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Bristol Flyers Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 08555779

Bristol Flyers Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 9

Bristol Flyers Limited

Balance Sheet

30 June 2025

| Note | 30 June 2025 £ | 30 June 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 14,106 | -
Other financial assets | 6 | 50 | 18
|  | 14,156 | 18
Current assets |  |  |
Stocks | 7 | 8,499 | 26,075
Debtors | 8 | 261,054 | 127,190
Cash at bank and in hand |  | 2,618 | 1,377
|  | 272,171 | 154,642
Creditors: Amounts falling due within one year | 9 | (2,146,638) | (1,524,902)
Net current liabilities |  | (1,874,467) | (1,370,260)
Total assets less current liabilities |  | (1,860,311) | (1,370,242)
Deferred Income | 9 | (50,450) | (20,957)
Net liabilities |  | (1,910,761) | (1,391,199)
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Profit and loss account |  | (1,910,762) | (1,391,200)
Total equity |  | (1,910,761) | (1,391,199)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 December 2025 and signed on its behalf by:

......................................... L C Knights-Hume Director |  |

Company Registration Number: 08555779

Bristol Flyers 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 have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

Going concern

Notwithstanding the net liabilities position at the year end, the directors consider it appropriate to prepare these financial statements on a going concern basis.
The company's forecasts and projections show that the company, subject to the ongoing support of its parent company and its intermediate parent company (who have confirmed to the directors that support will continue for the foreseeable future), will be able to operate within its current facilities for the foreseeable future, being no less than 12 months from the date of approval of these financial statements.
The directors are satisfied that there are no material uncertainties in respect of the going concern status of the company.

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

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 values 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 if the revision affects both current and future periods.
The key judgement which has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.

There are no key accounting estimates.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Income from match days and those elements of commercial activities relating to matches, is recognised when the related matches are played; income from advance ticket sales, including season tickets, is deferred accordingly. Other commercial income is recognised on a receivable basis.

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.

The company passes some 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.

Tangible assets

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

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures and fittings | 4-7 years straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets consist of franchise costs.

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
Franchise costs | Over the life of the agreement

Investments

Unlisted investments where the shares are not publicly traded are measured at fair value. Where fair value cannot be reliably measured they are stated at historical cost less provision for any diminution in value.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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 the profit or loss on a straight-line basis over the period of the lease.

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Long term other loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.
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.
Except for long term other loans and borrowings, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

3 | Staff numbers

The average number of persons employed by the company during the year was 12 (2024 - 10).

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

4 | Intangible assets

| Franchise costs £ | Total £
Cost or valuation
At 1 July 2024 | 150,000 | 150,000
Disposals | (150,000) | (150,000)
At 30 June 2025 | - | -
Amortisation
At 1 July 2024 | 150,000 | 150,000
Amortisation eliminated on disposals | (150,000) | (150,000)
At 30 June 2025 | - | -
Carrying amount
At 30 June 2025 | - | -
At 30 June 2024 | - | -

5 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost or valuation
Additions | 17,403 | 17,403
At 30 June 2025 | 17,403 | 17,403
Depreciation
Charge for the year | 3,297 | 3,297
At 30 June 2025 | 3,297 | 3,297
Carrying amount
At 30 June 2025 | 14,106 | 14,106

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

6 | Other financial assets

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 July 2024 | 18 | 18
Additions | 50 | 50
At 30 June 2025 | 68 | 68
Impairment
Losses made in the period | 18 | 18
At 30 June 2025 | 18 | 18
Carrying amount
At 30 June 2025 | 50 | 50
At 30 June 2024 | 18 | 18

7 | Stocks

| 30 June 2025 £ | 30 June 2024 £
Goods for resale | 8,499 | 26,075

8 | Debtors

| 30 June 2025 £ | 30 June 2024 £
Trade debtors | 13,857 | 5,066
Amounts owed by group undertakings | 81,135 | 98,532
Prepayments | 21,056 | 13,200
Other debtors | 138,406 | 10,392
Accrued income | 6,600 | -
| 261,054 | 127,190
Less non-current portion | (125,000) | -
| 136,054 | 127,190

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Details of non-current trade and other debtors

£125,000 (2024 -£Nil) of other debtors is classified as non current. The balance is due for repayment on 15 July 2027. Interest accrues on the balance at 5% per annum.

9 | Creditors

| 30 June 2025 £ | 30 June 2024 £
Due within one year |  |
Loans and borrowings | 555,000 | -
Trade creditors | 23,856 | 14,380
Amounts due to group undertakings | 1,548,246 | 1,498,746
Social security and other taxes | 2,934 | 992
Outstanding defined contribution pension costs | 329 | 139
Other creditors | 350 | 18
Accrued expenses | 15,923 | 10,627
| 2,146,638 | 1,524,902

10 | Loans and borrowings

| 30 June 2025 £ | 30 June 2024 £
Due within one year |  |
Other borrowings | 555,000 | -

Other borrowings are amounts due to the intermediate parent company, Pula Sport Limited and are interest free and repayable on demand.

11 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £25,733 (2024 - £33,625), these relate to operating leases.

12 | Parent and ultimate parent undertaking

The company's immediate parent is Bristol Sport Limited, incorporated in England and Wales.

Bristol Flyers Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Bristol Sport Limited, incorporated in England and Wales.

The address of Bristol Sport Limited is:
Ashton Gate Stadium, Ashton Road, Bristol BS3 2EJ

13 | Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Michael Hall, who signed for and on behalf of PKF Francis Clark on 10 December 2025.