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REGISTERED NUMBER: 13161421 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

WIGAN ATHLETIC A.F.C. LIMITED

PREVIOUSLY KNOWN AS
PHOENIX 2021 LIMITED

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 8

Report of the Independent Auditors 10

Statement of Comprehensive Income 14

Statement of Financial Position 15

Statement of Changes in Equity 16

Statement of Cash Flows 17

Notes to the Statement of Cash Flows 18

Notes to the Financial Statements 19


WIGAN ATHLETIC A.F.C. LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: B J Goodburn
L W Danson
S Guilfoyle
B Spencer



REGISTERED OFFICE: The Brick Community Stadium
Loire Drive
Robin Park
Wigan
Greater Manchester
WN5 0UZ



REGISTERED NUMBER: 13161421 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Barclays Bank PLC
Barclays House
5 St Annes Street
Quayside
Newcastle Upon Tyne
NE1 2BH

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STRATEGIC REPORT
for the Year Ended 30 June 2024

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

REVIEW OF BUSINESS
The 2023/24 season was the 92nd in Wigan Athletics' proud history. After the uncertainty of the past few years, this season provided relative calm, tranquillity and stability.

After the upheaval of 2022/23, when the Club was almost wound up due to unpaid debts by the previous ownership regime, a new era began on 14th June 2023 when Mike Danson, via his company Community Holdco 2023 Ltd, purchased 100% of Phoenix 2021 Ltd.

The immediate priority was to settle all creditors for wages and PAYE, and to secure the removal of the HMRC winding up order. There were many other liabilities that have been taken on by our ownership group including termination costs of £2 million for two player management teams and Executives due to decisions of the previous ownership group. This has now all been paid in the 2023/24 financial year.

The Directors quickly implemented a thorough review of the budgets across all football departments to identify cost savings and areas of potential revenue growth. Off the pitch, the previous ownership group entered into many long-term contracts that were on poor commercial terms hindering our immediate ambitions to improve some areas of the Club and fan experience in the short term. We have already taken steps to address many of these arrangements, such as the ticketing system, and we will continue to make it our priority.

On the pitch at the start of our League One campaign, following our relegation from the Championship, we faced further adversity with the eight-point deduction, due to the wrongdoings of the previous Ownership Group. The EFL also imposed a transfer embargo preventing any transfer fees being paid for players until the summer of 2024. This reduced the pool of players available to rebuild the squad for the 2023/24 season. Unpaid wages and the winding up court order, had understandably unsettled several first team players.

At the conclusion of their contracts, in June 2023, first team players Joe Bennett, Steven Caulker, Jordan Cousins, Gwion Edwards, Ryan Nyambe, Tendayi Darikwa and Jamie Jones departed Wigan Athletic. Graham Shinnie also moved on as did Max Power, along with Curtis Tilt. Will Keane was sold to Preston and Tom Naylor joined Chesterfield. Jamie McGrath and Jack Whatmough were granted permission to find new clubs after being released from their contracts due to unpaid wages.

The Football Club still had several players signed on contracts by the previous ownership group, committing us to significant costs, which were hindering our progress to reduce the losses in the 2023/24 financial year.

Within days of our acquiring control, we agreed new contracts for our most important young assets, such as Charlie Hughes and Thelo Aasgaard, who could have walked away for nothing and without recourse following the unpaid wages and contractual breaches under the previous ownership.

Permanent signings Matt Smith, Jonny Smith, Steven Sessegnon and Sean Clare were added to the squad. James Balagezi, Liam Shaw, Kell Watts, Omar Rekik and Martial Godo were brought in on loan.

Callum McManaman rejoined the Latics and James McClean was sold to Wrexham.

The strategic objective for the 2023/24 season was to stabilise the Club. The Directors also needed to ensure that the squad was improved and creating an underlying asset value to the Club in the longer term. League One status was retained and costs were moving in the right direction, enabling us to start rebuilding the foundations for long term growth and sustainability.

Early season results were promising, an opening day win away at Derby County, followed by a victory against Northampton, a draw at Carlisle and an away win at Bolton. The eight-point deduction had been overcome and the team could look to climb the table.

Then followed a period of inconsistent results, with the team continuing to pick up points, but struggling to regain the early season momentum.


WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STRATEGIC REPORT
for the Year Ended 30 June 2024

In August 2023, we were delighted to announce that Gregor Rioch was officially appointed Sporting Director. Although a wide-ranging role, Gregor's immediate focus was to ensure a pathway for academy players to the first team and to oversee player recruitment.

By the turn of the year, the team were in 18th position in the league table, six points clear of relegation. Although out of the EFL Cup, the team had progressed in the EFL trophy and had won their first two rounds in the FA Cup. This now set up a home FA Cup third round tie against Manchester United.

An emotional night for the Latics fans, saw their team put up an exciting and valiant performance ending with a 0-2 defeat. The match helped to reduce the losses sustained in the year by around £750,000, aided by the difficult, but financially sensible decision to house the away fans in the East Stand. Although viewed as a controversial decision in some quarters, we hope that fans can understand the need to fully capitalise on a match of this nature and that the decision was made in the best long term interests of the Club.

The January 2024 window saw more changes to the playing squad. The Manchester United match was the final appearance for Academy graduate, Callum Lang, who departed for Portsmouth. Luke Chambers joined on loan from Liverpool. Omar Rekik returned to Arsenal, whilst Charlie Goode was brought in on loan as a replacement. Charlie Wyke opted to join Leam Richardson at Rotherham on loan, and Charlie Kelman was brought in on loan to fill this position.

The second half of the season saw the team continue to move gradually up the league table. The highlight being another memorable victory at home against Bolton.

As the end of the season approached the run in was relatively stress free. The team had secured its League One status and ended the season with three consecutive wins, including a victory away at newly crowned champions Portsmouth.

The team finished the season in 12th position. If it had not been for the points deduction, the team would have been just six points short of the playoff positions.

The progress of some of our youngsters this season was testament to the great work of the Heatable Academy in creating our next generation of football talent, and ultimately these players will provide valuable tradable assets for us to work towards self-sustainability. This focus on developing young players as assets is a key strategic priority for the Board. Last season, we had the second oldest squad in the Championship and the fifth oldest across the EFL. This season, our starting line-up was usually amongst the youngest three teams across the whole of the EFL. In fact, 42% of all first team minutes last season were played by Academy graduates which is the highest percentage across all four divisions of English Football.

The support of our Future Fund will continue to be invaluable in developing our young Academy players. All its subscribers should take pride in the contribution they have made towards the development of all our Academy players, creating our next generation of football talent and giving us home grown players to cheer on each matchday.

I was delighted that Lucas Danson joined me as a Director in January 2024. Lucas has a real passion for football and has gained valuable experience working in sports and technology businesses. Lucas' enthusiasm and innovative thinking are a huge asset to the Board and to the Club.

The Club has partnered with a data and analytics business to complement and enhance our squad planning, player recruitment, match tactics and player development. Our investment in these data driven tools is intended to provide actionable insight to our existing expertise across the Club.

The Club has also invested in a new CRM (Customer Relationship Management) platform, in conjunction with our sister club, Wigan Warriors. This cutting edge software collates data from a number of important revenue streams, including Ticketing, Retail and Hospitality to aid our marketing efforts and drive revenue across both clubs.

In March 2024 we announced the creation of our first ever Wigan Athletic Women's Team. Our head of Women's Operations, Hayley Sherratt, and the rest of our staff worked hard to prepare for our maiden season in September 2024. Since we took ownership, enhancing football opportunities for women and girls has been a key strategic priority. Home matches will be played at Edge Hall Road, Orrell (following the completion of its renovation in the second quarter of 2025) in a shared facility with Wigan Warriors Women. We are looking forward to welcoming all fans to Edge Hall Road to support our Women's teams.

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STRATEGIC REPORT
for the Year Ended 30 June 2024


On 13 May 2024, The DW Stadium was renamed The Brick Community Stadium. No revenue had been generated from the DW Stadium naming rights since Dave Whelan sold the Club, and the new name of our multi sports venue will continue throughout 2025 whilst we continue to work on finding a new commercial stadium partner.

On 24th May 2024 we were delighted to announce that our England International goalkeeper Sam Tickle penned a new four-year contract. As I commented at the time:

"Sam has established himself as one of the best young goalkeepers in the EFL over the last 12 months, so it's a real statement of intent that he's committed his long-term future with us. He is another example of the excellent pathway our Club offers from the Academy to the professional ranks and it is clear to see Sam is a young man with an exciting future."

At the conclusion of their contracts in June 2024, Jordan Jones, Ben Amos, Stephen Humphrys, Josh Magennis, Tom Pearce and Charlie Wyke departed. We wish them all success in the future.

On 12 July 2024 we opted to change the company name. Phoenix 2021 Limited was renamed Wigan Athletic A.F.C Limited to reflect the new identity of the Football Club.

The 2023/24 financial year indicated good progress in many ways. We now have stable ownership, financial losses have been reduced, results generally went well on the pitch and the young squad now has significant value.

However important football is to us all, other things sometimes put this into perspective. The real hero of this season is Callum Jones, our Under 18s captain. Callum had a battle against Non-Hodgkin Lymphoma, his emotional story was told by Academy Manager Jake Campbell and Callum at the End of Season Awards Dinner. Callum was deservedly awarded the Heatable Academy Michael Millet Award, for Academy Player of the Year.

On behalf of the owner Mike Danson and the Board of Directors, I would like to express our thanks for the hard work and loyalty of all our staff and players, who pulled together to provide a solid and stable season in helping to start turning the Club around.

We would also like to thank our loyal supporters, who have continued to follow Wigan Athletic, home and away. We recognise that following this football Club is a huge investment in terms of both time and money.

The Directors and Senior Management Team consider that the financial results for the year to 30 June 2024 are satisfactory, considering what was inherited from the previous ownership, when a loss of £17.5 million (before write back of owner loans) was recorded in the 2022/23 season. Immediately following the change in ownership, we projected losses of £11.3 million for the 2023/24 season, an eye watering amount for a League One Club. Our immediate focus was to improve the financial results that had resulted in so many recent issues. Successful player trading, changes to the football squad, a thorough review of strategic costs savings and the FA Cup run helped reduce losses compared to last year by 53%, to £8.2 million.

The conclusion of the 2023/24 season saw several players leave upon expiry of their contracts, aiding our desire to significantly reduce future losses, and we hope to drive revenue, trade players and reduce operating costs during the 2024/25 financial year and beyond, to make the club more self-sustainable.

The playing squad budget for 2023/24 was one of the highest in League One. This has been reduced by approximately 20% for 2024/25 but still set at a healthy level in the top half of the division. This will give the team the best possible chance of competing towards the top end of the league this season. The playing squad budget has already been set at an increased level for the 2025/26 season to assist with squad planning.










WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STRATEGIC REPORT
for the Year Ended 30 June 2024


Income
Turnover for the year was £9.2 million compared to £15.9 million the previous year. This is significantly down on last year due to the relegation from the Championship. £0.8 million of turnover came from the Premier League solidarity a reduction of £4 million on last year. Revenue of £1.4 million came from EFL distributions compared to £3.7 million last year. The relegation from the Championship has a huge impact on central revenues. Matchday and season ticket sales were £2.4 million, compared to £2.6 million the previous year. £1.6 million was generated from commercial and sponsorship activities, which was the same as a year earlier. The remaining turnover was derived mainly from retail, stadium hire fees, match streaming sales and academy grants.

Administrative Expenses
Total administrative expenditure was £17.3 million compared to £32.8 million the previous year (before the write back of £4.1 million in owner loans). Salary costs for staff and players decreased from £23.2 million last year to £11.7 million this year. This represented 67% of the administrative expenses and was 127% of turnover. Clearly the salary costs were still unacceptably high and will be reduced further in 2024/25 due to the expiry of player contracts agreed by the previous ownership group. The remaining expenses relate to the operation of the Football Club, as well as the facilities at The Brick Community Stadium, Christopher Park and Stadium Way Academy sites.

The Directors and Senior Management Team are committed to reducing costs to reasonable levels to ensure that losses remain within the parameters of the EFL financial regulations, and the requirements set by the ownership group.

Player Trading and Investment
During the year the Company generated a profit from the sale of players of £0.7 million, compared to £0.4 million a year earlier. While player trading at times may be unpopular, it is an integral part of the business model that underpins the stability and growth of the Club, and this is a cornerstone of our strategy to build for the future, and to enable investment in fresh new talent.

Loss for the Period
The Company incurred losses of £8.2 million in the 2023/24 financial year. This is significantly below the loss sustained in the previous year, a reduction of 53%. The loss reductions were limited by commitments due to player and commercial contracts that were entered into previously, but that were still active this year.

The Directors and Senior Management Team will seek to reduce this figure going forward, by driving revenue growth, controlling costs and player trading.

Future Outlook
The Directors and Senior Management Team aspire to utilise the resources at its disposal at any point in time to achieve the highest possible league position and success in cup competitions for the First Team, whilst at the same time employing prudent financial management to ensure a stable future. The Academy has been a key element of our identity and to our on-field performance and therefore investment into the Academy operations is a crucial element of our strategy.

As part of the long-term player-trading strategy, the transition of Academy players to the First Team will help reduce expenditure on player transfers and create organic growth within our player-trading model, with the intention of increasing the strength and depth and monetary value of the squad over time. We will continue to invest in player recruitment resources, to ensure that we can attract and retain the best football talent available, within an agreed budget.














WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STRATEGIC REPORT
for the Year Ended 30 June 2024



KEY PERFORMANCE INDICATORS
Key performance indicators are used by the Directors and Senior Management Team to measure and evaluate the Company's performance and to monitor its various activities. The principal key performance indicators employed by the Company are:-

2024 2023
£m £m
Turnover 9.2 15.9

Staff costs (11.7) (23.2)

Operating loss (9.0) (13.7)

Profit on sales of players registrations 0.7 0.4

Net loss before taxation (8.2) (13.4)

Shareholders' funds (13.4) (5.2)

2024 2023
Numbers Numbers

Average league attendance 10,507 12,210

Final League position 12th 24th


WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STRATEGIC REPORT
for the Year Ended 30 June 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Company is responsible for continually assessing the risks applicable to the business, with the key risk always being the uncertainty of achieving football success on the field and the consequential significant impact on revenue from central distributions, sponsorship and ticketing.

The Company seeks to reduce and de-risk this uncertainty by:

- Utilising modern player recruitment techniques to attract the best players within our resources;
- Continued investment into the Club's Academy to assist the progression of young talented players to the First Team; and
- Utilising up-to-date analysis and performance measurement tools to assist coaching staff to achieve the best results possible.

Other risks, including financial constraints, commercial and health and safety issues are managed via regular internal management meetings, the use of professional advisors and information and advice received from the Football Association and The EFL. The company works to ensure that every match held at The Brick Community Stadium fully meets all the health and safety criteria for the operation of football grounds.

Financial risk management
The Company is exposed to financial risk through its ability to successfully manage its financial assets and liabilities with the key financial indicator being cash flow: the ability to control a positive cash balance and generate proceeds greater than obligations arising from liabilities as they fall due. The other components of the Company's financial risk are interest rate risk and currency risk.

The Company addresses cash flow risk by carefully managing its working capital inflows and outflows and ensuring, via regular updating of its forecasts, that the necessary facilities are available to finance the working capital position from funding from its ultimate parent company, Community Holdco 2023 Ltd.

The Company does not consider that the size of its interest rate exposure warrants the hedging of potential interest rate charges, particularly in view of the current relative lack of volatility in interest rates. The Company is exposed to occasional foreign currency exchange risks through its player transactions but does not hedge against this risk because of the infrequency/size of the transactions.

ON BEHALF OF THE BOARD:





B J Goodburn - Director


27 March 2025

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

REPORT OF THE DIRECTORS
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

CHANGE OF NAME
The company passed a special resolution on 12 July 2024 changing its name from Phoenix 2021 Limited to Wigan Athletic A.F.C. Limited.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a professional football club.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
B J Goodburn has held office during the whole of the period from 1 July 2023 to the date of this report.

Other changes in directors holding office are as follows:

L W Danson - appointed 18 January 2024

S Guilfoyle and B Spencer were appointed as directors after 30 June 2024 but prior to the date of this report.

GOING CONCERN
The company is dependent on continued financial support from its ultimate controlling party Mr M Danson, who has ultimate control by way of his shareholding in Community Holdco 2023 Limited, the parent company of Wigan Athletic A.F.C. Limited.

Mr M Danson has confirmed he will support the company financially, through unsecured loan monies for a period of at least 12 months from the date of these accounts.

On this basis, together with recent trading results and forecasts, the directors consider it appropriate to prepare the financial statements on a going concern basis (see note 2 of the financial statements).

COMPANY'S POLICY ON EMPLOYEES
The company is committed to ensuring that it complies with all relevant legislation, in connection with unlawful or unfair discrimination of any kind in its business.

It is the company's policy to provide opportunities for disabled persons to have a meaningful employment in the business and to make its facilities available to disabled supporters as far as possible, within the constraints of a concern for the health and safety of all its staff and customers.

Regular meetings are held involving directors and management to convey information to employees regarding company performance and other factors affecting the business.


WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

REPORT OF THE DIRECTORS
for the Year Ended 30 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B J Goodburn - Director


27 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN ATHLETIC A.F.C. LIMITED

Opinion
We have audited the financial statements of Wigan Athletic A.F.C. Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Material uncertainty relating to going concern
We draw your attention to note 2 in the financial statements which indicates that the company is reliant on the continued support of its ultimate controlling party, Mr M Danson and any change to this support may cast significant doubt on the entity's ability to continue as a going concern. These conditions indicate that a material uncertainty exists relating to going concern. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN ATHLETIC A.F.C. LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN ATHLETIC A.F.C. LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, Health and Safety and hygiene regulations. Additionally the company is subject to the EFL regulations, specifically FFP regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN ATHLETIC A.F.C. LIMITED


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 a Report of the Auditors 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.




John B S Fairhurst (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

27 March 2025

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 9,246,111 15,865,467

Cost of sales 881,525 929,979
GROSS PROFIT 8,364,586 14,935,488

Administrative expenses 17,346,415 28,685,359
(8,981,829 ) (13,749,871 )

Profit on sale of intangible fixed assets 5 748,978 380,069
(8,232,851 ) (13,369,802 )

Interest receivable and similar income 7,538 -
LOSS BEFORE TAXATION 6 (8,225,313 ) (13,369,802 )

Tax on loss 7 - -
LOSS FOR THE FINANCIAL YEAR (8,225,313 ) (13,369,802 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR
THE YEAR

(8,225,313

)

(13,369,802

)

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STATEMENT OF FINANCIAL POSITION
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 290,830 739,852
Tangible assets 9 2,223,804 2,223,148
Investments 10 1 1
2,514,635 2,963,001

CURRENT ASSETS
Stocks 11 98,667 173,055
Debtors 12 2,479,474 1,601,021
Cash at bank and in hand 324,126 337,961
2,902,267 2,112,037
CREDITORS
Amounts falling due within one year 13 18,802,315 10,235,138
NET CURRENT LIABILITIES (15,900,048 ) (8,123,101 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,385,413

)

(5,160,100

)

CAPITAL AND RESERVES
Called up share capital 15 16,493,459 16,493,459
Retained earnings 16 (29,878,872 ) (21,653,559 )
SHAREHOLDERS' FUNDS (13,385,413 ) (5,160,100 )

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





B J Goodburn - Director


WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 8,472,960 (8,283,757 ) 189,203

Changes in equity
Issue of share capital 8,020,499 - 8,020,499
Total comprehensive loss - (13,369,802 ) (13,369,802 )
Balance at 30 June 2023 16,493,459 (21,653,559 ) (5,160,100 )

Changes in equity
Total comprehensive loss - (8,225,313 ) (8,225,313 )
Balance at 30 June 2024 16,493,459 (29,878,872 ) (13,385,413 )

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

STATEMENT OF CASH FLOWS
for the Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (9,678,391 ) (17,712,806 )
Net cash from operating activities (9,678,391 ) (17,712,806 )

Cash flows from investing activities
Purchase of intangible fixed assets (99,722 ) (297,500 )
Purchase of tangible fixed assets (147,260 ) (387,877 )
Sale of intangible fixed assets 25,000 380,069
Interest received 7,538 -
Net cash from investing activities (214,444 ) (305,308 )

Cash flows from financing activities
New loans in year 9,879,000 9,868,250
Amounts received from group - 204,262
Share issue - 8,020,499
Net cash from financing activities 9,879,000 18,093,011

(Decrease)/increase in cash and cash equivalents (13,835 ) 74,897
Cash and cash equivalents at beginning of
year

2

337,961

263,064

Cash and cash equivalents at end of year 2 324,126 337,961

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 30 June 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (8,225,313 ) (13,369,802 )
Depreciation charges 670,348 778,767
Profit on disposal of fixed assets - (380,069 )
Impairment of player registration fees - 205,172
Shareholder loan write-off - (4,130,000 )
Finance income (7,538 ) -
(7,562,503 ) (16,895,932 )
Decrease in stocks 74,388 58,348
(Increase)/decrease in trade and other debtors (878,453 ) 449,816
Decrease in trade and other creditors (1,311,823 ) (1,325,038 )
Cash generated from operations (9,678,391 ) (17,712,806 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 324,126 337,961
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 337,961 263,064


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 337,961 (13,835 ) 324,126
337,961 (13,835 ) 324,126
Debt
Debts falling due within 1 year (5,738,250 ) (9,879,000 ) (15,617,250 )
(5,738,250 ) (9,879,000 ) (15,617,250 )
Total (5,400,289 ) (9,892,835 ) (15,293,124 )

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Wigan Athletic A.F.C. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the basis that the company continues to be a going concern.

The company recorded a net loss of £8,225,313 after profit on player trading of £748,978 during the year ended 30 June 2024 and has net liabilities of £13,385,413 at that date.

The following actions have been taken by the directors to manage the working capital requirements of the company:

- Profit and Loss and cashflow forecasts have been completed for the period ending 30 June 2026, which indicate that, subject to the amount of player purchases and sales, any pre taxation losses will be capable of being financed by funding provided by the ultimate controlling party Mr M Danson, who has confirmed his continuing financial support.

On this basis, the directors believe the company has adequate resources to continue in operational existence for the foreseeable future. The directors consider it is reasonable to rely on the funding from the ultimate controlling party to provide the working capital requirements for the company and it is therefore appropriate to prepare the financial statements on a going concern basis.

The financial statements include the results of the company's principal activity described in the report of the directors, which is continuing.

Judgements and sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Judgements
(a) Impairment of fixed assets
The carrying amount of the company's assets are reviewed annually to determine whether there is any indication of impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount.

(b) Useful economic lives
The useful economic lives of fixed assets are assessed on an annual basis based on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.

Turnover
Turnover represents income receivable from the company's principal activity of operating a professional football club and is net of value added Tax. Match day revenue is recognised over the period of the football season as games are played. Sponsorship and similar commercial income are recognised over the period of the respective contract.The fixed element of broadcasting revenues and other central distributions are recognised over the duration of the football season whilst facility fees for live coverage or highlights are recognised as games are played.

Goodwill
Goodwill is recognised at initial cost and is being amortised over the estimated useful life which is deemed to be 10 years.

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Player registration fees, signing on fees and agent fees
Transfer fees for player registrations are capitalised as intangible fixed assets and are amortised on a straight line basis over the period of the respective player contracts.

The net book value of player registrations are assessed on an annual basis and any impairment losses arising are recognised in the financial statements in the period in which they arise. Any estimated surpluses arising are not accounted for. The profit or loss arising on the sale of a player registration is calculated after charging any unamortised registration fees and any further fees which become payable as a result of the sale.

Player signing on fees are recognised in the financial statements as salaries and wages in the period during which the payment has been made.

Agents fees are expensed to the financial statements in the accounting period in which they are incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold property - over the period of the lease
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are stated at cost less depreciation and any impairment losses.

Impairment of tangible fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Short term financial assets, including trade debtors and debtors arising from player transfers, are measured at transaction price less any impairment.

Short term financial liabilities, including trade creditors and creditors arising from player transfers are measured at transaction price.

Financial assets and liabilities payable after one year are initially measured at fair value and are subsequently measured at amortised cost using the interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Repairs and ground maintenance
All expenditure is written off as incurred.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Premier League distributions 778,500 4,800,000
EFL central distributions 1,371,627 3,712,450
Sponsorship, commercial 1,594,484 1,613,045
Match/Season/Cup Tickets 2,378,645 2,640,254
Stadium hire/rental charges 821,697 893,800
Academy grants 831,025 851,060
Retail income 704,355 781,071
Other income 367,778 531,287
Cup broadcasting 220,000 32,500
Cup prize money 178,000 10,000
9,246,111 15,865,467

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,498,218 20,571,999
Social security costs 1,116,076 2,556,160
Other pension costs 105,981 111,894
11,720,275 23,240,053

The average number of employees during the year was as follows:
2024 2023

First team players 27 26
Academy players 38 39
Coaching and medical staff 18 23
Academy coaching and medical staff 58 61
Administration and support staff 73 74
Matchday staff 61 63
275 286

2024 2023
£    £   
Directors' remuneration - 332,917
Directors' pension contributions to money purchase schemes - 15,803

5. PROFIT ON SALE OF INTANGIBLE FIXED ASSETS
2024 2023
£    £   
Profit on sale of intangible fixed assets 748,978 380,069

6. LOSS BEFORE TAXATION

The loss is stated after charging:

2024 2023
£    £   
Other operating leases 258,607 253,125
Depreciation - owned assets 146,604 128,380
Goodwill amortisation 43,086 43,086
Player & management registration fees amortisation 480,658 607,301
Auditors' remuneration 16,500 16,000

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 June 2024 nor for the year ended 30 June 2023.

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (8,225,313 ) (13,369,802 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.496%)

(2,056,328

)

(2,740,275

)

Effects of:
Expenses not deductible for tax purposes 16,000 29,805
Income not taxable for tax purposes - (411 )
Fixed asset differences - (6,000 )
Movement in deferred tax not recognised 2,040,328 2,716,881
Total tax charge - -

A deferred tax asset has not been recognised in respect of timing differences relating to tax trading losses as there is insufficient evidence that the asset will be recovered. The amount of the asset not recognised is £7,422,014 (2023 - £5,381,685), calculated at the tax rates expected to apply at a point in the future if timing differences do then reverse. The asset could be recovered if sufficient taxable trading profits arose in the future.

8. INTANGIBLE FIXED ASSETS
Player &
management
registration
Goodwill fees Totals
£    £    £   
COST
At 1 July 2023 430,859 1,605,250 2,036,109
Additions - 99,722 99,722
Disposals - (542,250 ) (542,250 )
At 30 June 2024 430,859 1,162,722 1,593,581
AMORTISATION
At 1 July 2023 96,943 1,199,314 1,296,257
Amortisation for year 43,086 480,658 523,744
Eliminated on disposal - (517,250 ) (517,250 )
At 30 June 2024 140,029 1,162,722 1,302,751
NET BOOK VALUE
At 30 June 2024 290,830 - 290,830
At 30 June 2023 333,916 405,936 739,852

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

9. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 1,376,245 969,776 20,000 86,311 2,452,332
Additions - 112,278 - 34,982 147,260
At 30 June 2024 1,376,245 1,082,054 20,000 121,293 2,599,592
DEPRECIATION
At 1 July 2023 22,815 172,666 9,000 24,703 229,184
Charge for year 10,140 108,205 4,000 24,259 146,604
At 30 June 2024 32,955 280,871 13,000 48,962 375,788
NET BOOK VALUE
At 30 June 2024 1,343,290 801,183 7,000 72,331 2,223,804
At 30 June 2023 1,353,430 797,110 11,000 61,608 2,223,148

10. FIXED ASSET INVESTMENTS
Interest
in other
participating
interests
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

11. STOCKS
2024 2023
£    £   
Souvenirs and goods for resale 98,667 173,055

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 295,360 496,794
Debtors arising from player transfers 290,311 350,102
Other debtors 1,288,670 63,188
Prepayments and accrued income 605,133 690,937
2,479,474 1,601,021

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 14) 15,617,250 5,738,250
Trade creditors 796,559 1,076,028
Social security and other taxes 354,061 829,124
VAT 109,072 14,283
Other creditors 144,173 860,213
Accruals and deferred income 1,781,200 1,717,240
18,802,315 10,235,138

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Shareholder loan 15,617,250 5,738,250

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
16,493,459 Ordinary £1 16,493,459 16,493,459

16. RESERVES
Retained
earnings
£   

At 1 July 2023 (21,653,559 )
Deficit for the year (8,225,313 )
At 30 June 2024 (29,878,872 )

The retained earnings reserve includes all current and prior period retained profits and losses.

17. CONTINGENT LIABILITIES

There are contractual obligations to pay players and management staff dependent on future performance criteria which have not been provided for in these accounts. Performance related payments are recognised in the financial statements in the period in which the criteria are met. The terms of certain contracts with other football clubs in respect of players' transfers include the payment of additional amounts upon fulfilment of specific conditions in the future. Such amounts are not recognised in the financial statements until the specific conditions are fulfilled. The maximum unprovided liability amounts to £175,000 (2023 - £178,750).

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

WIGAN ATHLETIC A.F.C. LIMITED (REGISTERED NUMBER: 13161421)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

18. RELATED PARTY DISCLOSURES - continued

During the year loans of £9,879,000 (2023 - £5,738,250) have been received from Mr M Danson, the ultimate controlling party. As at the year end an amount of £15,617,250 (2023 - £5,738,250) is included in creditors as a shareholder loan.

19. POST BALANCE SHEET EVENTS

Following the year end, the long leasehold property known as 'The Brick Community Stadium' has been transferred from Wigan Athletic A.F.C. Limited to Wigan Sporting Events Limited, a company under the common control of Mr M Danson, by virtue of his majority shareholding in Community Holdco 2023 Limited, at net book value of £1,068,065.

20. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Community Holdco 2023 Limited, a company registered in England and Wales.

The directors consider the ultimate controlling party to be Mr M Danson who controls a majority shareholding in Community Holdco 2023 Limited.