Company registration number SC149117 (Scotland)
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024
PAGES FOR FILING WITH REGISTRAR
A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
BALANCE SHEET
AS AT 30 MAY 2024
30 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
13,859,721
2,043,272
Investments
6
-
0
1
13,859,721
2,043,273
Current assets
Stocks
8
44,047
53,804
Debtors
9
136,106
1,019,335
Cash at bank and in hand
41,965
20,210
222,118
1,093,349
Creditors: amounts falling due within one year
10
(507,769)
(3,253,791)
Net current liabilities
(285,651)
(2,160,442)
Total assets less current liabilities
13,574,070
(117,169)
Creditors: amounts falling due after more than one year
11
(6,597)
(8,647)
Provisions for liabilities
(2,042,661)
-
0
Net assets/(liabilities)
11,524,812
(125,816)
Capital and reserves
Called up share capital
12
4,902,370
4,902,370
Share premium account
69,406
69,406
Revaluation reserve
13
13,921,243
2,095,942
Other reserves
100,000
100,000
Profit and loss reserves
(7,468,207)
(7,293,534)
Total equity
11,524,812
(125,816)

The notes on pages 3 to 11 form part of these financial statements.

INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 MAY 2024
30 May 2024
- 2 -

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 November 2025 and are signed on its behalf by:
Mr A Savage
Director
Company registration number SC149117 (Scotland)
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2024
- 3 -
1
Accounting policies
Company information

Inverness Thistle And Caledonian F. C. Limited is a private company limited by shares incorporated in Scotland. The registered office is Sarens PSG Stadium, Stadium Road, Inverness, IV1 1FF.

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 a mounts 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

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

1.3
Turnover

Turnover represents income receivable, net of VAT, from football and related commercial activities. Gate and other match day revenues are recognised over the period of the football season as games are played. Merit awards are accounted for only when known at the end of the season. The fixed element of broadcasting revenues is recognised over the duration of the football season whilst facility fees for live coverage or highlights are taken when earned. Sponsorship and similar commercial income is recognised over the duration of the respective contracts.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings
3.03% - 4.76% straight line basis
Plant and equipment
8% - 50% straight line / reducing balance basis

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 4 -

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

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

1.6
Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

1.9
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.

1.10
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.

INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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.

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 paymen ts 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. A m ounts 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.

1.11
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.

1.12
Taxation

The tax expense for the period comprises tax currently payable and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

1.13
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 f ixed 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.

INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.15
Leases

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

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

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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

1.16

Transfer and signing on fees

Fees payable to other Football Clubs on the transfer of players' registrations are capitalised and amortised over the period of the respective players'/managers' initial contracts. Fees receivable from other Football Clubs on the transfer of players'/managers' registration are reflected in the statement of comprehensive income, net of any unamortised fees payable on registration, in the accounting period in which the transfer takes place. Signing on fees are charged to the statement of comprehensive income in the accounting period in which they are payable.

1.17

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,335
15,000
Audit of the financial statements of the company in the prior period
15,605
-
26,940
15,000
4
Employees

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

2024
2023
Number
Number
Total
106
105
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
- 8 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 31 May 2023
3,208,886
342,068
3,550,954
Additions
-
0
4,560
4,560
Revaluation
10,616,163
-
0
10,616,163
At 30 May 2024
13,825,049
346,628
14,171,677
Depreciation and impairment
At 31 May 2023
1,209,138
298,544
1,507,682
Depreciation charged in the year
-
0
13,412
13,412
Revaluation
(1,209,138)
-
0
(1,209,138)
At 30 May 2024
-
0
311,956
311,956
Carrying amount
At 30 May 2024
13,825,049
34,672
13,859,721
At 30 May 2023
1,999,748
43,524
2,043,272

Included within the net book value of land and buildings above is £13,825,049 (2023 - £1,999,748) in respect of leasehold land and buildings.

Included within land and buildings are the pitch and stands which were previously transferred to the ownership of the company at £nil cost and included within land and buildings at fair value. These assets were valued at £13,315,000 at October 20 25 on a depreciated replacement cost basis by Graham and Sibbald, an independent firm of chartered surveyors. The directors are also satisfied that the current net book value of £13,825,049 (2023 - £1,999,748) is an appropriate reflection of the carrying value of these assets at 30 May 202 4 and this amount has been recorded within the revaluation reserve accordingly. The directors are of the view that on a break up basis the value is £800,000.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
1
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 31 May 2023
1
Disposals
(1)
At 30 May 2024
-
Carrying amount
At 30 May 2024
-
At 30 May 2023
1
7
Subsidiaries

Details of the company's subsidiaries at 30 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ICT Battery Storage Limited
Scotland
Ordinary
0

During the year the company sold its shareholding in ICT Battery Storage Limited.

8
Stocks
2024
2023
£
£
Stocks
44,047
53,804
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,503
106,041
Other debtors
114,603
913,294
136,106
1,019,335
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
- 10 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
282,985
200,275
Taxation and social security
81,056
149,186
Other creditors
143,728
2,904,330
507,769
3,253,791

F.C. Inverness Limited holds a standard security over all and the whole of the tenant's interest in the leased subject known as the car park at Sarens PSG Stadium, Inverness.

11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
6,597
8,647

Hire purchase and finance lease liabilities are secured against the assets to which they relate.

12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,002,367
4,002,367
4,002,367
4,002,367
"A" Ordinary shares of £1 each
600,000
600,000
600,000
600,000
"B" Ordinary shares of £1 each
300,000
300,000
300,000
300,000
"C" Ordinary shares of £1 each
3
3
3
3
4,902,370
4,902,370
4,902,370
4,902,370

The "A", "B" and "C" ordinary shares rank pari passu in all respects with the ordinary shares, except that the holders of the "A", "B" and "C" shares have the right to receive notice of, attend and speak at shareholders meetings but do not have the right to vote at such meetings, save in relation to the appointment of representative directors. With regard to voting rights the ordinary shares held by the Inverness Caledonian Thistle Supporters Society Limited the "Supporters Trust", have enhanced rights for as long as they are held by the Supporters Trust.

13
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,095,942
2,095,942
Revaluation surplus arising in the year
11,825,301
-
0
At the end of the year
13,921,243
2,095,942
INVERNESS THISTLE AND CALEDONIAN F. C. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2024
- 11 -
14
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.

Senior Statutory Auditor:
Paul Capewell FCA CA
Statutory Auditor:
A9 Accountancy Limited
Date of audit report:
4 November 2025
15
Operating lease commitments
As lessee

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,000 (2023 - £15,000).

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

2024
2023
£
£
Total commitments
1,050,000
1,065,000
16
Events after the reporting date

On 5 June 2025, the company capitalised loan capital of £400,000 into Ordinary Share capital.

On 10 July 2025, an additional allotment of 800,000 £1 Ordinary Shares was made in favour of F.C. Inverness Limited and at that point F.C. Inverness Limited became the controlling party.

On 22 August 2025, the company exited administration following the successful implementation of a restructuring plan. The administration process, which began on 22 October 2024, concluded with the approval and full implementation of a Company Voluntary Arrangement on 9 September 2025.

17
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Subsequent to the year end an amount of £3,325,1 56 in relation to loans granted to the company from related parties was written off. This write off has been included in these accounts within the exceptional items.

2024
2023
Amounts due to related parties
£
£
Directors and key management personnel
-
2,101,751
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