Company registration number 00189754 (England and Wales)
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,791
16,458
Tangible assets
4
232,315
244,549
240,106
261,007
Current assets
Stocks
16,416
14,760
Debtors
5
176,347
921,977
Cash at bank and in hand
39,590
38,034
232,353
974,771
Creditors: amounts falling due within one year
6
(2,950,713)
(1,931,272)
Net current liabilities
(2,718,360)
(956,501)
Total assets less current liabilities
(2,478,254)
(695,494)
Creditors: amounts falling due after more than one year
7
(1,083,742)
(1,067,420)
Net liabilities
(3,561,996)
(1,762,914)
Capital and reserves
Called up share capital
8
2,707,214
1,707,214
Profit and loss reserves
(6,269,210)
(3,470,128)
Total equity
(3,561,996)
(1,762,914)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
Mr M Hellier
Director
Company registration number 00189754 (England and Wales)
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Yeovil Football & Athletic Club Limited (The) is a private company limited by shares incorporated in England and Wales. The registered office is Huish Park, Lufton Way, YEOVIL, Somerset, BA22 8YF.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The 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 £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
1.2
Going concern
At the reporting date the company’s balance sheet reflects a net liabilities position which includes amounts of £471,185 owed to the immediate parent company, Yeovil Town Holdings Limited, and £1,418,736 owed to other related parties under the control of M Hellier. These amounts will not be required to be paid until such a time as the company has sufficient cash reserves to allow this.true
The directors have considered the future working capital requirements of the club and have concluded that the club is now reliant on the ultimate controlling party, M Hellier, being able to inject sufficient working capital into the club to support its financial position from the sale of assets outside the Hellier Trading Group. This is expected to come from the sale of assets from within a property portfolio which therefore will be reliant on market conditions and the ability to facilitate sales of those properties to meet the financial obligations as they fall due. As a result, the directors prepared the financial statements on a going concern basis but have concluded that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
1.3
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.
Revenue relating to participation in the national league is recognised in full in relation to the particular football season to which it relates, providing 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.
Revenue from other ancillary sources is recognised on an event by event basis as and when the services or other activities have contractually completed.
1.4
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.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Amortisation 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:
Player contracts
Life on initial contract
1.5
Tangible fixed assets
With the exception of freehold land and buildings, tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Upon adoption of FRS102, the company elected to apply the applicable provisions to carry freehold land and buildings at deemed cost and subsequently measure 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:
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
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 credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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.
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.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
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.
1.9
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.
1.10
Retirement benefits
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases asset are consumed.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
140
133
3
Intangible fixed assets
Player contracts
£
Cost
At 1 July 2023
43,000
Additions
9,000
Disposals
(38,000)
At 30 June 2024
14,000
Amortisation and impairment
At 1 July 2023
26,542
Amortisation charged for the year
5,167
Disposals
(25,500)
At 30 June 2024
6,209
Carrying amount
At 30 June 2024
7,791
At 30 June 2023
16,458
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 July 2023
670,693
384,648
1,055,341
Additions
18,187
38,524
56,711
Disposals
(14,525)
(14,525)
At 30 June 2024
688,880
408,647
1,097,527
Depreciation and impairment
At 1 July 2023
523,729
287,064
810,793
Depreciation charged in the year
24,890
29,832
54,722
Eliminated in respect of disposals
(303)
(303)
At 30 June 2024
548,619
316,593
865,212
Carrying amount
At 30 June 2024
140,261
92,054
232,315
At 30 June 2023
146,965
97,584
244,549
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,118
81,908
Other debtors
134,229
840,069
176,347
921,977
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,469
9,548
Trade creditors
473,994
363,114
Amounts owed to group undertakings
1,889,921
883,252
Taxation and social security
83,850
30,463
Other creditors
495,479
644,895
2,950,713
1,931,272
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
Included within other creditors are hire purchase liabilities of £2,402 (2023: £2,228) which are secured over the assets to which they relate.
Included within bank loans and overdrafts above is £7,469 (2023: £8,020) relating to a Bounce Back Loan which has a partial guaranteed provided by the Secretary of State as part of the Business Interruption Payment relief provided to companies during the pandemic.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,081,607
1,062,883
Other creditors
2,135
4,537
1,083,742
1,067,420
Included within other creditors are hire purchase liabilities of £2,135 (2023: £4,537) which are secured over the assets to which they relate.
Included within bank loans and overdrafts is £27,082 (2023: £32,368) relating to a Bounce Back Loan which has a partial guaranteed provided by the Secretary of State as part of the Business Interruption Payment relief provided to companies during the pandemic. The remaining £1,054,525 (2023: £1,030,515) represents a loan issued by the English Sports Council which is repayable over a 20 year term and is secured by way of a floating charge over all of the assets of the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
798,154
848,250
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2,707,214
1,707,214
2,707,214
1,707,214
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Material uncertainty related to going concern
We draw attention to Note 1.2 in the financial statements, which indicates that the company incurred a net loss during the year ended 30 June 2024 and, as of that date, the company's current liabilities exceeded its total assets by £2,478,254. The company is reliant on the ultimate owner's ability to provide working capital to the company from the sale of property assets outside the group of which the football club is a member.
As stated in Note 1.2, these events or conditions, along with other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Opinion
In our opinion the financial statements:
| give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
| have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| have been prepared in accordance with the requirements of the Companies Act 2006. |
Senior Statutory Auditor:
Joseph Doggrell BSc (Hons) FCA
Statutory Auditor:
Albert Goodman LLP
Date of audit report:
13 March 2025
10
Financial commitments, guarantees and contingent liabilities
The company may pay, under transfer agreements, further amounts to other clubs in respect of players already transferred, whether that be in relation to future first team appearances for Yeovil Town FC or future transfers to other football clubs. However, no reliable estimate can be made of the likelihood of these circumstances coming to fruition and therefore no recognition of potential future cost is included in these financial statements.
The company may receive, under transfer agreements, further amounts of profit for players already transferred. however, no reliable estimate can be made on the likelihood of these players being transferred or their potential transfer values, and therefore no recognition of potential future profit is included in these financial statements.
YEOVIL FOOTBALL & ATHLETIC CLUB LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
343,662
438,750
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
471,185
454,850
Key management personnel
7,774
7,774
Other related parties
1,418,736
428,402
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
797,355
797,355
13
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
14
Parent company
The parent undertaking company is Yeovil Town Holdings Ltd, which has a registered office Huish Park, Lufton Way, Yeovil, Somerset, BA22 8YF.
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