Company registration number 00098191 (England and Wales)
HARTLEPOOL UNITED FOOTBALL CLUB
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
HARTLEPOOL UNITED FOOTBALL CLUB
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 12
HARTLEPOOL UNITED FOOTBALL CLUB
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be that of a professional association football club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S Singh
Mr J Pearson
(Appointed 8 April 2024)
Mr A Steel
(Appointed 8 April 2024)
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
At the year end the company had net current liabiltiies of £1,657,085 (2023: £518,365) and net liabilities of £3,957,648 (2023: £2,700,452). The net liability position includes £1,770,000 owed to group undertakings.
The company has obtained a formal letter of continuing financial support from Mr S Singh, the ultimate controlling shareholder of the group which the company is part of, confirming that support will continue to be provided for a period of no less than 12 months from the date of signing these financial statements, so that the club can continue in operational existence for the foreseeable future, taking into account reasonably possible changes in performance.
The Director has carried out a review of financial projections and resources available and has concluded that the company will have adequate financial resources to meet the it's obligations as they fall due for the foreseeable future and has therefore adopted the going concern basis in preparing these financial statements.
HARTLEPOOL UNITED FOOTBALL CLUB
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
S Singh
Director
24 July 2025
HARTLEPOOL UNITED FOOTBALL CLUB
BALANCE SHEET
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,292
24,792
Tangible assets
4
211,775
271,869
214,067
296,661
Current assets
Stocks
90,036
99,496
Debtors
5
183,854
185,207
Cash at bank and in hand
187,766
621,515
461,656
906,218
Creditors: amounts falling due within one year
6
(2,118,741)
(1,424,583)
Net current liabilities
(1,657,085)
(518,365)
Total assets less current liabilities
(1,443,018)
(221,704)
Creditors: amounts falling due after more than one year
7
(2,514,630)
(2,435,597)
Provisions for liabilities
(43,151)
Net liabilities
(3,957,648)
(2,700,452)
Capital and reserves
Called up share capital
3,501,135
3,501,135
Other reserves
1,397,181
1,397,181
Profit and loss reserves
(8,855,964)
(7,598,768)
Total equity
(3,957,648)
(2,700,452)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
S Singh
Director
Company Registration No. 00098191
HARTLEPOOL UNITED FOOTBALL CLUB
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
3,501,135
1,397,181
(6,825,117)
(1,926,801)
Year ended 31 July 2023:
Loss and total comprehensive income for the year
-
-
(773,651)
(773,651)
Balance at 31 July 2023
3,501,135
1,397,181
(7,598,768)
(2,700,452)
Year ended 31 July 2024:
Loss and total comprehensive income for the year
-
-
(1,257,196)
(1,257,196)
Balance at 31 July 2024
3,501,135
1,397,181
(8,855,964)
(3,957,648)
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
1
Accounting policies
Company information
Hartlepool United Football Club is a private company limited by shares incorporated in England and Wales. The registered office is Hartlepool United Football Club, Victoria Park, Clarence Road, Hartlepool, TS24 8BZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end the company had net current liabiltrueities of £1,657,085 (2023: £518,365) and net liabilities of £3,957,648 (2023: £2,700,452). The net liability position includes £1,770,000 owed to group undertakings.
The company is reliant on the support of Mr S Singh, its ultimate controlling party, it's parent company and other related companies. A formal letter of support has been obtained which indicates their desire and ability to offer continuing financial support for a period of no less than 12 months from the date of signing these financial statements so that the club can continue in operational existence for the foreseeable future, taking into account reasonably possible changes in performance.
The Director has carried out a review of financial projections and resources available and has concluded that the company will have adequate financial resources to meet the it's obligations as they fall due for the foreseeable future and has therefore adopted the going concern basis in preparing these financial statements.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover is stated exclusive of value added tax. Gate receipts and other match day income are recognised on receipt. Season ticket sales, Football League distributions and sponsorship income are recognised equally across the football season. Transfer fees are recognised on the date of execution of the transfer, unless they are contingent in which case they are recognised upon achievement of the contingent event.
1.4
Player's contracts
The cost associated with the acquisition of players' registrations are capitalised as intangible fixed assets. The costs are amortised fully over the contract period. Permanent diminution in value below the amortised value, such as through injury or loss of form, is provided for when management become aware that the diminution is permanent.
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvements
10% on cost
Stands, turnstiles and fixtures
10% on reducing balance
Fixtures and fittings
15% on reducing balance
Office equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 7 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 8 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
132
149
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
3
Intangible fixed assets
Player registrations
£
Cost
At 1 August 2023
45,000
Disposals
(40,000)
At 31 July 2024
5,000
Amortisation and impairment
At 1 August 2023
20,208
Amortisation charged for the year
22,500
Disposals
(40,000)
At 31 July 2024
2,708
Carrying amount
At 31 July 2024
2,292
At 31 July 2023
24,792
4
Tangible fixed assets
Property improvements
Stands, turnstiles and fixtures
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
661,350
3,732,397
469,652
71,524
4,934,923
Additions
7,980
7,980
Disposals
(580,964)
(3,425,176)
(15,251)
(9,000)
(4,030,391)
At 31 July 2024
80,386
307,221
462,381
62,524
912,512
Depreciation and impairment
At 1 August 2023
628,499
3,584,978
423,197
26,380
4,663,054
Depreciation charged in the year
8,593
15,344
7,796
13,812
45,545
Eliminated in respect of disposals
(571,572)
(3,414,952)
(13,388)
(7,950)
(4,007,862)
At 31 July 2024
65,520
185,370
417,605
32,242
700,737
Carrying amount
At 31 July 2024
14,866
121,851
44,776
30,282
211,775
At 31 July 2023
32,851
147,419
46,455
45,144
271,869
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,052
108,887
Other debtors
3,220
1,467
Prepayments and accrued income
137,582
74,853
183,854
185,207
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
199,630
236,996
Amounts owed to group undertakings
660,000
16,611
Taxation and social security
159,510
129,061
Other creditors
430,134
215,795
Accruals and deferred income
669,467
826,120
2,118,741
1,424,583
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
1,340,130
1,325,597
Amounts owed to group undertakings
1,110,000
1,110,000
Deferred income
64,500
2,514,630
2,435,597
Loans and borrowings at the balance sheet date include a loan received from Sport England under the Sports Winter Survival Programme of £1,230,130. This loan is secured by a floating charge over all property and undertakings of the company.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
Audit report information
(Continued)
- 11 -
We draw your attention to note 1.2 of the financial statements which indicates that the company has made losses in the year of £1,300,347 and the balance sheet is in a net liabilities position as at 31 July 2024. The company is reliant on the financial support of its ultimate shareholder, parent company and other related parties. This support has been positively confirmed.
Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
9
Financial commitments, guarantees and contingent liabilities
The total amount of financial committments not included in the balance sheet is £1,072,875 (2023: £1,101,820) relating to amounts due under operating leases.
The total amount of unpaid pension contributions included in other creditors at the balance sheet date is £4,093 (2023: £2,513).
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the balance sheet date, the company had a balance of £1,110,000 (2023: £1,110,000) owing to Clarence 18 Limited, which is the immediate parent undertaking of Hartlepool United Football Club. The amount is interest free and included within long term creditors.
At the balance sheet date, the company had a balance of £nil (2023: £16,611) owing to P&R Construction Limited, a fellow subsidiary of the ultimate parent company, Prestige Group Investments Limited. The amount is interest free and repayable on demand.
During the year the company was charged management fees of £180,000 (2023: £180,000) by Prestige Care Group Holdings Limited, a company under common control. At the balance sheet date, the company had a balance of £338,014 (2023: £183,608) due to Prestige Care Group Holdings Limited. The balance is interest free and repayable on demand.
At the balance sheet date, the company had a balance of £660,000 (2023: £nil) owing to Prestige Group Investments.
At the balance sheet date, the company had a balance of £44,100 (2023: £nil) owing to Prestige Properties (North East) Limited.
During the period ended July 2018 the former shareholders of the business, Sage Investments Limited, consolidated the amounts owed to it by the company totaling £1,727,181 into a formal loan agreement. The repayment of the loan in terms of timing and amount is dependent upon the on-field success of the football team. In line with prior year treatment, the directors have made their best aassessment of the amounts likely to be payable under the agreement and have reflected a total liability at the yearend of £110,000 (2023: £110,000) in other creditors. An amount for £1,397,181 of the original balance has already been treated as a capital contribution from the previous shareholders and shown in equity.
HARTLEPOOL UNITED FOOTBALL CLUB
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
11
Parent company
The company's immediate parent is Clarence 18 Limited, its ultimate parent is Prestige Group Investments Limited, both are incorporated in England and Wales.
The consolidated financial statements of Prestige Group Investments Limtied are available upon request from The Prestige Group Head Office, Roseville Court, Blair Avenue, Ingleby Barwick, United Kingdom, TS17 5BL.
The ultimate controlling party is S Singh by virtue of his majority shareholding.
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