Company registration number 07440042 (England and Wales)
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
COMPANY INFORMATION
Directors
J Banaszkiewicz
B Flood
J Davies
S Friedman
M Jones
Company number
07440042
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
UCFB Wembley
Wembley Stadium
Wembley
London
HA9 0WS
UCFB Manchester
Etihad Campus
Manchester
M11 3FF
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 33
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Fair review of the business

The group’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.

 

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 University Campus of Football Business 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.

 

Investment in staff continues to support and enhance the student experience. Staff head count has increased from 277 to 279 during the year for the group.

 

During the Financial year 2022/​23, the UCFB Holdings Board of Directors agreed to divest the Postgraduate Distance & Distance with attendance programme as part of a Management Buy Out. UCFB wanted to limit the liability of international organic expansion and focus on growing the UK campuses. The new vehicle is trading under the name Global Institute of Sport (GIS) and, the GIS management team & new investors are providing the additional investment required to expand GIS in the US, Canada & Australia whilst UCFB retains a 25% investment in the new vehicle. The transaction completed on 31st January 2024 and generate a sale of £1.5m which was satisfied by the shares in GIS.

 

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.

 

 

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Principal risks and uncertainties (continued)

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.

On behalf of the board

B Flood
Director
28 April 2025
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the group is the delivery of undergraduate and postgraduate degree courses in the operational and business facets of football and its surrounding industries.

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

J Banaszkiewicz
B Flood
J Davies
S Friedman
M Jones
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the group 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 auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
On behalf of the board
B Flood
Director
28 April 2025
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
- 6 -
Opinion

We have audited the financial statements of University Campus of Football Business Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

 

 

 

 

 

 

 

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
- 8 -

 

 

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.

Use of our report

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

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
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,066,126
24,665,761
Cost of sales
(10,058,512)
(9,335,100)
Gross profit
14,007,614
15,330,661
Administrative expenses before amortisation, depreciation, business and brand development costs
(11,216,326)
(10,599,625)
Other operating income
119,658
-
Operating profit before amortisation, depreciation, business and brand development costs
4
2,910,946
4,731,036
Amortisation, depreciation, business and brand development costs
(4,362,979)
(5,443,780)
Operating loss after amortisation, depreciation, project and student acquisition costs
4
(1,452,033)
(712,744)
Interest payable and similar expenses
6
(1,349,409)
(1,240,259)
Amounts written off group loans
7
269,080
1,498,933
Loss before taxation
(2,532,362)
(454,070)
Tax on loss
8
-
0
-
0
Loss for the financial year
(2,532,362)
(454,070)
Loss for the financial year is all attributable to the owners of the parent company.
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
£
£
Loss for the year
(2,532,362)
(454,070)
Other comprehensive income
-
-
Total comprehensive income for the year
(2,532,362)
(454,070)
Total comprehensive income for the year is all attributable to the owners of the parent company.
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
55,123
66,147
Intangible assets
9
2,100,627
2,733,937
Total intangible assets
2,155,750
2,800,084
Tangible assets
10
4,438,319
4,551,371
6,594,069
7,351,455
Current assets
Debtors
13
3,322,806
3,715,927
Cash at bank and in hand
736,569
1,049,940
4,059,375
4,765,867
Creditors: amounts falling due within one year
14
(7,332,924)
(6,310,250)
Net current liabilities
(3,273,549)
(1,544,383)
Total assets less current liabilities
3,320,520
5,807,072
Creditors: amounts falling due after more than one year
15
10,625,520
10,579,710
Capital and reserves
Called up share capital
18
1,625
1,625
Share premium account
3,749,553
3,749,553
Profit and loss reserves
(11,056,178)
(8,523,816)
Total equity
(7,305,000)
(4,772,638)
3,320,520
5,807,072
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
B Flood
Director
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
2,100,627
2,597,483
Tangible assets
10
1,996,180
1,396,538
Investments
11
106
106
4,096,913
3,994,127
Current assets
Debtors
13
2,899,287
3,032,878
Cash at bank and in hand
732,365
1,045,254
3,631,652
4,078,132
Creditors: amounts falling due within one year
14
(6,315,110)
(4,958,996)
Net current liabilities
(2,683,458)
(880,864)
Total assets less current liabilities
1,413,455
3,113,263
Creditors: amounts falling due after more than one year
15
10,625,520
10,579,710
Called up share capital
18
1,625
1,625
Share premium account
3,749,553
3,749,553
Profit and loss reserves
(12,963,243)
(11,217,625)
Total equity
(9,212,065)
(7,466,447)
1,413,455
3,113,263

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,745,618 (2023 - £1,068,648 profit).

The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
B Flood
Director
Company Registration No. 07440042
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
1,625
3,749,553
(8,069,746)
(4,318,568)
Year ended 31 July 2023:
Loss and total comprehensive income
-
-
(454,070)
(454,070)
Balance at 31 July 2023
1,625
3,749,553
(8,523,816)
(4,772,638)
Year ended 31 July 2024:
Loss and total comprehensive income
-
-
(2,532,362)
(2,532,362)
Balance at 31 July 2024
1,625
3,749,553
(11,056,178)
(7,305,000)
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
1,625
3,749,553
(12,286,273)
(8,535,095)
Effect of change in accounting policy
-
-
-
-
Balance at 1 August 2022
1,625
3,749,553
(12,286,273)
(8,535,095)
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
-
1,068,648
1,068,648
Balance at 31 July 2023
1,625
3,749,553
(11,217,625)
(7,466,447)
Year ended 31 July 2024:
Loss and total comprehensive income for the year
-
-
(1,745,618)
(1,745,618)
Balance at 31 July 2024
1,625
3,749,553
(12,963,243)
(9,212,065)
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,222,805
2,650,437
Interest paid
(1,349,409)
(1,240,259)
Net cash inflow from operating activities
873,396
1,410,178
Investing activities
Purchase of intangible assets
(45,374)
(320,325)
Purchase of tangible fixed assets
(434,133)
(426,283)
Net cash used in investing activities
(479,507)
(746,608)
Financing activities
Proceeds of new bank loans
10,067,000
11,859,575
Repayment of bank loans
(9,875,385)
(10,821,043)
Payment of finance leases obligations
(898,875)
(685,495)
Net cash (used in)/generated from financing activities
(707,260)
353,037
Net (decrease)/increase in cash and cash equivalents
(313,371)
1,016,607
Cash and cash equivalents at beginning of year
1,049,940
33,333
Cash and cash equivalents at end of year
736,569
1,049,940
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,479,650
1,940,099
Interest paid
(605,772)
(587,337)
Net cash inflow from operating activities
873,878
1,352,762
Investing activities
Purchase of intangible assets
(45,374)
(320,325)
Purchase of tangible fixed assets
(434,133)
(366,019)
Net cash used in investing activities
(479,507)
(686,344)
Financing activities
Proceeds from new bank loans
10,067,000
11,859,575
Repayment of bank loans
(9,875,385)
(10,821,043)
Payment of finance leases obligations
(898,875)
(685,495)
Net cash (used in)/generated from financing activities
(707,260)
353,037
Net (decrease)/increase in cash and cash equivalents
(312,889)
1,019,455
Cash and cash equivalents at beginning of year
1,045,254
25,799
Cash and cash equivalents at end of year
732,365
1,045,254
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
1
Accounting policies
Company information

University Campus of Football Business Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 14th Floor, 111 Piccadilly, Manchester, M1 2HY.

 

The group consists of University Campus of Football Business Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company University Campus of Football Business Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -

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

 

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

 

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Straight line over 3 years from the project going live
Project Development
Straight line over 3 years from the project going live
1.9
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 10 years
Coaching equipment
Straight line over 5 years
Fixtures, fittings & office equipment
Straight line over 3 - 5 years

Assets in the course of construction are not depreciated until completed. On completion, they will be reallocated to the relevant category and depreciated at the prevailing rate.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

 

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

 

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

 

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

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -

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

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 22 -
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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
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.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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
2024
2023
£
£
Turnover analysed by class of business
Tuition fees
23,701,211
24,276,238
Accomodation premium
364,915
389,523
24,066,126
24,665,761
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
24,066,126
24,665,761
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Exchange (gains)/losses
-
31,096
Fees payable to the group's auditor for the audit of the group's financial statements
51,985
54,796
Depreciation of owned tangible fixed assets
1,199,475
1,229,429
Amortisation of intangible assets
380,233
497,457
Operating lease charges
3,495,132
3,006,824
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total number of staff legally employed by the company
279
277
279
277
Staff recharged to other entities within the group
-
(2)
(129)
(138)
Total
279
275
150
139

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 figures represent the total payroll attributable to the group and company for the year. Where work done can be identified as in respective of project development costs, these costs are capitalised as intangible assets or expensed as business development costs as appropriate.

 

Total group payroll costs charged to the profit and loss account for the year amounted to £12,327,458 (2023: £12,085,466).

 

Total company net payroll costs (after amounts re-charged) amounted to £5,937,844 (2023: £6,090,660).

 

6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,218,334
1,090,046
Other finance costs:
Interest on finance leases and hire purchase contracts
131,075
150,213
Total finance costs
1,349,409
1,240,259
7
Amounts written off group loans
2024
2023
£
£
Amounts written off parent company loan
269,080
1,498,933

Amounts relate to balances written off due to the parent company, UCFB Holdings Limited. As the parent company's figures are not included in the consolidated of University Campus of Football Business Limited, theses are not eliminated on consolidation.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
8
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(2,532,362)
(454,070)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(633,091)
(113,518)
Tax effect of expenses that are not deductible in determining taxable profit
(62,067)
(374,271)
Tax effect of utilisation of tax losses not previously recognised
(104,382)
80,648
Unutilised tax losses carried forward
752,531
237,283
Permanent capital allowances in excess of depreciation
110,565
254,188
Amortisation on assets not qualifying for tax allowances
2,756
2,756
Other permanent differences
(66,312)
(87,086)
Taxation charge
-
-

On the basis of these financial statements no provision has been made for corporation tax.

 

The company and its subsidiaries has estimated losses of £20,096,982 (2023: £17,543,497 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 £5,024,246 (2023: £4,385,874).

 

The company itself has estimated losses of £11,496,434 (2023: £8,548,946) 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 £2,874,109 (2023: £2,137,237).

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
9
Intangible fixed assets
Group
Goodwill
Software
Project Development
Total
£
£
£
£
Cost
At 1 August 2023
110,243
3,480,305
1,184,231
4,774,779
Additions - internally developed
-
0
-
0
45,374
45,374
Disposals
-
0
-
0
(64,529)
(64,529)
Reclassification to tangible fixed assets
-
0
-
0
(154,679)
(154,679)
Transfers to other group entity
-
0
(676,761)
-
(676,761)
At 31 July 2024
110,243
2,803,544
1,010,397
3,924,184
Amortisation and impairment
At 1 August 2023
44,096
1,218,685
711,914
1,974,695
Amortisation charged for the year
11,024
265,248
103,961
380,233
Disposals
-
0
-
0
(46,187)
(46,187)
Transfers to other group entity
-
0
(540,307)
-
0
(540,307)
At 31 July 2024
55,120
943,626
769,688
1,768,434
Carrying amount
At 31 July 2024
55,123
1,859,918
240,709
2,155,750
At 31 July 2023
66,147
2,261,620
472,317
2,800,084
Company
Software
Project Development
Total
£
£
£
Cost
At 1 August 2023
2,803,544
1,184,231
3,987,775
Additions - internally developed
-
0
45,374
45,374
Disposals
-
0
(64,529)
(64,529)
Reclassifcation to tangible fixed assets
-
0
(154,679)
(154,679)
At 31 July 2024
2,803,544
1,010,397
3,813,941
Amortisation and impairment
At 1 August 2023
678,378
711,914
1,390,292
Amortisation charged for the year
265,248
103,961
369,209
Disposals
-
0
(46,187)
(46,187)
At 31 July 2024
943,626
769,688
1,713,314
Carrying amount
At 31 July 2024
1,859,918
240,709
2,100,627
At 31 July 2023
2,125,166
472,317
2,597,483
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
10
Tangible fixed assets
Group
Land and buildings leasehold
Assets under construction
Coaching equipment
Fixtures, fittings & office equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
2,512,560
33,726
186,722
5,294,547
8,027,555
Additions
1,037,364
-
0
-
0
97,887
1,135,251
Disposals
-
0
-
0
(10,580)
(372,432)
(383,012)
Reclassification from intangible assets - project development
154,679
-
0
154,679
Reclassification between class
33,726
(33,726)
-
-
-
Transfer to other group entity
-
-
-
(529,959)
(529,959)
At 31 July 2024
3,738,329
-
0
176,142
4,490,043
8,404,514
Depreciation and impairment
At 1 August 2023
539,834
-
0
68,616
2,867,734
3,476,184
Depreciation charged in the year
510,477
-
0
59,594
629,404
1,199,475
Eliminated in respect of disposals
-
0
-
0
(10,580)
(372,432)
(383,012)
Transfer to other group entity
-
0
-
0
-
0
(326,452)
(326,452)
At 31 July 2024
1,050,311
-
0
117,630
2,798,254
3,966,195
Carrying amount
At 31 July 2024
2,688,018
-
0
58,512
1,691,789
4,438,319
At 31 July 2023
1,972,726
33,726
118,106
2,426,813
4,551,371
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Tangible fixed assets
(Continued)
- 28 -
Company
Land and buildings leasehold
Assets under construction
Coaching equipment
Fixtures, fittings & office equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
120,480
33,726
186,722
2,572,055
2,912,983
Additions
1,037,364
-
0
-
0
97,887
1,135,251
Disposals
-
0
-
0
(10,580)
(346,463)
(357,043)
Reclassification from intangible assets - project development
154,679
-
-
0
-
0
154,679
Transfer to other group entity
-
(33,726)
-
-
(33,726)
At 31 July 2024
1,312,523
-
0
176,142
2,323,479
3,812,144
Depreciation and impairment
At 1 August 2023
34,277
-
0
68,616
1,413,552
1,516,445
Depreciation charged in the year
223,350
-
0
59,594
373,618
656,562
Eliminated in respect of disposals
-
0
-
0
(10,580)
(346,463)
(357,043)
At 31 July 2024
257,627
-
0
117,630
1,440,707
1,815,964
Carrying amount
At 31 July 2024
1,054,896
-
0
58,512
882,772
1,996,180
At 31 July 2023
86,203
33,726
118,106
1,158,503
1,396,538
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
106
106
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
106
Carrying amount
At 31 July 2024
106
At 31 July 2023
106
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
12
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
UCFB Burnley Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
100.00
0
UCFB Manchester Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
100.00
0
UCFB Wembley Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary 'A'
99.00
0
UCFB College of Football Business Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
100.00
0
UCFB Liverpool Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
100.00
0
UCFB Online Limited
England and Wales
Provision of online courses
Ordinary
100.00
0
UA Wembley Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
0
100.00
UA Manchester Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
0
100.00
UCFB Birmingham Limited
England and Wales
Provision of undergarduate and postgraduate degree courses
Ordinary
100.00
0

Some of the above entities are dormant.

 

13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
868,283
1,111,759
868,283
1,011,128
Amounts owed by group undertakings
-
-
116,589
1,435
Other debtors
1,216,854
1,236,431
676,746
652,578
Prepayments and accrued income
1,237,669
1,367,737
1,237,669
1,367,737
3,322,806
3,715,927
2,899,287
3,032,878
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
17
414,198
501,118
414,198
501,118
Trade creditors
2,814,380
1,927,047
2,813,784
1,927,047
Amounts owed to group undertakings
-
0
-
0
342,133
1,576
Other taxation and social security
235,231
279,005
235,231
279,005
Other creditors
976,141
1,297,585
906,812
991,501
Accruals
2,892,974
2,305,495
1,602,952
1,258,749
7,332,924
6,310,250
6,315,110
4,958,996
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
10,418,853
10,227,238
10,418,853
10,227,238
Obligations under finance leases
17
164,446
275,283
164,446
275,283
Other creditors
42,221
77,189
42,221
77,189
10,625,520
10,579,710
10,625,520
10,579,710
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
10,418,853
10,227,238
10,418,853
10,227,238
Payable after one year
10,418,853
10,227,238
10,418,853
10,227,238

The long-term loans are secured by a full debenture and cross company guarantees from members of the group plus the subordination of shareholders loans.

The bank loan facility is on a rolling agreement basis for a total maximum facility amount of £13million at an interest rate of circa 11% per annum. The current facility is agreed up 31 May 2025 with a review taking place annually.

UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
17
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
414,198
643,899
414,198
643,899
In two to five years
399,890
194,333
399,890
194,333
814,088
838,232
814,088
838,232
Less: future finance charges
(235,444)
(61,831)
(235,444)
(61,831)
578,644
776,401
578,644
776,401

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
16,246
16,246
1,625
1,625
19
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.

20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,381,228
3,281,663
1,232,008
931,566
Between two and five years
10,170,515
9,705,514
3,240,761
2,286,417
In over five years
1,615,020
4,923,844
1,557,415
3,308,975
15,166,763
17,911,021
6,030,184
6,526,958
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
21
Related party transactions

University Campus of Football Business Limited incurred fees in the current and previous period in respect of consultancy and various expenses to the directors in connection with the development of company's operations. During the year, the directors were paid consultancy fees amounting to £68,100 (2023: the directors agreed to forfeit some of these fees resulting in a net credit to the profit and loss account of £120,000)

22
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(2,514,020)
(454,070)
Adjustments for:
Finance costs
1,349,409
1,240,259
Amortisation and impairment of intangible assets
380,233
497,457
Depreciation and impairment of tangible fixed assets
1,199,475
1,229,429
Other gains and losses
(269,080)
(1,498,933)
Movements in working capital:
Decrease/(increase) in debtors
41,443
(1,285,276)
Increase in creditors
2,035,345
2,842,307
Decrease in deferred income
-
(7,078)
Cash generated from operations
2,222,805
2,564,095
23
Cash generated from operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(1,727,276)
1,068,648
Adjustments for:
Finance costs
605,772
587,337
(Gain)/loss on disposal of tangible fixed assets (Project costs)
-
86,342
Amortisation and impairment of intangible assets
369,209
348,345
Depreciation and impairment of tangible fixed assets
656,562
545,329
Other gains and losses
(926,993)
(1,950,706)
Movements in working capital:
Decrease/(increase) in debtors
133,591
(1,274,588)
Increase in creditors
2,368,785
2,536,470
Decrease in deferred income
-
(7,078)
Cash generated from operations
1,479,650
1,940,099
UNIVERSITY CAMPUS OF FOOTBALL BUSINESS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 33 -
24
Analysis of changes in net debt - group
1 August 2023
Cash flows
New finance leases
31 July 2024
£
£
£
£
Cash at bank and in hand
1,049,940
(313,371)
-
736,569
Borrowings excluding overdrafts
(10,227,238)
(191,615)
-
(10,418,853)
Obligations under finance leases
(776,401)
898,875
(701,118)
(578,644)
(9,953,699)
393,889
(701,118)
(10,260,928)
25
Analysis of changes in net debt - company
1 August 2023
Cash flows
New finance leases
31 July 2024
£
£
£
£
Cash at bank and in hand
1,045,254
(312,889)
-
732,365
Borrowings excluding overdrafts
(10,227,238)
(191,615)
-
(10,418,853)
Obligations under finance leases
(776,401)
898,875
(701,118)
(578,644)
(9,958,385)
394,371
(701,118)
(10,265,132)
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