Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

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

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

Basis of preparation

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.

Group accounts not prepared

The financial statements contain information about Bristol City Football Club Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt by virtue of Section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Bristol City Holdings Limited, a company incorporated in England & Wales. The registered office of Bristol City Holdings Limited is: Ashton Gate, Bristol, BS3 2EJ.

Bristol City Football Club 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.

The company made a loss for the financial period, and net assets at 30 June 2025 were £5.9m (2024 – net assets of £11.5m). The financial position before player trading improved versus prior year largely as a result of increased revenue and cost control. Player trading is significantly down on prior year due to no large comparable sales like Alex Scott in August 2023 and reduced equity investment to £7.5m (2024 – £13m). This had a negative impact on net current assets which reduced to £7.3m in 2025 (2024 – net current assets of £14.1m), and creditors due within one year increased by £4m to £9m (2024 – £5.0m). The total net assets of £5.9m are stated after deferred revenues of £5.5m (2024 – £4.1m) which appear on the balance sheet as a liability but represent revenues to be recognised during the year ending 30 June 2026.

The directors are satisfied that, whilst there can be no certainty as to the specific longer-term implications for professional football of the current cost-of-living crisis, there are no material uncertainties in respect of the going concern status of the company.

The club continues to be dependent on the financial support of its intermediate parent company, Pula Sport Limited, to ensure adequate access to funding and working capital. Pula Sport Limited is a company owned and controlled by Mr & Mrs S P Lansdown that invests in the group via debt and equity injections. Evidence of the commitment of Pula Sport Limited and Mr & Mrs S P Lansdown is the debt-to-equity swap which took place in the year in Bristol City Holdings Limited and, in turn, Bristol City Football Club Limited of £7.5m (2024 - £13.5m). Pula Sport Limited has confirmed its ongoing support for the company for at least the next 12 month, post approval of these financial statements.

The directors are confident that, after taking into account the ongoing match day and commercial revenues, post year end transfer activity profits and the commitment by Pula Sport Limited, the company (and wider Bristol City Holdings Limited group) will have sufficient working capital until the end of the 2025/26 season and for the foreseeable future, being not less than 12 months from the date of approval of these financial statements. The directors are also confident that the club will continue to be compliant with the English Football League Championship Profitability and Sustainability rules. Accordingly, the directors consider it appropriate to prepare these financial statements on a going concern basis.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

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 judgements which have a significant effect on the financial statements are:

Going concern, as described in the accounting policy above;

Contingent receipts - Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts would be payable to the group if certain conditions are met. Any amounts deemed probable to occur will be disclosed in the notes to the accounts, with any events determined to be virtually certain resulting in the fees being recognised as a debtor. Management use their judgement taking into account a variety of variables when assessing whether a contingent receiptt is probable or possible.

Contingent payments - Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts are payable by the group if certain events occur. These amounts are only recognised within intangible assets as part of the registration of player contracts when management considers that it is probable that the condition required to trigger the payment will be met. Any amounts considered possible are disclosed in the notes to the accounts. Management use their judgement taking into account a variety of variables when assessing whether a contingent payment is probable or possible.

Management apply accounting judgement in determining which costs are considered directly associated with the acquisition of player registrations, with reference to consideration of the enduring benefit of those costs.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Land and buildings
Properties (see note 13) are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the loss excluding player trading as to whether an indicator of permanent impairment has occurred. There is estimation in respect of the assumptions regarding future cash generation in respect of the player performance, attracting gate receipts and broadcasting revenue. The carrying amount at the year end is £13,821,629 (2024 - £14,499,550).

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

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 (see note 15). The directors have considered recoverability with reference to regular settlement, overall going concern assessment of group and ongoing interrelationship and trading between entities. The value of provisions against intercompany debtors at the year end is £4,440,000 (2024 - £3,246,778).

Player contracts
The costs associated with acquiring players' registrations, or extending their contracts, is carried at cost, less accumulated amortisation and accumulated impairment losses (see note 12). The carrying value of players' contracts is reviewed for impairment in light of post year end performance, injuries and the sales value achieved for any players sold to other clubs. This review requires significant estimation by management in respect of player performance and value in the player market. The carrying amount at the year end is £11,666,012 (2024 - £5,368,903).

Turnover

Tax

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

UK Research and Development tax incentive regimes

The company accounts for amounts claimed under the RDEC scheme as other income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Government grants

Intangible assets

Players' contracts and transfer fees

The costs associated with acquiring players' registrations or extending their contracts are capitalised as intangible assets and amortised, in equal instalments, over the period of the respective players' contracts. Where a contract is renegotiated prior to the expiry of its original term, the net book value at that time, and any new costs relating to the contract extension, are amortised over the remaining revised contract life.

Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of first-team appearances or on the occurrence of certain other specified future events. Liabilities in respect of these additional transfer fees are accounted for, as provisions, when it becomes probable that the number of appearances will be achieved or the specified future events will occur.

Provision is made for any impairment and player registrations are written down when the carrying amount exceeds the amount recoverable through use or sale.

Profit on disposal of players' contracts

Profits or losses arising on the disposal of players' contracts are credited or charged to the profit and loss account in the year in which the player is sold. They are calculated as the difference arising between the transfer fees received and the net book value of the contracts at the time of this disposal.

Software
Software is in respect of website and IT software costs capitalised. This is amortised on a straight line basis over 4 years.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Tangible assets

Depreciation

Investments

Leases

Defined contribution pension obligation

Bristol City Football Club 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;
• Short term intra-group debtors and creditors;
• Debtors and creditors in relation to transfer fees;
• Long term other borrowings; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
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.

Short term trade, intra-group, transfer fee and other debtors and creditors and cash and bank balances 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 debtors and creditors in relation to transfer fees constitute a financing transaction and are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument at inception. As the discount unwinds it is charged/ credited to the Profit and Loss account.

Long term other borrowings are initially measuared at transaction price, including transactions costs, and are subsequently carried at amortised cost using the effective interest method.
 

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

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025