IRIS Accounts Production v25.1.0.734 11914702 director 30.6.24 1.7.23 30.6.24 30.6.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. operations of men's and ladies football clubs and an associated academy. 0 0 true true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh119147022023-06-30119147022024-06-30119147022023-07-012024-06-30119147022022-06-30119147022022-07-012023-06-30119147022023-06-3011914702ns15:EnglandWales2023-07-012024-06-3011914702ns14:PoundSterling2023-07-012024-06-3011914702ns10:Director12023-07-012024-06-3011914702ns10:Consolidated2024-06-3011914702ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3011914702ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3011914702ns10:Consolidatedns10:MediumEntities2023-07-012024-06-3011914702ns10:Consolidatedns10:Audited2023-07-012024-06-3011914702ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3011914702ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3011914702ns10:Consolidated2023-07-012024-06-3011914702ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3011914702ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3011914702ns10:FullAccounts2023-07-012024-06-301191470212023-07-012024-06-3011914702ns10:OrdinaryShareClass12023-07-012024-06-3011914702ns10:CompanySecretary12023-07-012024-06-3011914702ns10:RegisteredOffice2023-07-012024-06-3011914702ns10:Consolidated2022-07-012023-06-3011914702ns5:CurrentFinancialInstruments2024-06-3011914702ns5:CurrentFinancialInstruments2023-06-3011914702ns5:ShareCapital2024-06-3011914702ns5:ShareCapital2023-06-3011914702ns5:RetainedEarningsAccumulatedLosses2024-06-3011914702ns5:RetainedEarningsAccumulatedLosses2023-06-3011914702ns5:ShareCapital2022-06-3011914702ns5:RetainedEarningsAccumulatedLosses2022-06-3011914702ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3011914702ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3011914702ns5:NetGoodwill2023-07-012024-06-3011914702ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3011914702ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3011914702ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3011914702ns10:OrdinaryShareClass12024-06-30
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: A A Kleanthous





SECRETARY: P Georgiou





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 11914702 (England and Wales)





AUDITORS: AGK Partnership Ltd
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:





A A Kleanthous - Director


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
A A Kleanthous held office during the whole of the period from 1 July 2023 to the date of this report.

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:





A A Kleanthous - Director


13 June 2025

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.




Alekos Christofi ACCA (Senior Statutory Auditor)
for and on behalf of AGK Partnership Ltd
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

13 June 2025

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

543,101

(1,065,590

)
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 18,000,400 18,000,400
18,000,400 18,000,400

CURRENT ASSETS
Debtors 12 5,300,169 4,256,430
Cash at bank 30,892 -
5,331,061 4,256,430
CREDITORS
Amounts falling due within one year 13 5,324,828 4,251,900
NET CURRENT ASSETS 6,233 4,530
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,006,633

18,004,930

CAPITAL AND RESERVES
Called up share capital 16 18,000,100 18,000,100
Retained earnings 6,533 4,830
SHAREHOLDERS' FUNDS 18,006,633 18,004,930

Company's profit for the financial year 1,703 4,830

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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)

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 18,000,100 - 18,000,100

Changes in equity
Total comprehensive income - 4,830 4,830
Balance at 30 June 2023 18,000,100 4,830 18,004,930

Changes in equity
Total comprehensive income - 1,703 1,703
Balance at 30 June 2024 18,000,100 6,533 18,006,633

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 - 6,330
Amounts owed by group undertakings - - 5,300,069 4,250,000
Amounts owed by connected companies 505,605 - - -
Other debtors 17,484 300 100 100
Prepayments 114,486 25,066 - -
2,060,265 338,630 5,300,169 4,256,430

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 - 283
Trade creditors 86,603 80,396 654 192
Amounts owed to connected companies 5,280,000 4,250,000 5,250,000 4,250,000
Tax 406 30,578 142 1,133
Social security and other taxes 220,051 59,281 24,403 -
Other creditors 57,793 54,481 200 292
Net wages 3 - 49,429 -
Accruals and deferred income 64,000 21,250 - -
5,759,615 4,696,294 5,324,828 4,251,900

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 - 283

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
18,000,100 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.