Company registration number 08237593 (England and Wales)
UCFB WEMBLEY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
UCFB WEMBLEY LIMITED
COMPANY INFORMATION
Director
B Flood
Company number
08237593
Registered office
14th Floor
111 Piccadilly
Manchester
M1 2HY
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
14th Floor
111 Piccadilly
Manchester
M1 2HY
M1 2HY
UCFB Wembley
Wembley Stadium
Wembley
HA9 0WS
UCFB WEMBLEY LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
UCFB WEMBLEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The director presents the strategic report for the year ended 31 July 2024.
Fair review of the business
The company’s principal activities during the year continued to be the delivery of undergraduate and postgraduate degree courses in the operational and business facets of football and its associated industries. The courses are delivered through University Campus of Football Business Limited which owns 99% of UCFB Wembley Limited.
University Campus of Football Business Limited, a wholly owned subsidiary of UCFB Holdings Limited, is a College of the University of East London (UEL) and all undergraduate and post graduate students who were enrolled since September 2021 are working towards a UEL validated degree.
Income for UCFB Wembley Limited has stabilised in the year ending 31st July 2024 following the completion of the Management Buy Out (see below.) This was critical ahead of the next phase of UCFB’s growth plans for 2025 onwards.
UCFB often incurs expenditure with the objective of diversifying and growing the business, for example establishing different programmes in order to appeal to a wider range of students. It has always been the view of the directors that this expenditure leads to future value and therefore meets the definition of an asset. However, in compliance with Accounting Standards such costs are expensed as incurred in the Profit and Loss Account.
Principal risks and uncertainties
The financial environment for Higher Education remains challenging within the sector but also through the impact of the wider economy both domestically and internationally.
UCFB continues to be in a strong position in terms of it being a world first as a pioneer of a higher education institution located within football stadia that aims to professionalise the back office operations of football and sport, and bringing education into the work place environment of sport. Additionally, through the partnerships UCFB has developed with brand leaders it is confident that it can respond to emerging threats and develop new opportunities both in the domestic and international markets.
The risks and uncertainties the group face as a business are managed on a number of levels. UCFB and UEL have established a Operational Board which considers, agrees and monitors the implementation of annual activity in accordance with the long term strategic direction.
Within UCFB the Board of Directors convene on a regular basis to review and monitor the group’s risk appetite. Additionally, during this year the Executive Leadership Team meet on a weekly basis to support the Board in its business development and risk management. The principal risks which the group monitor are competitive risk, legislative risk, financial instrument risk and exposure to price, credit and cash flow risk.
B Flood
Director
28 April 2025
UCFB WEMBLEY LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
The director presents his report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company is that of the delivery of undergraduate and postgraduate degree courses in the operational and business facets of football and its surrounding industries.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
B Flood
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Auditor
In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
B Flood
Chairman
28 April 2025
UCFB WEMBLEY LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
UCFB WEMBLEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UCFB WEMBLEY LIMITED
- 4 -
Opinion
We have audited the financial statements of UCFB Wembley Limited (the 'company') for the year ended 31 July 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
UCFB WEMBLEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UCFB WEMBLEY LIMITED (CONTINUED)
- 5 -
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 director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:
UCFB WEMBLEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UCFB WEMBLEY LIMITED (CONTINUED)
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Brodie FCA
Senior Statutory Auditor
For and on behalf of Lopian Gross Barnett & Co
28 April 2025
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
UCFB WEMBLEY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
13,107,591
13,178,775
Cost of sales
(5,259,799)
(5,296,355)
Gross profit
7,847,792
7,882,420
Administrative expenses before amortisation, depreciation, business and brand development costs
(6,507,907)
(6,863,500)
Operating profit before amortisation, depreciation, business and brand development costs
4
1,339,885
1,018,920
Amortisation, depreciation, business and brand development costs
(465,943)
(929,202)
Net operating profit
4
873,942
89,718
Interest payable and similar expenses
6
(743,637)
(652,922)
Amounts (written off)/released on group loans
7
(657,913)
(451,773)
Loss before taxation
(527,608)
(1,014,977)
Tax on loss
8
Loss for the financial year
(527,608)
(1,014,977)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
UCFB WEMBLEY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
£
£
Loss for the year
(527,608)
(1,014,977)
Other comprehensive income
-
-
Total comprehensive income for the year
(527,608)
(1,014,977)
UCFB WEMBLEY LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,633,122
1,886,523
Investments
10
1
1
1,633,123
1,886,524
Current assets
Debtors
12
540,100
675,448
Cash at bank and in hand
3,949
4,398
544,049
679,846
Creditors: amounts falling due within one year
13
(1,359,335)
(1,220,925)
Net current liabilities
(815,286)
(541,079)
Total assets less current liabilities
817,837
1,345,445
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
817,737
1,345,345
Total equity
817,837
1,345,445
The financial statements were approved and signed by the director and authorised for issue on 28 April 2025
B Flood
Chairman
Company Registration No. 08237593
UCFB WEMBLEY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2022
100
2,360,322
2,360,422
Year ended 31 July 2023:
Loss and total comprehensive income
-
(1,014,977)
(1,014,977)
Balance at 31 July 2023
100
1,345,345
1,345,445
Year ended 31 July 2024:
Loss and total comprehensive income
-
(527,608)
(527,608)
Balance at 31 July 2024
100
817,737
817,837
UCFB WEMBLEY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
17
743,188
714,194
Interest paid
(743,637)
(652,922)
Net cash (outflow)/inflow from operating activities
(449)
61,272
Investing activities
Purchase of tangible fixed assets
(60,264)
Net cash used in investing activities
-
(60,264)
Net (decrease)/increase in cash and cash equivalents
(449)
1,008
Cash and cash equivalents at beginning of year
4,398
3,390
Cash and cash equivalents at end of year
3,949
4,398
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
1
Accounting policies
Company information
UCFB Wembley Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14th Floor, 111 Piccadilly, Manchester, M1 2HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
UCFB Wembley Limited is a wholly owned subsidiary of University Campus of Football Business Limited and the results of UCFB Wembley Limited are included in the consolidated financial statements of University Campus of Football Business Limited which are available from 14th Floor, 111 Piccadilly, Manchester, M1 2HY.
1.2
Going concern
The directors trueconfirm that they have the continued support of their loan capital providers and in addition secured long term funding to enable the directors to implement the planned growth of the company and its fellow group members. On that basis and from their forecasts the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and it is therefore appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for tuition and course fees and services provided. Tuition fees paid in advance are recognised evenly over the financial year while course fees are recognised at the time the event takes place.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over 1-8 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement, where material, is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Tuition fees
12,742,676
12,789,252
Accomodation premium
364,915
389,523
13,107,591
13,178,775
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,107,591
13,178,775
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange (gains)/losses
16,370
Fees payable to the company's auditor for the audit of the company's financial statements
63,815
73,298
Depreciation of owned tangible fixed assets
287,127
285,689
Amortisation of intangible assets
-
417
Operating lease charges
2,129,124
2,408,836
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Staff employed
129
136
Notwithstanding the parent company University Campus of Football Business Limited are the legal employers, the costs of employment are allocated to the individual entities within the UCFB Group in order to present a true and fair position of each of the costs actually incurred in each entity. Likewise the staff numbers are disclosed individually in those entities as well as in the ultimate parent company group consolidated accounts in order to represent a true position.
The above figures represent the total payroll attributable to the company for the year. Where work done can be identified as in respective of project development costs, these costs are expensed as business development costs as appropriate.
Total payroll costs charged to the profit and loss account for the year amounted to £5,705,774 (2023: £5,994,806)
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
671,404
573,844
Other finance costs:
Interest on finance leases and hire purchase contracts
72,233
79,078
743,637
652,922
7
Amounts (written off)/released on group loans
2024
2023
£
£
Amounts (written off)/released on group loans
(657,913)
(451,773)
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
8
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(527,608)
(1,014,977)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(131,902)
(253,744)
Tax effect of expenses that are not deductible in determining taxable profit
164,502
112,943
Tax effect of utilisation of tax losses not previously recognised
(104,382)
81,701
Permanent capital allowances in excess of depreciation
71,782
59,100
Taxation charge for the year
-
-
On the basis of these financial statements no provision has been made for corporation tax.
The company has estimated losses of £6,945,982 (2023: £7,384,090) available for carry forward against future profits.
No deferred tax asset has been recognised until there is more certainty of reversal of the tax losses. If the full potential tax asset was provided for the amount would be £1,736,495 (2023: £1,846,022).
9
Tangible fixed assets
Land and buildings Leasehold
£
Cost
At 1 August 2023
2,392,080
Transfers from other group entity
33,726
At 31 July 2024
2,425,806
Depreciation and impairment
At 1 August 2023
505,557
Depreciation charged in the year
287,127
At 31 July 2024
792,684
Carrying amount
At 31 July 2024
1,633,122
At 31 July 2023
1,886,523
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
1
1
11
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
UA Wembley Ltd
England & Wales
Ordinary
100.00
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
100,631
Other debtors
540,100
574,817
540,100
675,448
13
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
69,313
174,179
Accruals and deferred income
1,290,022
1,046,746
1,359,335
1,220,925
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
15
Financial commitments, guarantees and contingent liabilities
The company together with all other group members are party to a debenture and cross guarantee to the group's financiers, Close Leasing Ltd. In addition all shareholder loans are subordinated in favour of the loans owed to Close.
UCFB WEMBLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
2,149,220
2,350,097
Between two and five years
6,929,754
7,419,097
In over five years
57,605
1,614,869
9,136,579
11,384,063
17
Cash generated from operations
2024
2023
£
£
Loss for the year after tax
(527,608)
(1,014,977)
Adjustments for:
Finance costs
743,637
652,922
Amortisation and impairment of intangible assets
417
Depreciation and impairment of tangible fixed assets
287,127
285,689
Other gains and losses
657,913
451,773
Movements in working capital:
Increase in debtors
(556,291)
(5,457)
Increase in creditors
138,410
343,827
Cash generated from operations
743,188
714,194
18
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
4,398
(449)
3,949
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