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Registered number: 00488096













          The Albion Football Club (Burton on Trent) Limited
          Annual Report and Financial Statements
          For the Year Ended 30 June 2024










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The Albion Football Club (Burton on Trent) Limited
 
 
Company Information


Directors
Mr T H G Davidson (appointed 31 May 2024)
Mr O J V Strandhagen (appointed 31 May 2024)
Mr F E L Spiers (resigned 31 May 2024)
Mr C B Robinson (resigned 31 May 2024)
Mr J Williams (resigned 31 May 2024)
Mr T G Clarke (resigned 31 May 2024)
Mr R A Brown (resigned 31 May 2024)
Mr J D Moxey (resigned 31 May 2024)
Mr B F Hareide (appointed 31 May 2024, resigned 30 January 2025)
Mr K C Skabo (appointed 20 June 2024)




Company secretary
Mr F E L Spiers (resigned 31 May 2024)



Registered number
00488096



Registered office
Pirelli Stadium
Princess Way

Burton On Trent

Staffordshire

DE13 0AR




Independent auditors
Dains Audit Limited

2 Chamberlain Square

Birmingham

B3 3AX




Bankers
Barclays Bank PLC
22-23 High Street

Burton-upon-Trent

Staffordshire

DE14 1HU





 
The Albion Football Club (Burton on Trent) Limited
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13 - 14
Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 32


 
The Albion Football Club (Burton on Trent) Limited
 
 
Strategic Report
For the Year Ended 30 June 2024

Introduction
 
The principal activity of the Company is that of a Professional Football League Club.

Business review
 
Results, performance of 2023/24 season and business environment 
The 2023/24 season saw Burton Albion Football Club compete in the English Football League (EFL) League One for the sixth consecutive season.
On 7 June 2024, Nordic Football Group UK Limited – a company owned by Nordic Football Group AB (‘NFG’), - acquired a majority shares in the Company.
Following the acquisition, NFG appointed Ben Robinson as Honorary Chairman of the Club, and he accepted a role to remain in an advisory capacity working alongside NFG. Fleur Robinson returned to the Club and was appointed as Chief Executive Officer, effective from 1 July 2024.
The Club’s newly formed Board of Directors saw Ole Jakob Strandhagen appointed as Chairman, NFG’s Founder and CEO Tom Davidson as Deputy Chairman.
The financial results for the year ended 30 June 2024 of the Company, are set out on pages 10 to 32. The Company has reported a rise in turnover to £6.4m compared to the year ending June 2023, with a 5.2% increase in commercial income, primarily driven by higher sponsorship and advertising revenue, as well as growth in conferences and events..
The Company made a total loss of £1.3m compared to breakeven for the previous season due to continuous investment to strengthen the squad, and the loss was mostly covered by the previous owner before the takeover. 
Despite the goal of promotion for the 2023/24 season and the team's best efforts, the club was unable to produce consistently positive results that would indicate a challenge for promotion, and finally finished in 20th position in the league standings.
As we write this report, the 2024/25 season is more than halfway complete, with the Club currently in 21st place in the league table, although with the appointment of Gary Bowyer as Head Coach in December 2024, there has been a marked improvement in results with more confidence of retaining our League 1 status.
The board will continue to seek the right balance between financial investment and on-pitch success, while providing the best possible community facilities—not only for the men’s senior team but for all teams at Burton Albion Football Club, as well as for the local community to enjoy.
The Club has always been, and continues to be, dedicated to its staff, its fan base, and the local community and businesses in the surrounding areas.
The Club is appreciative of the continual support from its supporters, season tickets holders, Vice Presidents and all of its sponsors.

Page 1

 
The Albion Football Club (Burton on Trent) Limited
 

Strategic Report (continued)
For the Year Ended 30 June 2024

Principal risks and uncertainties
 
The principal risk and uncertainty affecting the Club is financial risk. The directors have commented on this within their report.

Key performance indicators
 
The Directors continue to use both financial and non-financial key performance indicators to manage the club and to ensure the above regulations are complied with. The Board regularly monitor performance against these indicators.

Future developments
 
The Club intends to continue its development of the men’s senior team , the youth team and the women’s  team to ensure they can gain the success their efforts deserve and at the same time the club will commit to expand its commercial activities where possible to ensure that it can maintain its reinvestment in to its facilities for all to benefit.
On behalf of the Board, I would like to take this opportunity to once again thank those individuals, the businesses and employees involved with the Club, for the continued hard work and support offered throughout the period and look forward to seeing the benefits of this into next season.


This report was approved by the board on 28 March 2025 and signed on its behalf.



___________________________
Mr O J V Strandhagen
Director

Page 2

 
The Albion Football Club (Burton on Trent) Limited
 
 
Directors' Report
For the Year Ended 30 June 2024

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

Directors

The Directors who served during the year were:

Mr T H G Davidson (appointed 31 May 2024)
Mr O J V Strandhagen (appointed 31 May 2024)
Mr F E L Spiers (resigned 31 May 2024)
Mr C B Robinson (resigned 31 May 2024)
Mr J Williams (resigned 31 May 2024)
Mr T G Clarke (resigned 31 May 2024)
Mr R A Brown (resigned 31 May 2024)
Mr J D Moxey (resigned 31 May 2024)
Mr B F Hareide (appointed 31 May 2024, resigned 30 January 2025)
Mr K C Skabo (appointed 20 June 2024)

Matters covered in the Strategic Report

The disclosures for the key performance indicators and future developments as required by S414C(11) have been elevated to the strategic report.

Results and dividends

The loss for the year, after taxation, amounted to £1,293,741 (2023 -loss £22,894).

During the period, no dividends (2023 - £Nil) were declared.

Going concern

On 7 June 2024, NFG Nordic Football Group AB ('NFG'), the ultimate parent company, acquired a majority shareholding in the Company through its subsidiary, Nordic Football Group UK Limited. NFG is owned by a consortium of investors, either directly or via their respective investment vehicles.
Following the acquisition, the investor group has injected substantial funds into the Company, totalling £6,350,000, to strengthen the playing squad and enhance club facilities. Further investment is anticipated to support the club’s long-term strategy and financial sustainability.
The Company has prepared detailed cash flow forecasts covering the period up to 30 June 2026, incorporating potential downside scenarios for income and expenses. These projections indicate that ongoing financial support from the investor group will be required between April 2025 and at least March 2026.
The investors have collectively issued a £6 million commitment letter to NFG, confirming their intent to provide ongoing financial support. In addition, NFG has issued a letter of support, stating its intention to fund the Company as and when needed. However, as this has not yet been formalised into a binding investor agreement or a firm funding guarantee, it presents a material uncertainty that raises doubt about the company’s ability to continue as a going concern and meet its liabilities in the normal course of business. Both NFG and the directors of the Company fully acknowledge this concern and plan to establish a firm funding guarantee with investors moving forward.
 
Page 3

 
The Albion Football Club (Burton on Trent) Limited
 
 
Directors' Report (continued)
For the Year Ended 30 June 2024

Despite the uncertainties described above, the directors remain confident that the Company will have sufficient resources to meet its obligations as they fall due over the next 12 months and have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end, other than those disclosed in this Directors' report or in the notes to these financial statements.

Page 4

 
The Albion Football Club (Burton on Trent) Limited
 
 
Directors' Report (continued)
For the Year Ended 30 June 2024


Auditors

The auditorsDains Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 March 2025 and signed on its behalf.
 





___________________________
Mr O J V Strandhagen
Director

Page 5

 
The Albion Football Club (Burton on Trent) Limited
 
 
Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited

Opinion


We have audited the financial statements of The Albion Football Club (Burton on Trent) Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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 related to going concern


We draw attention to note 2.2 in the financial statements, which indicates that conditions have been identified that may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. 

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
The Albion Football Club (Burton on Trent) Limited
 
 
Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited (continued)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 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:


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 Directors' Responsibilities Statement set out on page 4, 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 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.

Page 7

 
The Albion Football Club (Burton on Trent) Limited
 
 
Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited (continued)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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.

To address the risk of fraud through management bias and override of controls, we:
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; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
Page 8

 
The Albion Football Club (Burton on Trent) Limited
 
 
Independent Auditors' Report to the Members of The Albion Football Club (Burton on Trent) Limited (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' 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 2006Our 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 Auditors' 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.





Julian Townsend FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Dains Audit Limited
 
Statutory Auditor 
Chartered Accountants
  
Birmingham

28 March 2025
Page 9

 
The Albion Football Club (Burton on Trent) Limited
 
 
Statement of Comprehensive Income
For the Year Ended 30 June 2024

2024
2023
                                                                      Note
£
£

  

Turnover
 4 
6,384,146
6,151,237

Cost of sales
  
(6,084,142)
(5,491,591)

Gross profit
  
300,004
659,646

Administrative expenses
  
(2,195,353)
(2,020,052)

Other operating income
 5 
128,848
252,833

Operating loss before player registrations and transfers
 6 
(1,766,501)
(1,107,573)

Profit on disposal of player registrations
 6 
471,250
973,750

Loss on ordinary activities before interest
  
(1,295,251)
(133,823)

Interest receivable and similar income
 9 
9,920
6,236

Interest payable and similar expenses
 10 
(8,410)
(7,236)

Loss before tax
  
(1,293,741)
(134,823)

Tax on loss
 11 
-
111,929

Loss for the financial year
  
(1,293,741)
(22,894)

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 10

 
The Albion Football Club (Burton on Trent) Limited
Registered number:00488096

Balance Sheet
As at 30 June 2024

2024
2023
                                                                    Note
£
£

Fixed assets
  

Intangible assets
 12 
320,500
161,500

Tangible assets
 13 
6,404,613
6,636,844

  
6,725,113
6,798,344

Current assets
  

Stocks
 14 
65,450
84,335

Debtors: amounts falling due within one year
 15 
629,979
988,503

Cash at bank and in hand
 16 
410,149
173,469

  
1,105,578
1,246,307

Creditors: amounts falling due within one year
 17 
(3,595,772)
(2,335,366)

Net current liabilities
  
 
 
(2,490,194)
 
 
(1,089,059)

Total assets less current liabilities
  
4,234,919
5,709,285

Creditors: amounts falling due after more than one year
 18 
(1,092,474)
(1,273,099)

  

Net assets
  
3,142,445
4,436,186


Capital and reserves
  

Called up share capital 
 21 
1,034,389
1,034,389

Profit and loss account
 22 
2,108,056
3,401,797

  
3,142,445
4,436,186


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




___________________________
Mr O J V Strandhagen
Director

The notes on pages 16 to 32 form part of these financial statements.

Page 11

 
The Albion Football Club (Burton on Trent) Limited
 

Statement of Changes in Equity
For the Year Ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
1,034,389
3,424,691
4,459,080


Comprehensive income for the year

Loss for the year
-
(22,894)
(22,894)



At 1 July 2023
1,034,389
3,401,797
4,436,186


Comprehensive income for the year

Loss for the year
-
(1,293,741)
(1,293,741)


At 30 June 2024
1,034,389
2,108,056
3,142,445


The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
The Albion Football Club (Burton on Trent) Limited
 

Statement of Cash Flows
For the Year Ended 30 June 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(1,293,741)
(22,894)

Adjustments for:

Amortisation of player registrations
87,417
58,000

Depreciation of tangible assets
279,850
274,742

Impairment of intangible assets
63,333
-

Loss on disposal of tangible assets
(2,055)
4,084

Interest paid
8,410
7,236

Interest received
(9,920)
(6,236)

Taxation charge
-
(111,929)

Decrease in stocks
18,885
13,842

Decrease/(increase) in debtors
246,595
(366,541)

(Decrease)/increase in creditors
(259,020)
286,892

Corporation tax received
111,930
-

Profit on sale of player registrations
(221,250)
(973,750)

Net cash generated from operating activities

(969,566)
(836,554)


Cash flows from investing activities

Purchase of player registrations
(309,750)
(200,000)

Purchase of tangible fixed assets
(49,884)
(139,813)

Sale of tangible fixed assets
4,320
-

Interest received
9,920
6,236

Profit on sale of player registrations
221,250
973,750

Net cash from investing activities

(124,144)
640,173
Page 13

 
The Albion Football Club (Burton on Trent) Limited
 

Statement of Cash Flows (continued)
For the Year Ended 30 June 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(100,000)
(100,000)

Repayment of other loans
(61,200)
(60,800)

New loans from group companies
1,500,000
-

Interest paid
(8,410)
(7,236)

Net cash used in financing activities
1,330,390
(168,036)

Net increase/(decrease) in cash and cash equivalents
236,680
(364,417)

Cash and cash equivalents at beginning of year
173,469
537,886

Cash and cash equivalents at the end of year
410,149
173,469


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
410,149
173,469

410,149
173,469


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
The Albion Football Club (Burton on Trent) Limited
 

Analysis of Net Debt
For the Year Ended 30 June 2024





At 1 July 2023
Cash flows
Other non-cash changes
At 30 June 2024
£

£

£

£

Cash at bank and in hand

173,469

236,680

-

410,149

Bank and other loans due after 1 year

(116,667)

-

100,000

(16,667)

Bank and other loans due within 1 year

(421,200)

171,200

(100,000)

(350,000)



(364,398)
407,880
-
43,482

The notes on pages 16 to 32 form part of these financial statements.

Page 15

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

The Albion Football Club (Burton on Trent) Limited is a private company limited by shares and incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information section. The nature of the Company's operations and its principal activities are set out in the Director's report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates.  It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The Company's functional and presentation currency is the pound sterling. Amounts presented in the financial statements have been rounded to the nearest £1.
The following principal accounting policies have been applied:

 
2.2

Going concern

On 7 June 2024, NFG Nordic Football Group AB ('NFG'), the ultimate parent company, acquired a majority shareholding in the Company through its subsidiary, Nordic Football Group UK Limited. NFG is owned by a consortium of investors, either directly or via their respective investment vehicles.
Following the acquisition, the investor group has injected substantial funds into the Company, totalling £6,350,000, to strengthen the playing squad and enhance club facilities. Further investment is anticipated to support the club’s long-term strategy and financial sustainability.
The Company has prepared detailed cash flow forecasts covering the period up to 30 June 2026, incorporating potential downside scenarios for income and expenses. These projections indicate that ongoing financial support from the investor group will be required between April 2025 and at least March 2026.
The investors have collectively issued a £6 million commitment letter to NFG, confirming their intent to provide ongoing financial support. In addition, NFG has issued a letter of support, stating its intention to fund the Company as and when needed. However, as this has not yet been formalised into a binding investor agreement or a firm funding guarantee, it presents a material uncertainty that raises doubt about the company’s ability to continue as a going concern and meet its liabilities in the normal course of business. Both NFG and the directors of the Company fully acknowledge this concern and plan to establish a firm funding guarantee with investors moving forward.
Despite the uncertainties described above, the directors remain confident that the Company will have sufficient resources to meet its obligations as they fall due over the next 12 months and have concluded that it is appropriate to prepare the financial statements on a going concern basis.

Page 16

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover represents league distributions, gate receipts, TV income, sponsorship, advertising, conference and banqueting and other income associated with the principal activity of running a professional football club, exclusive of Value Added Tax.

  
2.4

Deferred income

Deferred income usually represents income from sponsorship and other contractual agreements which will be credited to the profit and loss account over the period of the agreements, season ticket renewals and advance income from executive boxes and hospitality seats at Pirelli Stadium.

  
2.5

Player costs

The costs associated with acquiring players' registrations or extending their contracts, including agents' fees, are capitalised and amortised, in equal installments, over the period of the respective players' contracts. Where a contract life is renegotiated the unamortised costs, together with the new costs relating to the contract extension, are amortised over the term of the contractual arrangements. 
Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of First Team appearances or on the occurrence of certain other specified future events. Liabilities in respect of these additional fees are accounted for, as provisions, when it becomes probable that the number of appearances will be achieved or the specified future events will occur. 
Profits or losses on the sale of players represent the transfer fee receivable, net of any transaction costs and doubtful debt provisions, less the unamortised cost of the applicable player's registration. 

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.7

Government grants and deferred grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 17

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at
rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life.
Depreciation is provided on the following basis:

Land, buildings and building improvements
-
50 years straight line
Fixtures, fittings, tools and equipments
-
15-25% reducing balance
Motor vehicles
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment is recognised immediately in the Statement of comprehensive income.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.14

Provisions

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Page 19

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 20

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.16

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.17

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. 

Page 21

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
Provision for doubtful debts
An allowance for doubtful debts is maintained for estimated losses resulting from the ability of the company's debtors to make required payment.  The allowance is based on the director's' assessment of the credit worthiness and financial condition of debtors and the likelihood of receiving payment.
Depreciation
Tangible fixed assets are depreciated over their useful lives, taking into account residual values where appropriate.  The estimated lives of the assets and residual values are assessed annually and may vary depending on a number of factors.  In re-assessing the asset lives, factors such as the repairs and maintenance program are taken into account.  Residual values consider such things as the remaining life of the asset and projected disposal values.
Impairment
The Directors will perform an impairment review of both tangible and intangible assets if adverse events indicate that the carrying value of assets may not be recoverable.  If such circumstances were to arise, the carrying value of the assets would be assessed against the company's best estimate of the asset's fair value less any costs to sell.
Actual results may differ from these estimates.  The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Commercial income
5,448,717
5,165,433

Gate receipts
935,429
985,804

6,384,146
6,151,237


All turnover arose within the United Kingdom.

Page 22

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

5.


Other operating income

2024
2023
£
£

Net rents receivable
37,417
41,583

Release of grant income
80,623
80,623

Fees receivable
10,808
130,627

128,848
252,833





6.


Operating loss and result from ordinary activities

The operating loss is stated after charging/crediting:

2024
2023
£
£

Depreciation of owned tangible fixed assets
279,850
227,131

Amortisation and impairment of player registrations
150,750
58,000

Other operating lease rentals
15,600
3,000

Income from disposal of player registrations
(221,250)
(973,750)

Release of accrued liabilities for agency intermediary fees
(250,000)
-


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
19,750
18,710

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
2,750
2,000

Other services relating to taxation
-
1,850
Page 23

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

8.


Employees and temporary worker costs

Staff costs, temporary worker and Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,882,173
4,414,989

Social security costs
437,104
392,646

Cost of defined contribution scheme
37,390
32,259

5,356,667
4,839,894


The average monthly number of employees, temporary workers and Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Players and coaching staff
34
37



Centre of Excellence Academy and Youth Team Scholars
42
36



Ground staff and Stewards
55
58



Conferencing, banqueting and temporary labour
97
97



Administration staff
14
14

242
242


9.


Interest receivable

2024
2023
£
£


Other interest receivable
9,920
6,236


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
8,410
7,236

Page 24

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
-

Adjustments in respect of previous periods
-
(111,929)

Total current tax
-
(111,929)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -the same as) the standard rate of corporation tax in the UK of 25% (2023 -20.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,293,741)
(134,823)


Loss multiplied by standard rate of corporation tax in the UK of 25% (2023 -20.5%)
(323,435)
(27,639)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
699
10,676

Capital allowances for year in excess of depreciation
49,593
29,224

Other permanent differences
2,813
3,430

Deferred tax not recognised
270,415
(19,143)

Adjustments to tax charge in respect of prior periods
(85)
(111,926)

Remeasurement of deferred tax for changes in tax rates
-
3,449

Total tax charge for the year
-
(111,929)

Page 25

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

The standard rate of corporation tax for the year was 25% (2023: 19%).
The company has estimated trading losses of £1,678,000 (2023: £661,000) available for carry forward against future trading profits.
The deferred tax asset in excess of deferred tax liabilities that would arise in respect of these amounts to £419,000 (2023: £165,000) which has not been recognised as the directors are unable to satisfy themselves that it is more likely than not that sufficient taxable profits will arise in the next accounting period.

12.


Intangible assets




Player Registrations

£



Cost


At 1 July 2023
245,000


Additions
309,750



At 30 June 2024

554,750



Amortisation


At 1 July 2023
83,500


Charge for the year on owned assets
87,417


Impairment charge
63,333



At 30 June 2024

234,250



Net book value



At 30 June 2024
320,500



At 30 June 2023
161,500

The figures for cost of player registrations are historic cost figures for purchased players only. Accordingly, the net book amount of player registrations will not reflect, nor is it intended to, the current market value of these players nor does it take any account of players developed through the Club's youth system. The Directors consider the net realisable value of intangible fixed assets to be significantly greater than their book value.


Page 26

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

13.


Tangible fixed assets





Land, buildings and building improvements
Motor vehicles
Fixtures, fittings, tools and equipments
Total

£
£
£
£



Cost


At 1 July 2023
8,779,752
52,388
1,018,309
9,850,449


Additions
720
-
49,164
49,884


Disposals
-
-
(4,320)
(4,320)



At 30 June 2024

8,780,472
52,388
1,063,153
9,896,013



Depreciation


At 1 July 2023
2,394,697
34,076
784,832
3,213,605


Charge for the year on owned assets
198,371
2,747
78,732
279,850


Disposals
-
-
(2,055)
(2,055)



At 30 June 2024

2,593,068
36,823
861,509
3,491,400



Net book value



At 30 June 2024
6,187,404
15,565
201,644
6,404,613



At 30 June 2023
6,385,055
18,312
233,477
6,636,844

Page 27

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

14.


Stocks

2024
2023
£
£

Goods for resale
65,450
84,335



15.


Debtors

2024
2023
£
£


Trade debtors
385,291
728,094

Other debtors
-
123,702

Prepayments and accrued income
244,688
136,707

629,979
988,503



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
410,149
173,469



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
100,000
100,000

Other loans
-
61,200

Trade creditors
432,587
525,915

Amounts owed to group undertakings
1,500,000
-

Other taxation and social security
260,943
278,106

Other creditors
254,593
267,016

Accruals and deferred income and deferred grants
1,047,649
1,103,129

3,595,772
2,335,366


Page 28

 
The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
16,667
116,667

Deferred grants
1,075,807
1,156,432

1,092,474
1,273,099


The bank holds a fixed and floating charge over the Company's property and assets, and a Director has given personal guarantees. 
In 2020/21, the Company secured a Coronavirus Business Interruption Loan (CBIL) of £400,000. The UK Government confirm that it will cover the cost of any interest due on the loan during the Business Interruption payment period and thereafter the Company will be charged interest of 3.08% per annum. The loan is given on a 5 year repayment term with the first 12 months as a capital repayment holiday. The bank have also been given security from the Government for 80% of the loan.
Other loans consists of advances given from the English Football League against future central distributions. Repayments are due in 6 equal installments ending on 1 April 2024. The loan is interest free.

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The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
100,000
100,000

Other loans
-
61,200


100,000
161,200

Amounts falling due 1-2 years

Bank loans
16,667
100,000

Amounts falling due 2-5 years

Bank loans
-
16,667


116,667
277,867


The bank holds a fixed and floating charge over the Company's property and assets, and a Director has given personal guarantees. 
In 2020/21, the Company secured a Coronavirus Business Interruption Loan (CBIL) of £400,000. The UK Government confirm that it will cover the cost of any interest due on the loan during the Business Interruption payment period and thereafter the Company will be charged interest of 3.08% per annum. The loan is given on a 5 year repayment term with the first 12 months as a capital repayment holiday. The bank have also been given security from the Government for 80% of the loan.
Other loans consists of advances given from the English Football League against future central distributions. Repayments are due in 6 equal installments ending on 1 April 2024. The loan is interest free.

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The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at undiscounted amounts receivable
795,440
901,563


Financial liabilities


Financial liabilities measured at undiscounted amounts payable
(2,564,848)
(1,123,116)

Financial liabilities measured at amortised cost
(116,667)
(277,867)

(2,681,515)
(1,400,983)


Financial assets measured at undiscounted amounts receivable comprise cash at bank and in hand and trade debtors.


Financial liabilities measured at undiscounted amounts payable comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.


Financial liabilities measured at amortised cost comprise bank loans and other loans.


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,137,555 (2022: 4,137,555) Ordinary shares of £0.25 each
1,034,389
1,034,389



22.


Reserves

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,390 (2023 - £32,259). At the year end date the amount payable to the fund totalled £4,593 (2023 - £5,348).

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The Albion Football Club (Burton on Trent) Limited
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

24.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
12,000


25.Contingent liabilities

As part of the club’s contractual agreements with certain players, additional transfer fee payments may become due based on the number of appearances made during the season. These contingent payments are linked to performance-related clauses and will be recognised as liabilities as and when the conditions are met.


26.


Related party transactions

During the year, a shareholder of the Company was also a trustee of a community trust which is closely linked to the club, and during the period, the Company received services from and has used facilities of the community trust. The aggregate of costs, rent and recharges made during the year were £55,102 net of VAT (2023 - £148,742). The Company also made payments on behalf of the community trust of £Nil (2023 - £400). The amount due to the community trust, at the balance sheet date was £4,601 (2023 - £Nil). 
During the year, the company received an initial cash injection of £1.5m from its ultimate parent undertaking. This amount remains outstanding at the balance sheet date, is repayable upon demand and is interest free. 


27.
Controlling Party

At 30 June 2024, the immediate parent undertaking is Nordic Football Group UK Limited, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for Nordic Football Group UK Limited can be obtained from its registered office, Second Floor West Court, Campbell Road, Stoke-On-Trent, England, ST4 4FB.
At 30 June 2024, the ultimate parent undertaking is NFG Nordic Football Group AB  (NFG) a company registered in Sweden. Its registered office is Box 6308, 102 35 Stockholm.
At 30 June 2024, the Directors considered there to be no ultimate controlling party.


 
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