Ashton Gate Limited 05450440 false 2024-07-01 2025-06-30 2025-06-30 The principal activity of the company is provision of stadium facilities and stadium management. Ashton Gate Limited is part of the wider Bristol Sport group (the Group), the ultimate parent being Pula Sport Limited. The Group also includes Bristol Sport Limited, Bristol Flyers Limited, Bristol City Football Club Limited, Bristol Rugby Club Limited, and their respective Women’s clubs. The immediate parent of Ashton Gate Limited is Bristol City Holdings Limited which holds the Company alongside Bristol City Football Club Limited. Ashton Gate stadium is home to the Bristol Bears and Bristol City Football clubs, and hosts international rugby and football fixtures from time to time. The stadium also holds non-matchday events including concerts, external meetings, conferences, parties and events. 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Ashton Gate Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 05450440

Ashton Gate Limited

Contents

Company Information | 1
Strategic Report | 2 to 5
Directors' Report | 6 to 7
Statement of Directors' Responsibilities | 8
Independent Auditor's Report | 9 to 12
Profit and Loss Account | 13
Balance Sheet | 14
Statement of Changes in Equity | 15
Notes to the Financial Statements | 16 to 30

Ashton Gate Limited

Company Information

Directors | M Kelly J S Lansdown L C Knights Hume R A Wormald

Company secretary | V L Long

Registered office | Ashton Gate Stadium Ashton Road Bristol BS3 2EJ

Solicitors | Burges Salmon LLP One Glass Wharf Bristol BS2 0ZX

Bankers | Barclays Bank plc Bristol & North Somerset Group PO Box 207 Bristol BS2 0ZX

Auditors | PKF Francis Clark Statutory AuditorFirst Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Ashton Gate Limited

Strategic Report for the Year Ended 30 June 2025

The directors present their strategic report for the year ended 30 June 2025.

Principal activity

The principal activity of Ashton Gate Limited (the Company) is provision of stadium facilities and stadium management.
Ashton Gate Limited is part of the wider Bristol Sport group (the Group), the ultimate parent being Pula Sport Limited. The Group also includes Bristol Sport Limited, Bristol Flyers Limited, Bristol City Football Club Limited, Bristol Rugby Club Limited, and their respective Women’s clubs. The immediate parent of Ashton Gate Limited is Bristol City Holdings Limited which holds the Company alongside Bristol City Football Club Limited.
Ashton Gate stadium is home to the Bristol Bears and Bristol City Football clubs, and hosts international rugby and football fixtures from time to time. The stadium also holds non-matchday events including concerts, external meetings, conferences, parties and events.

Review of the business

The stadium hosted 37 Bristol City and Bristol Bears men’s league games in the financial year, alongside a sell-out play-off match for Bristol City, the first since 2008. Additional fixtures for Bristol City took place in the Carabao and FA Cups, while Bristol Bears welcomed the Queensland Reds. Ashton Gate also successfully delivered three further fixtures for the Rugby Football Union (RFU) and the FA, including a sell-out Lionesses v Belgium match in April.
A strong on-pitch performance from Bristol City drove higher league attendances in the second half of the season, delivering increased food and beverage revenues for the stadium and contributing to record season-ticket sales for the season ahead. Spend per head continued to rise, positively enhancing matchday food and beverage performance. Non-matchday revenues remained robust within an increasingly competitive market, supported by a number of new, larger events held within the stadium’s concourses rather than the conventional restaurant format.

Financial Performance

Revenues decreased by £7.5m in the year, primarily because the stadium held no concerts as it prepared for the Women’s Rugby World Cup fixtures in September 2025, the benefit of which will be seen in next years accounts. In addition, Ashton Gate temporarily removed the annual licence fee ordinarily payable by Bristol City and Bristol Rugby Clubs under the 125-year groundshare agreement, as agreed with the parent company. The relocation of the Bristol Bears v Bath “local derby” fixture from Ashton Gate to the Principality Stadium (branded the “Big Day Out”) was a strategic initiative by the rugby club to reach new audiences, although this adversely impacted Ashton Gate revenue. Cost control remained a key focus in another challenging year, which saw food price inflation reach 4.5%, alongside significant increases in National Insurance and National Minimum Wage requirements from 1 April 2025.
The company has restated revenue numbers relating to the hospitality ticket revenue received. This was previously shown net but the revenue has been grossed up in accordance with FRS102 as the company receive this revenue as part of package prices, before passing on an agreed allocation to the clubs.

The balance sheet of the Company shows £39.2m net liabilities position at the year end (2024 - £33.7m). The Company is funded by a loan from its ultimate parent of £76.7m (2024 - £74.5m) and has tangible assets - principally being the Ashton Gate Stadium - with a net book value of £38.7m (2024 - £40.4m). The inter-company loan comprises a £72m facility with interest accruing at 3%, repayable by instalments with no fixed repayment date. The loan is presented, in accordance with the requirements of FRS 102, inclusive of rolled-up interest.

Ashton Gate Limited

Strategic Report for the Year Ended 30 June 2025

The Company measures its performance using the following key performance indicators (KPI's):

| Unit | 2025 | (As restated) 2024
Turnover | £'000 | 18,405 | 25,635
EBITDA (earnings before interest, tax, depreciation and amortisation) | £'000 | (993) | 2,033
Net book value of tangible fixed assets | £'000 | 38,715 | 40,428
Net debt | £'000 | (70,814) | (70,427)

Principal risks and uncertainties

The Board keeps all risk under constant review. The Company is exposed to normal trading and compliance risk in common with others operating in this sector.
A key risk for the Company continues to be the increasing cost of living, alongside continued uncertainty around further fiscal measures being introduced by the Government. The associated reduction in disposable income and / or negative supporter sentiment as a result of these factors could adversely impact matchday attendance and spending patterns. The increased National Insurance and National Minimum Wage levels led to increased costs in the financial year and further increases are to be considered as principal risks to the business.
Energy price inflation remains a risk and fixed price contracts are utilised to allow the company further certainty over utility costs for the stadium.
The principal risk to the Company remains the availability of finance to fund its losses. The financial support of Pula Sport Limited and the ultimate controlling parties, Mr & Mrs S P Lansdown, continued to be evidenced during the 12 months to 30 June 2025 and as explained in the going concern accounting policy, is critical to the Company’s ongoing viability.
The Board would like to formally acknowledge the very generous financial support provided by Pula Sport Limited and ultimately Steve and Maggie Lansdown, as well as its hardworking staff for their continued contributions throughout the year. The Board also thanks Martin Griffiths for his service as he steps down from the role of Chairman of Ashton Gate Limited to continue his focus on developing the Ashton Gate Sporting Quarter.

Future developments

The stadium continues to focus on core business activities of providing matchday and meeting events. The recent success of the hosting of international fixtures such as the Lionesses and the upcoming Women’s rugby world cup quarter and semi final matches illustrate the continued expansion of the business across new audiences.

Section 172(1) statement

The directors of the Company must act in accordance with a set of general duties which are encapsulated within Section 172 of the UK Companies Act 2006 and can be summarised as follows:
(i) The likely consequences of any decisions in the long term

(ii) The interests of the Company’s employees

(iii) The need to foster the Company’s business relationships with suppliers, customers and others

(iv) The impact of the Company’s operations on the community and environment

(v) The need to act fairly as between shareholders of the Company

The following paragraphs summarise how the directors fulfil these statutory duties:

Ashton Gate Limited

Strategic Report for the Year Ended 30 June 2025

Risk management
The Board meet regularly and include in all meetings regular updates as to all risks to the well-being of the Company, its subsidiaries, employees, shareholders and all other stakeholders. Where risks are identified a director will take specific responsibility for qualifying the extent of the risk and then managing the process of mitigation, with regular feedback to the Board. Where appropriate, external expert advice is also taken.
People
We are committed to a comprehensive corporate social responsibility program which includes an emphasis on the well-being of all our colleagues. As a responsible employer we operate with 4 principles of engagement with all employees:

Engagement - how we engage with our existing and potential employees; ensuring they are given a voice and an active role in the evolution of the Company as a major hospitality venue in Bristol.
Development - creating opportunities, promoting development and investing in learning so our employees can fulfil their growth potential and enhance their employability.
Inclusivity - fostering a culture where hierarchies or job descriptions are not a barrier to effective, cross-functional team working; where bright ideas are encouraged and supported and where everyone understands what each other does and what else they could do within our organisation.
Flexibility - harnessing technology to work in a smarter way and positively challenging traditional workplace practices.

The Board meet regularly and any key decisions are made with the best interests of all key stakeholders considered, including the local community, customers and suppliers, our staff and owners.
The key decision taken in the year was the pause of rent and service charge to the clubs as mentioned above.

Business relationships
The Company fosters long lasting business relationships with customers and suppliers on the basis of mutual trust, openness and engagement. We create internal systems and processes which enable us to interact effectively with all stakeholders.
Environmental matters
We are committed to identifying effective ways of working that reduce our impact on the environment. This includes:
(i) Investing in and raising awareness of technology to mitigate our carbon footprint
(ii) Communicating alternative methods of travelling to and from the stadium, other than by car
(iii) Promoting the cycle to work scheme
(iv) Building on our existing recycling practices
(v) Reducing paper usage
(vi) Providing refillable water stations throughout the stadium
(vii) Selecting eco-friendly suppliers

Engagement with employees

Our approach to employee engagement is set out above within the description as to how the directors meet their obligations under s172 Companies Act 2006.

Ashton Gate Limited

Strategic Report for the Year Ended 30 June 2025

Engagement with suppliers, customers and other relationships

Our approach to business relationships is set out above within the description as to how the directors meet their obligations under s172 Companies Act 2006.

Approved by the Board on 5 December 2025 and signed on its behalf by:

......................................... M Kelly Director |  |

Ashton Gate Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors of the company

The directors who held office during the year were as follows:

M W Griffiths - Chairman (resigned 25 February 2025)

M Kelly

J S Lansdown

G T Marshall - Company secretary and director (resigned 31 October 2025)

L C Knights Hume

R A Wormald (appointed 9 April 2025)

Information included in the Strategic Report

Our approach to employee engagement and business relationships is set out in our strategic report within the description as to how the directors meet their obligations under s172 Companies Act 2006.

Financial instruments

Objectives and policies

The directors have reviewed the financial risk management objectives and policies of the Company. They do not believe there to be significant risks in this area. The Company does not enter into any hedging instruments as there are not believed to be any material exposures. It does not enter into any financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Appropriate trading terms are negotiated with customers and suppliers. Management reviews these terms, the relationships with suppliers and customers and manages any exposure on normal trade terms. The Company prepares regular forecasts of cash flow and liquidity and any requirement for additional funding is managed by the directors on a needs basis.

Employment of disabled persons

Full and fair consideration is given to the employment of disabled persons having regard to their particular aptitudes and abilities. Appropriate provision is made for disabled persons to enable them to fulfil their role and this includes the re-training for alternative work for employees who become disabled.

Employee involvement

We recognise that organisations are most successful where management and staff share a common purpose, work in partnership and communicate openly. The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2004. We hold a monthly meeting which is held in working hours and attended by all employees, during which we provide employees with information about the Company and the policies.

Ashton Gate Limited

Directors' Report for the Year Ended 30 June 2025

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Environmental report

Ashton Gate Limited is in scope for Carbon Energy reporting under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The company has taken the available exemption, and the Carbon Energy reporting is disclosed in the accounts of the company’s immediate parent company, Bristol City Holdings Limited.

Future developments

The Company has taken advantage of Section 414C(11) of the Companies Act 2006 and included details of future developments in the Strategic Report.

Approved by the Board on 5 December 2025 and signed on its behalf by:

......................................... M Kelly Director |  |

Ashton Gate Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Ashton Gate Limited

Independent Auditor's Report to the Members of Ashton Gate Limited

Opinion

We have audited the financial statements of Ashton Gate Limited (the 'company') for the year ended 30 June 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 30 June 2025 and of its loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Ashton Gate Limited

Independent Auditor's Report to the Members of Ashton Gate Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 8), the directors are 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 directors determine is 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Ashton Gate Limited

Independent Auditor's Report to the Members of Ashton Gate Limited

The key laws and regulations we identified were Health & Safety legislation, Employment legislation and General Data Protection Regulations (GDPR).
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and Corporation Taxes Acts 2009 & 2010.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• | Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements, specifically including the key laws and regulations noted above;

• | Review of relevant correspondence, reports and documentation, including health and safety certificates;

• | Review of GDPR breaches register and ICO website for any relevant enforcement actions;

• | Review of legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance; and

• | Reviewed Board minutes.

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud.
We also evaluated the risk of fraud through management override. The key risks we identified were in relation to the occurrence of revenue in order to potentially manipulate earnings before interest tax and depreciation in order to maintain continuing support from the ultimate owners, and also improve the group results reported in English Football League Profitability and Sustainability calculations by the immediate parent company. We determined that the principal risks were related to management override of controls and fraudulent recognition of income.
In response to the identified risk, as part of our audit work we:

• | Used data analytics to test journal entries throughout the year, for appropriateness;

• | Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates; and

• | Undertook specific substantive testing in respect of income recognition and cut-off.

Ashton Gate Limited

Independent Auditor's Report to the Members of Ashton Gate Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Michael Hall (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
First Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

5 December 2025

Ashton Gate Limited

Profit and Loss Account

Year Ended 30 June 2025

| Note | 2025 £ | (As restated - see note 2) 2024 £
Turnover | 3 | 18,405,159 | 25,934,699
Staff costs |  | (9,009,587) | (8,924,146)
Depreciation and amortisation expense |  | (2,374,855) | (2,253,888)
Other operating expenses |  | (10,388,344) | (14,977,557)
Operating loss | 4 | (3,367,627) | (220,892)
Interest payable and similar charges | 8 | (2,154,952) | (2,169,898)
Loss before tax |  | (5,522,579) | (2,390,790)
Loss for the year |  | (5,522,579) | (2,390,790)

Ashton Gate Limited

Balance Sheet

30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 10 | 66,768 | 82,493
Tangible assets | 11 | 38,715,159 | 40,428,459
|  | 38,781,927 | 40,510,952
Current assets |  |  |
Stocks | 12 | 109,512 | 139,806
Debtors | 13 | 2,252,119 | 2,987,286
Cash at bank and in hand |  | 930,681 | 1,317,460
|  | 3,292,312 | 4,444,552
Creditors: Amounts falling due within one year | 15 | (3,533,464) | (4,100,460)
Net current (liabilities)/assets |  | (241,152) | 344,092
Total assets less current liabilities |  | 38,540,775 | 40,855,044
Creditors: Amounts falling due after more than one year | 15 | (76,663,150) | (74,510,813)
Deferred income |  | (1,125,890) | (69,917)
Net liabilities |  | (39,248,265) | (33,725,686)
Capital and reserves |  |  |
Called up share capital |  | 989,752 | 989,752
Profit and loss account |  | (40,238,017) | (34,715,438)
Shareholders' deficit |  | (39,248,265) | (33,725,686)

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:

......................................... M Kelly Director

Company Registration Number: 05450440

Ashton Gate Limited

Statement of Changes in Equity

Year Ended 30 June 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2024 | 989,752 | (34,715,438) | (33,725,686)
Loss for the year | - | (5,522,579) | (5,522,579)
Total comprehensive income | - | (5,522,579) | (5,522,579)
At 30 June 2025 | 989,752 | (40,238,017) | (39,248,265)

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2023 | 989,752 | (32,324,648) | (31,334,896)
Loss for the year | - | (2,390,790) | (2,390,790)
Total comprehensive income | - | (2,390,790) | (2,390,790)
At 30 June 2024 | 989,752 | (34,715,438) | (33,725,686)

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ashton Gate Stadium
Ashton Road
Bristol
BS3 2EJ

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to presentation of a cash flow statement, intra-group transactions and remuneration of key management.

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.
Notwithstanding the fact the company made a loss for the year of £5,522,579 (2024 - £2,390,790) and had net liabilities of £39,248,265 (2024 - £33,725,686), also net current liabilities at the year end, the directors have continued to adopt the going concern basis of preparation for the following reasons:
- Pula Sport Limited invests in the group of which the company is part by making available borrowing facilities which confirms the long term commitment that they, and Mr & Mrs S P Lansdown, have to the company and the group.
- The Company is trading on a day to day basis within its own cash flow. It was provided with additional funding from the Company’s intermediate parent Company, Pula Sport Limited, during the year, which is shown the balance sheet. Subsequent to the year end, no additional funding has been required, however an agreement is in place for Pula to provide funding throughout the coming financial year. The funding requirements in the year was as a result of the pause in the ground share agreement with the clubs which impacted on working capital cash flows.
- The directors recognise that the Company remains dependent on the support of Pula Sport Limited, a Company owned and controlled by Mr & Mrs S P Lansdown, in ensuring the ongoing, and long-term, availability of intra-group and bank loan finance. There have been no changes to the loan terms in the 2025 financial year.
- Pula Sport Limited has confirmed its ongoing support for the company and group.
In forming their opinion as to the going concern status the directors have also considered the uncertain economic environment and some weakness in demand for some sports related ticketing events and the principal risks and uncertanties described in the strategic report. The directors are satisfied that, whilst there can be no certainty as to the specific implications for the Company, there are no material uncertainties in respect of the going concern status of the Company.
The directors are confident that, taking into account the trading performance post year end, the performance of fellow group companies and their respective sports teams, the forecasts prepared to 30 June 2026 and the commitment by Pula Sport Limited, that the Company (and the group of which it is part) will have sufficient working capital for the foreseeable future, being not less than 12 months from the date of approval of these financial statements.

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Prior period restatement: Change of accounting policy

During the year ended 30 June 2025 management has undertaken a detailed analysis of the company’s revenue recognition policies and has identified that the substance of hospitality ticket income is that Ashton Gate Limited acts as principal to those transactions. The previous accounting analysis and judgement was that Ashton Gate Limited was operating as agent on behalf of fellow group undertakings and therefore the directors have determined that a change of accounting policy should be applied and, in accordance with FRS 102, retrospectively to the comparative information presented for the year ended 30 June 2024. The impact of the resulting change to the comparative information in these financial statements, is to present the hospitality ticket income and related ticket cost of sales on a gross basis. The impact of the prior period restatement has been to increase both turnover and other operating expenses by £954,886 for that year. There is no impact on the loss for the year, net liabilities or profit and loss reserve as at 30 June 2024.

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods in the revision affects both current and future periods.
The key judgements that have a significant effect on the financial statements are in respect of going concern, as described in the above accounting policy.
As described in the accounting policies, the company should be deemed the principal to the hospitality ticket income rather than its previous role as agent; as a result, a change of accounting policy was identified and this has resulted in a restatement of the comparative information presented in these financial statements.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below.

Land and buildings
Properties are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This required an estimation in the depreciation rates used as well as assessment of the ongoing contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £36,670,017 (2024 - £37,765,438).

Intercompany debtor recoverability
This requires estimation by management as to the recoverability of the debtor and the amount of any provision required against the debt at the year end. The directors have considered recoverability with reference to regular settlement, overall going concern assessment of the group and ongoing interrelationship and trading between entities. The directors consider the balances fully recoverable at the year end. The carrying amount is £1,002,183 (2024 - £1,515,925).

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Where the company is the principal in the contractual relationship with customers, income is presented in full, and recognised in the period that the goods and services are provided.
Matchday revenues, including recharge of stadium running costs to fellow group companies, are recognised when the relevant game takes place. Event income is recognised when the relevant event takes place. Sponsorship and advertising income is recognised in the period to which it relates. Income arising from administrative and other services provided to fellow group companies is recognised as the service is rendered.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and any subsequent accumulated impairment losses. Intangible assets consist of software costs in respect of the company's systems.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Operating software | 4 - 7 years straight line

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and any subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets, other than freehold land and assets under the course of construction, so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class | Depreciation method and rate
Freehold buildings | 8 - 50 years straight line
Plant and machinery | 7 years straight line
Fixtures and fittings | 4 - 10 years straight line

Leases

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.

Defined contribution pension obligation

The company contributes to certain employees' personal pension plans. The company also operates a defined contribution pension scheme to which it contributes for members. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Financial instruments

The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Short term intra-group debtors and creditors;
• Long term intra-group loans; and
• Cash and bank balances.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors and short term loans. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Long term intra-group loan liabilities are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Tax

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The company passes some of its tax losses to fellow group companies via group relief. It receives payment for these losses at the average rate of tax for the financial period in which the losses are relieved.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Deferred tax assets in respect of tax losses carried forward are not recognised as they do not meet the recognition criteria set out in FRS 102 given there is no certainty as to when the losses will be utilised.

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

3 | Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | (As restated - see note 2) 2024 £
Sale of goods | 6,452,005 | 8,014,280
Rendering of services | 11,953,154 | 17,920,419
| 18,405,159 | 25,934,699

The analysis of the company's turnover for the year by class of business is as follows:

| 2025 £ | (As restated - see note 2) 2024 £
Ground rent and service charge | 641,942 | 3,671,666
Stadium and event revenue | 17,763,217 | 22,263,033
| 18,405,159 | 25,934,699

Included within ground rent and service charge is fees charged to wider group comapanies in respect of use of the stadium and maintenance of the training grounds as well as charges to third parties.

All turnover arose within the United Kingdom.

4 | Operating loss

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 2,338,784 | 2,221,620
Amortisation expense | 36,071 | 32,268

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

5 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 8,185,614 | 8,182,777
Social security costs | 689,685 | 626,728
Pension costs, defined contribution scheme | 134,288 | 114,641
| 9,009,587 | 8,924,146

The average number of persons employed by the company during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Stadium operations | 324 | 322
Food and beverage | 386 | 435
Administration and sales | 26 | 29
| 736 | 786

The above disclosure has been calculated in accordance with the requirements of the Companies Act 2006, being monthly headcount. During the current year, the company employed more than 800 (2024 - more than 800) members of staff in total.
75 (2024 - 70) of the stadium operations employees deliver management services to fellow group undertaking Bristol Sport Limited, the income for which is included in stadium & event revenue.

6 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 763,163 | 725,222
Contributions paid to money purchase schemes | 40,750 | 35,673
| 803,913 | 760,895

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 4 | 3

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 261,250 | 264,437
Company contributions to money purchase pension schemes | 22,125 | 20,444

7 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 23,015 | 20,200

Exemption has been taken from making certain disclosures in respect of auditor's remuneration. This disclosure is made on a consolidated basis in the accounts of Bristol City Holdings Limited.

8 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest payable on loans from group undertakings | 2,154,952 | 2,169,898

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

9 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
| - | -
Deferred taxation |  |
Total deferred taxation | - | -
Tax expense/(receipt) in the income statement | - | -

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| £ | 2024 £
Loss before tax | (5,522,579) | (2,390,790)
Corporation tax at standard rate | (1,380,645) | (597,698)
Effect of expense not deductible for tax purposes | 303,918 | 299,800
Deferred tax asset not recognised | 1,076,727 | 297,898
Total tax charge/(credit) | - | -

Deferred tax

There are £20,151,000 of unused tax losses (2024 - £18,506,000) for which no deferred tax asset is recognised in the Balance Sheet.

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

10 | Intangible assets

| Software costs £ | Total £
Cost or valuation
At 1 July 2024 | 211,713 | 211,713
Additions | 20,346 | 20,346
At 30 June 2025 | 232,059 | 232,059
Amortisation
At 1 July 2024 | 129,220 | 129,220
Amortisation charge | 36,071 | 36,071
At 30 June 2025 | 165,291 | 165,291
Carrying amount
At 30 June 2025 | 66,768 | 66,768
At 30 June 2024 | 82,493 | 82,493

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

11 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Plant and equipment £ | Total £
Cost or valuation
At 1 July 2024 | 51,623,567 | 7,561,119 | 5,907,818 | 65,092,504
Additions | 86,720 | 511,989 | 26,775 | 625,484
At 30 June 2025 | 51,710,287 | 8,073,108 | 5,934,593 | 65,717,988
Depreciation
At 1 July 2024 | 13,858,129 | 6,123,032 | 4,682,884 | 24,664,045
Charge for the year | 1,182,141 | 566,754 | 589,889 | 2,338,784
At 30 June 2025 | 15,040,270 | 6,689,786 | 5,272,773 | 27,002,829
Carrying amount
At 30 June 2025 | 36,670,017 | 1,383,322 | 661,820 | 38,715,159
At 30 June 2024 | 37,765,438 | 1,438,087 | 1,224,934 | 40,428,459

Included within the net book value of land and buildings above is £36,670,017 (2024 - £37,765,438) in respect of freehold land and buildings.

Included within land and buildings is freehold land with a cost of £1,040,667 (2023 - £1,040,667) which is not depreciated.

12 | Stocks

| 2025 £ | 2024 £
Stock of consumables | 109,512 | 139,806

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

13 | Debtors

| 2025 £ | 2024 £
Trade debtors | 652,205 | 445,998
Amounts due from group undertakings | 1,002,183 | 1,515,925
Other debtors | 189,416 | 454,301
Prepayments | 353,464 | 344,316
Accrued income | 54,851 | 226,746
| 2,252,119 | 2,987,286

An impairment loss of £7,034 (2024 - £23,876) has been recognised against trade debtors during the year.

14 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 3,000 | 3,000
Cash at bank | 927,681 | 1,314,460
| 930,681 | 1,317,460

15 | Creditors

| Note | 2025 £ | (As restated) 2024 £
Due within one year |  |  |
Trade creditors |  | 1,116,668 | 1,720,462
Amounts due to group undertakings | 19 | 1,698,022 | 748,180
Social security and other taxes |  | 292,343 | 173,558
Other creditors |  | 2,361 | 392,883
Accrued expenses |  | 424,070 | 1,065,377
|  | 3,533,464 | 4,100,460
Due after one year |  |  |
Loans and borrowings | 16 | 71,744,562 | 71,744,562
Accrued interest on loans and borrowings |  | 4,918,588 | 2,766,251
|  | 76,663,150 | 74,510,813

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

In preparing these financial statements the directors have identified that, in their judgement, a more appropriate presentation of prior year accrued loan interest of £2,766,251 due after one year is as long term accrued expenses rather than loans and borrowings. There has been no impact on the total of creditors due after one year. This re-presentation impacts the total of other borrowings due after one year in note 16.

16 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | (As restated) 2024 £
Other borrowings | 71,744,562 | 71,744,562

Other borrowings due after one year
The 'other borrowings' loan has been provided by Pula Sport Limited and is denominated in sterling with a nominal interest rate of 3%. There is no fixed repayment date.
The loan is secured by a fixed charge over the stadium together with fixed charges over the plant and machinery, securities, debts, goodwill and insurances held by the company and a floating charge over the undertaking and assets of the company.

Included in the loans and borrowings are the following amounts due after more than five years:

| 2025 £ | 2024 £
After more than five years | 71,744,562 | 71,744,562

| - | -

17 | Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme and also contributes to certain employees' pension plans. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £134,288 (2024 - £114,641).

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

18 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 989,752 | 989,752 | 989,752 | 989,752

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The right to one vote per share held at general meetings.

19 | Related party transactions

Summary of transactions with other related parties

Fellow (non wholly owned) subsidiaries of the wider group During the year, the company recharged expenditure to its fellow subsidiaries in respect of staffing and other costs incurred. The company raised sales invoices in respect of rent charges to its fellow subsidiaries. The company collected and paid over retail income on behalf of its fellow subsidiaries. The company made purchases from its fellow subsidiaries in respect of various costs. The company recognised receivables in respect of payment for group relief from its fellow subsidiaries.
During the period the company was charged £2,152,337 (2024 - £2,176,118) in respect of interest on a loan from its parent company. At the period end the company owed £76,663,150 (2024 - £74,510,813) in respect of the loan and accrued interest. See Note 16 for details of the loan. In addition, the company was advanced £1,000,000 (2024 - £1,570,000) in respect of short term intercompany funding. The short term intercompany balance due to the parent company is £1,423,023 (2024 - £423,023).

Ashton Gate Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Income and receivables from related parties

2025 | Other related parties £
Expenditure recharged to related parties | 5,801,892
Amounts receivable from related parties | 904,584

2024 | Other related parties £
Expenditure recharged to related parties | 6,452,558
Service charges and rent charged to related parties | 1,182,708
| 7,635,266
Amounts receivable from related parties | 812,490

Expenditure with and payables to related parties

2025 | Other related parties £
Purchases from related parties | 1,811,930
Amounts payable to related parties | 51,604

2024 | Other related parties £
Purchases from related parties | 1,582,168
Purchase of property or other assets | 447,615
| 2,029,783
Amounts payable to related parties | 490,420

20 | Parent and ultimate parent undertaking

The company's immediate parent is Bristol City Holdings Limited, incorporated in England & Wales.
The ultimate parent is Pula Limited, incorporated in Guernsey.
The most senior parent entity producing publicly available financial statements is Bristol City Holdings Limited. These financial statements are available upon request from its registered office at Ashton Gate, Ashton Road, Bristol, BS3 2EJ.
The ultimate controlling parties are Mr & Mrs S P Lansdown, by virtue of their majority shareholding in the ultimate parent company.