Company registration number SC004585 (Scotland)
THE DUNDEE FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
THE DUNDEE FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
THE DUNDEE FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
167,292
55,000
Tangible assets
6
96,366
48,256
263,658
103,256
Current assets
Stocks
7,974
-
Debtors
7
1,172,820
1,627,790
Cash at bank and in hand
229,573
415,836
1,410,367
2,043,626
Creditors: amounts falling due within one year
8
(1,547,836)
(9,646,796)
Net current liabilities
(137,469)
(7,603,170)
Total assets less current liabilities
126,189
(7,499,914)
Creditors: amounts falling due after more than one year
9
(32,561)
-
0
Provisions for liabilities
10
(557,001)
(603,376)
Net liabilities
(463,373)
(8,103,290)
Capital and reserves
Called up share capital
11
10,843,882
3,828,355
Share premium account
4,780,417
2,324,983
Profit and loss reserves
(16,087,672)
(14,256,628)
Total equity
(463,373)
(8,103,290)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 February 2026 and are signed on its behalf by:
Mr J Nelms
Director
Company registration number SC004585 (Scotland)
THE DUNDEE FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2023
3,157,661
2,090,240
(11,497,629)
(6,249,728)
Year ended 31 May 2024:
Loss and total comprehensive income
-
-
(2,758,999)
(2,758,999)
Issue of share capital
11
670,694
234,743
-
905,437
Balance at 31 May 2024
3,828,355
2,324,983
(14,256,628)
(8,103,290)
Year ended 31 May 2025:
Loss and total comprehensive income
-
-
(1,831,044)
(1,831,044)
Issue of share capital
11
7,015,527
2,455,434
-
9,470,961
Balance at 31 May 2025
10,843,882
4,780,417
(16,087,672)
(463,373)
THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 3 -
1
Accounting policies
Company information

The Dundee Football Club Limited is a private company limited by shares incorporated in Scotland. The registered office is Dens Park, Sandeman Street, Dundee, DD3 7JY.

1.1
Basis of preparation

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'

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 on the historical cost basis.

1.2
Going concern

The company has made a loss for the year of £1,831,044 (202 4-£2,758,999). At the year-end, there was a deficit of £463,373 (202 4-£8,103,290) in shareholders' funds.

In considering the company's ability to continue as a going concern in relation to the continuing significant level of deficit on shareholders' funds, the directors of the company have considered interim financial statements and detailed financial projections prepared covering the period to 31 May 202 6 as well as further financial projections covering the year to 31 May 202 7. The projections reflect the expected trading results for season 202 5/2 6 as well as for season 202 6/2 7, which are expected to be improving on the results reported for year end 31 May 202 5. These projections have been drawn up on the basis of conservative assumptions as to the league position to be achieved by the football club, attendance levels at matches, and the management of all costs, including expenditure on players costs. The financial projections which have been prepared anticipate that the company will be able to meet its ongoing financial commitments from funds generated from operations.

As the company does not have formal funding facilities in place to cover any financial deficits which might occur during the forecast period, the directors recognise that the company might again require to obtain further financial support from the company's majority shareholder, Football Partners Scotland L.P. The board of directors has received an undertaking in writing from Football Partners Scotland L.P. that it will continue to make additional funds available to the company in situations where these funds are required, with the aim of ensuring that the company has sufficient funds available to meet its financial commitments as they fall due and that this undertaking is given for at least the 12 months period from the date of signing these financial statements. The directors are satisfied that Football Partners Scotland L.P. has sufficient financial resources to fulfil this undertaking.

Consequently, the directors consider that it is appropriate to continue to prepare the accounts on the going concern basis.

1.3
Turnover

Turnover comprises amounts invoiced or received by the company in respect of season ticket sales, gate receipts, donations and other commercial income, exclusive of Value Added Tax. Season ticket and commercial income sales which relate to the next football season starting after the year end date are deferred and recognised in the following year.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Player registration - Straight line over length of contract

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Land and Buildings
Straight line over the remaining life of the lease
Plant and equipment
10-33% Reducing balance and Straight line
Fixtures and fittings
10-33% Straight line
Motor vehicles
20% Straight line
1.6
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

1.7
Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Fair value measurement of financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the statement of comprehensive income unless the provision was originally recognised as part of the cost of an asset.

The terms of the stadium lease provide for an annual escalation of rentals payable. On adoption of FRS 102, the company has established a significant provision for additional rental costs recognised in the accounts as a result of the change in accounting to a straight line basis to comply with FRS 102.

1.9
Retirement benefits

Pension cost

The pension cost charged in the financial statements represents the contributions payable by the company during the year

1.10
Leases
As lessee

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.

Operating lease rentals require to be accounted for on a straight line basis over the full lease term. Where there is a difference between the rental amounts accounted for on that basis on that basis and the rentals actually paid per the terms of the lease, then the difference is charged or credited to the statement of comprehensive income and adjusted against the provision.

1.11
Foreign exchange

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
3
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,800
18,000
Depreciation of tangible fixed assets
35,247
19,537
Amortisation of intangible assets
170,208
55,000
Operating lease charges
177,885
139,256
4
Employees

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

2025
2024
Number
Number
85
80
5
Intangible fixed assets
Player registration
£
Cost
At 1 June 2024
120,000
Additions
282,500
At 31 May 2025
402,500
Amortisation and impairment
At 1 June 2024
65,000
Amortisation charged for the year
170,208
At 31 May 2025
235,208
Carrying amount
At 31 May 2025
167,292
At 31 May 2024
55,000
THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
6
Tangible fixed assets
Tenant's improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2024
156,934
204,112
361,046
Additions
-
0
83,357
83,357
At 31 May 2025
156,934
287,469
444,403
Depreciation and impairment
At 1 June 2024
144,211
168,579
312,790
Depreciation charged in the year
6,585
28,662
35,247
At 31 May 2025
150,796
197,241
348,037
Carrying amount
At 31 May 2025
6,138
90,228
96,366
At 31 May 2024
12,723
35,533
48,256
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
92,059
156,286
Other debtors
16,582
38,935
Prepayments and accrued income
1,064,179
1,432,569
1,172,820
1,627,790
8
Creditors: amounts falling due within one year
2025
2024
£
£
Debenture loans
50,000
50,000
Obligations under finance leases
12,510
-
0
Trade creditors
261,165
910,779
Taxation and social security
290,714
346,845
Other creditors
153,855
7,151,187
Accruals and deferred income
779,592
1,187,985
1,547,836
9,646,796

The DFC 50 Bonds totalling £50,000 (202 4: £50,000) are redeemable at any time at the option of the directors.

THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
32,561
-
0
10
Provisions for liabilities
2025
2024
£
£
557,001
603,376

Under FRS 102, rental amounts payable in relation to leases require to be accounted for on a straight line basis over the full lease term.

The company's stadium lease provides for an annual escalation in rentals payable. With the transition to FRS 102, a transitional adjustment was needed to reflect additional rental charges for earlier years. The total of these earlier years' differences was deferred as a provision.

Each year, the difference between the straight line rental amount and the amount payable per the lease will be charged (where amounts payable are lower) or credited (where amounts payable are higher) to the statement of comprehensive income and adjusted against the provision.

11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.01 each of 1p each
1,068,912,869
367,360,208
10,689,129
3,673,602
Ordinary A shares of £0.01 each of 1p each
15,475,300
15,475,300
15,475,300
15,475,300
1,084,388,169
382,835,508
10,843,882
3,828,355
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

THE DUNDEE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
12
Audit report information
(Continued)
- 9 -
Senior Statutory Auditor:
Karen Henderson C.A.
Statutory Auditor:
bk plus Audit Limited
Date of audit report:
24 February 2026
13
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
132,715
177,885
Years 2-5
611,702
573,051
After 5 years
423,893
595,259
1,168,310
1,346,195

Included in the above are amounts for the stadium rental (see Provisions note).

14
Related party transactions

Name of related party: Football Partners Scotland L.P. (FPS) Nature of relationship: FPS is the majority shareholder of The Dundee Football Club Limited (DFC). The transaction: During the year, FPS advanced net loan funds amounting to £2,252,000 (202 4 - £2,923,000) to DFC and converted £6,903,333 to equity. The full amount outstanding at the year-end is £Nil (2024 - £4,634,750)

Name of related party: Dark Blue Property Holdings Limited (DBPH) Nature of relationship: DBPH shares two common directors with The Dundee Football Club Limited (DFC). The transaction: During the year, DBPH received net loan funds amounting to £82,663 (202 4 - £121,848) to DFC and converted £2,423,628 to equity. The full amount outstanding at the year-end is £Nil (2024 - 2,506,291)

Name of related party: Dundee Academy C.I.C (DAC) Nature of relationship: DAC shares two common directors with The Dundee Football Club Limited (DFC). The transaction: During the year, management fee amounting to £96,880 (202 4 - £143,739) were charged to DFC. The full amount outstanding at the year-end was £70,000 (202 4 - £35,064), however this was reallocated against the academy loan accounts and the outstanding recoverable balance of £86,939 which has been deemed as irrecoverable and thus written off.

15
Parent company

At the year end the company was under the control, due to their majority shareholding of 7 4% (202 4: 75%), of Football Partners Scotland L.P. This entity is controlled by T.Keyes, a director of the company

2025-05-31 2024-06-01 false false false 24 February 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr R W Hynd Mr J Nelms Mr T Keyes Mr A McGill SC004585 2024-06-01 2025-05-31 SC004585 2025-05-31 SC004585 2024-05-31 SC004585 core:NetGoodwill 2025-05-31 SC004585 core:NetGoodwill 2024-05-31 SC004585 core:LandBuildings 2025-05-31 SC004585 core:OtherPropertyPlantEquipment 2025-05-31 SC004585 core:LandBuildings 2024-05-31 SC004585 core:OtherPropertyPlantEquipment 2024-05-31 SC004585 core:CurrentFinancialInstruments 2025-05-31 SC004585 core:CurrentFinancialInstruments 2024-05-31 SC004585 core:Non-currentFinancialInstruments 2025-05-31 SC004585 core:Non-currentFinancialInstruments 2024-05-31 SC004585 core:ShareCapital 2025-05-31 SC004585 core:ShareCapital 2024-05-31 SC004585 core:SharePremium 2025-05-31 SC004585 core:SharePremium 2024-05-31 SC004585 core:RetainedEarningsAccumulatedLosses 2025-05-31 SC004585 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC004585 core:ShareCapital 2023-05-31 SC004585 core:SharePremium 2023-05-31 SC004585 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC004585 core:ShareCapitalOrdinaryShares 2025-05-31 SC004585 core:ShareCapitalOrdinaryShares 2024-05-31 SC004585 bus:Director2 2024-06-01 2025-05-31 SC004585 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 SC004585 2023-06-01 2024-05-31 SC004585 core:RetainedEarningsAccumulatedLosses 2024-06-01 2025-05-31 SC004585 core:ShareCapital 2023-06-01 2024-05-31 SC004585 core:SharePremium 2023-06-01 2024-05-31 SC004585 core:ShareCapital 2024-06-01 2025-05-31 SC004585 core:SharePremium 2024-06-01 2025-05-31 SC004585 core:IntangibleAssetsOtherThanGoodwill 2024-06-01 2025-05-31 SC004585 core:LandBuildings core:LongLeaseholdAssets 2024-06-01 2025-05-31 SC004585 core:PlantMachinery 2024-06-01 2025-05-31 SC004585 core:FurnitureFittings 2024-06-01 2025-05-31 SC004585 core:MotorVehicles 2024-06-01 2025-05-31 SC004585 core:NetGoodwill 2024-05-31 SC004585 core:Goodwill 2024-06-01 2025-05-31 SC004585 core:NetGoodwill 2024-06-01 2025-05-31 SC004585 core:LandBuildings 2024-05-31 SC004585 core:OtherPropertyPlantEquipment 2024-05-31 SC004585 2024-05-31 SC004585 core:LandBuildings 2024-06-01 2025-05-31 SC004585 core:OtherPropertyPlantEquipment 2024-06-01 2025-05-31 SC004585 core:CurrentFinancialInstruments core:WithinOneYear 2025-05-31 SC004585 bus:OrdinaryShareClass1 2024-06-01 2025-05-31 SC004585 bus:OrdinaryShareClass2 2024-06-01 2025-05-31 SC004585 bus:OrdinaryShareClass1 2025-05-31 SC004585 bus:OrdinaryShareClass1 2024-05-31 SC004585 bus:OrdinaryShareClass2 2025-05-31 SC004585 bus:OrdinaryShareClass2 2024-05-31 SC004585 bus:AllOrdinaryShares 2025-05-31 SC004585 bus:AllOrdinaryShares 2024-05-31 SC004585 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 SC004585 bus:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 SC004585 bus:FRS102 2024-06-01 2025-05-31 SC004585 bus:Audited 2024-06-01 2025-05-31 SC004585 bus:Director1 2024-06-01 2025-05-31 SC004585 bus:Director3 2024-06-01 2025-05-31 SC004585 bus:Director4 2024-06-01 2025-05-31 SC004585 bus:FullAccounts 2024-06-01 2025-05-31 xbrli:pure xbrli:shares iso4217:GBP