Company registration number SC613879 (Scotland)
OPG-4 UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
OPG-4 UK LIMITED
COMPANY INFORMATION
Directors
Mr M Ogren
Mr S Ogren
Company number
SC613879
Registered office
C/O Brodies LLP
58 Morrison Street
Edinburgh
EH38BP
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
OPG-4 UK LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Group profit and loss account
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 33
OPG-4 UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The Directors present the strategic report and financial statements for the year ended 30 June 2025. The company is the non-trading holding company of The Dundee United Football Club Limited, and the report below reflects the activities of the trading company.

Strategy and Business Model

Dundee United Football Club (the “company” and the “club”) is committed to being a sustainable and leading competitor within the upper echelons of the Scottish Professional Football League.

The club aims to achieve success in league and cup competitions. Its philosophy, both on and off the field, is continuous personal growth and team development supported by first-class facilities, staff, coaching, youth development, and club infrastructure.

It aims to be the club of choice for highly talented players and aspiring youngsters, and through a thriving senior football and Academy set-up it will ensure our players are developed to their highest level possible.

We are a club that continues to work alongside Dundee United Community Trust (DUCT) within our local community to improve the lives of people within Dundee and the surrounding areas.

Review of the business

Financial Overview

Dundee United Football Club recorded its strongest financial result in recent years for the year-ended June 2025 marked by profitable earnings before interest, tax, depreciation and amortisation (EBITDA) of £204,501 and record breaking turnover exceeding £10.5m following a highly successful year on and off the park.

The club reported a positive EBITDA for the first time since 2018, marking a significant improvement compared to the previous year's loss of £1.6 million. The operating loss (before gains on player trading) was £0.1 million, a remarkable recovery from a loss of over £4.3 million in the 2022–23 financial year—highlighting a £4 million plus improvement in just two years.

This improved performance was driven by several factors:

- Turnover increased by 64%, rising from £6.3 million in 2023–24 to £10.5 million in 2024–25.

- The fantastic loyal support of our fanbase throughout the season. Season ticket sales exceeded 7,000, combined with consistently strong home gate receipts throughout the campaign.

- On-field success with the men’s first team exceeding expectations by finishing fourth in the Scottish Premiership generating high prize money.

- Commercial revenue reached close to £3 million, buoyed by long-standing partnerships and an expanded sponsorship portfolio.

- The wage-to-turnover ratio fell significantly to 60% (from 81% in the prior year), demonstrating prudent cost management, record breaking turnover generation and improved operational efficiencies. The club are now well under UEFA’s recommended limit of 70%.

The net present value loan liability to OPG-4 UK stands at £7.2m down from £10.1m in June 2023 when the club were previously competing in the Scottish Premiership.

Interest payable of £0.3m relates entirely to a notional interest charge on Mark Ogren’s loan account and the Scottish Government Covid-19 loan, as both these loans are provided interest-free and financial reporting standards require notional interest to be charged on them through the Profit & Loss Account. This charge is added back through Other Reserves to the P&L Reserve. The club do not pay out this interest.

Looking ahead to the 2025–26 financial year, the club aims to build upon this momentum, targeting a high profitable EBITDA position. Continued revenue growth, strong budgetary discipline, a proactive player trading model, consistent on-field performance, and strategic operational improvements are expected to drive further progress towards long-term financial sustainability.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

Review of Football Operations

Following promotion to the Scottish Premiership as Champions of the 2023–24 Scottish Championship—achieved with a record points total last surpassed in the 2015–16 season—Dundee United embarked on a comprehensive restructuring of the first-team squad. The strategic objective was clear: to re-establish the club as a competitive force in the Premiership and to target a place in the top six.

A significant overhaul of the playing squad was undertaken. Fifteen players departed the club, eleven of whom had registered first-team minutes during the Championship-winning campaign. In preparation for the return to top-flight football, the club implemented a recruitment strategy focused on sourcing talent across the UK and Europe. This strategy emphasised tapping into emerging markets to identify players who could both enhance the squad's quality and align with the club’s financial framework.

The permanent registrations of Will Ferry, Ryan Strain, Dave Richards, Vicko Sevelj, Kristijan Trapanovski, David Babunski, Jort Van Der Sande, Richard Odada and Meshack Ubochioma, coupled with excellent use of the loan market which saw Sam Dalby, Jack Walton, Luca Stephenson, Emmanuel Adegboyega join the club – along with the players who had been retained from the previous season by the club meant that a competitive and strong squad had been assembled for the above challenge.

The 2024–25 campaign also highlighted the club’s ongoing commitment to youth development. Several promising young players were integrated into the first-team environment and made meaningful contributions throughout the season. Notably, Owen Stirton scored on his Scottish Premiership debut at the age of 17. Sam Harding emerged as a key player in the latter part of the campaign, scoring his first senior goal at Ibrox against Rangers. In addition, Kai Fotheringham and Miller Thomson featured prominently, each playing valuable roles in the club’s successful return to the top tier.

The 2024- 25 season has been a landmark year for Dundee United, marked by overachievement, vibrant performances and qualification for European football through finishing in fourth place in the Scottish Premiership. The squad, under the management team, showed defensive discipline, attacking invention, and, crucially, the mental strength to secure positive outcomes in tight games. Home form was excellent, and away victories in pivotal matches demonstrated that the squad had developed both character and depth. The culmination of this was a final league position well above pre-season predictions, earning European qualification — a target which many considered ambitious at the start of the season.

In domestic cup competitions, the club reached the quarter-finals of the League Cup before narrowly losing to Motherwell FC. The Scottish Cup campaign ended in the fourth round. While cup runs were limited, the club maintained a strategic focus on league performance, remaining in the Premiership’s top six from September onwards. This consistency highlights the squad's ability to produce strong and sustained results over the course of the season.

Looking ahead, the club remains focused on building from the successes of 2024-25. Key priorities will include enhancing the momentum of attacking play, consolidating defensive solidity, and ensuring that recruitment continues to deliver value and quality in line with the club’s objectives.

The achievements of the 2024–25 season have set a new benchmark for Dundee United. With strong leadership, a competitive squad, and the backing of our supporters and stakeholders, the club is well-positioned to continue its progression in domestic league and cup competitions.

Review of Our Academy

The Chairman’s significant financial investment to the Academy continued in the 2024-25 season with our Elite CAS status again being maintained, and the overall investment in the Academy Facilities and Football Operations since Mr Ogren acquired the club in December 2018 now nears £5million.

The board continue to view the academy as the ‘cornerstone’ of the club’s future success with a pathway for player progression now firmly established within the structure.

A new academy director was appointed in the 2024-25 season, with Scott Allison joining from English premier league side Nottingham Forest. A full review of the academy structure followed, to ensure the academy retains its rich traditions in player development while also maintaining a modern structure that the club can be proud of.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

Review of Our Academy (continued)

Developing youth players for the first team is the main objective for our academy. In 2024-25 several academy graduates had a positive impact at first team level including Ross Graham, Miller Thomson, Kai Fotheringham, Brandon Forbes and Sam Cleall-Harding.

Emerging talent is also evident within the younger age groups with U18 players Owen Sirton and Scott Constable making appearances at first team level, while also enjoying successful loan spells at SPFL league clubs.

In total, there were over sixty appearances from academy trained players in our first team during season 2024-25. Several academy graduates received international recognition, with Dundee United academy represented in all youth national team squads and camps from u15 to u21 levels.

Player trading continues to be a consideration for all youth academies in Scotland. In season 2024-25 the club completed cross-border transfers of academy players Brandon Forbes and Alan Domeracki, bringing in a significant financial return to the club from academy trained players. The boards investment in the academy continues to bring success and benefits for the club with further developments planned for the 2025-26 season.

The club would also like to highlight that the Dundee United Supporters’ Foundation remain committed to funding key projects within the Academy including further enhancements at Foundation Park. On the 30 th June 2025, 97% of DUSF members (77% turnout) overwhelmingly voted to approve funding of £167,617.28 towards key development projects at Foundation Park including a new gym, new kiosk and additional modular buildings. These improvements will not only further strengthen the club’s player development pathway but will also allow Dundee United to reallocate resources into the budget ahead of the 2025-26 season. The Chairman and senior leadership express our thanks to all the members who voted, and to all for their continued financial support towards the club.

The boards investment in the academy continues to bring success and benefits for the club with further developments planned for the 2025-26 season.

Dundee United Women’s Team

The Dundee United FC Women’s team faced a challenging 2024-25 campaign, culminating in relegation from SWPL 1 to SWPL 2. Despite ambitions to build upon the previous season’s progress, the team encountered significant obstacles, including limited centralised revenue streams and competing against clubs with substantially greater financial resources.

The Board remains fully committed to supporting a successful and sustainable women’s team. Accordingly, budgets for the forthcoming season have been maintained at a robust level to provide the team with the strongest possible platform to pursue immediate promotion back to SWPL 1.

Commercial

The 2024–25 season was a record-breaking year for Dundee United’s commercial operations. Total commercial income approached £3 million, representing a 26% increase over the previous year and the highest level in the Club’s history.

Key highlights include:

- The successful implementation of a localisation partnership strategy, leading to 13 new partnerships and 16 renewals, underlining the strength of the Dundee United brand.

- Major multi-year agreements were secured with Calforth Construction, Norman Jamieson, Paint Tec, and Fairmont St Andrews, providing long-term commercial stability.

- Strategic partnerships were formed with international organisations including the Johan Cruyff Institute and Bundeling, reflecting the Club’s expanding global reach.

- Matchday hospitality saw record sales, supported by significant investment in infrastructure at the Calforth Construction Arena at Tannadice Park, including stadium naming rights, a new technical area, a refurbished entrance, and a dedicated fan beer garden.

- The introduction of The Fancave – Sponsored by Carling, a new premium matchday hospitality product, sold out within one week of launch, demonstrating strong demand for unique supporter experiences.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

Commercial (continued)

- The retail department achieved record performance, with standout success for the third kit inspired by Dundee’s gaming history, which sold out within a single day. Retail profits have doubled compared to two years ago, reflecting popular merchandise, strong working relations with our kit provider Errea and strong operational controls.

These achievements collectively underscore the Club’s strategic approach to long-term, sustainable commercial growth and its commitment to delivering value to partners, supporters, and the wider community.

Dundee United Community Trust (DUCT)

Through its Community Trust (DUCT), Dundee United Football Club continues to play a vital role in supporting local people through an extensive programme of community-focused initiatives.

A key strand of this work is the ongoing partnership with the Scottish FA and Scottish Government to deliver the Extra Time project at Clepington Primary School. Providing after-school activities for children throughout the school year and during holidays, the programme not only delivers fun and engaging sessions but also offers families meaningful respite and the flexibility to extend working hours or seek employment.

Alongside this, DUCT piloted a new initiative with Stobswell Forum and Dundee City Council, employing a Community Development Worker based at Stobswell Connect on Albert Street. This project has already made a measurable impact, assisting an average of 125 residents per month on critical issues such as money, housing, and energy, by linking directly with local partner agencies. DUCT also invested in youth leadership by employing nine young people to deliver peer-led diversionary activities, resulting in 200 hours of free football, 400 hours of volunteering, and weekly support for around 200 young people.

With the help of a generous anonymous donor, over 600 match tickets, 72 hospitality passes, and 54 mascot packages are distributed to those most in need of support each season.

Disability inclusion remained central to the charity’s work, highlighted by a round table with Michael Marra MSP on wraparound care for disabled children, and the continued success of the Para-Sports Club, which now engages 90 participants with a range of disabilities.

Festive Friends again proved a cornerstone of the year, supporting 330 community members and, with Islamic Relief UK, delivering an additional 500 food parcels.

Since its relaunch in 2017, our community trust has invested over £2.7 million in community activities, reinforcing its role as a trusted and impactful force in the city. Dundee United FC remain fiercely proud and supportive of the work and hard work done by DUCT.

Wage Costs

Total wage costs across the full club increased to £6.3 million (up from £5.2 million in 2023–24 in the Scottish Championship). This planned increase reflects the Club’s investment in the first-team playing squad to ensure competitiveness upon return to the Scottish Premiership and to meet the season’s strategic objectives.

Net Assets

The net assets deficit of £5.3m, as reported in the Balance Sheet as at 30 June 2025, is distorted by the £7.5m (£8.3m undiscounted value) of funding provided by Mark Ogren to the above date being disclosed within Creditors. This funding has been provided to the club on an interest-free loan basis, with no intention in the short to medium term to seek any repayment of this debt.

Principal risks and uncertainties

Given the nature of the company's principal activity, the business’s revenue streams are intrinsically linked to the on-field performance and success of the football team. The most significant risk to the business remains the potential relegation from the Scottish Premiership to the Championship. However, the owners and the Board of Directors remain fully committed to providing the necessary funding and infrastructure to support a competitive team capable of maintaining Premiership status and operating as a going concern.

OPG-4 UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -

On behalf of the board

Mr M Ogren
Director
5 March 2026
OPG-4 UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -

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 non trading holding company. The principal activity of it susbidiary is the operation of a professional football club within Scottish Professional Football League ("SPFL").

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

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

Mr M Ogren
Mr S Ogren
Auditor

Thomson Cooper were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 prepared the group and parent company 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 parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent 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.

OPG-4 UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
On behalf of the board
Mr M Ogren
Director
5 March 2026
OPG-4 UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPG-4 UK LIMITED
- 8 -
Opinion

We have audited the financial statements of OPG-4 UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group profit and loss account, 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 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.

Conclusions relating to going concern

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.

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.

OPG-4 UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPG-4 UK LIMITED
- 9 -
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 group's and 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 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

OPG-4 UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPG-4 UK LIMITED
- 10 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
5 March 2026
OPG-4 UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
2025
2024
Notes
£
£
Turnover
2
10,526,089
6,365,481
Cost of sales
(9,299,655)
(7,456,029)
Gross profit/(loss)
1,226,434
(1,090,548)
Administrative expenses
(1,849,273)
(2,177,243)
Other operating income
48,587
53,004
Operating loss
3
(574,252)
(3,214,787)
Interest payable and similar expenses
5
(531,619)
(485,122)
Amounts written off investments
6
309,853
700,211
Loss before taxation
(796,018)
(2,999,698)
Tax on loss
7
(350,444)
-
0
Loss for the financial year
(1,146,462)
(2,999,698)
Loss for the financial year is attributable to:
- Owners of the parent company
(1,136,538)
(2,971,492)
- Non-controlling interests
(9,924)
(28,206)
(1,146,462)
(2,999,698)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(1,136,538)
(2,971,492)
- Non-controlling interests
(9,924)
(28,206)
(1,146,462)
(2,999,698)
OPG-4 UK LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
8
13,789
84,244
Tangible assets
9
5,101,473
5,357,816
Investments
10
1
1
5,115,263
5,442,061
Current assets
Stocks
12
120,586
96,578
Debtors
13
3,476,763
2,003,139
Cash at bank and in hand
390,369
703,893
3,987,718
2,803,610
Creditors: amounts falling due within one year
14
(4,608,139)
(3,582,941)
Net current liabilities
(620,421)
(779,331)
Total assets less current liabilities
4,494,842
4,662,730
Creditors: amounts falling due after more than one year
15
(16,017,491)
(15,198,187)
Net liabilities
(11,522,649)
(10,535,457)
Capital and reserves
Called up share capital
20
1
1
Other reserves
2,376,347
2,748,696
Profit and loss reserves
(13,749,793)
(13,144,874)
Equity attributable to owners of the parent company
(11,373,445)
(10,396,177)
Non-controlling interests
(149,204)
(139,280)
(11,522,649)
(10,535,457)
The financial statements were approved by the board of directors and authorised for issue on 5 March 2026 and are signed on its behalf by:
05 March 2026
Mr M Ogren
Director
OPG-4 UK LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
10
6,166,981
6,166,981
Current assets
Debtors
13
8,369,621
7,821,347
Creditors: amounts falling due within one year
14
(19,795)
(14,875)
Net current assets
8,349,826
7,806,472
Total assets less current liabilities
14,516,807
13,973,453
Creditors: amounts falling due after more than one year
15
(13,407,771)
(12,540,247)
Net assets
1,109,036
1,433,206
Capital and reserves
Called up share capital
20
1
1
Other reserves
1,128,548
1,447,798
Profit and loss reserves
(19,513)
(14,593)
Total equity
1,109,036
1,433,206

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £536,539 (2024 - £489,815 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 March 2026 and are signed on its behalf by:
05 March 2026
Mr M Ogren
Director
Company registration number SC613879 (Scotland)
OPG-4 UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 July 2023
1
2,614,284
(9,220,597)
(6,606,312)
(1,548,981)
(8,155,293)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(2,971,492)
(2,971,492)
(28,206)
(2,999,698)
Transfers
-
619,534
-
619,534
-
619,534
Disposal of shares in subsidiary to non-controlling interest
-
-
(1,437,907)
(1,437,907)
-
(1,437,907)
Other movements
-
(485,122)
485,122
-
1,437,907
1,437,907
Balance at 30 June 2024
1
2,748,696
(13,144,874)
(10,396,177)
(139,280)
(10,535,457)
Year ended 30 June 2025:
Loss and total comprehensive income for the year
-
-
(1,136,538)
(1,136,538)
(9,924)
(1,146,462)
Transfers
-
159,270
-
159,270
-
159,270
Other movements
-
(531,619)
531,619
-
-
-
Balance at 30 June 2025
1
2,376,347
(13,749,793)
(11,373,445)
(149,204)
(11,522,649)
OPG-4 UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
1
1,262,083
(9,900)
1,252,184
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(489,815)
(489,815)
Transfers
-
670,837
-
670,837
Other movements
-
(485,122)
485,122
-
Balance at 30 June 2024
1
1,447,798
(14,593)
1,433,206
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
(536,539)
(536,539)
Transfers
-
212,369
-
212,369
Other movements
-
(531,619)
531,619
-
Balance at 30 June 2025
1
1,128,548
(19,513)
1,109,036
OPG-4 UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(479,994)
4,386,651
Interest paid
(531,619)
(485,122)
Net cash (outflow)/inflow from operating activities
(1,011,613)
3,901,529
Investing activities
Purchase of intangible assets
(75,750)
(55,000)
Proceeds on disposal of intangibles
-
105,465
Purchase of tangible fixed assets
(92,983)
(142,665)
Proceeds on disposal of tangible fixed assets
31,551
13,026
Net cash used in investing activities
(137,182)
(79,174)
Financing activities
Repayment of borrowings
867,199
(3,525,766)
Payment of finance leases obligations
(31,928)
(32,287)
Net cash generated from/(used in) financing activities
835,271
(3,558,053)
Net (decrease)/increase in cash and cash equivalents
(313,524)
264,302
Cash and cash equivalents at beginning of year
703,893
439,591
Cash and cash equivalents at end of year
390,369
703,893
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
1
Accounting policies
Company information

OPG-4 UK Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 15 Atholl Crescent, Edinburgh, EH3 8HA .

The group consists of OPG-4 UK 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -

The consolidated group financial statements consist of the financial statements of the parent company OPG-4 UK 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.

Dundee United Football Club Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Dundee United Football Club Limited for the period from its acquisition on 18 December 2018. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

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.

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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

The group incurred pre tax losses of £790,018 (2024: £2,999,698) during the year, has net liabilities of £620,421 (2024: £779,331) and a balance sheet deficit of £11,522,649 (2024: £10,535,457). Excluding the loan from the US parent company the group has net assets of £1,885,122 (2024: £2,004,790).

The current and future cash position of the group has been reviewed by the Board. This included a comprehensive review of the financial projections and cash-flow requirements, covering a period beyond one year from the date of approval of the financial statements. The projections make key assumptions around:

- Maintaining at least Scottish Championship status with a view to regaining the club’s Premiership status

- Season ticket revenues and match day income being consistent with operating in the SPFL Championship

- Sponsorship and commercial income being consistent, subject to inflationary rises

- Overheads and payroll costs being reduced to a reflect the division in which the club currently resides whilst pushing for promotion, subject to inflationary rises;

- Income from net player transfer activities;

- No repayment of Mark Ogren’s loan being made for a period of at least 12 months from the date of approval of the accounts

The directors acknowledge that the group's liquidity position is reliant on the continued support from Mark Ogren and without this a material uncertainty would exist which may cast doubt over the groups's ability to continue as a going concern.

After due consideration of the above, including the potential impact of key assumptions not materialising and having received assurances from the majority shareholder of the group, the Board are satisfied that they consider that the group has adequate resources to continue in operational existence for a period of not less than twelve months from the date of approval of the accounts. Accordingly, the Board consider it appropriate to prepare the financial statements on the going concern basis.

1.4
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which 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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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:

Player registrations
Over the term of the players contract
1.7
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:

Stadium property
2% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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.

1.8
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 21 -

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.

1.9
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 22 -
1.10
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.

1.11
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.

1.12
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 23 -
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.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

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

1.13
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.

1.14
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.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 25 -
1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Footballing activities
10,526,089
6,365,481
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,526,089
6,365,481
2025
2024
£
£
Other revenue
Grants received
48,587
53,004
3
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange gains
-
(155)
Government grants
(48,587)
(53,004)
Fees payable to the group's auditor for the audit of the group's financial statements
4,920
4,693
Depreciation of tangible fixed assets
333,386
397,364
Profit on disposal of tangible fixed assets
(15,611)
(2,854)
Amortisation of intangible assets
146,205
489,042
Operating lease charges
202,087
214,929
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
4
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
Football
66
67
-
-
Administration and management
14
14
-
-
Ground staff
6
5
-
-
Directors
2
4
2
2
Total
88
90
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
5,710,268
4,683,419
-
0
-
0
Social security costs
574,947
451,568
-
-
Pension costs
57,507
55,456
-
0
-
0
6,342,722
5,190,443
-
0
-
0
5
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
531,619
485,122
6
Amounts written off investments
2025
2024
£
£
Other gains and losses
309,853
700,211
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
7
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
350,444
-
0

The actual charge 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
(796,018)
(2,999,698)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(199,005)
(749,925)
Tax effect of expenses that are not deductible in determining taxable profit
212,476
301,180
Tax effect of income not taxable in determining taxable profit
(81,366)
(126,809)
Unutilised tax losses carried forward
1,139
504,709
Permanent capital allowances in excess of depreciation
66,756
70,845
Research and development
350,444
-
0
Taxation charge
350,444
-
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
8
Intangible fixed assets
Group
Goodwill
Player registrations
Total
£
£
£
Cost
At 1 July 2024
2,199,568
393,919
2,593,487
Additions
-
0
75,750
75,750
Disposals
-
0
(162,070)
(162,070)
At 30 June 2025
2,199,568
307,599
2,507,167
Amortisation and impairment
At 1 July 2024
2,199,568
309,675
2,509,243
Amortisation charged for the year
-
0
146,205
146,205
Disposals
-
0
(162,070)
(162,070)
At 30 June 2025
2,199,568
293,810
2,493,378
Carrying amount
At 30 June 2025
-
0
13,789
13,789
At 30 June 2024
-
0
84,244
84,244
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
9
Tangible fixed assets
Group
Stadium property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2024
5,505,157
1,492,217
118,233
7,115,607
Additions
-
0
66,063
26,920
92,983
Disposals
-
0
-
0
(70,132)
(70,132)
At 30 June 2025
5,505,157
1,558,280
75,021
7,138,458
Depreciation and impairment
At 1 July 2024
1,031,456
647,846
78,489
1,757,791
Depreciation charged in the year
192,093
130,145
11,148
333,386
Eliminated in respect of disposals
-
0
-
0
(54,192)
(54,192)
At 30 June 2025
1,223,549
777,991
35,445
2,036,985
Carrying amount
At 30 June 2025
4,281,608
780,289
39,576
5,101,473
At 30 June 2024
4,473,701
844,371
39,744
5,357,816
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
6,166,981
6,166,981
Unlisted investments
1
1
-
0
-
0
1
1
6,166,981
6,166,981
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2024 and 30 June 2025
1
Carrying amount
At 30 June 2025
1
At 30 June 2024
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
6,166,981
Carrying amount
At 30 June 2025
6,166,981
At 30 June 2024
6,166,981
11
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Dundee United Football Club Limited
Scotland
Ordinary
99.00
12
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
120,586
96,578
-
-
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
13
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,182,176
1,082,086
-
0
-
Amounts owed by group undertakings
-
-
8,369,621
7,821,347
Other debtors
81,620
7,648
-
0
-
0
Prepayments and accrued income
2,212,967
913,405
-
0
-
0
3,476,763
2,003,139
8,369,621
7,821,347
14
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
7,175
49,196
-
0
-
0
Trade creditors
1,295,896
1,000,817
-
0
-
0
Corporation tax payable
350,444
-
0
-
0
-
0
Other taxation and social security
705,439
478,871
-
-
Deferred income
18
1,799,007
1,697,335
-
0
-
0
Other creditors
39,344
116,803
-
0
-
0
Accruals and deferred income
410,834
239,919
19,795
14,875
4,608,139
3,582,941
19,795
14,875
15
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
17
13,569
3,476
-
0
-
0
Other borrowings
16
14,807,397
13,887,099
13,407,771
12,540,247
Deferred income
18
1,174,055
1,222,642
-
0
-
0
Other creditors
22,470
84,970
-
0
-
0
16,017,491
15,198,187
13,407,771
12,540,247

Other borrowings relate to amounts owed to OPG-4 Inc, OPG-4 UK Limited's parent company. These loans are interest free and have been discounted at 3% over Bank of England base rate a period of between 6 and 6½ years in accordance with FRS102 Section 11.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
16
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Loans from group undertakings
13,407,771
12,540,247
13,407,771
12,540,247
Other loans
1,399,626
1,346,852
-
0
-
0
14,807,397
13,887,099
13,407,771
12,540,247
Payable after one year
14,807,397
13,887,099
13,407,771
12,540,247
17
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
7,175
49,196
-
0
-
0
Non-current liabilities
13,569
3,476
-
0
-
0
20,744
52,672
-
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
7,175
49,196
-
0
-
0
In two to five years
13,569
3,476
-
0
-
0
20,744
52,672
-
-
18
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
2,973,062
2,919,977
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
1,799,007
1,697,335
-
0
-
0
Non-current liabilities
1,174,055
1,222,642
-
0
-
0
2,973,062
2,919,977
-
-
OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
18
Deferred income
(Continued)
- 32 -

Football grounds improvement grants of £1,227,059 (20 24: £1,275,646) are included in deferred income and released to the Profit and Loss Account at a rate equal to the depreciation rate of the asset to which the grant relates. Amounts falling due within one year are £53,004 (20 24: £53,004).

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,507
55,456

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.

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
21
Financial commitments, guarantees and contingent liabilities

During the year, HMRC opened an enquiry into the subsidiary's corporation tax returns for the years ended 30 June 2021 and 30 June 2022, specifically in relation to Research & Development (R&D) tax credit claims. As part of the enquiry, HMRC have requested repayment of tax which was initially paid out in relation to the R&D claim from 2021. As per Note 10, the financial statements include a provision in respect of part of the original 2021 claim to the extent that the directors consider it is probable that a liability will arise.

The subsidiary is currently engaged in ongoing discussions with HMRC regarding the eligibility and value of its Research and Development (R&D) tax credit claims submitted for 2021 and 2022. Further disclosure of the nature of the discussions, the amounts and timing of any potential outflows has not been made as it could seriously prejudice the subsidiary’s position. The directors consider that the group has adequate resources to meet any obligations that may arise.

23
Controlling party

The company considers OPG-4 Inc. to be its parent company and considers Mark Ogren, director, to be its ultimate controlling party.

OPG-4 UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 33 -
24
Cash (absorbed by)/generated from group operations
2025
2024
£
£
Loss for the year after tax
(1,146,462)
(2,999,698)
Adjustments for:
Taxation charged
350,444
-
0
Finance costs
531,619
485,122
Gain on disposal of tangible fixed assets
(15,611)
(2,854)
Amortisation and impairment of intangible assets
146,205
489,042
Depreciation and impairment of tangible fixed assets
333,386
397,364
Other gains and losses
(309,853)
(700,211)
Movements in working capital:
(Increase)/decrease in stocks
(24,008)
26,474
(Increase)/decrease in debtors
(1,473,624)
47,277
Increase in creditors
1,074,825
6,337,623
Increase in deferred income
53,085
306,512
Cash (absorbed by)/generated from operations
(479,994)
4,386,651
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