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COMPANY REGISTRATION NUMBER: SC004585
The Dundee Football Club Limited
Filleted Financial Statements
31 May 2024
The Dundee Football Club Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Officers and professional advisers
1
Directors' responsibilities statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
The Dundee Football Club Limited
Officers and Professional Advisers
The board of directors
Mr R W Hynd
Mr J Nelms
Mr T Keyes
Mr A McGill
Registered office
Dens Park Stadium
Sandeman Street
Dundee
Scotland
DD3 7JY
Auditor
BK Plus Audit Limited
Chartered Certified Accountants & Registered Auditors
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
Bankers
Barclays Bank plc
24 High Street
Dundee
DD1 1SZ
Solicitors
Gilson Gray LLP
11 South Tay Street
Dundee
Scotland
DD1 1NY
The Dundee Football Club Limited
Directors' Responsibilities Statement
Year ended 31 May 2024
The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Dundee Football Club Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
55,000
Tangible assets
6
48,256
34,672
---------
--------
103,256
34,672
Current assets
Debtors
7
1,627,790
448,172
Cash at bank and in hand
415,836
307,307
------------
---------
2,043,626
755,479
Creditors: amounts falling due within one year
8
9,646,796
6,436,503
------------
------------
Net current liabilities
7,603,170
5,681,024
------------
------------
Total assets less current liabilities
( 7,499,914)
( 5,646,352)
Provisions
Other provisions
9
603,376
603,376
------------
------------
Net liabilities
( 8,103,290)
( 6,249,728)
------------
------------
Capital and reserves
Called up share capital
10
3,828,355
3,157,661
Share premium account
11
2,324,983
2,090,240
Profit and loss account
11
( 14,256,628)
( 11,497,629)
-------------
-------------
Shareholders deficit
( 8,103,290)
( 6,249,728)
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
Mr J Nelms
Director
Company registration number: SC004585
The Dundee Football Club Limited
Statement of Changes in Equity
Year ended 31 May 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 June 2022
3,153,661
2,088,840
( 8,634,809)
( 3,392,308)
Loss for the year
( 2,862,820)
( 2,862,820)
------------
------------
------------
------------
Total comprehensive income for the year
( 2,862,820)
( 2,862,820)
Issue of shares
4,000
1,400
5,400
------------
------------
------------
------------
Total investments by and distributions to owners
4,000
1,400
5,400
At 31 May 2023
3,157,661
2,090,240
( 11,497,629)
( 6,249,728)
Loss for the year
( 2,758,999)
( 2,758,999)
------------
------------
-------------
------------
Total comprehensive income for the year
( 2,758,999)
( 2,758,999)
Issue of shares
670,694
234,743
905,437
---------
---------
----
---------
Total investments by and distributions to owners
670,694
234,743
905,437
------------
------------
-------------
------------
At 31 May 2024
3,828,355
2,324,983
( 14,256,628)
( 8,103,290)
------------
------------
-------------
------------
The Dundee Football Club Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dens Park Stadium, Sandeman Street, Dundee, DD3 7JY, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has made a loss for the year of £2,758,999 (2023-£2,862,820). At the year-end, there was a deficit of £8,103,290 (2023-£6,249,728) in shareholders' funds. In considering the company's ability to continue as a going concern in relation to the continuing significant level of deficit on shareholders' funds, the directors of the company have considered interim financial statements and detailed financial projections prepared covering the period to 31 May 2025 as well as further financial projections covering the year to 31 May 2026. The projections reflect the expected trading results for season 2024/25 as well as for season 2025/26, which are expected to be be improving on the results reported for year end 31 May 2024. These projections have been drawn up on the basis of conservative assumptions as to the league position to be achieved by the football club, attendance levels at matches, and the management of all costs, including expenditure on players costs. The financial projections which have been prepared anticipate that the company will be able to meet its ongoing financial commitments from funds generated from operations. As the company does not have formal funding facilities in place to cover any financial deficits which might occur during the forecast period, the directors recognise that the company might again require to obtain further financial support from the company's majority shareholder, Football Partners Scotland L.P. The board of directors has received an undertaking in writing from Football Partners Scotland L.P. that it will continue to make additional funds available to the company in situations where these funds are required, with the aim of ensuring that the company has sufficient funds available to meet its financial commitments as they fall due and that this undertaking is given for at least the 12 months period from the date of signing these financial statements. The directors are satisfied that Football Partners Scotland L.P. has sufficient financial resources to fulfil this undertaking. Consequently, the directors consider that it is appropriate to continue to prepare the accounts on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises amounts invoiced or received by the company in respect of season ticket sales, gate receipts, donations and other commercial income, exclusive of Value Added Tax. Season ticket and commercial income sales which relate to the next football season starting after the year end date are deferred and recognised in the following year.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Operating lease rentals require to be accounted for on a straight line basis over the full lease term. Where there is a difference between the rental amounts accounted for on that basis on that basis and the rentals actually paid per the terms of the lease, then the difference is charged or credited to the statement of comprehensive income and adjusted against the provision.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Player registration
-
Straight line over length of contract
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenant's improvements
-
Straight line over the remaining life of the lease
Plant and machinery
-
10%-33% Reducing balance and Straight line
Fixtures and fittings
-
10%-33% Straight line
Motor vehicles
-
20% Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the statement of comprehensive income unless the provision was originally recognised as part of the cost of an asset. The terms of the stadium lease provide for an annual escalation of rentals payable. On adoption of FRS 102, the company has established a significant provision for additional rental costs recognised in the accounts as a result of the change in accounting to a straight line basis to comply with FRS 102.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pension cost
The pension cost charged in the financial statements represents the contributions payable by the company during the year.
4. Staff costs
The average number of persons employed by the company during the year amounted to 80 (2023: 68 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
4,053,379
3,061,832
Social security costs
400,214
333,197
Pension cost
44,113
68,725
------------
------------
4,497,706
3,463,754
------------
------------
5. Intangible assets
Player Registration
£
Cost
At 1 June 2023
10,000
Additions
110,000
---------
At 31 May 2024
120,000
---------
Amortisation
At 1 June 2023
10,000
Charge for the year
55,000
---------
At 31 May 2024
65,000
---------
Carrying amount
At 31 May 2024
55,000
---------
At 31 May 2023
---------
6. Tangible assets
Tenant's improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2023
149,734
83,611
94,580
327,925
Additions
7,200
14,830
11,091
33,121
---------
--------
---------
---------
At 31 May 2024
156,934
98,441
105,671
361,046
---------
--------
---------
---------
Depreciation
At 1 June 2023
133,445
67,502
92,306
293,253
Charge for the year
10,766
3,891
4,880
19,537
---------
--------
---------
---------
At 31 May 2024
144,211
71,393
97,186
312,790
---------
--------
---------
---------
Carrying amount
At 31 May 2024
12,723
27,048
8,485
48,256
---------
--------
---------
---------
At 31 May 2023
16,289
16,109
2,274
34,672
---------
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
156,286
113,076
Prepayments and accrued income
1,432,569
335,096
Other debtors
38,935
------------
---------
1,627,790
448,172
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
DFC 50 bonds
50,000
50,000
Trade creditors
910,779
520,205
Accruals and deferred income
1,187,985
633,254
Social security and other taxes
346,845
244,530
Other creditors
7,151,187
4,988,514
------------
------------
9,646,796
6,436,503
------------
------------
The DFC 50 Bonds totalling £50,000 (2023: £50,000) are redeemable at any time at the option of the directors.
9. Provisions
Stadium rental
£
At 1 June 2023 and 31 May 2024
603,376
---------
Under FRS 102, rental amounts payable in relation to leases require to be accounted for on a straight line basis over the full lease term. The company's stadium lease provides for an annual escalation in rentals payable. With the transition to FRS 102, a transitional adjustment was needed to reflect additional rental charges for earlier years. The total of these earlier years' differences was deferred as a provision. Each year, the difference between the straight line rental amount and the amount payable per the lease will be charged (where amounts payable are lower) or credited (where amounts payable are higher) to the statement of comprehensive income and adjusted against the provision.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
367,360,208
3,673,602
300,290,828
3,002,908
Ordinary A shares of £ 0.01 each
15,475,300
154,753
15,475,300
154,753
---------------
------------
---------------
------------
382,835,508
3,828,355
315,766,128
3,157,661
---------------
------------
---------------
------------
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulates losses Share premium account - This reserve records the amount above the nominal value received for shares issued, less transaction costs.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
177,885
139,256
Later than 1 year and not later than 5 years
573,051
537,695
Later than 5 years
595,259
752,344
------------
------------
1,346,195
1,429,295
------------
------------
Included in the above are amounts for the stadium rental (see Provisions note). The future payments are split as follows: Not later than 1 year £177,885 (2023 - £139,256); later than 1 year and not later than 5 years £573,051 (2023 - £537,695) and later than 5 years £595,259 (2023 - £752,344).
13. Events after the end of the reporting period
On 28 October 2024 the company issued 10,666,667 £0.01 ordinary shares at £0.0135 to the value of £144,000. All shares were issued to a supplier G Strachan in settlement of the trade payables balance due by the company.
14. Summary audit opinion
The auditor's report dated 26 March 2025 was unqualified .
The senior statutory auditor was Karen Henderson , for and on behalf of BK Plus Audit Limited .
15. Related party transactions
Name of related party: Football Partners Scotland L.P. (FPS) Nature of relationship: FPS is the majority shareholder of The Dundee Football Club Limited (DFC). The transaction: During the year, FPS advanced net loan funds amounting to £2,923,000 (2023 - £408,753) to DFC and converted £713,437 to equity. The full amount outstanding at the year-end is £4,634,750 (2023 - £2,430,523) and is included in Other creditors in the above Creditors: amounts falling due within one year. The loan has no set repayment dates and attracts no interest. Name of related party: Dark Blue Property Holdings Limited (DBPH) Nature of relationship: DBPH shares two common directors with The Dundee Football Club Limited (DFC). The transaction: During the year, DBPH advanced net loan funds amounting to £121,848 (2023 - £2,008,363) to DFC. The full amount outstanding at the year-end is £2,506,291 (2023 - £2,384,443) and is included in Other creditors in the above Creditors: amounts falling due within one year. The loan has no set repayment dates and attracts no interest. Name of related party: Dundee Academy C.I.C (DAC) Nature of relationship: DAC shares two common directors with The Dundee Football Club Limited (DFC). The transaction: During the year, management fee amounting to £143,739 (2023 - £Nil) were charged to DFC. The full amount outstanding at the year-end is £35,064 (2023 - £Nil) and is included in Trade creditors in the above Creditors: amounts falling due within one year.
16. Controlling party
At the year end the company was under the control, due to their majority shareholding of 75% (2023: 75%), of Football Partners Scotland L.P. This entity is controlled by T.Keyes, a director of the company.