REGISTERED NUMBER: 00088982 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 June 2025

for

Leyton Orient Football Club Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

5

Balance Sheet

6

Notes to the Financial Statements

8

DIRECTORS:

Mr Nigel Travis

Mr Matthew Richard Porter

Mr Richard James Emmett

Mr Rodney Kent Teague II

Mr David Gandler

REGISTERED OFFICE:

Brisbane Road

Leyton

London

E10 5NE

REGISTERED NUMBER:

00088982 (England and Wales)

ACCOUNTANTS:

Providence Financial Limited

01 Meadlake Place

Thorpe Lea Road

Egham

Surrey

TW20 8HE

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

REVIEW OF BUSINESS

I'm pleased to say that this is my ninth report as Chairman of Leyton Orient Football Club, and I am now in my 67th year of supporting our great club.

The review is predominately about the year 2024/25, a season that had everything. From flirting with the relegation places before the turn of the year, to reaching the play-off final, and excelling in the FA Cup with the world watching. Although the season ultimately ended with disappointment, we can look back with pride upon securing our highest league finish in a decade. Juggling this, alongside two deep cup runs, meant that we played 61 games in the year, which was in the top 10 highest for any European team.

None of this would have been possible without the phenomenal support of our fanbase, who stood by the team when they needed it most. Lifting the players to score late goals, make last-ditch blocks and bury crucial penalties.

The directors have continued to measure our progress using several key performance indicators such as final league position, average league attendance and profitability. The highlights of our financials are shown below.

2023/24

2024/25

Division

League One

League One

League Position

11th

6th

Turnover (£m)

7.7

9.4

Operating (Loss) (£m)

(3.7)

(4.6)

Average League Attendance

8,172

7,875

Capital Expenditure (£m)

1.2

1.1

Profit on Player Trading (£m)

0.4

0.5

As you will see above, the club achieved another record revenue total for the year. Cup runs collectively generated in excess of £700k profit and the play-offs generated £350k profit for the club. Outside of these two quite exceptional events, we saw healthy year-on-year growth across the club, with Commercial Partnerships revenue increasing by 30%, Hospitality revenue increasing 46% and replica shirt sales increasing by almost 20%.

This additional revenue, along with significant funding from myself and the other shareholders, allowed us to invest more money in the first team, increasing the playing budget by over 30% for the 2024/25 season. This increase was driven by our desire to compete at the top end of League One, but also by market forces, as the average playing budget for League One has increased significantly over the last few years.

We had the misfortune of having three home games postponed to Tuesday evenings, which meant that the club missed out on over £200k of revenue through tickets, retail and F&B takings due to lower attendances. This also impacted on the average attendance for the year, which, as a result, dropped by almost 300 attendees year-on-year. This trend has reversed so far for 2025/26, as we have fortunately not had the same fixture disruption, and the average attendance looks set to revert to around the 2023/24 level.

It may surprise some supporters that even though we had so much success last season, the loss has still increased year-on-year. As mentioned earlier, the largest driver for this is the increase in the playing budget. For context, our budget for the 2023/24 season was approximately 13th largest in the division at the time, but this would now be the 22nd largest. Hopefully this paints the picture for how competitive League One is rapidly becoming.

In April 2025, we welcomed David Gandler to Leyton Orient, who acquired a majority shareholding in the club. David's understanding of the club's aims, values and culture made him the ideal person for the club to partner with, and his integration into the Orient universe has been a pleasure to be a part of. I remain as Chairman of LOFC, but David is enjoying working with all areas of the club, and has a strong working relationship with myself and the staff. One of the long-term benefits of David's acquisition is that the large, accumulating debt which the football club owed to Eagle Investments 2017 Limited was converted into equity which, in layman's terms, means that Leyton Orient is no longer saddled with large amounts of debt.

Reflecting back, I am sure all supporters will agree that last season was an enjoyable rollercoaster, filled with wonderful moments and achievements. As I write this, League One is so tight and competitive that anything I write about this current season will probably be out of date by next week, so I won't try to speculate other than say we are confident that Richie's team and the players can deliver a strong end to the season. Ultimately, we have a clear goal, to become a sustainable Championship football club and we have clear alignment throughout the organization for how to execute our ambitious plans and, ultimately, succeed together. I look forward to being part of the journey with you.

Thank you for the fantastic support. Up the O's!

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

Mr Nigel Travis

Mr Matthew Richard Porter

Mr Richard James Emmett

Mr Rodney Kent Teague II

Other changes in directors holding office are as follows:

Mr David Guy Travis - resigned 25 April 2025

Mr Marshall James Taylor - resigned 25 April 2025

Mr Nikolaus Dieter Semaca - resigned 25 April 2025

Mr Richard Coleman Parry - resigned 25 April 2025

Mr David Gandler - appointed 25 April 2025

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr Nigel Travis - Director

2 December 2025

REVENUE

9,431,054

7,718,911

Cost of sales

2,312,434

2,093,604

GROSS PROFIT

7,118,620

5,625,307

Administrative expenses

12,474,063

9,964,125

(5,355,443

)

(4,338,818

)

Other operating income

738,052

591,238

OPERATING LOSS

(4,617,391

)

(3,747,580

)

Interest receivable and similar income

2,917

4,015

LOSS BEFORE TAXATION

(4,614,474

)

(3,743,565

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(4,614,474

)

(3,743,565

)

FIXED ASSETS

Intangible assets

4

232,292

7,500

Property, plant and equipment

5

3,220,507

2,633,479

3,452,799

2,640,979

CURRENT ASSETS

Inventories

6

195,140

147,793

Debtors

7

1,209,662

2,138,276

Cash at bank and in hand

742,970

944,611

2,147,772

3,230,680

CREDITORS

Amounts falling due within one year

8

3,520,063

3,553,009

NET CURRENT LIABILITIES

(1,372,291

)

(322,329

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,080,508

2,318,650

CREDITORS

Amounts falling due after more than one year

9

(1,646,185

)

(19,796,339

)

ACCRUALS AND DEFERRED INCOME

(762,664

)

(871,517

)

NET LIABILITIES

(328,341

)

(18,349,206

)

CAPITAL AND RESERVES

Called up share capital

10

23,455,339

820,000

Share premium

1,161,810

1,161,810

Capital reserves

4,295,500

4,295,500

Retained earnings

(29,240,990

)

(24,626,516

)

SHAREHOLDERS' FUNDS

(328,341

)

(18,349,206

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 2 December 2025 and were signed on its behalf by:

Mr Nigel Travis - Director

1.	STATUTORY INFORMATION

Leyton Orient Football Club 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Intangible fixed assets other than goodwill

Intangible fixed assets represent transfer fees and league levies associated with the acquisition of players' registrations which are capitalised as intangible fixed assets and amortised over the period of the player's contract. Provision for any impairment in value, such as through injury or loss of form, is made when it becomes apparent that the diminution in value is present.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Remaining Life on Lease

Plant and machinery

-

Useful life of assets

Fixtures and fittings

-

Useful life of assets

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has net liabilities of £328,341. The accounts have been prepared on going concern basis as the shareholders have confirmed that they will continue to provide financial support to the company for the foreseeable future.

Deferred grants

Grants receivable from the Football Trust and similar bodies in respect of capital expenditure are treated as deferred income and released to the profit and loss account over the future period. The period will equal the economic life of the assets to which the grant relate in order to match to income the depreciation charged on these assets. Deferred grant income in the balance sheet represents total grants received less amount to the credited to the profit & loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 211 (2024 - 279 ) .

4.	INTANGIBLE FIXED ASSETS

Players

reg'n

£

COST

At 1 July 2024

15,000

Additions

278,750

At 30 June 2025

293,750

AMORTISATION

At 1 July 2024

7,500

Amortisation for year

53,958

At 30 June 2025

61,458

NET BOOK VALUE

At 30 June 2025

232,292

At 30 June 2024

7,500

5.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2024

2,800,986

1,160,346

561,993

16,843

4,540,168

Additions

857,371

30,674

236,722

-

1,124,767

Disposals

-

-

-

(16,843

)

(16,843

)

At 30 June 2025

3,658,357

1,191,020

798,715

-

5,648,092

DEPRECIATION

At 1 July 2024

503,475

875,964

510,407

16,843

1,906,689

Charge for year

370,199

109,655

57,885

-

537,739

Eliminated on disposal

-

-

-

(16,843

)

(16,843

)

At 30 June 2025

873,674

985,619

568,292

-

2,427,585

NET BOOK VALUE

At 30 June 2025

2,784,683

205,401

230,423

-

3,220,507

At 30 June 2024

2,297,511

284,382

51,586

-

2,633,479

6.	INVENTORIES

30.6.25

30.6.24

£

£

Finished goods

195,140

147,793

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade debtors

600,442

1,470,200

Other debtors

882

882

Prepayments and accrued income

608,338

667,194

1,209,662

2,138,276

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade creditors

755,006

830,723

Social security and other taxes

374,946

250,713

VAT

183,017

300,415

Other creditors

27,889

17,426

Accruals and deferred income

2,179,205

2,153,732

3,520,063

3,553,009

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.25

30.6.24

£

£

Other creditors

1,646,185

19,796,339

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.25

30.6.24

value:

£

£

93,821,356

Ordinary

£0.25

23,455,339

820,000

90,541,356 Ordinary shares of £0.25 each were allotted and fully paid for cash at par during the year.

11.	OPERATING LEASE COMMITMENTS

The company has entered into an operating lease agreement for Solar PV Modules with Horizon Energy Ventures Limited. This lease has terms of 48 months started from July 2024.

Lease expenses

Total lease payments recognised as an expenses during the year were as follows:

Particulars

30 June 2025

30 June 2024

Lease rentals charged to the profit and loss

£78,932

£Nil

Future minimum lease payments under non-cancellable operating leases are as follows:

Period

Amount (£)

Payable within one year

78,932

Payable more than one year

157,865

Total

236,797

12.	RELATED PARTY DISCLOSURES

Eagle Investments 2017 Limited ("Eagle") owns 99.66% (2024: 90.36%) of the Company's equity. During the year, an allotment of 90,541,356 shares of £0.25 each, totalling £22,635,339 was made in consideration of the release and discharge of loans made to the Company by Eagle. Eagle has funded the Company since 2017 through a non-interest-bearing loan facility which is disclosed under and represents Creditors: amounts falling due after more than one year.