Company registration number 02355508 (England and Wales)
MILLWALL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
MILLWALL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J Berylson
M Fairbrother
P Garston
C Gonticas
T J Keyse
D Kouvaris
R S Press
M K Sidman
Secretary
Ms E Parker
Company number
02355508
Registered office
The Den
John Berylson Way
London
UK
SE16 3LN
Auditor
Azets Audit Services
Ashcombe Court
Woolsack Way
Godalming
Surrey
United Kingdom
GU7 1LQ
MILLWALL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Group statement of comprehensive income
12
Group statement of financial position
13 - 14
Group statement of changes in equity
15
Group statement of cash flows
16
Notes to the group financial statements
17 - 35
MILLWALL HOLDINGS 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 2024/25 campaign marked Millwall’s eighth consecutive season in the Sky Bet Championship – the second tier of English football.

The start of the season was overshadowed by the tragic and unexpected passing of First Team goalkeeper Matija Sarkic, who died at the age of 26 on June 15th, 2025. Fondly known as Mati by friends, family and colleagues, Matija made 33 appearances for the club after joining from Wolverhampton Wanderers in August 2023. A proud Montenegro international, he represented his country with distinction on several occasions.

In his memory, the club retired his number 20 shirt, unveiled a mural at The Den funded by the Millwall Supporters Club, and introduced a new annual honour - the Matija Sarkic Award for Save of the Season. Matija is deeply missed by everyone connected with the club.

The 2024/25 season was a transitional period both on and off the pitch. The Lions narrowly missed out on a play-off position, finishing 8th in the Championship with 66 points – a five-point improvement on the previous season. The team averaged 1.44 points per game, recording 18 wins, 12 draws, and 16 defeats.

There were notable changes to the club’s senior management structure ahead of pre-season. Mark Fairbrother returned as Managing Director, while Steve Gallen joined as Director of Football.

After returning to Millwall in February 2024, Neil Harris departed by mutual consent in December 2024, ending his second spell in charge as manager. Long-serving coach Adam Barrett also concluded his seven-year tenure to pursue new opportunities.

In the interim, David Livermore took temporary charge before the appointment of Alex Neil as Head Coach. The Scotsman led his first game on New Year’s Day against Oxford United, joined by Martin Canning as Assistant Head Coach.

The team’s performance improved notably in the second half of the season, with the average points per game rising from 1.26 (August-December 2024) to 1.60 (January-May 2025).

Across the campaign, 37 players featured for the First Team, with an average squad age of 24.1. The summer transfer window saw eight permanent and three loan signings, including: Lukas Jensen, Liam Roberts, Japhet Tanganga, Shaun Hutchinson, Femi Azeez, Daniel Kelly, Mihailo Ivanovic, Macaulay Langstaff, and loanees Calum Scanlon, Ryan Wintle, and Josh Coburn.

In January, the squad was further strengthened with seven permanent additions and one loan arrival: Tristan Crama, Luke Cundle, Aaron Connolly, Camiel Neghli, Zak Lovelace, Benicio Baker, Ajay Matthews, and loanee Zak Sturge. Summer signing Mihailo Ivanovic finished as the club’s top goalscorer with 13 goals in all competitions.

It was another memorable year for the Millwall Academy. Ra’ees Bangura-Williams made his First Team debut under Alex Neil in the FA Cup Third Round against Dagenham & Redbridge, marking the occasion with a goal. The 19-year-old went on to make 13 senior appearances during the season.

That same fixture also saw 16-year-old Sheldon Kendall make his First Team debut - a proud moment for the club’s youth development pathway. In January 2025, academy graduate Romain Esse completed a club-record transfer to Crystal Palace. Having joined Millwall at the age of nine, Romain progressed through every academy level before debuting at 17 in a 2-0 Boxing Day win at Watford in 2022. He made 66 senior appearances for The Lions and represented England at multiple youth levels.

The club is required to comply with the EFL’s Profit and Sustainability Rules which, in overview, permit clubs to incur losses up to £39m over a three-year period before any restrictions on spending are applied, providing that losses in excess of £5m per year are funded through equity. In the season under review, the club were once again well within these financial limits and the Board remains totally committed to complete compliance with the rules to ensure the sustainability and health of the club for the benefit of all stakeholders.

MILLWALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

Competitive imbalances within the Championship continue to grow each season as the financial strength of the Premier League, the division above, increases year on year. Clubs relegated from the Premier League into the Championship arrive with parachute payments, which serve to distort on-pitch competition, player salaries, the recruitment market, and more.

Discussions around an independent regulator continues and the club welcomes the reintroduction of The Football Governance Bill, which was introduced in June 2025. Key will now be an understanding of the approach and application of the independent football regulator to ensure that their remit covers key sporting challenges around a redistribution of income from the Premier League to the EFL, providing it comes with enhanced regulation to help improve the sustainability of clubs.

A review of the Group’s financing, property development and regeneration activities is provided later in this report.

Results

The consolidated statement of comprehensive income is set out on page 11.

Revenue for the year at £23.9m (2024 - £21.4m) is an increase of 11%. Matchday revenue landed at £7.3m in 2024/25 (£7.4m in 23/24) Commercial revenue has seen a 13% increase., whilst central income, mainly from EFL basic award and Premier League Solidarity has a 20% increase year on year.

Average league attendance for the year was 15,497 compared to an average of 16,544 in 2024, representing a year-on-year decrease of 6% largely driven by lower season ticket sales at the end of the 2023/24 season.

Total staff costs of £28.6m represent a 12% increase over the prior year (2024 - £25.6m), reflecting the continued investment both into the playing squad, as well as the football management team that took place during the year.

Other admin expenses have increased 1% year on year to £10.2m (2023/24 £10m), signifying implementation of efficient and tighter cost controls across the board.

The Group achieved a record high Profit on Player Trading, £21.6m profit, namely from the sale of Romaine Esse and Zian Flemming in the season.

Net finance costs for the year were £1.5m (2024 - £0.8m). During the year, Chestnut Hill Ventures LLC (CHV), the majority shareholder of the Company and principal provider of funding facilities, along with the Company’s other loan note holders, agreed that the interest free period on their loan notes of £10.5m (2024 - £10.5m) would be further extended from 1 July 2025 to 30 June 2026 (when interest will begin to accrue again unless CHV agrees otherwise). Loan repayments have also been extended by one year to 1 July 2027.

At 30 June 2025, the Group had net assets of £17.6m (2024 - £1.7m).

The Directors do not recommend payment of a dividend.

Commercial Endeavours

The club would like to thank all commercial partners, at all levels, for their invaluable support throughout 2024/25 and in helping drive an 13% growth in commercial revenues overall from 23/24.

The clubs second season with Fanatics as a retail partner saw a continued growth in turnover and profitability with total year sales growing 13% year on year and hitting forecasted revenues for year three of the partnership a year early. In part this was driven by a sustained effort to launch all three kits for the upcoming campaign as early as possible in the summer, alongside technical partner, Erreà,.

The club also signed a new long-term front of shirt partnership with Digital payments partner MyGuava alongside a number of new Official Partnerships with SpreadEx, Carabao Sport, Quinnbet, Maxamaze and NordVPN all coming on board. Renewed and enhanced agreements with existing club partners; Shepherd Neame and Matchworn shirt, were also negotiated. The Shepherd Neame agreement in particular allowed for the creation of the Spitfire Bar; a totally new ‘pub style’ bar for general admission fans in what was previously a dilapidated secondary matchday retail unit.

MILLWALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

Millwall’s international audience grew once again year on year, with direct sales supported by renewed relationships with ticket re-sale partners P1 travel, Travel connection, Go Sport travel and XS2, with over 5,500 unique overseas supporters visiting The Den

Millwall’s international audience grew once again year on year, with direct sales supported by renewed relationships with ticket re-sale partners P1 travel, Travel connection, Go Sport travel and XS2. Attendees came from a total of 75 countries across the season, seven more than in 23/24 with visitors coming from destinations as varied as Guatemala, Malaysia, Martinique and Bosnia and Herzegovinia for the first time. German Lions continued to make up the highest proportion of the international audience, representing 13% of the total International match attendees. While Italian visitors climbed to second place, growing form 8% to 12.5% of the total year on year.

Finance

The Company continues to be funded by its principal shareholder, Chestnut Hill Ventures LLC (“CHV”) and by its Directors. The existing facility is £20m (CHV Facility) with £10m outstanding at the year end. Additional funding requirements during the year have been met by CHV and certain Directors subscribing for new ordinary shares of £10,000 each at par. During the year 1570 ordinary shares were issued for cash raising £15.7m of funds for the Company.

The CHV Facility and the £525,000 2013 Unsecured Loan Notes (Loan Notes), held by Directors and their associates, were repayable on 1 July 2025. CHV and the Loan Notes holders had agreed that no interest would accrue in respect of the CHV Facility and Loan Notes until 30 June 2025. By an agreement dated 30 June 2025, CHV extended the suspension of interest until 1 July 2025 (when interest will begin to accrue again unless CHV agrees otherwise). The other Loan Notes holders have agreed that no interest will accrue on the Loan Notes until the date on which the Company and CHV agree that interest will begin to accrue again in respect of the CHV Facility. The repayment date of the CHV Facility and other Loan Notes was also extended to 1 July 2027.

The Directors are of the view that, together with the further arrangements referred to in note 1 to the financial statements, ongoing equity investment and extended loan facilities from CHV and the Directors, provides the Company with sufficient access to working capital to fund the operations of the Company over the next few years.

Regeneration

As reported in the previous year, the club’s improved relations with Lewisham Council and Renewal, the property developer for the adjacent site, continued during the year with further progressive talks held with the Mayor, Damien Egan and his replacement Brenda Dacres as well as with senior planning officers from Lewisham.

In May 2024 the club and Lewisham Council agreed the key terms of a 999-year lease for the land surrounding The Den, which will give the club development rights as part of plans designed to benefit the club, its supporters, the Council itself as well as the local community generally.

At the time of writing, the full lease agreement is being finalised and is expected to be signed in late 2025. The club expresses its gratitude to the Council and its senior officers for their approach to these discussions.

MILLWALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

Training Ground

As reported in previous years, in October 2022, Sevenoaks Council’s planning committee formally approved the club’s plans for a new training ground on a 100-acre site in West Kingsdown, Kent. This new location is designed to bring together the First Team and Academy, and their respective support and administration staff, rather than have them operate on separate sites as it currently the case. This brings about varying logistical challenges which a new location would serve to reduce. With the significant increases in cost of building materials and labour, this has impacted on initial project plans and has impacted on the short-term completion goals initially set.

To give the club certainty over its training facilities, in January 2025 the club purchased its first team and under 21s training facility at Calmont Road. Since the sale and leaseback of Calmont Road in 2006, annually, the Club has been suffering a significant financial burden to rent the site and therefore limited its options to develop the training ground.

With the previous lease due to expire in 2026, the freehold purchase of the site provides short and mid-term certainty of tenure, and now free of lease terms and potential significant rental increase, the Club has the ability to explore its long-term strategic options around both First Team and Academy training centres at its own pace.

During summer 2024, a considerable financial commitment was made to improve Calmont Road’s pitches with new stitching and drainage installed. Subsequent to the year end, further freehold improvements have been made to upgrade its facilities for players, management and staff, including a new recovery suite, changing rooms as well as offices and presentation space.

Community Trust

Millwall Community Trust (MCT) continues to work proudly across Lewisham and Southwark, which they have done since 1985, to support the local community. The 2024/25 season saw Millwall Community Trust provide 9,500 free meals whilst also providing the same number of free places on its holiday camps, whilst working with 14,500 people in the local community.

The club’s commitment to a thriving and ultimately successful Community Trust is reflected by having two of its Directors and two members of senior management on the Board of Trustees. The strength and depth of the relationship is also demonstrated by financial support and by making club facilities, resources, and assets available for their benefit, including the arranging of first team player visits to different programmes across the season.

Millwall’s Employability & IAG Hub employment support programmes have continued to thrive with two large scale job fairs at The Lions Centre in partnership with DWP Job Centre Plus. Throughout the successful calendar year, there has been over 400 positive job outcomes including employment, work trial, and training. The trust has worked with over 75 employment and training partners whilst engaging with over 1,000 unemployed attendees in the local community.

Millwall Community Trust manage three sites for the local councils and schools whilst working with over 40 schools in the borough delivering numeracy and literacy programmes, physical activity, and healthy lifestyle programmes. As well as this, MCT have a Divert officer based in Lewisham Police station to promote positive change in the lives of young people with the aim of reducing anti-social behaviour and violent crime in the local community. Millwall’s Premier League Kicks programme engaged with 1,443 participants across 1,092 hours in 2024/25 with over 523 young people entering tournaments.

MCT’s social impact value to Southwark and Lewisham Councils is approx £7.2million each council. MCT is strongly committed to EDI with it LGBTQ programmes (Millwall Romans and Pride) . Millwall has continued to support work outside its catchment area, with provision being delivered in Kent ie. Free antisocial behaviour summer provision alongside Kent Cricket Club which engages over 800 participants.

MILLWALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -

Principal risks and uncertainties

In common with many football clubs outside the FA Premier League the main business risk is the maintenance of a positive cash flow, bearing in mind the uncertainty of turnover and the high cost of maintaining a playing squad on which the success of the Group’s business is largely dependent. In order to achieve a positive cash flow there is the constant requirement to raise new finance and refinance existing facilities which, in turn, requires the continuing support of existing providers of those facilities.

A significant amount of the Club’s revenue derives from ticket sales. Income generated from gate receipts is highly dependent on the level of attendance at matches. The COVID-19 pandemic has highlighted the reliance of all football clubs on matchday revenue, and cost control measures can and have been implemented, these cannot mitigate the lost income seen at present.

Some income streams of the Club (such as television rights and related income) are dependent on third party contracts and arrangements to which the Club is not a party and over which the Club can exercise no or little influence.

As part of its normal activities, the Club deals in the trading of player registrations and there is always a risk of significant and lasting injuries to players that may impair player values. Players aged 24 years or older are free to move between clubs once their contract has come to an end and Directors monitor expiry dates carefully with a view to renewing contracts or realising value.

Relevant business risks are discussed during Board meetings so that, where a material exposure is identified, mitigating action can be taken.

Details of the Group’s exposure to financial risks and the management procedures in place to mitigate these are set out in note 16 to these financial statements.

Post Balance Sheet Events

Subsequent to the year end, the Company had a busy summer transfer window and acquired the permanent registrations of Coburn, Sturge, Crocombe, Coleman, Taylor, Doughty, Luongo and Mazou-Sacko as well as the temporary registrations of Ballo, Benda and Smallbone.

Going concern

In assessing the appropriateness of the going concern assumption, the Directors have produced detailed cash flow forecasts until 30 June 2027.

The Director’s have continued to undertake a range of measures to ensure a prudent running of the organisation. There is a £20m facility in place from CHV that was drawn to £10m as at the year end, which does not fall due for repayment until 1 July 2027. The Directors believe this, in conjunction with the ongoing support of the Company’s principal shareholder, provides sufficient working capital for the current needs of the Group and Company for the foreseeable future.

As reported last year, the UK Government has been progressing with the Football Governance Bill, which was passed by Parliament in June 2025. This regulation includes the establishment of an independent regulator for football as well as looking at the engagement with supporter groups through the establishment of a shadow board and a review of the uneven distribution system through the English football pyramid. As a Club the Directors support the recommendations made in the Football Governance Bill, and are actively taking steps to adopt some of the measures recommended in advance of any structural change within the football environment.

On behalf of the board

M Fairbrother
Director
29 December 2025
MILLWALL HOLDINGS 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 group continued to be that of a holding company engaged primarily in the operation of a professional football club (Millwall or the Club), through its subsidiary, The Millwall Football and Athletic Company (1985) Ltd (together the Group).

Results and dividends

The results for the year are set out on page 12.

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

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

Directors

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

J Berylson
M Fairbrother
P Garston
C Gonticas
T J Keyse
D Kouvaris
R S Press
M K Sidman
Supplier payment policy

The group's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The group's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

MILLWALL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
On behalf of the board
M Fairbrother
Director
29 December 2025
MILLWALL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -

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 group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MILLWALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MILLWALL HOLDINGS LIMITED
- 9 -
Opinion

We have audited the financial statements of Millwall Holdings 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 statement of financial position, the group statement of changes in equity, the group statement of cash flows and the group notes to the financial statements, including significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion:

- the financial statements give a true and fair view of the state of the group's affairs as at 30 June 2025 and of the group's loss for the year then ended;

- the financial statements have been properly prepared in accordance with UK adopted international accounting standards; and

- the financial statements 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.

Material uncertainty in relation to going concern

We draw attention to Note 1.4 in the financial statements, which indicates that the ability of the group and company to continue as a going concern is dependent on additional funding from the shareholder that is not guaranteed. As stated in Note 1.4, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

I n 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.

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:

- the 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.

MILLWALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MILLWALL HOLDINGS LIMITED
- 10 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and 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.

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.

MILLWALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MILLWALL HOLDINGS LIMITED
- 11 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

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

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Lawrence BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ
29 December 2025
MILLWALL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£000
£000
Revenue
3
23,853
21,415
Cost of sales
(23,565)
(18,692)
Gross profit
288
2,723
Other operating income
584
172
Administrative expenses
370
(21,019)
Operating profit/(loss)
4
1,242
(18,124)
Investment revenues
2
-
0
Finance costs
6
(1,507)
(992)
Loss before taxation
(263)
(19,116)
Income tax expense
7
-
-
Loss and total comprehensive income for the year
(263)
(19,116)
Profit 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.
MILLWALL HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2025
30 June 2025
- 13 -
2025
2024
Notes
£000
£000
Non-current assets
Intangible assets
9
12,552
3,779
Property, plant and equipment
10
23,987
17,676
36,539
21,455
Current assets
Inventories
12
-
22
Trade and other receivables
14
12,682
3,639
Cash and cash equivalents
792
826
13,474
4,487
Current liabilities
Trade and other payables
17
15,016
7,855
Deferred revenue
19
4,033
2,930
19,049
10,785
Net current liabilities
(5,575)
(6,298)
Non-current liabilities
Trade and other payables
17
1,660
1,306
Borrowings
9,667
-
0
Convertible loan notes
16
-
0
9,667
Lease liabilities
18
570
1,095
Deferred revenue
19
1,393
1,393
13,290
13,461
Net assets
17,674
1,696
Equity
Called up share capital
21
126,660
110,960
Share premium account
22
23,152
23,152
Capital redemption reserve
23
23,074
23,074
Retained earnings
(155,212)
(155,490)
Total equity
17,674
1,696
MILLWALL HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2025
30 June 2025
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 29 December 2025 and are signed on its behalf by:
M Fairbrother
Director
Company registration number 02355508 (England and Wales)
MILLWALL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
£000
£000
£000
£000
£000
Balance at 1 July 2023
91,580
23,152
23,074
(136,912)
894
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(19,116)
(19,116)
Transactions with owners:
Issue of share capital
21
19,380
-
0
-
-
19,380
Other movements
-
-
-
538
538
Balance at 30 June 2024
110,960
23,152
23,074
(155,490)
1,696
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
-
(263)
(263)
Transactions with owners:
Issue of share capital
21
15,700
-
0
-
-
15,700
Other movements
-
-
-
541
541
Balance at 30 June 2025
126,660
23,152
23,074
(155,212)
17,674
MILLWALL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2025
2024
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash absorbed by operations
29
(14,340)
(12,079)
Interest paid
(1,491)
-
Net cash outflow from operating activities
(15,831)
(12,079)
Investing activities
Purchase of intangible assets
(14,455)
(3,810)
Proceeds from disposal of intangibles
21,711
1,073
Purchase of property, plant and equipment
(7,354)
(1,049)
Proceeds from disposal of property, plant and equipment
193
-
0
Interest received
2
-
0
Net cash generated from/(used in) investing activities
97
(3,786)
Financing activities
Proceeds from issue of shares
15,700
19,380
Repayment of borrowings
-
(2,972)
Net cash generated from financing activities
15,700
16,408
Net (decrease)/increase in cash and cash equivalents
(34)
543
Cash and cash equivalents at beginning of year
826
283
Cash and cash equivalents at end of year
792
826
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
1
Accounting policies
Company information

Millwall Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Den, John Berylson Way, London, UK, SE16 3LN. The company's principal activities and nature of its operations are disclosed in the directors' report.

The group consists of Millwall Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £000.

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

1.2
Business combinations

The 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Millwall Holdings 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 group.

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

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.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -

Investments in joint ventures and associates are carried in the group statement of financial position 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.

1.4
Going concern

In assessing the appropriateness of the going concern assumption, the Directors have produced detailed cash flow forecasts until 30 June 202 true 7.

The directors have continued to undertake a range of a prudent running of the organisation. There is a 20m facility in place from CHV that was drawn to 10m as at the year end, which does not fall due for repayment until I July 2026. The Directors believe this, in conjunction with the ongoing support of the Company's principal shareholder, provides sufficient working capital for the current needs of the Group and Company for the foreseeable future.

As reported last year, the UK Government has been progressing with the Football Governance Bill, which is currently going through the parliamentary review process. This regulation includes the establishment of an independent regulator for football as well as looking at the engagement with supporter groups through the establishment of a shadow board and a review of the uneven distribution system through the English football pyramid. As a Club the Directors support the recommendations made in the Government review and welcome the progress that has been made to date on the Football Governance Bill, and are actively taking steps to adopt some of the measures recommended in advance of any structural change within the football environment.

At 30 June 202 5, the Group had net assets of £17.7 million and net current liabilities of £11.2 million.

The directors continually monitor the financial position of the Company and Group and have prepared the financial statements on a going concern basis, having had regard to: ·

- cash flow projections prepared to 30 June 202 6, and expected cash flow forecasts for the year thereafter i.e. 30 June 202 7, including the effect of player trading; and

- the continuing provision of facilities to the Group from Chestnut Hill Ventures LLC ("CHV"). The repayment date on the existing 10 million loan facility was extended during the year to I July 202 7, with interest accruing only from I July 202 6. CHV has also undertaken to provide the Group with further support, if necessary, for at least the next 12 months, as it has done during the current and previous financial years.

Forecasts prepared for and reviewed by the board demonstrate that in most reasonable scenarios additional shareholder funding will be required which is not yet guaranteed. As such, the directors have identified a material uncertainty that may cast significant doubt over the Company's and the Group's ability to continue as a going concern and therefore its ability to realise its assets and discharge its liabilities in the normal course of business.

While there will always remain inherent uncertainty, the directors remain confident that they will be able to manage the Group's and Company's finances and operations so as to achieve the forecasted cash flows and, with the continued support of CHV, consider that it is appropriate to draw up the financial statements on a going concern basis.

The financial statements do not include any adjustments that would result if the going concern basis of preparation were to become no longer appropriate.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
1.5
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.

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 represents income receivable from the Group's principal activities excluding transfer fees and value added tax. Revenue is recognised at the fair value of the consideration receivable. Revenue is split between three categories of income stream; Match Day, Central League Awards and Commercial.

Match Day

Match Day revenue represents income receivable from all match day activities from Millwall games at The Den, together with the share of gate receipts from cup games not played at The Den. The share of gate receipts payable to the other participating club for domestic cup matches played at The Den is treated as a reduction in revenue. Season ticket revenue is recognised over the period of the football season as home matches are played.

Central League Awards

Central League Award revenue comprises the Basic Award and the Solidarity Award from the Football League, along with grant income for the academy and prize money earned from cup competitions. Awards are recognised over the financial period to which they relate.

Commercial

C ommercial revenue comprises income receivable through sponsorship, shop revenue, use of the conference and catering facilities at The Den on non-match days and sundry other income. Sponsorship contracts are recognised over the duration of the contract, either on a straight line basis, or over the period of the football season, as appropriate based on the terms of the contract. Catering revenues are recognised on an earned basis. Revenue from sale of branded products is recognised at the point of dispatch when significant risks and rewards of ownership are deemed to have been transferred to the buyer.

Deferred income

All income received in advance of football activities, such as season ticket revenue, league awards, advertising, sponsorship and broadcasting revenues are treated as deferred income and released to income over the period or number of matches to which they relate.

Grants

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
1.6
Intangible assets other than goodwill

Players' registrations

The costs associated with the acquisition of players' registrations are initially recorded at fair value of the consideration payable at the date of acquisition as intangible fixed assets. These costs are fully amortised over the period of the respective players' contracts.

For the purposes of impairment reviews, acquired players' registrations are classified within the single football club cash-generating unit until the point at which it is made clear that the player is no longer an active member of the playing squad which is typically because either the player is out of favour with the team management or the player is permanently injured. In these circumstances the carrying value of the player's registration is reviewed against a measurable net realisable value.

Acquired players' registrations are classified as "Assets held for sale" on the statement of financial position if, at any time, it is considered that the carrying amount of a registration will be recovered principally through sale and an active programme is in place to sell the player. The measurement of the registration is the lower of (a) fair value (less costs to sell) and (b) carrying value. In a situation where a player is permanently injured, fair value is considered to be the expected insurance recovery amount. Amortisation of the asset is suspended at the time of reclassification, although impairment charges are made if applicable.

Signing on fees

Signing on fees are charged, on a straight line basis, to the statement of comprehensive income over the period of the player's contract. Prepayments/accruals arising at each period end are included within prepayments and accrued income or accruals within current assets or current liabilities, as appropriate. Where a player's registration is transferred, any signing on fee payable in respect of future periods are charged against the profit/(loss) on disposal of players' registrations in the period in which the disposal is recognised.

Transfer fees

Transfer fees receivable are recognised in the period in which the registration is transferred and any profit or loss arising is dealt with in the statement of comprehensive income. Contingent transfer fees receivable are recognised once the contingent conditions become probable which is usually when they have been met.

1.7
Property, plant and equipment

Property, plant and equipment 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:

Fixtures and fittings
10% - 33% per annum
Motor vehicles
25% per annum
Pitch renovation
over the next season
Long leashold premises
1% per annum
Right of use assets
over the life of the lease

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 income statement.

1.8
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 21 -

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and 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.

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 tangible and intangible assets

At each reporting 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

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.

1.10
Inventories

Inventories 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 inventories to their present location and condition.

Inventories 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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11
Cash and cash equivalents

Cash and cash equivalents 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.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 22 -
1.12
Financial assets

Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.13
Financial liabilities

The group recogni s es financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.

1.14
Compound instruments

The component parts of compound instruments issued are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.15
Equity instruments

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

1.16
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 inventories or non-current 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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 24 -
1.17
Retirement benefits

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

1.18
Leases

At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

2
Critical accounting estimates and judgements

In the application of the company’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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Critical accounting estimates and judgements
(Continued)
- 25 -

Useful lives of intangible assets

Intangible assets are amortised over the length of the players' contracts which is deemed to be their useful lives and management's estimates as to their continuing usefulness to the football side.

3
Revenue
2025
2024
£000
£000
Revenue analysed by class of business
Match Day
7,262
7,413
League income
12,584
10,456
Commercial
4,007
3,546
23,853
21,415
4
Operating (loss)/profit
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£000
£000
Exchange gains
(6)
-
0
Fees payable to the company's auditor for the audit of the company's financial statements
60
75
Depreciation of property, plant and equipment
850
641
Amortisation of intangible assets (included within )
5,435
3,440
(Profit)/loss on disposal of intangible assets
(21,618)
400
5
Employees

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

2025
2024
Number
Number
Footall team management
49
46
Administrative and ground staff
70
54
Players (including Academy)
65
61
Total
184
161
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
5
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

2025
2024
£000
£000
Wages and salaries
25,216
22,075
Social security costs
3,144
2,602
Pension costs
274
362
28,634
25,039
6
Finance costs
2025
2024
£000
£000
Interest on bank overdrafts and loans
866
-
Interest on convertible loan notes
541
-
0
Interest on lease liabilities
100
152
Other interest payable
-
0
840
Total interest expense
1,507
992
7
Income tax expense

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2025
2024
£000
£000
Loss before taxation
(263)
(19,116)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(66)
(4,779)
Effect of expenses not deductible in determining taxable profit
264
458
Income not taxable
(20)
-
Unutilised tax losses carried forward
(178)
4,321
Taxation charge for the year
-
-

At 30 June 202 5 the Group had estimated tax losses carried forward of £155.1m (202 4: £144.7 m), subject to the agreement of HM Revenue and Customs. After assessing the prospects for the 202 6 financial year the Board has decided to not recognise any deferred tax asset as it is prudent to estimate that no losses will be utilised in that period. The amount of the unprovided deferred tax asset at a future UK tax rate of 25% (202 4: 25%) is calculated at £38.8m (202 4: £3 6.2 m).

At 30 June 202 5 the Group had £8.4m (202 4: £8.5m) of unclaimed capital allowances. These have not been recognised as the Board cannot prudently estimate that these will be utilised in the forthcoming period. The amount of the unprovided deferred tax asset is calculated as £2.1m (202 4: £2.1m).

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
8
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
£000
£000
In respect of:
Intangible assets
154
-
0
Recognised in:
Administrative expenses
154
-
9
Intangible assets
Players' registrations
£000
Cost
At 1 July 2023
9,955
Additions
4,048
Disposals
(2,230)
At 30 June 2024
11,773
Additions - purchased
14,455
Disposals
(4,296)
At 30 June 2025
21,932
Amortisation and impairment
At 1 July 2023
5,725
Charge for the year
3,440
Eliminated on disposals
(1,171)
At 30 June 2024
7,994
Charge for the year
5,435
Impairment loss
154
Eliminated on disposals
(4,203)
At 30 June 2025
9,380
Carrying amount
At 30 June 2025
12,552
At 30 June 2024
3,779
At 30 June 2023
4,000
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
10
Property, plant and equipment
Assets under construction
Fixtures and fittings
Motor vehicles
Pitch renovation
Long leashold premises
Right of use assets
Total
£000
£000
£000
£000
£000
£000
£000
Cost
At 1 July 2023
1,794
5,810
42
18,706
319
2,421
29,092
Additions
341
477
-
0
-
0
480
-
1,298
At 30 June 2024
2,135
6,287
42
18,706
799
2,421
30,390
Additions
277
1,234
9
5,768
66
-
7,354
Disposals
-
0
-
0
-
0
-
0
-
0
(1,098)
(1,098)
At 30 June 2025
2,412
7,521
51
24,474
865
1,323
36,646
Accumulated depreciation and impairment
At 1 July 2023
-
0
5,125
42
5,253
177
1,476
12,073
Charge for the year
-
0
-
0
-
0
568
73
-
641
At 30 June 2024
-
0
5,125
42
5,821
250
1,476
12,714
Charge for the year
-
0
232
1
303
91
223
850
Eliminated on disposal
-
0
-
0
-
0
-
0
-
0
(905)
(905)
At 30 June 2025
-
0
5,357
43
6,124
341
794
12,659
Carrying amount
At 30 June 2025
2,412
2,164
8
18,350
524
529
23,987
At 30 June 2024
2,135
1,162
-
12,885
549
945
17,676
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
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
Millwall Properties Limited
The Den, John Berylson Way, London, SE16 3LN
Ordinary
100.00
The Millwall Football and Athletic Company (1985) Limited
The Den, John Berylson Way, London, SE16 3LN
Ordinary
100.00
12
Inventories
2025
2024
£000
£000
Finished goods
-
22
13
Contracts with customers
2025
2024
2024
Period end
Period end
Period start
£000
£000
£000
Contracts in progress
Contract assets
10,826
1,530
-
Contract liabilities
(89)
(157)
-
14
Trade and other receivables
2025
2024
£000
£000
Trade receivables
2,237
2,535
Provision for bad and doubtful debts
(1,318)
(1,491)
919
1,044
Contract assets (note 13)
10,826
1,530
Other receivables
-
62
Prepayments
937
1,003
12,682
3,639
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
15
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables differs from fair value as follows:

Carrying value
Fair value
2025
2024
2025
2024
£000
£000
£000
£000
Trade receivables net of allowances
919
1,044
-
0
-
Contract assets
10,826
1,530
-
-
Other debtors
-
0
62
-
0
-
Prepayments
937
1,003
-
0
-
12,682
3,639
-
0
-
0

No significant receivable balances are impaired at the reporting end date.

Movement in the allowances for doubtful debts
2025
2024
£000
£000
Balance at 1 July 2024 and at 30 June 2025
1,318
1,491
16
Convertible loan notes

The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity as follows:

The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the statement of financial position represents the effective interest rate less interest paid to that date.

Movements and balance at the period end
Liability
£000
Liability component at 1 July 2023
9,441
Interest charged
226
Liability component at 30 June 2024
-
Liability component at 30 June 2024 & at 30 June 2025
-

The equity component of the convertible loan notes has been credited to the equity reserve.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
17
Trade and other payables
Current
Non-current
2025
2024
2025
2024
£000
£000
£000
£000
Trade payables
8,223
4,425
1,571
1,149
Contract liabilities (note 13)
-
-
89
157
Accruals
3,820
2,116
-
0
-
0
Social security and other taxation
2,106
1,314
-
0
-
0
Other payables
867
-
0
-
0
-
0
15,016
7,855
1,660
1,306
18
Lease liabilities
All lease liabilties are expected to be settled after more than 12 months from the reporting date.
2025
2024
Amounts recognised in profit or loss include the following:
£000
£000
Interest on lease liabilities
100
152
Other leasing information is included in note 24.
19
Deferred revenue
2025
2024
£000
£000
Arising from
5,426
4,323

Deferred revenues are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£000
£000
Current liabilities
4,033
2,930
Non-current liabilities
1,393
1,393
5,426
4,323
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
274
362

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

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary of £10000 each
12,251
11,096
126,660
110,960
22
Share premium account
2025
2024
£000
£000
At the beginning and end of the year
23,152
23,152
23
Capital redemption reserve
2025
2024
£000
£000
At the beginning and end of the year
23,074
23,074
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 33 -
24
Other leasing information
Lessee

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2025
2024
Land and buildings
£000
£000
Within one year
463,658
389,000
Between two and five years
196,000
476,000
In over five years
5,539,953
5,589,000
6,199,611
6,454,000
2025
2024
Operating leases apart from land and buildings
£000
£000
Within one year
115,343
45,000
Between two and five years
195,166
19,000
310,509
64,000
25
Capital commitments
2025
2024
£000
£000

At 30 June 2025 the group had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
417,000
-
MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 34 -
26
Capital risk management

The group is not subject to any externally imposed capital requirements.

27
Pensions

The Club participates in the Football League Pension and Life Assurance Scheme ('the Scheme'). The Scheme is a funded multi-employer defined benefit scheme, with 92 participating employers, and where members may have periods of service attributable to several participating employers. The Club is unable to identify its share of the assets and liabilities of the Scheme and therefore accounts for its contributions as if they were paid to a defined contribution scheme.

The Club is making scheme funding payments based on the actuarial valuation carried our on 31 July 2023. The key assumptions used to calculate the deficit at the 31 August 2023 actuarial valuation were:

Discount Rate 4.55% p.a.

RPI inflation: 3.5% p.a.

Pension Increases: 3.5% p.a.

Mortality (pre-retirement): No allowance

The Club pays monthly contributions based on a notional split of the total expenses and deficit contributions of the Scheme.

The results of this actuarial valuation when the Club recognised its notional share of the deficit, calculated using the actuarial valuation assumptions, resulted in a liability of £268,976. This 202 3 revaluation resulted in a charge to profit and loss, to increase the liability, of £216,461 in 2024.

Based on the current repayment schedule, the club is contributing £60,744 per annum against this liability.

The Club currently has 1 employee who is a member of the scheme (2024: 1) and pays total contributions of £60,744 p.a. which increases at 5.0% p.a. Based on the actuarial valuation assumptions detailed above, these contributions will be sufficient to pay off the Club's share of the deficit by 30 November 2027.

Under the terms and conditions of the multi-employer plan the entity cannot be liable to the plan for other entities' obligations.

Certain other employees of the Company, except for football players who are responsible for their own pension arrangements, are eligible to be members of defined contribution schemes. The assets of any schemes are held in funds separate from the Company.

28
Transfer fees payable/receivable

Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts would be receivable/payable by the Company if conditions as to future team selection are met. The maximum that could be receivable is £710,000 (2024 - £1,215,000). The maximum that could be payable is £5,570,000 (2024 - £3,895,000). These amounts have not been provided for in the financial statements. These amounts do not include various payments or receipts that are determinable only on circumstances which are distant or outside the direct control of the parties to the contract and the player in question.

MILLWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 35 -
29
Cash absorbed by group operations
2025
2024
£000
£000
Loss for the year before taxation
(263)
(19,116)
Adjustments for:
Finance costs
1,507
992
Investment income
(2)
-
0
(Gain)/loss on disposal of intangibles
(21,618)
400
Amortisation and impairment of intangible assets
5,589
3,296
Depreciation and impairment of property, plant and equipment
850
733
Movements in working capital:
Decrease in inventories
22
45
(Increase)/decrease in trade and other receivables
(9,043)
136
Increase in trade and other payables
8,618
1,435
Cash absorbed by operations
(14,340)
(12,079)
MILLWALL HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 June 2025
- 36 -
2025
2024
Notes
£000
£000
Non-current assets
Investments
27,498
11,518
Current liabilities
Trade and other payables
155
155
Net current liabilities
(155)
(155)
Non-current liabilities
Borrowings
9,669
9,667
Net assets
17,674
1,696
Equity
Called up share capital
30
126,660
110,960
Share premium account
23,152
23,152
Capital redemption reserve
23,016
23,016
Retained earnings
(155,154)
(155,432)
Total equity
17,674
1,696

As permitted by true s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £278,337 (2024 - £19,115,949 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 ......................... and are signed on its behalf by:
2025-12-29
M Fairbrother
Director
Company registration number 02355508 (England and Wales)
MILLWALL HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2025
30 June 2025
- 37 -
30
Share capital
Refer to note 21 of the group financial statements.
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