| REGISTERED NUMBER: 11914702 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| THE BEES FOOTBALL GROUP LIMITED |
| REGISTERED NUMBER: 11914702 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| THE BEES FOOTBALL GROUP LIMITED |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| THE BEES FOOTBALL GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 1 Kings Avenue |
| London |
| N21 3NA |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The director presents his strategic report of the company and the group for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| The principal activities of the group are operations of mens and ladies football clubs and an associated academy. |
| The director is satisfied with the performance of the Group over the last year. The Group turnover for the year was £3,147,715 (2023: £1,487,125) and profit before tax of £512,928 (2023: £1,028,772 loss). |
| The Group complies with laws and regulations (including environmental regulations) relevant to its operations. |
| The Group has created a positive and challenging work environment by encouraging feedback from employees and other external stakeholders and use it as a tool to monitor and drive business performance. |
| The Group's activities are carried out through its subsidiary London Bees WSL Limited and an intermediate holding company, namely Barnet Football Club Holdings Limited whose principal activities are football operation of Barnet Football Club Limited and Barnet Football Club Academy Limited. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The main financial risks, to which the group has exposure, are interest, price and credit risks. Management actively monitors these risks to minimise the potential impact of them |
| Credit risk - All customers who wish to trade on credit terms are subject to credit verification procedures to reduce the risk of bad debts. Trade debtors are reviewed on a regular basis and prompt action is taken to recover amounts due. |
| Price risk - Expenditure made by the group is authorised by management prior to it being made so to ensure the prices being paid for the required goods and services are competitive. |
| Interest rate risk - The group monitors any borrowings to ensure interest rates are minimised as far as is practicable. |
| Competition risk - Management closely monitors the activities and performance of its competitors and strategic decisions take this risk into account. |
| GOING CONCERN |
| The director has reviewed the current and projected financial position of the Group making reasonable assumptions about future trading prospects. The director has considered the Group and the company's balance sheet position as at the year end, its working capital forecasts, the current crisis and projections, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the Group's financial position is improving and will enable the Group to remain in operational existence. |
| In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the Group to continue in operational existence. |
| On the basis of the review, and after making enquiries, the director has reasonable expectations that the Group is strongly capitalised and has considerable liquidity and resources to continue in operational existence for the foreseeable future. Consequently, the director considers it appropriate to continue to adopt the going concern basis in preparing the financial statements. |
| KEY FINANCIAL PERFORMANCE INDICATORS |
| Because of the diversity of the Group there are no relevant key performance indicators. The management of the Group sets targets for each component of the Group and performance against these is closely monitored and prompt corrective action is taken. |
| ON BEHALF OF THE BOARD: |
| 13 June 2025 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 June 2024. |
| DIRECTOR |
| POLITICAL DONATIONS AND EXPENDITURE |
| During the year £26,100 (2023: £13,000) donation was made to The Hive Foundation Limited (Limited by Guarantee), related undertaking with common ultimate controlling party: The foundation is a registered charity and works to promote community participation in healthy recreation, provide & assist in providing facilities for sport, advance the education of children for the benefit of the local community. |
| Group did not make any political donations during the year. |
| DISABLED EMPLOYEES |
| The Group gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. |
| ENGAGEMENT WITH EMPLOYEES |
| The company operates a framework for employee information and consultation which complies with relevant Regulations. |
| During the year employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between management of group companies and employees to allow a free flow of information and ideas. |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| AUDITORS |
| The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE BEES FOOTBALL GROUP LIMITED |
| Opinion |
| We have audited the financial statements of THE BEES FOOTBALL GROUP LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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 director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE BEES FOOTBALL GROUP LIMITED |
| 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 Statement of Director's Responsibilities set out on page three, 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 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 group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE BEES FOOTBALL GROUP LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed |
| procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE BEES FOOTBALL GROUP LIMITED |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| 1 Kings Avenue |
| London |
| N21 3NA |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 3,147,715 | 1,487,125 |
| Cost of sales | 591,607 | 451,592 |
| GROSS PROFIT | 2,556,108 | 1,035,533 |
| Administrative expenses | 2,024,987 | 2,037,780 |
| 531,121 | (1,002,247 | ) |
| Other operating income | 573 | 100 |
| OPERATING PROFIT/(LOSS) | 5 | 531,694 | (1,002,147 | ) |
| Interest payable and similar expenses | 6 | 18,766 | 26,625 |
| PROFIT/(LOSS) BEFORE TAXATION | 512,928 | (1,028,772 | ) |
| Tax on profit/(loss) | 7 | (30,173 | ) | 36,818 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Profit/(loss) attributable to: |
| Owners of the parent | 504,016 | (1,016,854 | ) |
| Non-controlling interests | 39,085 | (48,736 | ) |
| 543,101 | (1,065,590 | ) |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT/(LOSS) FOR THE YEAR | 543,101 | (1,065,590 | ) |
| OTHER COMPREHENSIVE INCOME |
| Merger Reserve | - | (2,196 | ) |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(2,196 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
543,101 |
(1,067,786 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 504,016 | (1,019,050 | ) |
| Non-controlling interests | 39,085 | (48,736 | ) |
| 543,101 | (1,067,786 | ) |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| CONSOLIDATED BALANCE SHEET |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 | 18,014,783 | 18,000,000 |
| Tangible assets | 10 | - | - |
| Investments | 11 | - | - |
| 18,014,783 | 18,000,000 |
| CURRENT ASSETS |
| Debtors | 12 | 2,060,265 | 338,630 |
| Cash at bank | 109,054 | 242,273 |
| 2,169,319 | 580,903 |
| CREDITORS |
| Amounts falling due within one year | 13 | 5,759,615 | 4,696,294 |
| NET CURRENT LIABILITIES | (3,590,296 | ) | (4,115,391 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
14,424,487 |
13,884,609 |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
663,726 |
666,947 |
| NET ASSETS | 13,760,761 | 13,217,662 |
| CAPITAL AND RESERVES |
| Called up share capital | 16 | 18,000,100 | 18,000,100 |
| Merger reserve | 17 | (254,648 | ) | (254,648 | ) |
| Retained earnings | 17 | (3,847,215 | ) | (4,351,229 | ) |
| SHAREHOLDERS' FUNDS | 13,898,237 | 13,394,223 |
| NON-CONTROLLING INTERESTS | 18 | (137,476 | ) | (176,561 | ) |
| TOTAL EQUITY | 13,760,761 | 13,217,662 |
| The financial statements were approved by the director and authorised for issue on 13 June 2025 and were signed by: |
| A A Kleanthous - Director |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| COMPANY BALANCE SHEET |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 1,703 | 4,830 |
| The financial statements were approved by the director and authorised for issue on |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Merger |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 July 2022 | 18,000,100 | (3,334,375 | ) | (252,452 | ) |
| Changes in equity |
| Total comprehensive income | - | (1,016,854 | ) | (2,196 | ) |
| Balance at 30 June 2023 | 18,000,100 | (4,351,229 | ) | (254,648 | ) |
| Changes in equity |
| Total comprehensive income | - | 504,016 | - |
| Balance at 30 June 2024 | 18,000,100 | (3,847,213 | ) | (254,648 | ) |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 July 2022 | 14,413,273 | (127,825 | ) | 14,285,448 |
| Changes in equity |
| Total comprehensive income | (1,019,050 | ) | (48,736 | ) | (1,067,786 | ) |
| Balance at 30 June 2023 | 13,394,223 | (176,561 | ) | 13,217,662 |
| Changes in equity |
| Total comprehensive income | 504,016 | 39,085 | 543,101 |
| Balance at 30 June 2024 | 13,898,239 | (137,476 | ) | 13,760,763 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 June 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30 June 2024 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | (469,199 | ) | (1,656,683 | ) |
| Interest paid | (18,766 | ) | (26,625 | ) |
| Tax paid | 1 | - |
| Net cash from operating activities | (487,964 | ) | (1,683,308 | ) |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (20,000 | ) | - |
| Net cash from investing activities | (20,000 | ) | - |
| Cash flows from financing activities |
| Connected Companies | 524,294 | 1,379,900 |
| Merger Reserve | - | (2,196 | ) |
| Net cash from financing activities | 524,294 | 1,377,704 |
| Increase/(decrease) in cash and cash equivalents | 16,330 | (305,604 | ) |
| Cash and cash equivalents at beginning of year |
2 |
41,965 |
347,569 |
| Cash and cash equivalents at end of year | 2 | 58,295 | 41,965 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before taxation | 512,928 | (1,028,772 | ) |
| Depreciation charges | 5,217 | - |
| Finance costs | 18,766 | 26,625 |
| 536,911 | (1,002,147 | ) |
| Increase in trade and other debtors | (1,215,831 | ) | (231,290 | ) |
| Increase/(decrease) in trade and other creditors | 209,721 | (423,246 | ) |
| Cash generated from operations | (469,199 | ) | (1,656,683 | ) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 June 2024 |
| 30.6.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 109,054 | 242,273 |
| Bank overdrafts | (50,759 | ) | (200,308 | ) |
| 58,295 | 41,965 |
| Year ended 30 June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 242,273 | 400,586 |
| Bank overdrafts | (200,308 | ) | (53,017 | ) |
| 41,965 | 347,569 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.7.23 | Cash flow | At 30.6.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 242,273 | (133,219 | ) | 109,054 |
| Bank overdrafts | (200,308 | ) | 149,549 | (50,759 | ) |
| 41,965 | 16,330 | 58,295 |
| Total | 41,965 | 16,330 | 58,295 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| THE BEES FOOTBALL GROUP LIMITED is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The director has reviewed the current and projected financial position of the Group making reasonable assumptions about future trading prospects. The director has considered the company's balance sheet position as at the year end, its working capital forecasts, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the Group's financial position is improving and will enable the Group to remain in operational existence. In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the Group to continue in operational existence. |
| On the basis of the review, and after making enquiries, the director has reasonable expectations that the Group is strongly capitalised and has considerable liquidity and resources to continue in operational existence for the foreseeable future. Consequently, the director considers it appropriate to continue to adopt the going concern basis in preparing the financial statements. |
| Basis of consolidation |
| The group financial statements consolidate the financial statements of The Bees Football Group Limited and all its subsidiary undertakings drawn up to 30 June each year. No profit and loss account is presented for The Bees Football Group Limited as permitted by section 408 of the Companies Act 2006. |
| The holding company was created as part of a group reorganisation and consequently merger accounting is being used. |
| The comparatives comprise consolidated accounts of the group assuming the reorganisation had occurred before the beginning of the comparative period. Consequently, the comparatives are for a 12 month period. |
| Investment in Subsidiaries |
| In the parent company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. |
| Group revenue comprises of the following: |
| - income from football operations: match receipts and income from club activities recognised at the point earned and grant income and sponsorship income recognised evenly over the period of the grant or sponsorship |
| - income in respect of goods and services supplied by the Group is recognised at the point of delivery and/or supply of services. |
| Goodwill |
| FRS102 requires goodwill to be amortised over a period not exceeding 10 years. However, because the football club has remained in the same league and its business has not changed, the director does not consider there has been any impairment to the value of the goodwill and consequently no amortisation is required. |
| Whilst this is not in accordance with FRS102, the director considers the above override to be necessary in order to present a true and fair value of the business. |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets comprise player registrations relating to the football club and customer lists relating to the trading group. They are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Profits or losses on the sale of player registrations represent the transfer fee receivable, net of any transaction costs, less the unamortised cost of the applicable player’s registration and are recognised within operating expenses. |
| All intangible assets are considered to have a finite useful life. The directors have deemed the useful life as follows: |
| - Player registrations over their players term of initial contract with the club. |
| Players are not revalued. |
| Property, plant and equipment |
| Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Freehold property is initially recognised at cost. Freehold land is subsequently carried at the revalued amount less accumulated impairment losses. Buildings and leasehold land are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses. |
| Freehold property is revalued by independent professional valuers on a triennial basis and whenever their carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset. |
| Increases in carrying amounts arising from revaluation are recognised in the asset revaluation reserve, unless they offset previous decreases in the carrying amounts of the same asset, in which case, they are recognised in profit or loss. Decreases in carrying amounts that offset previous increases of the same asset are recognised against the asset revaluation reserve. All other decreases in carrying amounts are recognised as a loss in the statement of comprehensive income. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their |
| estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Fixtures and fittings - 25% straight line |
| Computer equipment - 25% straight line |
| Depreciation is provided when assets are in use. |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months.. |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Debt instruments that are payable or receivable within one year, typically trade debtors and creditors,are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
| Assets held under finance leases are recognised initially at the fair value. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in property, plant and equipment and depreciated and assessed for impairment losses in the same way as other assets. |
| Significant judgements and estimates |
| 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 following are the key judgements that management have made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements: |
| a) Provisions: at the year end, the Group evaluates the need for any provisions for impairment of fixed assets, stocks and trade debtors which requires management to make judgements. The judgements, estimated and associated assumptions necessary to calculate these provisions are based on historical experience, expected future cash flows and other reasonable factors. |
| b) Amortisation of intangible assets: amortisation is provided as to write down assets to their residual value over their estimated useful lives. |
| c) Freehold property valuations: the year end valuations have been determined by the director on an open |
| market value for existing use basis. The director has deemed it necessary to take appropriate market advice |
| determining the valuation. |
| d) Taxation: tax benefits are not recognised unless it is probable that they will be obtained. Tax provisions are made if it is probable that a liability will arise. The Group reviews each significant tax liability or benefit to assess the appropriate accounting treatment. |
| e) Impairment of financial assets and liabilities. Impairement is provided where there is objective evidence the estimated future cash flows are significantly affected. |
| 3. | TURNOVER |
| The turnover and profit (2023 - loss) before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Football clubs operations | 3,147,715 | 1,487,125 |
| 3,147,715 | 1,487,125 |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom | 3,147,715 | 1,487,125 |
| 3,147,715 | 1,487,125 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | - | - |
| 5. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases | 444,000 | 444,000 |
| Players registrations amortisation | 5,217 | - |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 18,766 | 26,625 |
| 7. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 433 | 30,578 |
| Corporation tax - PY Adj. | (30,606 | ) | - |
| Total current tax | (30,173 | ) | 30,578 |
| Deferred tax | - | 6,240 |
| Tax on profit/(loss) | (30,173 | ) | 36,818 |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before tax | 512,928 | (1,028,772 | ) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
128,232 |
(257,193 |
) |
| Effects of: |
| Capital allowances in excess of depreciation | - | (4,826 | ) |
| Utilisation of tax losses | (150,753 | ) | 292,597 |
| Adjustment in respect of deferred tax | - | 6,240 |
| Corporation tax prior year adjustment | (7,652 | ) | - |
| Total tax (credit)/charge | (30,173 | ) | 36,818 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 30 June 2024. |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 7. | TAXATION - continued |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Merger Reserve | (2,196 | ) | - | (2,196 | ) |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | INTANGIBLE FIXED ASSETS |
| Group |
| Players |
| Goodwill | registrations | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2023 | 18,000,000 | 6,667 | 18,006,667 |
| Additions | - | 20,000 | 20,000 |
| At 30 June 2024 | 18,000,000 | 26,667 | 18,026,667 |
| AMORTISATION |
| At 1 July 2023 | - | 6,667 | 6,667 |
| Amortisation for year | - | 5,217 | 5,217 |
| At 30 June 2024 | - | 11,884 | 11,884 |
| NET BOOK VALUE |
| At 30 June 2024 | 18,000,000 | 14,783 | 18,014,783 |
| At 30 June 2023 | 18,000,000 | - | 18,000,000 |
| Players registrations are at cost and are not revalued. |
| Goodwill is not being amortised. |
| 10. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2023 |
| and 30 June 2024 | 1,207 | 3,001 | 4,208 |
| DEPRECIATION |
| At 1 July 2023 |
| and 30 June 2024 | 1,207 | 3,001 | 4,208 |
| NET BOOK VALUE |
| At 30 June 2024 | - | - | - |
| At 30 June 2023 | - | - | - |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| The following were subsidiary undertakings of the Company: |
| Name | Registered Office | Principal Activity | Class of Shares |
Holdings |
| Barnet Football Club Holdings Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Operation of sports facilities |
Ordinary | 100% |
| Barnet Football Club Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Operation of sports facilities |
Ordinary | 93% |
| Bees Football Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of sport clubs |
Ordinary | 100% |
| London Bees Football Club Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of sport clubs |
Ordinary | 100% |
| London Bees American Football Club Holdings Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Sports and recreation education and Operation of sports facilities |
Ordinary | 100% |
| London Bees American Football Club Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Sports and recreation education and Operation of sports facilities |
Ordinary | 100% |
| Barnet Football Club Academy Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of sport clubs |
Ordinary | 100% |
| London Bees Football Club Holdings Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of other holding companies not elsewhere classified |
Ordinary | 100% |
| London Bees Football Club Academy Limited |
1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of sport clubs |
Ordinary | 100% |
| The Bees Academy Limited | 1 Kings Avenue, London, United Kingdom, N21 3NA |
Activities of sport clubs |
Ordinary | 100% |
| All the above subsidiaries are included in the consolidation. All investments are held indirectly except for Barnet Football Club Limited, Bees Football Limited, London Bees Football Club Limited and London Bees American Football Club Holdings Limited which are held directly by the company. |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,422,690 | 313,264 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by connected companies | 505,605 | - | - | - |
| Other debtors | 17,484 | 300 |
| Prepayments | 114,486 | 25,066 |
| 2,060,265 | 338,630 |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 15) | 50,759 | 200,308 |
| Trade creditors | 86,603 | 80,396 |
| Amounts owed to connected companies | 5,280,000 | 4,250,000 | 5,250,000 | 4,250,000 |
| Tax | 406 | 30,578 |
| Social security and other taxes | 220,051 | 59,281 |
| Other creditors | 57,793 | 54,481 |
| Net wages | 3 | - | 49,429 | - |
| Accruals and deferred income | 64,000 | 21,250 |
| 5,759,615 | 4,696,294 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Other creditors | 663,726 | 666,947 |
| 15. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | 50,759 | 200,308 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 18,000,100 | 18,000,100 |
| 17. | RESERVES |
| Group |
| Retained | Merger |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 July 2023 | (4,351,231 | ) | (254,648 | ) | (4,605,879 | ) |
| Profit for the year | 504,016 | 504,016 |
| At 30 June 2024 | (3,847,215 | ) | (254,648 | ) | (4,101,863 | ) |
| 18. | NON-CONTROLLING INTERESTS |
| The non-controlling interest was calculated in respect of the 7% to Barnet Football Club Limited. |
| THE BEES FOOTBALL GROUP LIMITED (REGISTERED NUMBER: 11914702) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 19. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| The group is a related party with related undertaking by virtue of common ultimate controlling party, they are not part of the same wholly owned group. Therefore, the relevant transactions are disclosed below. |
| As at the statement of financial position date, the group owed the balance of £5,280,000 (2023: £4,250,000) to related undertakings. |
| As at the statement of financial position date, the group was owed the balance of £505,605 (2023: Nil) to related undertakings. |
| Related undertakings are controlled by Mr A A Kleanthous. |
| 20. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is A A Kleanthous. |