Company registration number 00290803 (England and Wales)
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
COMPANY INFORMATION
Directors
D MacAnthony
B F Fry
E A Elsom
D A Gore
I R Crawford
A S Harris
(Appointed 2 September 2024)
A F Lismore
Company number
00290803
Registered office
Weston Homes Stadium
London Road
Peterborough
Cambridgeshire
United Kingdom
PE2 8AL
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers
Barclays Bank Plc
1 Church Street
Peterborough
Cambridgeshire
United Kingdom
PE1 1XE
Solicitors
Pinder Reaux & Associated
61a East Street
Barking
Essex
IG11 8EJ
Bates Wells
10 Queen Street Place
London
EC4R 1BE
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 31
PETERBOROUGH UNITED FOOTBALL CLUB 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 2024-2025 campaign might have been a challenge in the league, but it did provide another visit to Wembley Stadium, and another successful visit too, as goals from Hector Kyprianou and Harley Mills secured the Vertu Trophy against all the odds.

Birmingham City were overwhelming favourites to lift the silverware and with the final taking place less than seven days after they secured the League One title, they were in celebratory mood in the capital.

However, Darren Ferguson’s side put in a superb performance and thoroughly deserved the 2-0 victory – which meant we became the first side to retain the trophy and the only side to win five successive games at the national stadium in the world!

The highlight of the league campaign was undoubtedly the 6-1 victory over local rivals Cambridge United in front of a raucous Weston Homes Stadium crowd. It was the second year in a row we had scored more than five against the U’s.

We also claimed all three points in the return fixture at the Abbey Stadium, which was another memorable occasion for the supporters in attendance. There were first team debuts handed out to a number of players including Andre Changunda and Joe Andrews on the final day at Rotherham United.

The Academy enjoyed a positive campaign with the Under 18s lifting the Professional Development League Cup after a 1-0 victory over favourites Sheffield United. With a host of Under 16s participating in the Under 18s and a number of Under 18s in the Under 21s group, it was a fine 12 months for development both under the management of Jimmy Unwin and Sam Gaughran.

The Posh Women had another record-breaking campaign in the 2024/25 season, including a top three finish in the FA Women’s National League Division One Midlands and reaching their highest ever points tally. They also reached round two of the Adobe Women’s FA Cup after beating higher level opposition in round one. This was their final season playing their home fixtures at Abbey Lawn, the home of Bourne. With the recruitment continuing to be strong, there is a real sense that the 2025-2026 campaign can be their year.

Once again, the success on the pitch has been supplemented by the tremendous work off it, with the commercial team continuing to break records in terms of revenue and the retail department going from strength to strength following the opening of the new Store. The Posh Store, which replaced the Posh Venue, is arguably one of the best retail outlets outside of the Premier League and has been well received by supporters and industry experts.

Finally, we would like to thank our superb fans, sponsors, and partners for their continued support and look forward to an exciting season.

At the time of writing (February 2026) it can be said that our season to date has been a tale of two halves. Although the season started full of optimism, results did not follow and after just 3 wins from the first thirteen games, Darren Ferguson departed the Club.

Darren’s legacy is significant at the football Club, four promotions, three cup wins at Wembley, with an unprecedented two back to back, he is the greatest manager in Peterborough United’s history.

Luke Williams was appointed Manager shortly after kicking off what has quickly become a turnaround campaign in the League.

A memorable 3-0 win against high flying Stockport County highlighted the resurgence, and with four straight wins at one point impressing with attacking intent and defensive improvement.

Whilst there will be no return trip to Wembley in April in the Vertu Trophy, there is still plenty of optimism of a good League campaign.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

On behalf of the board

D A Gore
Director
3 March 2026
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of a professional football club.

Results and dividends

The results for the year are set out on page 8.

No ordinary 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:

D MacAnthony
B F Fry
E A Elsom
D A Gore
I R Crawford
A S Harris
(Appointed 2 September 2024)
A F Lismore
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Future developments

Since the year end the club has been concentrating on consolidating its position and is now focusing on a successful conclusion to the 2025-26 Sky Bet League One campaign.

Auditor

Azets Audit Services were appointed as auditor to the company 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 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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
D A Gore
Director
3 March 2026
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
- 5 -
Opinion

We have audited the financial statements of Peterborough United Football Club Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 June 2025 and of its profit 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 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 related to going conern

We draw attention to Note 1.2 in the financial statements, which indicates that the company's current liabilities exceeds its current assets by £12.1m. As stated in Note 1.2, these events or conditions, along with other matters as set forth in Note 1.2, indicate that a material uncertainty exists that may cast a significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the 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 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 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.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
- 7 -

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
Senior Statutory Auditor
For and on behalf of Azets Audit Services
13 March 2026
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
15,923,092
10,174,244
Cost of sales
(5,577,629)
(3,814,334)
Gross profit
10,345,463
6,359,910
Administrative expenses
(12,928,472)
(11,914,714)
Other operating income
253,483
244,400
Exceptional item
4
6,547,788
4,069,082
Operating profit/(loss)
5
4,218,262
(1,241,322)
Interest receivable and similar income
9
14,371
303
Interest payable and similar expenses
10
(1,325,678)
(1,030,308)
Amounts written off investments
11
-
(46,225)
Profit/(loss) before taxation
2,906,955
(2,317,552)
Tax on profit/(loss)
12
-
0
-
0
Profit/(loss) for the financial year
2,906,955
(2,317,552)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
13
3,053,593
1,912,346
Tangible assets
14
2,842,978
2,550,482
5,896,571
4,462,828
Current assets
Stocks
15
138,147
159,976
Debtors falling due after more than one year
16
2,399,888
1,062,500
Debtors falling due within one year
16
5,168,775
5,015,662
Cash at bank and in hand
148,906
291,652
7,855,716
6,529,790
Creditors: amounts falling due within one year
17
(19,991,486)
(20,168,578)
Net current liabilities
(12,135,770)
(13,638,788)
Total assets less current liabilities
(6,239,199)
(9,175,960)
Creditors: amounts falling due after more than one year
18
(7,289,643)
(7,439,837)
Net liabilities
(13,528,842)
(16,615,797)
Capital and reserves
Called up share capital
23
3,284,580
3,284,580
Other reserves
1,785,000
1,605,000
Profit and loss reserves
25
(18,598,422)
(21,505,377)
Total equity
(13,528,842)
(16,615,797)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 3 March 2026 and are signed on its behalf by:
D A Gore
Director
Company Registration No. 00290803
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Capital contribution
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
3,284,580
-
(19,187,825)
(15,903,245)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
(2,317,552)
(2,317,552)
Loan waiver classified as capital contribution
-
1,605,000
-
1,605,000
Balance at 30 June 2024
3,284,580
1,605,000
(21,505,377)
(16,615,797)
Year ended 30 June 2025:
Profit and total comprehensive income for the year
-
-
2,906,955
2,906,955
Loan waiver classified as capital contribution
-
180,000
-
180,000
Balance at 30 June 2025
3,284,580
1,785,000
(18,598,422)
(13,528,842)
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
446,276
(1,545,309)
Interest paid
(1,325,678)
(1,030,308)
Net cash outflow from operating activities
(879,402)
(2,575,617)
Investing activities
Purchase of intangible assets
(715,834)
(1,251,667)
Proceeds from disposal of intangibles
4,145,000
2,356,875
Purchase of tangible fixed assets
(814,396)
(203,234)
Proceeds from disposal of tangible fixed assets
38,000
-
0
Interest received
14,371
303
Net cash generated from investing activities
2,667,141
902,277
Financing activities
Repayment of borrowings
(2,025,152)
(5,294,146)
Proceeds from borrowings
-
7,108,299
Payment of finance leases obligations
94,667
(20,710)
Net cash (used in)/generated from financing activities
(1,930,485)
1,793,443
Net (decrease)/increase in cash and cash equivalents
(142,746)
120,103
Cash and cash equivalents at beginning of year
291,652
171,549
Cash and cash equivalents at end of year
148,906
291,652
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
1
Accounting policies
Company information

Peterborough United Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Weston Homes Stadium, London Road, Peterborough, Cambridgeshire, United Kingdom, PE2 8AL.

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.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The Board of Directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.true

The company has net liabilities of £13.5m (2024: £16.6m) and made a profit after tax in the current year of £2.9m (2024: loss of £2.3m) and has net current liabilities of £12.1m (2024: £13.6m).

Day to day working capital requirements are met through existing cash and banking facilities, bank loans, investor financing and from the support of its beneficial owners by way of shareholder related loans.

To enable the Board to assess the adequacy of the financial facilities available to the company, they have used management information, including a recent review of forecasts which extend beyond one year from the date of approval of these financial statements.

The forecasts make key assumptions around season ticket sales and matchday income, football performance, overhead costs, future player sales, contingent receipts and transfer fees payable and the company's ability to secure future debt and/or equity finance, if required. Any reliance placed on the forecasts by the Board is dependent upon the above factors. At the time of preparation, the Board recognises that current projections indicate that the company will require additional funding within the next 12 months to meet its operational cash flow requirements and to facilitate loan repayments and cash requirements for other financing commitments. The assumptions made by the Board when determining the expected funding requirement do not include any contingent income relating to potential sell-on fees.

The amount of additional funding required is uncertain and the Board acknowledges that the required amounts will depend upon significant uncertainties relating to:

-the assumptions relating to the timing and amounts expected to be received in respect of player sales;

-the ongoing support of the beneficial owner, Darragh MacAnthony.

On the basis of the above, the Board acknowledges the existence of material uncertainties which may cause significant doubt over the company's ability to continue as a going concern.

The Board have obtained a letter of support from the ultimate beneficial owner, Darragh MacAnthony, confirming the intention to support the company and to provide additional loan facilities as required to meet any shortfalls that may arise from variances to the forecast cash flows. In addition, further confirmations have been provided of the intention to support the company by not demanding repayment of the loans owing to Darragh MacAnthony for the foreseeable future. The level and timing of potential cash requirements have been considered by the Board, however, they acknowledge that the letter of support is not legally binding and there is no contractual certainty that the shareholder will make available such funding, nor require repayment of the existing loans. If the support of the shareholder was required and not forthcoming, the company may not be able to raise additional funding to provide sufficient cash to enable it to meet its liabilities as they fall due. This creates a material uncertainty which may cast significant doubt over the company's ability to continue as a going concern.

Nevertheless, on the basis of the information available to the Board at the current time, the Board believe that there is a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of preparation in these financial statements.

1.3
Turnover

Turnover represents amounts receivable for net gate and ticket receipts, box subscriptions, television and sponsorship revenue, FA and prize money, contingent transfer fees, player loan fees, rental income and other commercial activities net of VAT. Turnover is the total amount excluding value added tax, receivable by the company in the ordinary course of business. Net gate and ticket receipts are recognised when the match is played; television and sponsorship revenue are recognised over the contract or sponsorship period; rental income is recognised over the rental period and all other income is recognised as it becomes receivable in line with the service period.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
1.4
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:

Playing staff
amortised over the length of the related player contract

Transfer fees are recognised in the accounting period in which the transfer is registered with the relevant football governing body except where the contract is not conditional upon registration in which case the transfer is recognised when the contract becomes unconditional (usually when payment is made or received). Payments or receipts which are contingent on the performance of the team or player are not recognised until the events crystallising such payments or receipts have taken place. Contingent payments or receipts are included within cost of sales and turnover respectively. Transfer fees payable excluding contingent amounts are capitalised and shown as intangible fixed assets. This amount is then amortised over the length of the related player contract. Transfer fees receivable excluding contingent amounts are treated as a sale of the relevant intangible fixed asset.

1.5
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:

Leasehold improvements
10% per annum on cost
Plant and machinery
25% per annum reducing balance
Fixtures, fittings & equipment
25% per annum reducing balance
Motor vehicles
25% per annum 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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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).

1.7
Stocks

Stocks consists of retail stock sold online and through the club shop. Stocks is valued at the lower of cost and realisable value after making any adjustments necessary for obselete or slow moving stock.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 method 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.

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 company 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 company after deducting all of its liabilities.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
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. A m ounts 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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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.

1.11
Retirement benefits

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

1.12
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.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -

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 s asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of the grants is included in creditors as deferred income.

Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

1.14

Signing on fees

Contractual amounts of fees payable to players are recognised as prepayments and spread evenly over the contract period. The net balance of signing on fees relating to players sold is included within the calculation of profit or loss on disposal of players' contracts.

2
Judgements and key sources of estimation uncertainty

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Depreciation, amortisation and impairment

Depreciation and amortisation are recognised to write off the cost of intangible and tangible fixed assets less their residual values over their useful lives at the rates detailed in notes 1.4 and 1.5. The provisions for amortisation and depreciation at the reporting end date are £1,356,541 and £480,868 respectively. Further details of the amounts provided at the beginning and end of the period, together with the charge for the year are shown in notes 13 and 14 respectively.

Impairment of player assets is performed annually. The club carries out an assessment of the carrying value of the players against their best estimate of the individuals' fair value less any costs to sell.

Contingent appearance fees

The company has, under transfer agreements, a liability to pay additional sums dependent on players' attainment and any subsequent transfer value. At the year end such fees were estimated at £1,902,434 (2024: £1,020,000) which are not considered probable based on managements best estimates. As such no provision has been made in these financial statements.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Retail income
1,001,187
810,292
Football and commercial income
14,921,905
9,363,952
15,923,092
10,174,244
2025
2024
£
£
Other revenue
Interest income
14,371
303
Grants received
147,036
172,036
4
Exceptional item
2025
2024
£
£
Profit on disposal of player registrations
6,547,788
4,069,082
5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Government grants
(147,036)
(172,036)
Depreciation of owned tangible fixed assets
480,868
468,216
Loss on disposal of tangible fixed assets
3,032
-
Amortisation of intangible assets
1,356,541
1,249,806
Operating lease charges
595,708
611,561
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
27,000
16,500
For other services
All other non-audit services
6,000
16,609
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
7
Employees

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

2025
2024
Number
Number
Playing staff
114
126
Matchday staff
88
86
Management and office
39
39
Total
241
251

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,505,107
6,565,632
Social security costs
841,596
669,569
Pension costs
172,348
106,830
8,519,051
7,342,031
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
731,903
326,393
Company pension contributions to defined contribution schemes
29,688
22,606
761,591
348,999

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
401,515
181,510
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
14,371
303
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Interest receivable and similar income
(Continued)
- 20 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
14,371
303
10
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
1,313,651
1,017,609
Other finance costs:
Interest on finance leases and hire purchase contracts
12,027
12,049
Other interest
-
0
650
1,325,678
1,030,308
11
Amounts written off investments
2025
2024
£
£
Amounts written back to/(written off) current loans
-
(46,225)
12
Taxation

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

2025
2024
£
£
Profit/(loss) before taxation
2,906,955
(2,317,552)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
726,739
(579,388)
Tax effect of expenses that are not deductible in determining taxable profit
47,533
65,479
Tax effect of utilisation of tax losses not previously recognised
-
0
(16,738)
Unutilised tax losses carried forward
-
0
530,647
Movement in deferred tax not recognised
(774,272)
-
0
Taxation charge for the year
-
-

The company has estimated losses of £17,484,896 (2024: £20,897,178) available for carry forward against future trading profits.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
13
Intangible fixed assets
Playing staff
£
Cost
At 1 July 2024
5,180,000
Additions
2,695,000
Disposals
(2,900,000)
At 30 June 2025
4,975,000
Amortisation and impairment
At 1 July 2024
3,267,654
Amortisation charged for the year
1,356,541
Disposals
(2,702,788)
At 30 June 2025
1,921,407
Carrying amount
At 30 June 2025
3,053,593
At 30 June 2024
1,912,346
14
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
3,708,445
673,564
114,424
196,589
4,693,022
Additions
489,193
234,623
-
0
90,580
814,396
Disposals
-
0
-
0
-
0
(85,924)
(85,924)
At 30 June 2025
4,197,638
908,187
114,424
201,245
5,421,494
Depreciation and impairment
At 1 July 2024
1,521,834
445,282
105,907
69,517
2,142,540
Depreciation charged in the year
361,585
78,856
2,129
38,298
480,868
Eliminated in respect of disposals
-
0
-
0
-
0
(44,892)
(44,892)
At 30 June 2025
1,883,419
524,138
108,036
62,923
2,578,516
Carrying amount
At 30 June 2025
2,314,219
384,049
6,388
138,322
2,842,978
At 30 June 2024
2,186,611
228,282
8,517
127,072
2,550,482
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Tangible fixed assets
(Continued)
- 22 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and machinery
92,858
-
0
Motor vehicles
231,181
127,072
324,039
127,072
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
138,147
159,976
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,056,052
4,160,890
Other debtors
67,398
70,236
Prepayments and accrued income
1,045,325
784,536
5,168,775
5,015,662
2025
2024
Amounts falling due after more than one year:
£
£
Trade debtors
2,399,888
1,062,500
Total debtors
7,568,663
6,078,162
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
-
0
360,000
Obligations under finance leases
20
24,892
24,877
Other borrowings
19
13,434,282
14,098,889
Payments received on account
1,956,541
1,964,487
Trade creditors
3,270,762
2,675,435
Taxation and social security
413,307
342,366
Government grants
21
147,000
147,036
Other creditors
152,995
125,287
Accruals and deferred income
591,707
430,201
19,991,486
20,168,578

Net obligations under finance lease and hire purchse contracts amounting to £24,892 (2024: £24,877) are secured by fixed charges on the assets concerned.

Bank loans amounting to £nil (2024: £360,000) were guaranteed under the Recovery Loan Scheme Guarantee with fixed and floating charges over the assets and property of the company.

Other borrowings at 30 June 2025 include loan balances of £5,619,439 (2024: £5,906,444) which are secured by fixed and floating charges on the company's assets. Further details are provided in notes 26 and 27.

Other borrowings includes loans totalling £4,514,045 (2024: £4,506,441) that are classified within creditors: amounts falling due within one year as a result of a default of the loans. No formal waiver has been sought by the company in relation to the loans.

18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
20
209,426
114,774
Other borrowings
19
4,119,261
5,299,806
Trade creditors
1,804,922
1,069,375
Government grants
21
624,398
771,398
Other creditors
531,636
184,484
7,289,643
7,439,837

Net obligations under finance lease and hire purchase contracts amounting to £209,426 (2024: £114,774) are secured by fixed charges on the assets concerned.

Other borrowings at 30 June 2025 includes loan balances of £3,311,136 (2024: £4,564,490) which are secured by fixed and floating charges on the company's assets. Further details are provided in notes 26 and 27.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
19
Loans and overdrafts
2025
2024
£
£
Bank loans
-
0
360,000
Loans from related parties
10,401,795
12,177,357
Other loans
7,151,748
7,221,338
17,553,543
19,758,695
Payable within one year
13,434,282
14,458,889
Payable after one year
4,119,261
5,299,806

The company had a bank loan of £nil (2024: £360,000) which was due by 31 August 2024 with an annualised effective interest rate of 15%.

Included within other loans £2,500,000 (2024: £2,500,000) of additional funds raised from the issue of bonds to the public in June 2022 to support capital expenditure. The bonds are unsecured and have a fixed term of 5 years, with interest paid annually from 30 September 2022 at 9%.

All outstanding bonds become immediately repayable, at the bondholders option, if any of the terms or conditions within the bond are not complied with.

Also included within other loans is £3,793,623 (2024: £3,936,022) to support working capital. These loans are secured with fixed and floating charges over the property and assets of the company. Interest is charged on these loans ranging from 14% to 16% per annum.

Furthermore, the company has loans of £650,000 (2024: £650,000) to support working capital. These loans are unsecured and interest is charged at 10%.

The company also has a Funding Agreement with a balance of £808,125 (2024: £727,715) outstanding at 30 June 2025. The company has entered in to a deed of indemnity and guarantee as continuing security as part of the agreement.

Details of loans from related parties is disclosed in notes 26 and 27.

20
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
24,892
24,877
In two to five years
209,426
114,774
234,318
139,651

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The net obligations under finance leases are secured by fixed charges on the assets concerned.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
21
Government grants
2025
2024
£
£
Deferred income from government grants
771,398
918,434
Included in the financial statements as follows:
Current liabilities
147,000
147,036
Non-current liabilities
624,398
771,398
771,398
918,434

The Club was awarded a government grant in 2021 for £1,470,000 which was fully utilised by 2022. The purpose of the grant was to enhance grassroots football and football training facilities within the Cambridgeshire region, but with a particular focus on Peterborough and the surrounding areas. The Club also received £90,000 in 2022/23 from the EFL's Stadia and Facility Improvement Fund to cover costs incurred in the stadium. The grants, recognised as deferred income, are being amortised over the useful life of the expenditure incurred.

During the year the Club also received grant income totalling £30,000 (2024: £25,000) from the FA to help develop the Emerging Talent Centre for the Women's game. This was included in 'other operating income' when it became receivable.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,348
106,830

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

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
22
Retirement benefit schemes
(Continued)
- 26 -

Defined benefit schemes

The Club participates in the Football League Pension and Life Assurance Scheme. The scheme is a funded multi-employer defined benefit scheme, with 94 participating employers, and where members may have periods of service attributable to several participating employers.

The last actuarial valuation was carried out at 31 August 2023 where the total deficit on the on-going valuation basis was £20.6 million. The key assumptions used to calculate the deficit at the 31 August 2023 actuarial valuation are:

Discount rate: BoE Gilt Yield Curve + 0.5% pa. SER: 5.10% pa.
RPI inflation: 3.5% pa. SER: 3.50% pa.
Pension increases: 3.0% pa. for benefits accrued prior to 6 April 1997, and 3.75% pa. for benefits accrued after 6 April 1997.
Mortality (pre-retirement): None.
Mortality (post-retirement): 100% of S3PA tables projected using CMI 2022 core projection model and a long-term improvement rate of 1.5% pa.

The accrual of benefits ceased within the scheme on 31 August 1999, therefore there are no contributions relating to current accruals. The Club pays monthly contributions based on a notional split of the total expenses and deficit contributions of the scheme.

The club currently pays total contributions of £5,988 per annum which increases at 5% per annum (increases applying each year on 1 September) and based on the valuation assumptions detailed above, will be sufficient to pay off the deficit by 30 November 2026.

The deficit contribution payments are recognised as an expense in the profit and loss account as they are paid.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £2 each
1,642,290
1,642,290
3,284,580
3,284,580
24
Capital contribution
2025
2024
£
£
At the beginning of the year
1,605,000
-
Other movements
180,000
1,605,000
At the end of the year
1,785,000
1,605,000
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
25
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
(21,505,377)
(19,187,825)
Profit/(loss) for the year
2,906,955
(2,317,552)
At the end of the year
(18,598,422)
(21,505,377)
26
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
595,708
625,123
Between two and five years
1,944,808
2,124,285
In over five years
3,709,521
4,103,843
6,250,037
6,853,251
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
27
Financial commitments, guarantees and contingent liabilities

Loans from related parties

In November 2023, a settlement was reached between the company and Old Kent Road Financial Ltd ('the lender') in respect of outstanding liabilities relating to a secured term loan agreement. This debenture is registered at Companies House and provides security by way of a charge on the company's assets and the right to appoint an administrator in the event of default.

Included in 'loans from related parties' per note 19 is an amount owing to the lender at 30 June 2025 of £4,416,531 (2024: £5,564,490). In accordance with a Deed of Variation signed in November 2023, a settlement was reached for the company to pay an amount of £5,864,490 to repay this loan over the next 4 years. In the event of default, the company would have a potential liability of £7,377,305. This amount has not been recognised in the accounts as the Board are under the view that default will not arise.

Also included in 'loans from related parties' per note 19 is an amount owing to Kelgary Sports & Entertainment Ltd. It was agreed that Kelgary Sports & Entertainment Ltd would waive its entitlement to repayment of the loan. The amounts waived are dependent upon the ultimate controlling party, DMA Holdings S.A, making payments due to Old Kent Road Financial Ltd as set out in the agreement dated November 2023. During the year there have been loan waivers of £180,000 (2024: £1,605,000). These waivers have been classed as a capital contribution as detailed in the statement of equity. DMA Holdings SA has provided security for all amounts owed to Old Kent Road Financial Ltd.

Other

The company has financial commitments under contract for hardware support and maintenance of pitches at the main ground and academy. The financial commitment amounts to £277,470 as at 30 June 2025.

The company may receive, under transfer agreements, further amounts for players already sold dependent on whether these players are sold on again for a profit. No reliable estimate can be made of the likelihood of these players being transferred or their potential transfer values.

The company has, under transfer agreements, a liability to pay additional sums dependent on players' attainment and any subsequent transfer value. At the year end such fees were estimated at £1,902,434 (2024: £1,020,000) to be payable by the company.

No provision has been made in these accounts for such liabilities as management do not consider the above estimate to be reliable as player attainments may not be achieved and therefore payment may never crystallise.

The company is also awaiting the outcome of the Sheldon review in to a number of historic cases. The Directors believe that the club may have a maximum liability of £50,000 in respect of this review. No provision has been made in these financial statements.

28
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
28
Related party transactions
(Continued)
- 29 -
Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
-
0
274
512,455
913,800
Key management personnel
-
0
426
-
200,000
Other related parties
56,159
57,060
170,164
225,409
2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
9,081,373
10,901,282
Other related parties
1,320,422
1,320,822

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
61,829
36,953
Other related parties
11,884
6,445

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

2025
2024
£
£
Entities with control, joint control or significant influence over the company
-
9,890
PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
28
Related party transactions
(Continued)
- 30 -
Other information

At 30 June 2025, interest-free loans totalling £4,664,841 (2024: £4,963,579) were outstanding to entities with significant influence over the company. See note 26 for further details of the loan from Kelgary Sports & Entertainment Ltd.

Further loans totalling £nil (2024: £328,866) were outstanding to entities with significant influence over the company. These loans are secured with fixed and floating charges over the property and assets of the company. Interest has been charged at 12% on these loans.

At 30 June 2025, liabilities totalling £4,416,531 (2024: £5,564,490) were outstanding to an entity with significant influence over the company. Interest has been charged on the loan at 18% with no further interest being charged since 31 December 2022. The loan is repayable over 4 years. This loan is secured with fixed and floating charges over the property and assets of the company. See note 26 for further details.

No interest is charged on the remaining liabilities.

The bank facility has been personally guaranteed by two directors to a maximum of £750,000.

At 30 June 2025 liabilities totalling £1,320,422 (2024: £1,320,422) were outstanding with other related parties, including amounts totalling £720,422 (2024: £720,422) secured with fixed and floating charges over the property and assets of the company. Interest has been charged at rates between 10% and 16% on these loans.

29
Events after the reporting date

Since the balance sheet date various players have been bought and sold.

The income of these transfers, taking into account the applicable levies and sell on clauses, is £3,897,500. The net cost of these transfers, taking into account the applicable levies is £1,627,500. These transfers will be accounted for in the year ending 30 June 2026.

Since the balance sheet date one player has had their contract cancelled, their balance sheet value at 30 June 2025 was £86,000.

Following the year end agreements have been made to convert a total of £3,049,640 of loans to equity, this is to be recognised as a capital contribution in the year ending 30 June 2026.

30
Ultimate controlling party

At the balance sheet date the ultimate controlling party was DMA Holdings S.A. by virtue of their majority shareholding.

PETERBOROUGH UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
31
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit/(loss) for the year after tax
2,906,955
(2,317,552)
Adjustments for:
Finance costs
1,325,678
1,030,308
Investment income
(14,371)
(303)
Loss on disposal of tangible fixed assets
3,032
-
Gain on disposal of intangible assets
(6,547,788)
(4,069,082)
Amortisation and impairment of intangible assets
1,356,541
1,249,806
Depreciation and impairment of tangible fixed assets
480,868
468,216
Other gains and losses
-
46,225
Movements in working capital:
Decrease/(increase) in stocks
21,829
(70,632)
Decrease in debtors
1,214,499
1,257,842
(Decrease)/increase in creditors
(300,967)
859,863
Cash generated from/(absorbed by) operations
446,276
(1,545,309)
32
Analysis of changes in net debt
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
291,652
(142,746)
148,906
Borrowings excluding overdrafts
(19,758,695)
2,205,152
(17,553,543)
Obligations under finance leases
(139,651)
(94,667)
(234,318)
(19,606,694)
1,967,739
(17,638,955)
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