.

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

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

 

The principal basis used for amortisation other than goodwill is:

 

Player Registrations
straight line basis over the term of the contract
1.9
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
4% per annum straight line
Improvements to leasehold property
over the life of the lease
Improvements to freehold property
10% per annum straight line
Plant and machinery
10% - 33% per annum straight line
Equipment, fixtures, & fittings
20% per annum straight line
Mouldings & tools
10% per annum stright 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.

1.10
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.

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -
1.11
Borrowing costs related to fixed assets

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

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

1.12
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.

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.

1.13
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.14
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.

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 25 -
1.15
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.

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.

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 26 -
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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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.

Derecognition of financial liabilities

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

1.16
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.

1.17
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.

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 27 -
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.

1.18
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.

1.19
Retirement benefits

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

1.20
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.21
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.

Football club - signing on fees

 

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

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

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

 

 

In addition, in respect of ASD Lighting PLC, that company manufactures and sells security and amenity lighting which is subject to changes in trends and demands and it is therefore necessary to consider the net realisable value of stock held. When calculating stock provisions management considers the nature and condition of stock and the anticipated saleability (or, in the case of raw materials, usage).

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of security, street and amenity lighting
19,832,848
21,259,460
Football income
18,166,506
14,680,000
37,999,354
35,939,460
2024
2023
£
£
Other significant revenue
Interest income
730,338
586,834
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
36,102,956
34,487,431
Rest of Europe
1,819,597
1,299,152
Rest of World
76,801
152,877
37,999,354
35,939,460
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
4
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
4,000
4,000
Audit of the financial statements of the company's subsidiaries
30,700
30,000
34,700
34,000
For other services
Taxation compliance services
2,500
2,500
5
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
Production, sales, matchday, and ground staff
170
171
-
-
Administration and other
62
61
-
-
First team players and coaches
52
45
-
-
Youth team players and coaches
53
52
-
-
Total
337
329
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
16,904,914
14,506,555
-
0
-
0
Social security costs
2,062,497
1,723,574
-
-
Pension costs
295,791
235,154
-
0
-
0
19,263,202
16,465,283
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
360,488
220,079
Other interest income
369,850
366,755
Total income
730,338
586,834
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
7
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(73,391)
(39,545)
Research and development costs
103,129
44,642
Depreciation of owned tangible fixed assets
945,437
934,923
Loss/(profit) on disposal of tangible fixed assets
280
(2,800)
Amortisation of intangible assets
705,329
490,363
Profit on disposal of intangible assets
(266,667)
(869,697)
Cost of stocks recognised as an expense
7,689,390
7,904,607
Operating lease charges
1,491,148
1,494,567

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £73,391 (2023 - £39,545).

8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
25,000
Adjustments in respect of prior periods
(11,572)
-
0
Total current tax
(11,572)
25,000
Deferred tax
Origination and reversal of timing differences
(135,000)
60,000
Total tax (credit)/charge
(146,572)
85,000
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Taxation
(Continued)
- 31 -

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

2024
2023
£
£
Loss before taxation
(1,585,175)
(54,332)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(396,294)
(11,138)
Tax effect of expenses that are not deductible in determining taxable profit
20,359
20,293
Unutilised tax losses carried forward
255,507
-
0
Adjustments in respect of prior years
(988)
-
0
Effect of change in corporation tax rate
-
58,936
Permanent capital allowances in excess of depreciation
(15,844)
-
Depreciation on assets not qualifying for tax allowances
41,016
27,471
Amortisation on assets not qualifying for tax allowances
3,949
3,238
Research and development tax credit
-
0
(21,053)
Under/(over) provided in prior years
(10,584)
-
0
Reversal of deferred tax rounding
-
0
(17,991)
Deferred tax roundings
(43,693)
25,264
Other differences
-
0
(20)
Taxation (credit)/charge
(146,572)
85,000
9
Intangible fixed assets
Group
Goodwill
Player Registrations
Total
£
£
£
Cost
At 1 July 2023
315,927
1,265,000
1,580,927
Additions
-
0
1,400,000
1,400,000
Disposals
-
0
(565,000)
(565,000)
At 30 June 2024
315,927
2,100,000
2,415,927
Amortisation and impairment
At 1 July 2023
221,144
743,572
964,716
Amortisation charged for the year
15,796
689,533
705,329
Disposals
-
0
(456,667)
(456,667)
At 30 June 2024
236,940
976,438
1,213,378
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Intangible fixed assets
(Continued)
- 32 -
Carrying amount
At 30 June 2024
78,987
1,123,562
1,202,549
At 30 June 2023
94,783
521,428
616,211
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
10
Tangible fixed assets
Group
Freehold land and buildings
Improvements to leasehold property
Improvements to freehold property
Plant and machinery
Equipment, fixtures, & fittings
Mouldings & tools
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
2,771,407
470,918
414,838
6,995,210
306,455
5,250,063
16,208,891
Additions
-
0
-
0
-
0
148,361
7,940
91,777
248,078
Disposals
-
0
-
0
-
0
(34,900)
-
0
-
0
(34,900)
At 30 June 2024
2,771,407
470,918
414,838
7,108,671
314,395
5,341,840
16,422,069
Depreciation and impairment
At 1 July 2023
1,938,717
273,940
401,579
5,921,737
291,871
4,220,629
13,048,473
Depreciation charged in the year
110,856
19,950
7,233
480,500
6,166
320,732
945,437
Eliminated in respect of disposals
-
0
-
0
-
0
(28,130)
-
0
-
0
(28,130)
At 30 June 2024
2,049,573
293,890
408,812
6,374,107
298,037
4,541,361
13,965,780
Carrying amount
At 30 June 2024
721,834
177,028
6,026
734,564
16,358
800,479
2,456,289
At 30 June 2023
832,690
196,978
13,259
1,073,473
14,584
1,029,434
3,160,418
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Tangible fixed assets
(Continued)
- 34 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
11,907,719
11,907,719
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
11,907,719
Carrying amount
At 30 June 2024
11,907,719
At 30 June 2023
11,907,719
12
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
ASD Lighting Plc
Mangham Road, Rotherham, S61 4RJ
Manufacture of security and amenity lighting
Ordinary
100.00
Rotherham United Football Club (RUFC) Limited
New York Stadium, Rotherham, S60 1AH
Football League Club
Ordinary
96.49
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,734,644
3,081,017
-
-
Finished goods and goods for resale
342,641
362,005
-
0
-
0
3,077,285
3,443,022
-
-
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,837,750
3,723,261
-
0
-
0
Other debtors
1,148,411
976,275
-
0
-
0
Prepayments and accrued income
690,749
766,002
-
0
-
0
6,676,910
5,465,538
-
-
Amounts falling due after more than one year:
Other debtors
11,913,944
12,313,943
-
0
-
0
Total debtors
18,590,854
17,779,481
-
-
Included within debtors are football debtors of £1,651,606  (2023: £847,792).
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
528,886
1,250,002
-
0
-
0
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
17
416,666
477,866
-
0
-
0
Trade creditors
3,599,861
2,724,292
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,280,122
2,280,122
Corporation tax payable
(192,078)
(180,506)
-
0
-
0
Other taxation and social security
1,252,209
1,437,329
-
-
Other creditors
344,783
343,816
284,883
284,883
Accruals and deferred income
1,033,340
1,809,767
-
0
-
0
6,454,781
6,612,564
2,565,005
2,565,005
Included within creditors are football creditors of £907,190 (2023: £435,977).
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
945,552
1,727,868
-
0
-
0
Payable within one year
416,666
477,866
-
0
-
0
Payable after one year
528,886
1,250,002
-
0
-
0

The other loan is a loan from The Football League which is both unsecured and interest free. The loan is repayable in instalments with the final repayment due to be made in December 2025.

 

18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
105,000
240,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
240,000
-
Credit to profit or loss
(135,000)
-
Liability at 30 June 2024
105,000
-

 

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
208,233
212,556
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Retirement benefit schemes
(Continued)
- 37 -

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.

 

Defined benefit scheme:

Certain employees of one of the group companies (Rotherham United Football Club (RUFC) Limited) participate in the Football League Limited Pension and Life Assurance Scheme. The scheme is a defined benefit scheme co-sponsored by the FA Premier League and the Football League. The club makes contributions to the scheme in accordance with recommendations from the scheme's actuaries.

 

The club is one of a number of participating employers in the scheme and it is not possible to allocate part of any actuarial rights or deficit owing to the club's employees, only their share of contributions payable to the scheme. Consequently contributions paid in the year and any movement in the club's share of contributions, net of payments made, are charged as an expense in the profit & loss account.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
24,500
24,500
24,500
24,500
B ordinary shares of £1 each
23,000
23,000
23,000
23,000
C ordinary shares of £1 each
2,500
2,500
2,500
2,500
50,000
50,000
50,000
50,000
A, B & C shares carry one vote per share and no entitlement to fixed income.
21
Operating lease commitments
Lessee

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
323,839
373,001
-
-
Between two and five years
325,254
291,894
-
-
In over five years
113,750
148,750
-
-
762,843
813,645
-
-
ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 38 -
22
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
17,213
65,926
-
-
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,478,056
1,188,899
Transactions with related parties
Other information

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

 

Included in other debtors is an amount of £12,961,391 (2023: £13,191,542) due from R U Estates Limited, a company of which A R Stewart and R P Stewart are directors, split between £1,047,447 due within 1 year and £11,913,944 due after more than 1 year. This loan is unsecured and bore interest at 2% above base rate per annum until January 2021 when it began to bear interest at 1.15% above base rate and is repayable over 9 years in instalments.

 

Included in administrative expenses are management charges of £1,517,698 (2023: £1,307,250) for management and consultancy services provided by ASD Management (Rotherham) LLP, an LLP of which A R Stewart, R P Stewart and S Stewart are members. At 30 June 2024 included within trade debtors was an amount of £16,199 (2023: £176,486) owed by the LLP.

 

During the year the group leased 4 properties from ASD Lighting PLC Pension Scheme, a scheme of which A R Stewart is a trustee. Rent payable to the scheme during the year was £159,019 (2023: £160,113).

 

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

 

24
Directors' transactions

During the previous year ended 30 June 2023 ASD Lighting plc made a loan of £50,000 to a director. The loan was unsecured and interest free and was repaid in August 2023, therefore the balance was nil in the current year end figures.

25
Controlling party

The company is controlled by A R Stewart by virtue of his majority shareholding.

ASD LIGHTING HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 39 -
26
Contingent liabilities and assets

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

 

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

 

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

27
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss for the year after tax
(1,438,603)
(139,332)
Adjustments for:
Taxation (credited)/charged
(146,572)
85,000
Investment income
(730,338)
(586,834)
Loss/(gain) on disposal of tangible fixed assets
280
(2,800)
Gain on disposal of intangible assets
(266,667)
(869,697)
Amortisation and impairment of intangible assets
705,329
490,363
Depreciation and impairment of tangible fixed assets
945,437
934,923
Movements in working capital:
Decrease/(increase) in stocks
365,737
(218,711)
(Increase)/decrease in debtors
(861,373)
2,011,495
Decrease in creditors
(85,011)
(1,300,420)
Cash (absorbed by)/generated from operations
(1,511,781)
403,987
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