Company registration number SC613879 (Scotland)
OPG-4 UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
OPG-4 UK LIMITED
COMPANY INFORMATION
Directors
Mr M Ogren
Mr S Ogren
Company number
SC613879
Registered office
C/O Brodies LLP
58 Morrison Street
Edinburgh
EH38BP
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
OPG-4 UK LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Independent auditor's report
9 - 11
Group profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 34
OPG-4 UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The Directors present the strategic report and financial statements for the year ended 30 June 2024. The company is the non-trading holding company of The Dundee United Football Club Limited, and the report below reflects the activities of the trading company.

Strategy and Business Model

Dundee United Football Club (the “company” and the “club”) is committed to being a sustainable and leading competitor within the upper echelons of the Scottish Professional Football League.

The club aims to achieve success in league and cup competitions. Its philosophy, both on and off the field, is continuous personal growth and team development supported by first-class facilities, staff, coaching, youth development, and club infrastructure.

It aims to be the club of choice for highly talented players and aspiring youngsters, and through a thriving senior football and Academy set-up it will ensure our players are developed to their highest level possible.

We are a club that continues to work alongside Dundee United Community Trust (DUCT) within our local community to improve the lives of people within Dundee and the surrounding areas.

Review of the business

Financial Overview

In the year ended 30 June 2024, Dundee United Football Club reduced its total costs by £3.8 million; a 29% reduction compared to the previous year. Through strict, robust budgetary control, improved processes and communication, the club made significant strides towards financial sustainability by reducing its loss to £1.6m (EBITDA). This was despite the increased challenges and economic consequences of dropping to the Championship.

Whilst never satisfied with a loss, the Board recognise the significant improvement in the financial performance compared to the prior year. It is a further belief that the economic, operational and cost management processes now in place will help drive the club towards the goal of financial sustainability moving forward into 2024-25.

The operating loss before interest and profit on the sale of players was reduced by 45% compared to the prior year despite the reduction in income that comes with relegation to the Championship. The loss, excluding player gains, was £2.3m compared to a £4.3m loss in the prior year. Achieved by the above-mentioned robust budgetary controls, enhanced operational processes and improved communication across the business, it is important to acknowledge the tireless hard work from all staff at Dundee United FC to achieve this reduction thus further aiding a strong foundation for our Premiership return. Total wage costs decreased by £1.7m (25%) to £5.2m and the wages/turnover ratio decreased to 81% from 86% in the prior year.

The net present value loan liability to OPG-4 UK dropped 34% from £10.1m to £6.6m strengthening the balance sheet.

Turnover held high at 6.4m although this was down from £8.1m in the prior year. The drop was largely down to a significant reduction in prize money and lower match attendances due to the substantially smaller away travelling supports in the Championship. The fantastic support of our fans continued, with season ticket sales remaining high and generating over £1m. Home matchday ticket sales also remained strong, with our fans showing great loyalty during a challenging time.

It is also important to note that the club continued to perform strongly in retail, commercial and across all other income streams to ensure that the turnover remained one of the highest in Scottish football despite relegation.

The profit on sale of player registrations was £0.7m with nearly £1m in transfer fee income generated.

Interest payable of £0.5m relates entirely to a notional interest charge on Mark Ogren’s loan account and the Scottish Government Covid-19 loan, as both these loans are provided interest-free and financial reporting standards require notional interest to be charged on them through the Profit & Loss Account. This charge is added back through Other Reserves to the P&L Reserve. The club do not pay out this interest.

The club expects a significant increase in turnover for season 2024-25 after gaining promotion back to the Scottish Premiership. The additional income combined with our improved financial management and controls has given the club a strong financial forecast for the 2024-25 Profit & Loss Account.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Review of Football Operations

Following relegation to the Scottish Championship at the end of the 2022/23 Season, the club committed to the retainment of the management team and extended the contracts of both first-team manager Jim Goodwin and assistant manager, Lee Sharp to lead the team into the following season with the sole objective of winning the league and gaining promotion back to the Scottish Premiership.

The club also obtained the services of experienced goalkeeping coach Paul Mathers ahead of the new season, with club legend Dave Bowman completing the first-team coaching staff.

As a result of the club’s relegation to the Scottish Championship, there was a serious requirement for the cost of the playing squad to be addressed. Following the substantial 2022/23 investment in player registrations and contractual obligations therein, the requirement to transfer the registration of several senior players became paramount.

Despite being faced with the consequential task of offloading costly player registrations in a difficult trading market position, the club were able to obtain transfer income totalling over £1m for several senior players.

Eleven other senior players also left the club for various reasons including the end of current deals, returning to parent clubs or termination of contracts.

The significant overhaul of the playing squad for a season in which there was only one objective meant that a targeted recruitment strategy was required to find players who were capable of achieving the principal objective the club had.

The permanent registrations of Ross Docherty, Kevin Holt, Louis Moult, Declan Gallagher and Liam Grimshaw, coupled with a number of senior players – including Scott McMann, Glenn Middleton, Craig Sibbald, Ross Graham and Tony Watt – who had been retained by the club meant that a competitive and strong squad had been assembled for the above challenge.

Several exciting young players already at the club were given the opportunity to play a part in the first-team squad that season. Kai Fotheringham, Miller Thomson, Chris Mochrie, Archie Meekison and Mathew Cudjoe-Anim all grasped the opportunity and played their parts in the successful campaign.

The club also secured the temporary registration of Jack Walton from English Premier League side Luton Town ahead of the new season.

The competitive season resumed on 15th July 2023 in the Scottish League Cup group stages. Disappointing results against The Spartans and Partick Thistle meant that the club did not qualify for the knock-out stages of the competition.

Subsequently, the team had a tremendous start to the league campaign, remaining unbeaten until mid-December and remaining top of the league for 32 out of 36 match weeks – including a continuous run at the top from match week 19 to the end of the season.

Losing only five matches across the 36-match campaign, the notoriously tough challenge of winning the Scottish Championship was met head-on by everyone across the club. All statistical targets and league-winning benchmarks set by the club and management before the start of the season were surpassed. The team finished the season with seventy-five points, six clear of the nearest challengers. A positive goal difference of fifty, thirty-four goals better off than the next best, a record number of clean sheets in the league (nineteen), and an average of more than two goals scored per game were some of the highlight statistics as the club secured the league title, officially confirming their status as Champions with one game to spare.

Domestic cup competition, against objective, yielded a disappointing return. Alongside the inability to reach the knock-out stage of the Scottish League Cup, a third-round exit at the hands of Queen of the South in the Scottish Cup ended our domestic cup hopes for the season. In the Scottish Challenge Cup, the club exited at the quarter-final stage.

Prior to the season and following the club’s relegation at the end of season 2022/23 to the Scottish Championship, a substantial review of the club’s football operations was carried out by senior leadership.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

Review of Football Operations (continued)

The review concluded that the football department service level could continue to operate at a Premiership standard and potentially become enhanced by a more cohesive and prudent approach to expenditure, together with pragmatic budgeting, robust expenditure control and a regular reporting process.

Relegation to the Scottish Championship would mean an obvious and significant reduction in revenue generated from gate receipts and centralised income, however, the comprehensive review identified several expenditure lines that had become excessive and set out action points to control these moving forward, resulting in:


Other relevant football department expenditure was brought under tighter control through clear lines of communication, budget management and an improved reporting and accountability structure.

The club committed in Summer 2023 to renew our agreement with the University of St Andrews to remain as our training base for a further three seasons at least.

As part of the review of football operations, the club felt it was vital that the training centre remained a core pillar in the service and provision to our players and staff. The review and management of costs meant that protecting this service remained a viable option.

In addition, the review concluded that it was important for the club’s under-18 squad to return to the training centre in St Andrews permanently with the belief that the club’s young players benefit from utilising the same facilities as the men’s first team, including grass pitches, physical performance, analysis and nutrition – all key development tools for their future prospects. The alignment also allowed for greater communication and best practice sharing among the club’s full-time professional football staff and enabled the young players to benefit from the advice and guidance of senior players.

Overall, the decisions taken to address the significant previous over-expenditure in the football department resulted in the subsequent management of budgets and reduction in unnecessary costs.

Coupled with strong performance on the pitch, this approach has continued into the new season as the club aims to become a financially sustainable and successful organisation both on and off the pitch.

Review of Our Academy

The Chairman’s significant financial investment to the Academy continued in the 2023-24 season despite relegation to the Scottish Championship, our Elite CAS status has again been maintained, and the overall investment in the Academy Facilities and Football Operations since Mr Ogren acquired the club in December 2018 now nears £4.5million.

As evidenced by the ongoing financial investment being made, the Board continues to view DUFC Academy as the “Cornerstone” of the Club’s future success and we are very excited at the high quality of the young players who have made first-team appearances or are on track to graduate to the first team.

In the 2023-24 Season, Academy Graduates Kai Fotheringham, Ross Graham, and Miller Thomson were regular first-team squad members in the Scottish Championship, with Kai Fotheringham posting 22 goal contributions (15 goals and 7 assists). The club also handed 16-year-old Academy graduates Owen Stirton and Scott Constable their senior competitive debuts. The total minutes played by Academy graduates in the Championship-winning 2023-24 Season was 33% of our team total.

Dundee United FC Academy players have also been selected regularly across the Scotland National youth squads. Jamie Forrest and Marcus Buchanan were selected to represent the Men’s U15 Squad, while Keir Gilligan was selected to represent Scotland U16s in June 2024.

At the Under-21 level, the club enjoyed healthy representation throughout the 2023-24 Season. Kai Fotheringham, Jack Newman and Archie Meekison were all called up throughout the campaign during the Under-21s UEFA European Championships 2025 qualifying campaign.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Review of Our Academy (continued)

Owen Stirton and Scott Constable, now featuring regularly in first-team matchday squads in the Scottish Premiership, also represented Scotland U17s during Season 2023-24.

The Board are delighted that the substantial investment being made in the Academy continues to reap benefits for the club with many youth team players graduating to the first team and aims to continue the long-term financial investment within the Academy to develop & attract the best talent around the country.

Dundee United Women’s Team

The Dundee United FC Women’s team retained their status as a top-flight side following a play-off victory over Kilmarnock FC Women in May 2024 – achieving the pre-season objective.

Season 2023-24 was the second season of the Womens team being held under the official umbrella of the club. It was also the teams second season in the Scottish Women’s Premier League.

The season was a challenging one overall with the team battling it out against Hamilton, Montrose and Spartans for survival, in an ever-growing professional league where several teams enjoy significant financial investment against a backdrop of diminutive, centralised revenues.

This has created a chasm between the sides competing against one another in the top division.

Head coach Graeme Hart left his post in January 2024 and was replaced by Suzanne Shepherd, who guided the team to survival, picking up crucial points across the post-split fixtures.

Significant progress was made across the team to professionalise the level of service provided to the players in order to become more competitive.

New revenue streams were opened up through the introduction of admission fees for match tickets, as well as enhancing the supporter experience through the use of the newly installed 200-seated stand at Foundation Park and the sale of matchday concessions.

The foundations have been laid for the team to continue on a journey of steady growth over the coming years, with the objective to remain in the top flight of Scottish Women’s Football in Season 2024/25.

Commercial

The Board and senior management team continue to explore new commercial opportunities and maintain our current strong relationships with our sponsors, associate and partners.

Commercial income continued to be a key strength of the business during 2023-24 with the club maintaining Premiership level revenues at £2.4m for the year. The growth of the commercial side of the business has been a major positive over the past five years with revenue increasing from £0.9m in 2019 to £2.4m in 2024, an increase of £1.5m.

The Board were pleased with the continued support of long-standing partners, with JF Kegs, QuinnBet and Paint-Tec remaining as kit sponsors and Clayton Caravan as the front of the Academy kit. A new, improved partnership strategy was implemented, with the club adopting many new partners and sponsors while building on the strong relationships with previous and current partners.

It is also important to note that in June 2024, the club entered a new partnership with the announcement of CalForth Construction as our stadium naming rights partner marking one of the most lucrative partnerships in our history.

As part of the agreement, our stadium will now be known as the CalForth Construction Arena at Tannadice Park until at least the summer of 2026.

The hospitality area of the club endured change during the summer of 2023 as we reached an agreement with highly renowned caterers, Regis Banqueting, to supply all hospitality food provisions for at least the next two seasons. The enhanced service and offerings provided alongside significant cost control reviews led to a far stronger operation within this sector during the financial year.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

Commercial (continued)

On retail, Errea commenced as the club’s new technical partner with a lucrative agreement running for four years. The new kit designs proved very popular with fans during the 2023-2024 season, with high demand for a wide range of replica and training wear. The club are excited to explore the relationship with Errea as we move into the second year of the agreement.

Dundee United Community Trust (DUCT)

The club continues to partner with Dundee United Community Trust (DUCT). The relationship has been in place for six years, resulting in over £2.0m of action in our local community during this time.

During this financial year, DUCT has again raised the bar in its work alongside the club and within the local community to better the environment. Amongst those successful projects was the launch of the ‘Everyone United’ project, which allowed access to football for almost 2000 fans from 20 local organisations who helped distribute the beneficial access tickets. The strong partnership between the club and DUCT and its donors also ensured the distribution of over 150 hospitality and mascot packages during the 2023/24 season.

Our community trust has also been at the forefront of a new Scottish-wide initiative that saw them pilot a new youth club for people with a range of disabilities during the year, thanks to funding from the SPFL Trust’s Innovation Fund’.

Building on previous success, DUCT once again held the annual ‘Festive Friends’ project, supporting around 300 local people with a Christmas meal and gifts and generating a substantial profile for both the community trust and the club with the first minister’s attendance at the Christmas Eve event.

DUCT broke significant ground in the year through our long-running partnership with The Scottish Football Association by being one of the successful applicants to the ‘Extra Time’ project, funded by The Scottish Government. This project comes with an investment of over £100, 000 over multiple years, and will see the Community Trust provide activities after school and during the school holidays for local primary school children living with a disability or additional support needs. Other significant projects included: ‘Summer Play Para Sports Club Camps’, the long-running ‘CLD United’ peer-led divisionary football opportunity for 100s of young people in the city, and ‘Dundee United Dynamos’ which allowed us to sustain this important area of work and continue to provide opportunities for hundreds of children, young people and adults with a variety of disabilities to take part in sport each week. 

The club remains proud of its partnership and community impact with DUCT.

 Wage Costs

Total wage costs for the club decreased by 25% from £6.9m in the prior year to £5.2m as a result of robust financial management and budgetary control. Agent fees as previously mentioned were reduced by 85% compared to the 2022-23 season.

Despite the drop in staff costs, the club maintained its high quality of service, achieved Elite status within the Academy and created a competitive squad that went on to achieve promotion by winning the Scottish Championship.

Operational & Administration Costs

As stated in our previous Annual Report for 2022-23, direct and admin cost management was a real focus of the senior leadership team for 2023-24 and beyond. The club implemented fundamental changes in the summer of 2023 to update the controls, processes and structure across all areas of the business to manage costs within.

Direct costs, excluding wages, dropped from £3.5m in the prior year to £2.2m for the current year. Administration costs decreased by £0.3m. Therefore, total operational and administration costs decreased by £1.6m, 28% less than the previous year.

Net Assets

The net assets deficit of £4.5m, as reported in the balance sheet as at 30 June 2024, is distorted by the £6.6m (£7.8m undiscounted value) of funding provided by Mark Ogren to the above date being disclosed within Creditors. This funding has been provided to the club on an interest-free loan basis, with no intention in the short to medium term to seek any repayment of this debt.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

Principal risks and uncertainties

Due to the company's principal activity, the business's revenues are inherently linked to on-field performance and the football team's success.

The principal risk to the business is the possibility of the team being relegated to the Championship. However, the owners and Board are committed to providing the required funding and infrastructure for the club to maintain a competitive team and a going concern in the Premiership. The Board will also continue to provide the platform to enhance the long-term prospects of a top-6 finish and qualification for UEFA Competition.

According to the Directors, other principal risks are the wider economy financial issues, which can impact match attendance. To address this, the club offers flexible and cost-effective ways to purchase tickets on a seasonal and match-to-match basis. The club froze season ticket prices for the return to the Premiership for 2024-25 despite a substantial increase in match operation and utility costs.

Since December 2018, when Mark Ogren took control of the club, over £13m has been invested in enhancing the infrastructure, the playing squad, the Academy and facilities.

The owner remains fully committed and is keen to build on the positives of the 2023-24 season which include winning promotion, streamlining costs, maximising commercial income and maintaining strong relationships with supporters, partners and other stakeholders. During the summer of 2024, the hard work continued as the club focused on building a playing squad that could compete in the Scottish Premiership while looking to achieve long-term financial sustainability.

To conclude, the Board would like to express its thanks to all employees, players, supporters, and associates including sponsors and partners for their continued fantastic support.

Key performance indicators

 

2024

2023

2022

SPFL Premiership

N/A

12th

4th

SPFL Championship

Scottish Cup

1st

3rd Round

N/A

5th Round

N/A

Quarter-Final

Scottish League Cup

Group stage

Quarter-Final

Quarter-Final

Turnover

£6.40m

£8.10m

£8.28m

Operating Loss

£2.30m

£5.0m

£1.90m

Wages to Turnover Ratio

81%

86%

71%

On behalf of the board

Mr M Ogren
Director
27 March 2025
OPG-4 UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -

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

Principal activities

The principal activity of the company is that of a non trading holding company. The principal activity of it susbidiary is the operation of a professional football club within Scottish Professional Football League ("SPFL").

Results and dividends

The results for the year are set out on page 12.

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

Directors

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

Mr M Ogren
Mr S Ogren
Auditor

Thomson Cooper were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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.

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.

OPG-4 UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
On behalf of the board
Mr M Ogren
Director
27 March 2025
OPG-4 UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPG-4 UK LIMITED
- 9 -
Opinion

We have audited the financial statements of OPG-4 UK 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:

OPG-4 UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPG-4 UK LIMITED
- 10 -
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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

OPG-4 UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPG-4 UK LIMITED
- 11 -

Owing to the 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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

Use of our report

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

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
27 March 2025
OPG-4 UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
Notes
£
£
Turnover
2
6,365,481
8,092,924
Cost of sales
(7,456,029)
(10,934,043)
Gross loss
(1,090,548)
(2,841,119)
Administrative expenses
(2,177,243)
(2,688,984)
Other operating income
53,004
72,414
Operating loss
3
(3,214,787)
(5,457,689)
Interest payable and similar expenses
6
(485,122)
(410,183)
Gain on disposal of player registrations
7
700,211
2,606,796
Loss before taxation
(2,999,698)
(3,261,076)
Tax on loss
8
-
0
-
0
Loss for the financial year
(2,999,698)
(3,261,076)
Loss for the financial year is attributable to:
- Owners of the parent company
(4,409,399)
(2,849,128)
- Non-controlling interests
1,409,701
(411,948)
(2,999,698)
(3,261,076)
OPG-4 UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
£
£
Loss for the year
(2,999,698)
(3,261,076)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(2,999,698)
(3,261,076)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(4,409,399)
(2,849,128)
- Non-controlling interests
1,409,701
(411,948)
(2,999,698)
(3,261,076)
OPG-4 UK LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
-
0
206,223
Intangible assets
9
84,244
417,528
Total intangible assets
84,244
623,751
Tangible assets
10
5,357,816
5,622,687
Investments
11
1
1
5,442,061
6,246,439
Current assets
Stocks
13
96,578
123,052
Debtors
14
2,003,139
2,050,416
Cash at bank and in hand
703,893
439,591
2,803,610
2,613,059
Creditors: amounts falling due within one year
15
(3,582,941)
(3,167,783)
Net current liabilities
(779,331)
(554,724)
Total assets less current liabilities
4,662,730
5,691,715
Creditors: amounts falling due after more than one year
16
(15,198,187)
(13,847,008)
Net liabilities
(10,535,457)
(8,155,293)
Capital and reserves
Called up share capital
21
1
1
Other reserves
2,748,696
2,614,284
Profit and loss reserves
(13,144,874)
(9,220,597)
Equity attributable to owners of the parent company
(10,396,177)
(6,606,312)
Non-controlling interests
(139,280)
(1,548,981)
(10,535,457)
(8,155,293)
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr M Ogren
Director
OPG-4 UK LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
6,166,981
1,108,901
Current assets
Debtors
14
7,821,347
11,304,239
Creditors: amounts falling due within one year
15
(14,875)
(10,183)
Net current assets
7,806,472
11,294,056
Total assets less current liabilities
13,973,453
12,402,957
Creditors: amounts falling due after more than one year
16
(12,540,247)
(11,150,773)
Net assets
1,433,206
1,252,184
Capital and reserves
Called up share capital
21
1
1
Other reserves
1,447,798
1,262,083
Profit and loss reserves
(14,593)
(9,900)
Total equity
1,433,206
1,252,184

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £489,815 (2023 - £399,071 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr M Ogren
Director
Company registration number SC613879 (Scotland)
OPG-4 UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 July 2022
1
2,761,807
(6,766,652)
(4,004,844)
(1,137,033)
(5,141,877)
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(2,849,128)
(2,849,128)
(411,948)
(3,261,076)
Transfers
-
247,660
395,183
642,843
-
642,843
Other movements
-
(395,183)
-
(395,183)
-
(395,183)
Balance at 30 June 2023
1
2,614,284
(9,220,597)
(6,606,312)
(1,548,981)
(8,155,293)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(4,409,399)
(4,409,399)
1,409,701
(2,999,698)
Transfers
-
619,534
485,122
1,104,656
-
1,104,656
Other movements
-
(485,122)
-
(485,122)
-
(485,122)
Balance at 30 June 2024
1
2,748,696
(13,144,874)
(10,396,177)
(139,280)
(10,535,457)
OPG-4 UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
1
1,360,038
(6,012)
1,354,027
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
(399,071)
(399,071)
Transfers
-
297,228
395,183
692,411
Other movements
-
(395,183)
-
(395,183)
Balance at 30 June 2023
1
1,262,083
(9,900)
1,252,184
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
(489,815)
(489,815)
Transfers
-
670,837
485,122
1,155,959
Other movements
-
(485,122)
-
(485,122)
Balance at 30 June 2024
1
1,447,798
(14,593)
1,433,206
OPG-4 UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
4,386,650
(4,765,021)
Interest paid
(485,122)
(410,183)
Net cash inflow/(outflow) from operating activities
3,901,528
(5,175,204)
Investing activities
Purchase of intangible assets
(55,000)
(377,672)
Proceeds on disposal of intangibles
105,465
2,904,114
Purchase of tangible fixed assets
(142,665)
(237,988)
Proceeds on disposal of tangible fixed assets
13,026
118,660
Net cash (used in)/generated from investing activities
(79,174)
2,407,114
Financing activities
Repayment of borrowings
(3,525,765)
688,676
Payment of finance leases obligations
(32,287)
(204,229)
Net cash (used in)/generated from financing activities
(3,558,052)
484,447
Net increase/(decrease) in cash and cash equivalents
264,302
(2,283,643)
Cash and cash equivalents at beginning of year
439,591
2,723,234
Cash and cash equivalents at end of year
703,893
439,591
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
1
Accounting policies
Company information

OPG-4 UK Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 15 Atholl Crescent, Edinburgh, EH3 8HA .

 

The group consists of OPG-4 UK 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.

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

 

1.2
Basis of consolidation

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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -

The consolidated group financial statements consist of the financial statements of the parent company OPG-4 UK 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.

Dundee United Football Club Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Dundee United Football Club Limited for the period from its acquisition on 18 December 2018. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.3
Going concern

The group incurred pre tax losses of £2,999,698 (2023: £3,261,076) during the year, has net liabilities of £779,331 (2023: £554,724) and a balance sheet deficit of £10,535,457 (2023: £8,155,293).  Excluding the loan from the US parent company the group has net assets of £2,004,790 (2023: £2,995,480).

 

The current and future cash position of the group has been reviewed by the Board. This included a comprehensive review of the financial projections and cash-flow requirements, covering a period beyond one year from the date of approval of the financial statements. The projections make key assumptions around:

 

 

The directors acknowledge that the group's liquidity position is reliant on the continued support from Mark Ogren and without this a material uncertainty would exist which may cast doubt over the groups's ability to continue as a going concern.

 

After due consideration of the above, including the potential impact of key assumptions not materialising and having received assurances from the majority shareholder of the group, the Board are satisfied that they consider that the group has adequate resources to continue in operational existence for a period of not less than twelve months from the date of approval of the accounts. Accordingly, the Board consider it appropriate to prepare the financial statements on the going concern basis.

1.4
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.5
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 5 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.

1.6
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.

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 registrations
Over the term of the players contract
1.7
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:

Stadium property
2% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
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 recognised in the profit and loss account.

1.8
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -
1.10
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.

1.11
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.

1.12
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 25 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 26 -
Derecognition of financial liabilities

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

1.13
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.

1.14
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.

1.15
Retirement benefits

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

1.16
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 leased asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

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

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Footballing activities
6,365,481
8,092,924
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,365,481
8,092,924
2024
2023
£
£
Other revenue
Grants received
53,004
53,004
3
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
(155)
-
Government grants
(53,004)
(53,004)
Depreciation of owned tangible fixed assets
397,364
422,307
Profit on disposal of tangible fixed assets
(2,854)
(16,228)
Amortisation of intangible assets
489,042
745,381
Operating lease charges
214,929
193,669
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
4,693
3,888
Audit of the financial statements of the company's subsidiaries
18,752
20,547
23,445
24,435
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
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
Football
67
73
-
-
Administration and management
14
22
-
-
Ground staff
5
12
-
-
Directors
2
3
2
2
Total
88
110
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,683,419
6,186,792
-
0
-
0
Social security costs
451,568
675,804
-
-
Pension costs
55,456
61,778
-
0
-
0
5,190,443
6,924,374
-
0
-
0
6
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
15,000
Other interest on financial liabilities
485,122
395,183
Total finance costs
485,122
410,183
7
Amounts written off investments
2024
2023
£
£
Other gains and losses
700,211
2,606,796
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
8
Taxation

The actual 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
(2,999,698)
(3,261,076)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(749,925)
(815,269)
Tax effect of expenses that are not deductible in determining taxable profit
301,180
213,303
Tax effect of income not taxable in determining taxable profit
(126,809)
-
0
Unutilised tax losses carried forward
504,709
546,073
Permanent capital allowances in excess of depreciation
70,845
55,893
Taxation charge
-
-
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
9
Intangible fixed assets
Group
Goodwill
Player registrations
Total
£
£
£
Cost
At 1 July 2023
2,199,568
589,866
2,789,434
Additions - internally developed
-
0
55,000
55,000
Disposals
-
0
(250,947)
(250,947)
At 30 June 2024
2,199,568
393,919
2,593,487
Amortisation and impairment
At 1 July 2023
1,993,345
172,338
2,165,683
Amortisation charged for the year
206,223
282,819
489,042
Disposals
-
0
(145,482)
(145,482)
At 30 June 2024
2,199,568
309,675
2,509,243
Carrying amount
At 30 June 2024
-
0
84,244
84,244
At 30 June 2023
206,223
417,528
623,751
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
10
Tangible fixed assets
Group
Stadium property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
5,439,922
1,414,787
138,578
6,993,287
Additions
65,235
77,430
-
0
142,665
Disposals
-
0
-
0
(20,345)
(20,345)
At 30 June 2024
5,505,157
1,492,217
118,233
7,115,607
Depreciation and impairment
At 1 July 2023
839,633
475,335
55,632
1,370,600
Depreciation charged in the year
191,823
172,511
33,030
397,364
Eliminated in respect of disposals
-
0
-
0
(10,173)
(10,173)
At 30 June 2024
1,031,456
647,846
78,489
1,757,791
Carrying amount
At 30 June 2024
4,473,701
844,371
39,744
5,357,816
At 30 June 2023
4,600,289
939,452
82,946
5,622,687
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
6,166,981
1,108,901
Unlisted investments
1
1
-
0
-
0
1
1
6,166,981
1,108,901
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2023 and 30 June 2024
1
Carrying amount
At 30 June 2024
1
At 30 June 2023
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
1,108,901
Additions
5,058,080
At 30 June 2024
6,166,981
Carrying amount
At 30 June 2024
6,166,981
At 30 June 2023
1,108,901

During the year OPG-4 UK Limited exchanged £5,058,080 of its loan with The Dundee United Football Club Limited for 1,320,000 10p Ordinary shares.

12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Dundee United Football Club Limited
Scotland
Ordinary
99.00
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
96,578
123,052
-
-
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,082,086
983,238
-
2
Amounts owed by group undertakings
-
-
7,821,347
11,304,238
Other debtors
7,648
1,316
-
0
-
0
Prepayments and accrued income
913,405
1,065,862
-
0
-
0
2,003,139
2,050,416
7,821,347
11,304,240
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
49,196
22,531
-
0
-
0
Trade creditors
1,000,817
882,346
-
0
-
0
Other taxation and social security
478,871
454,052
-
-
Deferred income
19
1,697,335
1,337,819
-
0
-
0
Other creditors
116,803
96,813
-
0
-
0
Accruals and deferred income
239,919
374,222
14,875
10,183
3,582,941
3,167,783
14,875
10,183
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
3,476
62,428
-
0
-
0
Other borrowings
17
13,887,099
12,486,464
12,540,247
11,150,773
Deferred income
19
1,222,642
1,275,646
-
0
-
0
Other creditors
84,970
22,470
-
0
-
0
15,198,187
13,847,008
12,540,247
11,150,773

Other borrowings relate to amounts owed to OPG-4 Inc, OPG-4 UK Limited's parent company. These loans are interest free and have been discounted at 3% over Bank of England base rate a period of between 6 and 6½ years in accordance with FRS102 Section 11.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loans from group undertakings
12,540,247
11,150,773
12,540,247
11,150,773
Other loans
1,346,852
1,335,691
-
0
-
0
13,887,099
12,486,464
12,540,247
11,150,773
Payable after one year
13,887,099
12,486,464
12,540,247
11,150,773
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
49,196
22,531
-
0
-
0
In two to five years
3,476
62,428
-
0
-
0
52,672
84,959
-
-
19
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
2,919,977
2,613,465
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
1,697,335
1,337,819
-
0
-
0
Non-current liabilities
1,222,642
1,275,646
-
0
-
0
2,919,977
2,613,465
-
-

Football grounds improvement grants of £1,275,646 (2023: £1,328,650) are included in deferred income and released to the Income Statement at a rate equal to the depreciation rate of the asset to which the grant relates. Amounts falling due within one year are £53,004 (2023: £53,000).

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
55,456
61,778

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
23
Controlling party

The company considers OPG-4 Inc. to be its parent company and considers Mark Ogren, director, to be its ultimate controlling party.

24
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss for the year after tax
(2,999,698)
(3,261,076)
Adjustments for:
Finance costs
485,122
410,183
Gain on disposal of tangible fixed assets
(2,854)
(16,228)
Amortisation and impairment of intangible assets
489,042
745,381
Depreciation and impairment of tangible fixed assets
397,364
422,307
Other gains and losses
(700,211)
(2,606,796)
Movements in working capital:
Decrease/(increase) in stocks
26,474
(28,180)
Decrease/(increase) in debtors
47,277
(556,673)
Increase in creditors
6,337,622
286,609
Increase/(decrease) in deferred income
306,512
(160,548)
Cash generated from/(absorbed by) operations
4,386,650
(4,765,021)
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