Company registration number 12035196 (England and Wales)
CREWE ALEXANDRA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CREWE ALEXANDRA GROUP LIMITED
COMPANY INFORMATION
Directors
Mr R J Rowlinson - Vice chairman
Mr I R Williamson
Mr C H Grant - Chairman
Mr S M Whitby
Mr K R Hancock
Mr A P Davison
Mr M D Beavan
Mr M A Blakemore
Secretary
Mr M A Blakemore
Company number
12035196
Registered office
Mornflake Stadium
Gresty Road
Crewe
CW2 6EB
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
CREWE ALEXANDRA GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 28
CREWE ALEXANDRA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Review of the business

The directors aim to present a balanced review of the development and performance of the business during the period and of the group's position at the period end. The review is consistent with the size and non complex nature of the business and is written in the context of risks and uncertainties facing the group.

The company is a holding company for its trading subsidiaries. The group operates from its registered office and premises at Mornflake Stadium, Gresty Road in Crewe providing professional football and related commercial activities.

Principal risks and uncertainties

The main risks and uncertainties, set out below, though not an exhaustive list but which could affect group performance include:-

1. Economic conditions: Business uncertainty due to inflation continues to dominate the headlines and can have a negative impact on the consumer/customer confidence.

2. Customer and supplier relationships: Appropriate trade terms are negotiated with customers and suppliers. The group review these terms and prepare regular forecasts of cash flow and any requirement for additional funding is managed by the directors on a needs basis.

3. Liquidity: The group finances its business using a mixture of profits, trade credit, funding and an overdraft facility provided by the bank. It is considered that the group will operate within these facilities.

T he business environment within professional football continues to be intensely challenging. The sector is extremely competitive and margins within the English Football League continue to be under pressure. Market spending and changing economic patterns can easily affect the industry.

With these risks and uncertainties in mind the directors are aware that any plans for the future development of the company may be subject to unforeseen future events outside of their control.

Key performance indicators

The directors consider that their key performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover, profitability and shareholders funds.

The 202 4/202 5 football season resulted in a group turnover of £5,336,163. The groups loss before tax was £1,204,445. After taxation, shareholders funds have decreased to a net deficit of £481,745. The results for the period were considered disappointing by the directors, who anticipate an improvement in the 20 25/2026 football calendar year.

The board of directors take this opportunity to thank all its staff for their continued commitment and dedication.

By order of the board

Mr M A Blakemore
Secretary
20 November 2025
CREWE ALEXANDRA GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

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

Principal activities

The principal activity of the company is that of a holding company to its trading subsidiaries.

The company was formed on 5 June 2019 in order to acquire Crewe Alexandra Football Club its stadium and surrounding car park facilities. The group operates from premises at Mornflake Stadium, Gresty Road in Crewe providing professional football and related commercial activities.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R J Rowlinson - Vice chairman
Mr I R Williamson
Mr C H Grant - Chairman
Mr S M Whitby
Mr K R Hancock
Mr A P Davison
Mr M D Beavan
Mr M A Blakemore
Auditor

In accordance with the company's articles, a resolution proposing that Afford Bond Holdings Limited be reappointed as auditor of the group will be put at a General Meeting.

CREWE ALEXANDRA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Statement of directors' responsibilities

The directors are responsible 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

By order of the board
Mr M A Blakemore
Secretary
20 November 2025
CREWE ALEXANDRA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREWE ALEXANDRA GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Crewe Alexandra Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

Emphasis of matter - G oing concern

We draw your attention to the accounting policies note in the financial statements concerning the company's ability to continue as a going concern. On the basis of continued financial support from related party companies and the Board of Directors, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements, which are not qualified, do not include any adjustments that would result if the company ceased trading, accordingly our opinion is not modified in this respect.

In auditing the financial statements, we have concluded that the directors' 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's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

CREWE ALEXANDRA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREWE ALEXANDRA GROUP LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the 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 the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur, is based on ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5. An understanding of the significance of irregularities in the context of the financial statements as a whole is required for our assessment. Whilst considering how our audit work addresses the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error. We obtain an understanding of the entity’s risk assessment process, including the risk of fraud, as part of our work on the entity's systems and controls. 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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

CREWE ALEXANDRA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREWE ALEXANDRA GROUP LIMITED
- 6 -

The laws and regulations identified as being of significance in the context of the entity are those considered to form part of United Kingdom Generally Accepted Accounting Practice. An understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework is necessary for our assessment and requires an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.

Walkthrough testing is carried out on the recorded systems notes to check that the controls operate as stated and contain sufficient levels of supervision. Segregation of duties should be commensurate with the size of the entity. Analytic al procedures are used to review the client's data for unusual entries, highlighting those transactions requiring further explanations as to the reasons for such variations arising. This also includes the identification and testing of u nexpected journal entries to judge their appropriateness. E valuation of the assumptions and judgements used by management within significant accounting estimates is undertaken to assess if these indicate evidence of potential management bias occurring. Detailed testing is carried out in respect of significant transactions. An evaluation is done of the business rationale behind any amounts which appear unusual or outside the company’s normal course of business. T he financial statements are then reviewed with relevant disclosures tested against supporting underlying documentation, as applicable.

Matters about non-compliance with laws and regulations and fraud a re communicated with the engagement team, who are assessed as ha ving the appropriate competence and capabilities to identify any potential issues regarding non-compliance in order to conduct their work effectively on the assignment. Communication of relevant matters to all members of the audit team is necessary to ensure that they underst an d the particular risks specific to the entity, in order that the audit procedures are planned appropriately to mitigate against these identified risks.

Our audit response will depend on the risks identified but may include:

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business including reviewing accounting estimates for bias.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Bailey BA(Econ) FCA (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited, Statutory Auditor
Chartered Accountants
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
20 November 2025
CREWE ALEXANDRA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
5,336,163
5,404,891
Administrative expenses
(6,490,609)
(6,181,571)
Operating loss
4
(1,154,446)
(776,680)
Interest payable and similar expenses
7
(49,999)
(56,702)
Loss before taxation
(1,204,445)
(833,382)
Tax on loss
8
22,606
28,290
Loss for the financial year
(1,181,839)
(805,092)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CREWE ALEXANDRA GROUP LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
42,000
-
0
Tangible assets
10
5,189,139
5,203,684
5,231,139
5,203,684
Current assets
Stocks
13
100,533
103,436
Debtors
14
855,373
599,597
Cash at bank and in hand
96,643
125,964
1,052,549
828,997
Creditors: amounts falling due within one year
15
(5,048,784)
(4,581,602)
Net current liabilities
(3,996,235)
(3,752,605)
Total assets less current liabilities
1,234,904
1,451,079
Creditors: amounts falling due after more than one year
16
(1,716,649)
(750,985)
Net (liabilities)/assets
(481,745)
700,094
Capital and reserves
Called up share capital
23
2,556,184
2,556,184
Profit and loss reserves
(3,037,929)
(1,856,090)
Total equity
(481,745)
700,094
The financial statements were approved by the board of directors and authorised for issue on 20 November 2025 and are signed on its behalf by:
20 November 2025
Mr R J Rowlinson - Vice chairman
Mr C H Grant - Chairman
Director
Director
Company registration number 12035196 (England and Wales)
CREWE ALEXANDRA GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
2,556,184
2,556,184
Capital and reserves
Called up share capital
23
2,556,184
2,556,184

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the period was £0 (2024 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 November 2025 and are signed on its behalf by:
20 November 2025
Mr R J Rowlinson - Vice chairman
Mr C H Grant - Chairman
Director
Director
Company registration number 12035196 (England and Wales)
CREWE ALEXANDRA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
(805,092)
(805,092)
Balance at 30 June 2024
2,556,184
(1,856,090)
700,094
Year ended 30 June 2025:
Loss and total comprehensive income for the year
-
(1,181,839)
(1,181,839)
Balance at 30 June 2025
2,556,184
(3,037,929)
(481,745)
CREWE ALEXANDRA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
£
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
Balance at 30 June 2024
2,556,184
Year ended 30 June 2025:
Profit and total comprehensive income for the year
-
Balance at 30 June 2025
2,556,184
CREWE ALEXANDRA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(749,845)
478,027
Interest paid
(49,999)
(56,702)
Income taxes refunded
22,606
28,290
Net cash (outflow)/inflow from operating activities
(777,238)
449,615
Investing activities
Purchase of intangible assets
(42,000)
-
Purchase of tangible fixed assets
(156,667)
(519,077)
Net cash used in investing activities
(198,667)
(519,077)
Financing activities
Repayment of borrowings
989,952
186,539
Repayment of bank loans
(33,750)
(33,750)
Net cash generated from financing activities
956,202
152,789
Net (decrease)/increase in cash and cash equivalents
(19,703)
83,327
Cash and cash equivalents at beginning of year
106,730
23,403
Cash and cash equivalents at end of year
87,027
106,730
Relating to:
Cash at bank and in hand
96,643
125,964
Bank overdrafts included in creditors payable within one year
(9,616)
(19,234)
CREWE ALEXANDRA GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
-
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
1
Accounting policies
Company information

Crewe Alexandra Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Mornflake Stadium, Gresty Road, Crewe, CW2 6EB.

The group consists of Crewe Alexandra Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Crewe Alexandra Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for at least twelve months from the date of signing these financial statements. The company is financially supported by its related companies to provide loans to assist with cash flow. If required, the Board of Directors have also indicated their willingness to provide additional financial support. On the basis of this continued financial support, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the company ceased trading.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Player Registration
Over the term of the contract
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -

The costs associated with the acquisition of players, registrations are capitalised as intangible fixed assets. These costs are fully amortised, in equal instalments, over the period of the players initial contract. Permanent diminutions the amortised value, such as through injury or loss of form, are provided for when the directors become aware that the diminution is permanent. No amounts are included for players developed within the company.

Signing on fees are charged to the profit and loss account over the period of the player's contract. Signing on fees which become payable to players if they are still in the service of the company at specific future dates, are accounted for in the year in which they fall due for payment.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% per annum straight line
Leasehold land and buildings
2.5% per annum straight line
Fixtures and fittings
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance

Land has not been depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Professional football and related commercial activities
5,336,163
5,404,891
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
5,336,163
5,404,891
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
171,212
170,788
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,550
1,550
Audit of the financial statements of the company's subsidiaries
11,950
11,950
13,500
13,500
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
8
8
8
8
Management, players and coaches
78
75
-
-
Administration
28
31
-
-
Match day staff
130
134
-
-
Total
244
248
8
8

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,897,168
3,716,497
-
0
-
0
Social security costs
324,295
290,212
-
-
Pension costs
79,832
66,909
-
0
-
0
4,301,295
4,073,618
-
0
-
0

During the period the group paid directors remuneration of £61,000 (202 4: £56,500)

7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
49,999
56,702
8
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(22,606)
(28,290)
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Taxation
(Continued)
- 23 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(1,204,445)
(833,382)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2024: 19.00%)
(228,845)
(158,343)
Unutilised tax losses carried forward
217,527
145,095
Other permanent differences
11,318
13,248
Under/(over) provided in prior years
(22,606)
(28,290)
Taxation credit
(22,606)
(28,290)
9
Intangible fixed assets
Group
Player Registration
£
Cost
At 1 July 2024
92,500
Additions
42,000
At 30 June 2025
134,500
Amortisation and impairment
At 1 July 2024 and 30 June 2025
92,500
Carrying amount
At 30 June 2025
42,000
At 30 June 2024
-
0
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
10
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
5,122,102
1,068,866
2,464,037
5,050
8,660,055
Additions
-
0
-
0
131,751
24,916
156,667
At 30 June 2025
5,122,102
1,068,866
2,595,788
29,966
8,816,722
Depreciation and impairment
At 1 July 2024
1,305,409
619,009
1,528,956
2,997
3,456,371
Depreciation charged in the year
96,000
26,722
47,977
513
171,212
At 30 June 2025
1,401,409
645,731
1,576,933
3,510
3,627,583
Carrying amount
At 30 June 2025
3,720,693
423,135
1,018,855
26,456
5,189,139
At 30 June 2024
3,816,693
449,857
935,081
2,053
5,203,684
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
2,556,184
2,556,184
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
2,556,184
Carrying amount
At 30 June 2025
2,556,184
At 30 June 2024
2,556,184
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
12
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Direct
Alexandra Stadium (Crewe) Limited
England
Stadium rental
Ordinary
100.00
Station Park (Crewe) Limited
England
Parking facilities
Ordinary
100.00
The Crewe Alexandra Football Club Company Limited
England
Professional football club
Ordinary
100.00
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Goods for resale
100,533
103,436
-
0
-
0
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
655,138
484,350
-
0
-
0
Prepayments and accrued income
200,235
115,247
-
0
-
0
855,373
599,597
-
-
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
43,366
52,984
-
0
-
0
Other borrowings
17
86,004
95,466
-
0
-
0
Trade creditors
441,135
615,803
-
0
-
0
Other taxation and social security
143,676
158,843
-
-
Directors' loans
3,301,000
2,791,000
-
0
-
0
Accruals and deferred income
1,033,603
867,506
-
0
-
0
5,048,784
4,581,602
-
0
-
0
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
556,875
590,625
-
0
-
0
Other borrowings
17
1,159,774
160,360
-
0
-
0
1,716,649
750,985
-
-
17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
590,625
624,375
-
0
-
0
Bank overdrafts
9,616
19,234
-
0
-
0
Other loans
1,245,778
255,826
-
0
-
0
1,846,019
899,435
-
-
Payable within one year
129,370
148,450
-
0
-
0
Payable after one year
1,716,649
750,985
-
0
-
0

Bank loans are secured against the groups premises.

D irectors loans are unsecured and interest fre e.

Other loans, borrowings are secured against acquired assets.

18
Retirement benefit schemes
2025
2024
Defined contribution/benefit schemes
£
£
Charge to profit or loss in respect of retirement benefit schemes
79,832
66,909

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
19
Operating lease commitments

Operating lease payments represent rentals payable by the company for certain of its properties. Leases are typically negotiated for a term of 3-5 years.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
19,019
38,141
-
-
Between two and five years
28,434
35,676
-
-
47,453
73,817
-
-
20
Related party transactions
Remuneration of key management personnel

The group's key management are its directors.

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions within the group involving wholly owned subsidiar ies.

21
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Loss after taxation
(1,181,839)
(805,092)
Adjustments for:
Taxation credited
(22,606)
(28,290)
Finance costs
49,999
56,702
Depreciation and impairment of tangible fixed assets
171,212
170,788
Movements in working capital:
Decrease/(increase) in stocks
2,903
(8,410)
Increase in debtors
(255,776)
(223,583)
Increase in creditors
486,262
1,315,912
Cash (absorbed by)/generated from operations
(749,845)
478,027
CREWE ALEXANDRA GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
22
Analysis of changes in net debt - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
125,964
(29,321)
96,643
Bank overdrafts
(19,234)
9,618
(9,616)
106,730
(19,703)
87,027
Borrowings excluding overdrafts
(880,201)
(956,202)
(1,836,403)
(773,471)
(975,905)
(1,749,376)
23
Share capital
Group and company
2025
2024
Ordinary share capital
£
£
Issued and fully paid
2,466,608 Ordinary shares of £1 each
2,466,608
2,466,608
Preference share capital
Issued and fully paid
89,576 Preference shares of £1 each
89,576
89,576
Preference shares classified as equity
89,576
89,576
Total equity share capital
2,556,184
2,556,184

Following its formation the company issued 2,466,608 Ordinary £1 shares and £89,576 Preference £1 shares in order to acquire a 100% shareholding in Crewe Alexandra football club and its associated businesses. The Ordinary shares carry all voting rights and entitlements at meetings. The Preference shares rank first in the event of a winding up.

24
Controlling party

Crewe Alexandra Group Limited is the ultimate parent company and its board of directors the ultimate controlling party.

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iso4217:GBP