IRIS Accounts Production v25.2.0.378 03523634 Board of Directors 1.1.24 31.12.24 31.12.24 11.3.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035236342023-12-31035236342024-12-31035236342024-01-012024-12-31035236342022-12-31035236342023-01-012023-12-31035236342023-12-3103523634ns15:EnglandWales2024-01-012024-12-3103523634ns14:PoundSterling2024-01-012024-12-3103523634ns10:Director12024-01-012024-12-3103523634ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103523634ns10:SmallEntities2024-01-012024-12-3103523634ns10:Audited2024-01-012024-12-3103523634ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3103523634ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103523634ns10:FullAccounts2024-01-012024-12-3103523634ns10:Director22024-01-012024-12-3103523634ns10:Director32024-01-012024-12-3103523634ns10:Director52024-01-012024-12-3103523634ns10:Director82024-01-012024-12-3103523634ns10:CompanySecretary12024-01-012024-12-3103523634ns10:RegisteredOffice2024-01-012024-12-3103523634ns5:CurrentFinancialInstruments2024-12-3103523634ns5:CurrentFinancialInstruments2023-12-3103523634ns5:Non-currentFinancialInstruments2024-12-3103523634ns5:Non-currentFinancialInstruments2023-12-3103523634ns5:ShareCapital2024-12-3103523634ns5:ShareCapital2023-12-3103523634ns5:RetainedEarningsAccumulatedLosses2024-12-3103523634ns5:RetainedEarningsAccumulatedLosses2023-12-3103523634ns5:PlantMachinery2023-12-3103523634ns5:PlantMachinery2024-01-012024-12-3103523634ns5:PlantMachinery2024-12-3103523634ns5:PlantMachinery2023-12-3103523634ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103523634ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103523634ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-3103523634ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3103523634ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-3103523634ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103523634ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3103523634ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3103523634ns5:WithinOneYear2024-12-3103523634ns5:WithinOneYear2023-12-3103523634ns5:BetweenOneFiveYears2024-12-3103523634ns5:BetweenOneFiveYears2023-12-3103523634ns5:AllPeriods2024-12-3103523634ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 03523634 (England and Wales)



































Financial Statements

for the Year Ended 31 December 2024

for

Worcestershire County Cricket Trading
Ltd

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Worcestershire County Cricket Trading
Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: D W G Baker
A F Giles
E Hallam
D Manning
R Wright





SECRETARY: R J Sugden





REGISTERED OFFICE: County Ground
New Road
Worcester
WR2 4QQ





REGISTERED NUMBER: 03523634 (England and Wales)





AUDITORS: Thorne Widgery Accountancy Ltd
Chartered Accountants
Statutory Auditors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 521,790 632,167
Investments 5 15,390 15,390
537,180 647,557

CURRENT ASSETS
Stocks 33,782 84,983
Debtors 6 4,283,145 3,899,126
Cash at bank and in hand 176,770 135,216
4,493,697 4,119,325
CREDITORS
Amounts falling due within one year 7 (3,802,131 ) (3,610,492 )
NET CURRENT ASSETS 691,566 508,833
TOTAL ASSETS LESS CURRENT LIABILITIES 1,228,746 1,156,390

CREDITORS
Amounts falling due after more than one
year

8

(761,945

)

(678,466

)
NET ASSETS 466,801 477,924

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 466,799 477,922
466,801 477,924

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2025 and were signed on its behalf by:





D W G Baker - Director


Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Worcestershire County Cricket Trading Ltd 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have undertaken their assessment of continuing to operate in the foreseeable future within the current and anticipated resources available and the ability to realise assets and settle its obligations in the normal course of business. This assessment includes the consideration of material uncertainties.

Budget forecasts are produced to December 2028 which are considered prudent, realistic and based on past performance. These indicate the improvement in financial performance from breakeven in 2024, to an increased profit in 2025 and beyond. The Club continues to explore additional alternative income sources and expanding non-cricket income streams to secure financial sustainability.

Minimum levels of funding from the ECB are known until early 2029, based on the County Partnership Agreement of 1 February 2025, signed between the ECB and the Club.

The Club maintains a detailed cash flow forecast calculated from the budget forecast and is reliant on the overdraft facility extended by Clydesdale Bank. Monitoring cash generation and being sufficiently profitable to generate cash to cover debt repayments is a focus of the directors.

The Club maintains and regularly reviews a risk register of identified operational and financial risks. Mitigating the impact of flooding is a key element of decision making and a Master Plan to determine a sustainable future is being prepared.

The sale of The Hundred franchises presents a transformative opportunity for Worcestershire CCC and the wider game. As a beneficiary, the Club anticipates receiving in excess of £20.0m, a sum that will allow the Club to reset and rebuild. This injection of funds will help to pay off existing debts, invest in the growth of the business and establish a sustainable future for the Club.

The directors make their going concern assessment in respect of a period of one year from the date of approval of the financial statements. The directors have considered their funding requirements and their current net liability position for 12 months from the date of approval and have determined the minimum funding requirement. The directors conclude that it is appropriate to prepare the financial statements on the going concern basis.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following are satisfied:

- the amount of revenue can be measured reliably
- it is probable that the Company will receive the consideration due under contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest Income
Interest income is recognised in profit or loss using the effective interest method.

Tangible fixed assets
All plant and machinery over £1,000 are capitalised and are held at cost, net of depreciation and any provision for impairment.

Tangible fixed assets 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.

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:

Plant and Machinery - 20%
Improvements to property - 20%

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.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

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 debts and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Debtors
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.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Investments
Investments in Wisden books are measured at the historical valuation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 127 (2023 - 170 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 1,526,932
Additions 78,620
At 31 December 2024 1,605,552
DEPRECIATION
At 1 January 2024 894,765
Charge for year 188,997
At 31 December 2024 1,083,762
NET BOOK VALUE
At 31 December 2024 521,790
At 31 December 2023 632,167

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.24 31.12.23
£    £   
Wisden books 15,390 15,390

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 103,685 106,855
Amounts owed by group undertakings 3,926,501 3,556,017
Other debtors 252,959 236,254
4,283,145 3,899,126

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 9) 312,796 664,649
Other loans (see note 9) 142,500 146,500
Hire purchase contracts (see note 10) - 6,325
Trade creditors 245,589 353,971
Tax - 61
Social security and other taxes 81,830 67,794
VAT 445,415 186,196
Other creditors 182,269 156,626
Accruals and deferred income 2,391,732 2,028,370
3,802,131 3,610,492

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 9) 94,074 199,908
Other loans (see note 9) 666,204 466,204
Deferred income more than 1 year 1,667 12,354
761,945 678,466

9. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 171,685 523,538
Bank loans 141,111 141,111
Other loans 142,500 146,500
455,296 811,149

Amounts falling due between one and two years:
Bank loans - 1-2 years 94,074 141,111
Other loans - 1-2 years 33,500 33,500
127,574 174,611

Amounts falling due between two and five years:
Bank loans - 2-5 years - 58,797
Other loans - 2-5 years 632,704 432,704
632,704 491,501

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. LOANS - continued

Bank Loan
At the year end bank loans total £235,185 (2023: £341,019).

The bank loans are secured by a fixed and floating charge over the assets of the Company, and by counter indemnities and cross guarantees between the Company and Worcestershire County Cricket Trading Limited. The interest rate of the Clydesdale bank loan is 4.75% over the base rate per annum.

The company has a CBILs loan with Clydesdale Bank of £235,185 (2023: £341,019). The loan is repayable over the period until 25 May 2026.

Other loans
At the year end other loans total £808,704 (2023: £612,704).

Other loans is made up of loan notes totalling £705,000 (2023: £505,000) and other loans £103,704 (2023: £107,704).

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year - 6,325

Non-cancellable
operating leases
31.12.24 31.12.23
£    £   
Within one year 14,091 21,836
Between one and five years 6,900 21,004
20,991 42,840

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lisa Weaver FCCA (Senior Statutory Auditor)
for and on behalf of Thorne Widgery Accountancy Ltd

12. PENSION COMMITMENTS

The company contributes toward a defined contribution scheme. The pension cost charge represents contributions payable by the company and amounted to £146,268 (2023: £169,987). At the year end, £23,300 (2023: £19,091) was payable to the pension scheme, this amount is included within creditors due within one year.

Worcestershire County Cricket Trading
Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. RELATED PARTY DISCLOSURES

2024 2023
£    £   

Purchase transactions with related parties 10,180 13,076

Sales transactions with related parties 28,176 11,851

Two loan notes were received from two Directors during the year to 31 December 2023, the amount owed to Directors at the year end amounted to £200,000 (2023: £200,000), the loan notes are interest bearing at market rate and are repayable by 2027.

14. ULTIMATE CONTROLLING PARTY

The company is a subsidiary undertaking of Worcestershire County Cricket Club Limited, which is incorporated and registered in England and Wales and with the Cooperative and Community Benefit Society. The accounts are available at the registered office of the entity, County Ground, New Road, Worcester, WR2 4QQ.