Year Ended
Registration number:
Bristol Sport Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Bristol Sport Limited
Company Information
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Chairman |
J S Lansdown |
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Directors |
L C Knights Hume V L Long |
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Registered office |
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Auditors |
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Bristol Sport Limited
Strategic Report
Year Ended 30 June 2025
The directors present their strategic report for the year ended 30 June 2025.
Principal activity
The principal activity of Bristol Sport Limited (the Company) is the provision of commercial services for other group entities in the sports and entertainment industry, specifically ticketing, merchandising, marketing and partnership sales.
Bristol Sport Limited is part of the wider Pula Sport group, the ultimate parent being Pula Sport Limited. The group also includes Bristol City Football Club Limited, Bristol Rugby Club Limited and Ashton Gate Limited, which holds the stadium that is home to the respective football and rugby clubs.
Bristol Sport Limited owns Bristol Flyers Limited, the principal activity of which is the running of a professional basketball club. These two entities form the consolidated group that is reported in these financial statements (the Group).
Future developments
The Company continues to pursue opportunities to streamline and enhance the services that it provides to other group entities.
Fair review of the business
Turnover for the financial year ending 30 June 2025 increased by £156k to £22,565k.
Over sixty per cent of the Group’s revenue in the year was from the provision of ticketing services for Bristol City Football Club, Bristol Flyers and Bristol Bears Rugby Club. Ticket revenue increased by £963k to £14,091k (2024: £13,128k) which was notably driven by increased crowd numbers during the build-up to the European Football Leage (EFL) Championship play-offs where Bristol City met Sheffield United at Ashton Gate in May. Ticket sales for Bristol Bears also performed well, reaching a record crowd of 23,837 across the season with the team finishing fourth in the Premiership League.
Retail revenue increased to £2,277k (2024: £1,900k) driven by positive fan engagement with all three kits for Bristol City and particularly the Bears home kit.
For Bristol Flyers, on court performance was positive achieving the play-offs at the end of the season, despite ultimately falling short in the first play-off match against Leicester Riders. In cup competitions, the Flyers reached the Trophy Final but were beaten decisively 97-78 by the Newcastle Eagles.
In the European North Basketball League competition, Flyers recorded 4 wins and 4 losses in the group stage, ending up 5th in the group, falling just short of the Quarter Final play off round.
The Group made an overall loss of £2,026k (2024: £140k profit). The results were adversely impacted by amounts owing from the group’s principal kit partner, Huboo Technologies Limited, who entered administration in December 2024.
The consolidated balance sheet shows net liabilities of £2,786k as at 30 June 2025 (2024: £760k net liabilities). The Company is funded by an intercompany balance from its parent of £1,025k (2024: £225k). The increase in the intercompany balance during the year was to fund the cashflow shortfall associated with the insolvency of the Group’s principal kit partner during the year.
Bristol Sport Limited
Strategic Report
Year Ended 30 June 2025
Key performance indicators
The group measures performance using both financial and non-financial key performance indicators which were as follows for the year ending 30 June 2025:
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Turnover - £22,565k (2024: £22,409k) |
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Operating profit before tax - £2,056k loss (2024: £201k profit) |
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Average premiership attendance (Bristol Bears) - 21,439 (2024: 18,936) |
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Average league attendance (Bristol City) - 22,283 (2024: 22,554) |
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Average league attendance (Bristol Flyers) - 716 (2024: 744) |
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Partnership income - £3,137k (2024: £3,985k) |
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Retail revenue - £2,277k (2024: £1,900k) |
Principal risks and uncertainties
A key risk continues to be the increasing cost of living and continued uncertainty around further fiscal measures that could be introduced by the Government. The associated reduction in disposable income and / or negative supporter sentiment caused by these factors could adversely impact matchday ticket sales and spending patterns. Wider economic pressures, shifts in brand priorities, and increased Environmental, Social and Governance (ESG) expectations also present risks to the Group’s income streams from partners and sponsors.
The principal risk to the Group is the availability of finance to fund its losses. The financial support of Pula Sport Limited and the ultimate controlling parties, Steve and Maggie 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 generous financial support provided by Pula Sport Limited and ultimately Steve and Maggie Lansdown. Also, its hardworking staff for their continued contributions throughout this challenging year.
Approved and authorised by the
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Bristol Sport Limited
Directors' Report
Year Ended 30 June 2025
The directors present their report and the for the year ended 30 June 2025.
Directors of the group
The directors who held office during the year were as follows:
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 trade terms are negotiated with suppliers and customers. Management reviews these terms, the relationship 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.
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.
Disclosure of information to the auditor
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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Bristol Sport 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bristol Sport Limited
Independent Auditor's Report to the Members of Bristol Sport Limited
Opinion
We have audited the financial statements of Bristol Sport Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 30 June 2025 and of the group's 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 group 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 group and parent 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.
Bristol Sport Limited
Independent Auditor's Report to the Members of Bristol Sport Limited
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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
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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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 5, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Bristol Sport Limited
Independent Auditor's Report to the Members of Bristol Sport Limited
Auditor’s 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:
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the industry/sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, reviewed certification identified on the company website and other communications and considered findings from previous audits.
The key laws and regulations we identified were the 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;
• Review of GDPR breaches register;
• Review of ICO website for any relevant enforcement actions;
• Review of other relevant documents and correspondence;
• Review of legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance; and
• Review of 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 management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue or management bias in accounting estimates. Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
Bristol Sport Limited
Independent Auditor's Report to the Members of Bristol Sport Limited
In response to the identified risk, as part of our audit work we:
• Substantively tested or globally reconciled all material income streams;
• Undertook specific cut-off procedures in respect of revenue recognition;
• Used data analytics to test journal entries throughout the year, for appropriateness; and
• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
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.
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First Floor
Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
Bristol Sport Limited
Consolidated Profit and Loss Account
Year Ended 30 June 2025
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Note |
2025 |
2024 |
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Turnover |
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|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Exceptional bad debt expense |
(726,616) |
- |
|
|
Operating (loss)/profit |
( |
|
|
|
Other interest receivable and similar income |
|
- |
|
|
Provision for impairment of assets |
( |
- |
|
|
29,430 |
- |
||
|
(Loss)/profit before tax |
( |
|
|
|
Tax on (loss)/profit |
|
( |
|
|
(Loss)/profit for the financial year |
( |
|
|
|
Profit/(loss) attributable to: |
|||
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Owners of the company |
( |
|
The group has no recognised gains or losses for the year other than the results above.
Bristol Sport Limited
Consolidated Balance Sheet
30 June 2025
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Note |
30 June |
30 June |
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Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
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Other financial assets |
50 |
18 |
|
|
|
|
||
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Current assets |
|||
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Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
( |
|
|
|
Deferred income |
( |
( |
|
|
Provisions for liabilities |
- |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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|
Profit and loss account |
(2,786,291) |
(760,344) |
|
|
Equity attributable to owners of the company |
(2,786,191) |
(760,244) |
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Shareholders' deficit |
(2,786,191) |
(760,244) |
Approved and authorised by the
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Company Registration Number: 07881103
Bristol Sport Limited
Balance Sheet
30 June 2025
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Note |
30 June |
30 June |
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Fixed assets |
|||
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Intangible assets |
|
|
|
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Tangible assets |
|
|
|
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Investments |
|
|
|
|
|
|
||
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Current assets |
|||
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Stocks |
|
|
|
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Debtors |
|
|
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Cash at bank and in hand |
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
|
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Deferred income |
( |
( |
|
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Provisions for liabilities |
- |
( |
|
|
Net liabilities |
( |
( |
|
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Profit and loss account |
(2,125,529) |
(619,144) |
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Shareholders' deficit |
(2,125,429) |
(619,044) |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a loss after tax for the financial year of £1,506,385 (2024 - loss of £4,914).
Approved and authorised by the
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Company Registration Number: 07881103
Bristol Sport Limited
Consolidated Statement of Changes in Equity
Year Ended 30 June 2025
|
Share capital |
Profit and loss account |
Total |
Total equity |
|
|
At 1 July 2024 |
|
( |
( |
( |
|
Loss for the year |
- |
( |
( |
( |
|
At 30 June 2025 |
|
( |
( |
( |
|
Share capital |
Profit and loss account |
Total |
Total equity |
|
|
At 1 July 2023 |
|
( |
( |
( |
|
Profit for the year |
- |
|
|
|
|
At 30 June 2024 |
100 |
(760,344) |
(760,244) |
(760,244) |
Bristol Sport Limited
Statement of Changes in Equity
Year Ended 30 June 2025
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 July 2024 |
|
( |
( |
|
Loss for the year |
- |
( |
( |
|
At 30 June 2025 |
|
( |
( |
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 July 2023 |
|
( |
( |
|
Loss for the year |
- |
( |
( |
|
At 30 June 2024 |
100 |
(619,144) |
(619,044) |
Bristol Sport Limited
Consolidated Statement of Cash Flows
Year Ended 30 June 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance income |
( |
- |
|
|
Impairment loss |
|
- |
|
|
Tax expense |
( |
|
|
|
( |
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in stocks |
|
( |
|
|
(Increase)/decrease in debtors |
( |
|
|
|
Increase in creditors |
|
|
|
|
Increase/(decrease) in deferred income |
|
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Drawdown/(repayment) of other borrowing |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 July |
|
|
|
|
Cash and cash equivalents at 30 June |
514,134 |
1,123,207 |
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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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' 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 FRS102 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 statement of cash flows and key management personnel compensation. Equivalent information is presented in relation to these group accounts.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
During the preparation of the financial statements for the year ended 30 June 2025, the directors identified that the accounts for the the years ended 30 June 2024 and 30 June 2023 breached the small companies threshold and therefore medium sized consolidated accounts should have been prepared for the year ended 30 June 2024.
The directors have reviewed the impact of this and concluded that revision of the previously filed accounts is not required under the Companies (Revision of Defective Accounts and Reports) Regulations 2008 and the accounts have been amended prospectively.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account and statement of cash flows include the results and the cash flows of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposal of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Going concern
Notwithstanding the net liabilities of £2,786,191 (2024 - £760,244), the directors are satisfied that the going concern basis of preparation remains appropriate. In forming their opinion, the directors have identified the following:
- Undertakings have been received from the parent company that support will continue to be received from the wider group.
- The net liabilities position includes deferred income of £2,263,187 (2024 - £1,923,923) which the directors expect will be released to the profit and loss account as revenue in the 12 months following the balance sheet date.
In forming their opinion as to the going concern status the directors have considered a period of no less than 12 months from the date of approval of these financial statements and have also considered the known, likely and potential impacts of the ongoing economic uncertainty in the United Kingdom and its economic impact on household disposable income and therefore the various sports and professional sports clubs which the group provides its services to. The directors are satisfied that, whilst there can be no certainty as to the specific implications for the relevant sports clubs and therefore the revenue streams for the group and company, there are no material uncertainties in respect of the going concern status of the group and company.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
Key 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 that has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Merchandise income is recognised when the goods are delivered to the customer or at the point of sale to the customer for retail shop sales. Income in respect of commercial partnership and sponsorship contracts is deferred and recognised over the season to which it relates. Commission on ticket sales is deferred and recognised when the related matches are played.
Where the company is the principal (sale of goods, sale of match tickets and commercial partnership agreements) in the contractual relationship with customers, income is presented in full.
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 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 group operates and generates taxable income.
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.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
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.
Depreciation
Depreciation is charged so as to write off the cost of assets as follows:
|
Asset class |
Depreciation method and rate |
|
Furniture, fittings and equipment |
4-7 years straight line |
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 and trademarks.
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 |
|
Trademarks |
10 years straight line |
|
Software |
4 years straight line |
|
Franchise costs |
Over the life of the agreement |
Investments
Investments in subsidiaries where the shares are not publicly traded and where fair value cannot be reliably measured 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 profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
The group operates a defined contribution pension scheme and pays into personal pension plans for a number of employees. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Short term loans and other borrowing; 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.
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.
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
|
|
The analysis of the group's Turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Retail |
2,277,353 |
1,899,924 |
|
Management fees |
2,770,696 |
3,206,085 |
|
Ticket income |
14,090,710 |
13,128,040 |
|
Partnership income |
3,136,952 |
3,985,001 |
|
Other income |
289,359 |
189,684 |
|
|
|
All turnover arose within the United Kingdom.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
Exceptional bad debt expense |
During the year a major sponsor went into adminstration. The unpaid debtor balance has been fully provided for. The bad debt expense for the year is £726,616.
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - other |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Players |
|
|
|
|
|
75 (2024 - 70) staff members are employed by fellow group undertaking Ashton Gate Limited, and the costs are recharged to Bristol Sport Limited.
|
Directors' remuneration |
Throughout both the current and prior financial years, the directors were wholly remunerated by other group companies.
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
22,250 |
13,625 |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
- |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax (receipt)/expense 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
The differences are reconciled below:
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
|
Total tax (credit)/charge |
( |
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
Deferred tax
Group
There are £2,753,000 of unused tax losses (2024 - £801,000) for which no deferred tax asset is recognised in the balance sheet.
Company
There are £1,434,000 of unused tax losses (2024 - £Nil) for which no deferred tax asset is recognised in the balance sheet.
|
Intangible assets |
Group
|
Trademarks |
Computer software |
Franchise costs |
Total |
|
|
Cost or valuation |
||||
|
At 1 July 2024 |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 30 June 2025 |
|
|
- |
|
|
Amortisation |
||||
|
At 1 July 2024 |
|
|
|
|
|
Amortisation charge |
|
|
- |
|
|
Amortisation eliminated on disposals |
- |
- |
( |
( |
|
At 30 June 2025 |
|
|
- |
|
|
Carrying amount |
||||
|
At 30 June 2025 |
|
|
- |
|
|
At 30 June 2024 |
|
|
- |
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
Company
|
Trademarks |
Computer software |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2024 |
|
|
|
|
At 30 June 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 July 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 30 June 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2025 |
|
|
|
|
At 30 June 2024 |
|
|
|
|
Tangible assets |
Group
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 July 2024 |
|
|
|
Additions |
|
|
|
At 30 June 2025 |
|
|
|
Depreciation |
||
|
At 1 July 2024 |
|
|
|
Charge for the year |
|
|
|
At 30 June 2025 |
|
|
|
Carrying amount |
||
|
At 30 June 2025 |
|
|
|
At 30 June 2024 |
|
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
Company
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 July 2024 |
|
|
|
Additions |
|
|
|
At 30 June 2025 |
|
|
|
Depreciation |
||
|
At 1 July 2024 |
|
|
|
Charge for the year |
|
|
|
At 30 June 2025 |
|
|
|
Carrying amount |
||
|
At 30 June 2025 |
|
|
|
At 30 June 2024 |
|
|
|
Investments |
Company
|
30 June |
30 June |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 July 2024 |
|
|
Carrying amount |
|
|
At 30 June 2025 |
|
|
At 30 June 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Ashton Gate Stadium,
|
|
|
|
|
Subsidiary undertakings |
|
Bristol Flyers Limited The principal activity of Bristol Flyers Limited is |
|
Other financial assets |
Group
|
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 |
|
Stocks |
|
Group |
Company |
|||
|
30 June |
30 June |
30 June |
30 June |
|
|
Goods for resale |
|
|
|
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
Debtors |
|
Group |
Company |
|||
|
30 June |
30 June |
30 June |
30 June |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Accrued income |
|
- |
- |
- |
|
|
|
|
|
|
Group
Trade debtors are stated after deducting a provision for impairment of £1,044,702 (2024: £318,086). The provision is based on a review of individual balances. During the year, impairment losses of £726,616 were recognised in profit or loss (2024: £65,151).
Company
Trade debtors are stated after deducting a provision for impairment of £1,043,452 (2024: £318,086). The provision is based on a review of individual balances. During the year, impairment losses of £726,616 were recognised in profit or loss (2024: £63,424).
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
30 June |
30 June |
30 June |
30 June |
|
|
Cash at bank |
|
|
|
|
|
Analysis of changes in net debt |
Group
|
At 1 July 2024 |
Financing cash flows |
At 30 June 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,123,207 |
(609,073) |
514,134 |
|
Borrowings |
|||
|
Short term borrowings |
(525,000) |
(1,055,000) |
(1,580,000) |
|
|
|||
|
|
( |
( |
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
30 June |
30 June |
30 June |
30 June |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
|
|
|
|
||
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
30 June |
30 June |
30 June |
30 June |
|
|
Other borrowings |
|
|
|
|
Other borrowings are amounts due to the intermediate parent company, Pula Sport Limited and are interest free and repayable on demand.
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
30 June |
30 June |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 July 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 June 2025 |
- |
- |
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 July 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 June 2025 |
- |
- |
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The ultimate controlling parties are
|
Related party transactions |
Group
Income and receivables from related parties
|
2025 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Rendering of services |
|
|
Amounts payable to related party |
|
|
|
|
|
2024 |
Other related parties |
|
Rendering of services |
|
|
Amounts payable to related party |
|
|
|
|
Company
Income and receivables from related parties
Bristol Sport Limited
Notes to the Financial Statements
Year Ended 30 June 2025
|
2025 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2024 |
Other related parties |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Other related parties |
|
Rendering of services |
|
|
Amounts payable to related party |
|
|
|
|
|
2024 |
Other related parties |
|
Rendering of services |
|
|
Amounts payable to related party |
|
|
|
|