Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsebeing a football club.2023-07-01false222213falsefalse 0482197 2023-07-01 2024-06-30 0482197 2022-07-01 2023-06-30 0482197 2024-06-30 0482197 2023-06-30 0482197 2022-07-01 0482197 1 2023-07-01 2024-06-30 0482197 1 2022-07-01 2023-06-30 0482197 4 2023-07-01 2024-06-30 0482197 4 2022-07-01 2023-06-30 0482197 5 2023-07-01 2024-06-30 0482197 5 2022-07-01 2023-06-30 0482197 d:Director1 2023-07-01 2024-06-30 0482197 d:Director2 2023-07-01 2024-06-30 0482197 d:Director3 2023-07-01 2024-06-30 0482197 d:Director4 2023-07-01 2024-06-30 0482197 d:Director5 2023-07-01 2024-06-30 0482197 d:Director6 2023-07-01 2024-06-30 0482197 d:Director7 2023-07-01 2024-06-30 0482197 d:Director8 2023-07-01 2024-06-30 0482197 d:Director9 2023-07-01 2024-06-30 0482197 d:Director10 2023-07-01 2024-06-30 0482197 d:RegisteredOffice 2023-07-01 2024-06-30 0482197 e:Buildings 2023-07-01 2024-06-30 0482197 e:Buildings 2024-06-30 0482197 e:Buildings 2023-06-30 0482197 e:Buildings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 0482197 e:Buildings e:LongLeaseholdAssets 2023-07-01 2024-06-30 0482197 e:PlantMachinery 2023-07-01 2024-06-30 0482197 e:PlantMachinery 2024-06-30 0482197 e:PlantMachinery 2023-06-30 0482197 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 0482197 e:FurnitureFittings 2023-07-01 2024-06-30 0482197 e:FurnitureFittings 2024-06-30 0482197 e:FurnitureFittings 2023-06-30 0482197 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 0482197 e:OfficeEquipment 2023-07-01 2024-06-30 0482197 e:OfficeEquipment 2024-06-30 0482197 e:OfficeEquipment 2023-06-30 0482197 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 0482197 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 0482197 e:FreeholdInvestmentProperty 2024-06-30 0482197 e:FreeholdInvestmentProperty 2023-06-30 0482197 e:CurrentFinancialInstruments 2024-06-30 0482197 e:CurrentFinancialInstruments 2023-06-30 0482197 e:Non-currentFinancialInstruments 2024-06-30 0482197 e:Non-currentFinancialInstruments 2023-06-30 0482197 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 0482197 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 0482197 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 0482197 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 0482197 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 0482197 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 0482197 e:ReportableOperatingSegment2 2023-07-01 2024-06-30 0482197 e:ReportableOperatingSegment2 2022-07-01 2023-06-30 0482197 e:ReportableOperatingSegment3 2023-07-01 2024-06-30 0482197 e:ReportableOperatingSegment3 2022-07-01 2023-06-30 0482197 e:ShareCapital 2023-07-01 2024-06-30 0482197 e:ShareCapital 2024-06-30 0482197 e:ShareCapital 2022-07-01 2023-06-30 0482197 e:ShareCapital 2023-06-30 0482197 e:ShareCapital 2022-07-01 0482197 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 0482197 e:RetainedEarningsAccumulatedLosses 2024-06-30 0482197 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 0482197 e:RetainedEarningsAccumulatedLosses 2023-06-30 0482197 e:RetainedEarningsAccumulatedLosses 2022-07-01 0482197 d:OrdinaryShareClass1 2023-07-01 2024-06-30 0482197 d:OrdinaryShareClass1 2024-06-30 0482197 d:OrdinaryShareClass1 2023-06-30 0482197 d:FRS102 2023-07-01 2024-06-30 0482197 d:Audited 2023-07-01 2024-06-30 0482197 d:FullAccounts 2023-07-01 2024-06-30 0482197 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 0482197 e:WithinOneYear 2024-06-30 0482197 e:WithinOneYear 2023-06-30 0482197 e:BetweenOneFiveYears 2024-06-30 0482197 e:BetweenOneFiveYears 2023-06-30 0482197 e:MoreThanFiveYears 2024-06-30 0482197 e:MoreThanFiveYears 2023-06-30 0482197 e:HirePurchaseContracts e:WithinOneYear 2024-06-30 0482197 e:HirePurchaseContracts e:WithinOneYear 2023-06-30 0482197 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-06-30 0482197 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-06-30 0482197 2 2023-07-01 2024-06-30 0482197 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 0482197







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED






































img24b8.png                        

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
COMPANY INFORMATION


Directors
E Clark 
G Daniels 
D Dublin 
S Grady 
J Horsfield 
C Loch 
I Mather 
D Mathew-Jones 
R Sargent 
G Smith 




Registered number
0482197



Registered office
The Abbey Stadium
Newmarket Road

Cambridge

CB5 8LN




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP





 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 24

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report for the year ended 30 June 2024.
The principle activity of Cambridge United Football Club continues to be the operation of a community focused professional football club together with related commercial activities.
The primary aim of the football club is to provide adequate funding to enable success on the field of play, whilst enhancing the lives of supporters and members of the local community.  

Business review
 
Football Review
Over the past year Cambridge United has continued with its modernisation programme across the Club which has included infrastructure, operating systems, the supporter matchday experience, as well as the development of its brand and identity. The football club is conscious of the need to build on our history, protect our culture and values and seek to provide moments, memories and friendship through football for our supporters. 
Preserving our EFL League One status remains the club’s priority, whilst appreciating that we are in an environment where the playing budgets in the lower leagues have been growing exponentially in recent years. We are proud of our work in the community and the impact we are having within the City through our charitable arm, the Cambridge United Foundation. 
During the 2024/25 season the Men’s First Team competed in the Sky Bet League One for the third consecutive season, which saw the club again survive relegation on the final day.  The Women’s First teams continue to thrive with the first team playing it’s second full season under the umbrella of the main club and maintaining their league status. The reserve team was replaced with an under 18 team who finished second in their respective league, as the Club seeks to develop younger players for first team involvement.
Youth Academy
The Youth Academy remains a core part of the club’s football operations, with over 2,000 male and female junior players engaging across the respective player pathways. The year also saw several Academy players play their part in the first team squad, as the club seeks to grow home grown players for this level. 
Commercial Sponsors
During the period the Club increased its portfolio of commercial sponsors, which is reflected in its increase in turnover. A 5-year Stadium Naming Rights agreement with ‘software as a service’ company Cledara was entered into and as a result, the stadium is now referred to as the Cledara Abbey Stadium.
Results and performance
The results of the company set out within the accounts below, show a loss on ordinary activities before tax of £2,565,842 (2023: £1,747,155 loss). The shareholders’ funds currently stand at £8,518,110 (2023: £8,083,952). Turnover showed an increase of £1,226,753 to £8,304,626 (2023: £7,077,873).
 

Principal risks and uncertainties
 
The risks and uncertainties that are part of football are monitored by the Board on a regular basis. The Board has participated in and supported the Government’s Fan Led Review as the only EFL club to have a panel member on the Review’s Advisory Panel. Owners and Board are committed to running Cambridge United in the most sustainable way possible recognising we are in a world where the financial pressures across the game are increasing very significantly.
During the period the Club ranked top of the EFL (72 clubs) under the Fair Game Index which ranks clubs based upon their approach to Governance, Financial Sustainability, Equality Standards and Fan Engagement.

Page 1

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Completed & Future Developments
 
The Club remains focused on modernising the infrastructure of the Club and in December 2023, the club moved into a new £3.5m training building for the first team and under 18 team at Clare College on a 30-year lease. 
During the period the Club began to explore redevelopment options of the Cledara Abbey Stadium, with an aspiration to increase capacity to circa 12,000 with additional hospitality and non-matchday facilities. Subject to affordability, it is hoped that the project will move to full planning stage in 2025.
In the interim ongoing repair, maintenance and refurbishment have also been prioritised at the Cledara Abbey with additional investment made into upgrading supporter facilities as part of the club’s supporter growth strategy.
The Owners and Board would like to thank all staff, players, supporters, volunteers and sponsors for their continued support.


This report was approved by the board on 22 February 2025 and signed on its behalf.



................................................
S Grady
Director
Page 2

 


CAMBRIDGE UNITED FOOTBALL CLUB 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' 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 year. 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 judgments 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.

Results and dividends

The loss for the year, after taxation, amounted to £2,565,842 (2023 - loss £1,747,155).

Directors

The directors who served during the year were:

E Clark 
G Daniels 
D Dublin 
S Grady 
J Horsfield 
C Loch 
I Mather 
D Mathew-Jones 
R Sargent 
G Smith 
Page 3

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


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.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
S Grady
Director

Date: 22 February 2025
Page 4

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 

img6a84.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNITED FOOTBALL CLUB LIMITED

Opinion


We have audited the financial statements of Cambridge United Football Club Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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.


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 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 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.


Page 5

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNITED FOOTBALL CLUB LIMITED (CONTINUED)

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 3, 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 6

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNITED FOOTBALL CLUB 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:
•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act employment law, health and safety, pensions legislation and tax legislation.
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud migh toccur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.


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.
Page 7

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNITED FOOTBALL CLUB LIMITED (CONTINUED)

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.





James Fox ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Richmond House
Walkern Road
Stevenage
Hertfordshire
SG1 3QP

27 February 2025
Page 8

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
8,304,626
7,077,873

Cost of sales
  
(3,456,290)
(3,245,151)

Gross profit
  
4,848,336
3,832,722

Administrative expenses
  
(7,425,660)
(5,587,205)

Operating loss
  
(2,577,324)
(1,754,483)

Interest receivable and similar income
 7 
13,951
7,328

Interest payable and similar expenses
 8 
(2,469)
-

Loss before tax
  
(2,565,842)
(1,747,155)

Loss for the financial year
  
(2,565,842)
(1,747,155)

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

The notes on pages 14 to 24 form part of these financial statements.
Page 9

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
REGISTERED NUMBER:0482197



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
9,058,077
5,972,579

Investment property
 10 
392,389
392,389

  
9,450,466
6,364,968

Current assets
  

Stocks
 11 
218,032
153,978

Debtors: amounts falling due within one year
 12 
531,633
604,554

Bank and cash balances
  
993,278
3,010,826

  
1,742,943
3,769,358

Creditors: amounts falling due within one year
 13 
(2,656,968)
(1,430,374)

Net current (liabilities)/assets
  
 
 
(914,025)
 
 
2,338,984

Total assets less current liabilities
  
8,536,441
8,703,952

Creditors: amounts falling due after more than one year
 14 
(18,331)
(620,000)

  

Net assets
  
8,518,110
8,083,952


Capital and reserves
  

Called up share capital 
 16 
18,791,453
15,791,453

Profit and loss account
  
(10,273,343)
(7,707,501)

  
8,518,110
8,083,952


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2025.




................................................
S Grady
Director

The notes on pages 14 to 24 form part of these financial statements.
Page 10

 


CAMBRIDGE UNITED FOOTBALL CLUB 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
7,935,153
(5,960,346)
1,974,807


Comprehensive income for the year

Loss for the year
-
(1,747,155)
(1,747,155)
Total comprehensive income for the year
-
(1,747,155)
(1,747,155)


Contributions by and distributions to owners

Shares issued during the year
7,856,300
-
7,856,300


Total transactions with owners
7,856,300
-
7,856,300



At 1 July 2023
15,791,453
(7,707,501)
8,083,952


Comprehensive income for the year

Loss for the year
-
(2,565,842)
(2,565,842)


Contributions by and distributions to owners

Shares issued during the year
3,000,000
-
3,000,000


Total transactions with owners
3,000,000
-
3,000,000


At 30 June 2024
18,791,453
(10,273,343)
8,518,110


The notes on pages 14 to 24 form part of these financial statements.
Page 11

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(2,565,842)
(1,747,155)

Adjustments for:

Depreciation of tangible assets
276,374
108,670

(Increase) in stocks
(64,054)
(80,646)

Decrease in debtors
72,921
156,466

Increase/(decrease) in creditors
653,756
(2,936,763)

Net cash generated from operating activities

(1,626,845)
(4,499,428)


Cash flows from investing activities

Purchase of tangible fixed assets
(3,361,872)
(5,601,399)

Purchase of investment properties
-
(392,389)

Net cash from investing activities

(3,361,872)
(5,993,788)

Cash flows from financing activities

Issue of ordinary shares
3,000,000
7,856,300

Repayment of other loans
(52,200)
(32,986)

Repayment of/new finance leases
23,369
-

Net cash used in financing activities
2,971,169
7,823,314

Net (decrease) in cash and cash equivalents
(2,017,548)
(2,669,902)

Cash and cash equivalents at beginning of year
3,010,826
5,680,728

Cash and cash equivalents at the end of year
993,278
3,010,826


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
993,278
3,010,826

993,278
3,010,826


The notes on pages 14 to 24 form part of these financial statements.

Page 12

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

3,010,826

(2,017,548)

993,278

Debt due within 1 year

(88,994)

53,051

(35,943)

Finance leases

-

(23,369)

(23,369)


2,921,832
(1,987,866)
933,966

The notes on pages 14 to 24 form part of these financial statements.
Page 13

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Cambridge United Football Club Limited is a private company, limited by shares, incorporated in England
and Wales, United Kingdom. The comapny's registered number and registered office address can be found on the company information page.
The principal activity of the company continued to be the running of a football club.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Going concern

The company's ability to continue trading relies on the continued support from the existing shareholders which is expected to continue for the foreseeable future.
The directors prepare cash flow forecasts on a regular basis to enusre there are sufficient cash resources in place to support the company's activities and as such, believe that there are sufficient resources in place to sustain the immediate budgeted losses. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Revenue

Turnover includes ticket sales, Football League funding, commercial activities, food and drink sales, advertising, broadcasting fees, transfer fees, donations and sundry income.
Revenue from ticket sales and season tickets are recognised across football season as games are played. Away ticket sales are recognised when sold and percentage is due to the away team.
Sponsorship and commercial income is recognised over the duration of the respective contracts.
Income arising from the fixed element of broadcasting revenue is recognised over the duration of the playing season. Broacasting revenue which relate to live coverage or highlights of games are recognised as games are played.
Turnover relating to retail sales is recognised as and when the goods are transferred to the customers. This is considered upon delivery if sales are made via the online shop.
Turnover relating to the sale of food, drink and programmes are recognised as the goods are supplied to the customers.
Transfer fees are recognised over the duration of the respective contracts.
Season ticket income sales are recognised as deferred income and released across the season as home games are played.

Page 14

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

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

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Freehold Land
-
not depreciated
Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line

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.

The Abbey Stadium is stated at cost and is not depreciated on the basis it is constantly maintained and updated in accordance with underlying regulations.

Page 15

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
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.

 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

Signing on fees

Contractual amounts of fees payable to players are recognised as prepayments and spread evenly over the contract period. The net balance of signing on fees relating to players sold is included within the calculation of profit or loss ondisposal of players' contracts.
Page 16

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

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.

Page 17

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 18

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlyingassumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Useful economic life of tangible assets:
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, future investments, economic utilisation and physical condition of the assets.


4.


Turnover

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


2024
2023
£
£

Football
6,004,906
4,678,932

Business operations
2,205,474
2,348,884

Club
94,246
50,057

8,304,626
7,077,873





5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,125
12,500

Fees payable to the Company's auditors in respect of:

Taxation compliance services
2,625
2,500
Page 19

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
5,720,638
4,371,725

Social security costs
531,595
477,805

Cost of defined contribution scheme
60,245
39,817

6,312,478
4,889,347


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Academy, Scholarship and Youth Development
95
99



Coaches, Management and Ground Staff
69
58



Players
38
34



Other commercial
20
22

222
213

No director receives any remuneration in accordance with the company memorandum and articles.


7.


Interest receivable

2024
2023
£
£


Other interest receivable
13,951
7,328

13,951
7,328


8.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
2,469
-

2,469
-

Page 20

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
5,820,846
481,321
55,995
121,600
6,479,762


Additions
2,939,339
156,710
117,634
148,189
3,361,872



At 30 June 2024

8,760,185
638,031
173,629
269,789
9,841,634



Depreciation


At 1 July 2023
274,232
122,059
23,657
87,235
507,183


Charge for the year on owned assets
165,344
60,690
19,807
30,533
276,374



At 30 June 2024

439,576
182,749
43,464
117,768
783,557



Net book value



At 30 June 2024
8,320,609
455,282
130,165
152,021
9,058,077



At 30 June 2023
5,546,614
359,262
32,338
34,365
5,972,579


10.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
392,389



At 30 June 2024
392,389

The investment property is valued on an open market value basis by the directors.







Page 21

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Stocks

2024
2023
£
£

Finished goods and goods for resale
218,032
153,978

218,032
153,978



12.


Debtors

2024
2023
£
£


Trade debtors
199,060
335,660

Other debtors
107,039
78,069

Prepayments and accrued income
225,534
190,825

531,633
604,554



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
35,943
88,143

Trade creditors
148,870
203,400

Amounts owed to group undertakings
500,000
-

Other taxation and social security
260,135
215,643

Obligations under finance lease and hire purchase contracts
5,038
-

Other creditors
301,644
89,305

Accruals and deferred income
1,405,338
833,883

2,656,968
1,430,374



14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
18,331
-

Other creditors
-
620,000

18,331
620,000


Page 22

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,038
-

Between 1-5 years
18,331
-

23,369
-


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



375,829,066 (2023 - 315,829,066) Ordinary shares of £0.05 each
18,791,453.30
15,791,453.30


During the year the company issued 60,000,000 ordinary shares of £0.05 each with a nominal value of
£3,000,000 for consideration of £3,000,000. No share premium arose on the issue.


17.


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 £60,245 (2023 - £39,817)


18.


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
51,500
60,975

Later than 1 year and not later than 5 years
206,000
110,000

Later than 5 years
1,241,420
-

1,498,920
170,975

Page 23

 


CAMBRIDGE UNITED FOOTBALL CLUB LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Related party transactions

During the year the company owed monies to Cambridge United Sporting Club, Inc, a company in
which Paul Barry is the majority shareholder. The amount outstanding at the year end and included within
creditors is £500,000 (2023 - £500,000). No interest is charged on this loan.
During the year the company received monies from Paul Barry, the ultimate controlling party of the
company. The amount outstanding at the year end and included within creditors is £256,475 (2023 - 
£160,000). No interest is charged on this loan.


20.


Controlling party

The ultimate parent company is Cambridge United Sporting Club Inc, a company incorporated in United States of America at 2095 Rose Point Lane, Kirkland, Washington, United States.
 
Page 24