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

Hamilton Academical Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Broadwood Stadium, 1 Ardgoil Drive, Cumbernauld, Glasgow, Scotland, G68 9NE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The directors have prepared the financial statements on a going concern basis, which assumes that the company willtrue continue in operational existence for the foreseeable future. In preparing the budget for the 12 months from the date of approval of these accounts, the directors have taken into account the current financial position of the company, expected cash flows, and planned operational requirements. The directors are satisfied that the company will have adequate resources to continue its operations. In addition, the directors have confirmed their commitment to provide further financial support to the company, if required, to ensure it can meet its obligations as they fall due. Accordingly, the financial statements do not include any adjustments that would arise if the company were unable to continue as a going concern.

Turnover comprises the value of match receipts and season tickets, less percentage payments to the Football League and Scottish Football Association and other commercial and miscellaneous income except donations, all exclusive of value added tax.

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:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

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

The company only enters into Basic financial instrument transactions.

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, 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 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.

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 payments discounted at a market rate of interest.

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.

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.

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

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 leases asset are consumed.

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

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

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.

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

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, 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 loss for the year then ended;

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

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

Basis for Qualified Opinion

We are unable to obtain sufficient appropriate audit evidence to support the cut-off of turnover recognised in the period. In particular, we were unable to determine whether revenue transactions recorded were recognised in the appropriate accounting period due to limitations in the underlying documentation and supporting evidence available to us.

In addition, the company has included an related party creditor balances of £1,951,559 and a related party debtor balance of £18,602. We were unable to obtain sufficient appropriate audit evidence to confirm the completeness and accuracy of this balance, as we did not receive adequate supporting documentation or third-party confirmations, nor were we able to perform alternative audit procedures to satisfy ourselves as to their validity.

Accordingly, we were unable to determine whether any adjustments might have been necessary in respect of revenue and related party balances.

Conclusions Relating to Going Concern

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures in note 2 to the financial statements concerning the company’s ability to continue as a going concern. The financial statements indicate that the company incurred a net loss of £1,360,177 during the year ended 30 June 2025 and, as at that date, the company’s current liabilities exceeded its total assets by £2,323,263. Should the company not achieve its projected cash flows, which are dependent on income from player trading, additional finance will be required in order to continue operations for the next 12 months. Failure to secure additional funding would result in the existence of a material uncertainty which may cast doubt as to the company’s ability to continue as a going concern. The financial statements do not include the adjustments what would result if the company were unable to continue as a going concern.

Other matters which we are required to address

The financial statements of the company for the year ended 30 June 2024 were audited by another auditor who expressed a disclaimer of opinion on those financial statements due to an inability to obtain sufficient appropriate audit evidence.

As a result of the matter described above, we were unable to determine whether any adjustments to the comparative figures presented in the current year financial statements may have been necessary.

At the balance sheet date, the Company was involved in several ongoing legal cases relating to claims brought against it by previous employees. The outcome of the matters could not be determined with sufficient certainty at year end, and accordingly, a provision has not been recognised in the financial statements.

Subsequent to the reporting date, the company reached settlement agreements with the previous employees. The total settlement amount was £117,000, which will be paid in full.

As this event provides additional information about conditions that arose after the reporting period, it has been treated as a non-adjusting subsequent event, and therefore no adjustment has been made to the financial statements for the year ended 30 June 2025.

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

The following amounts were outstanding at the reporting end date:

The immediate parent company is 1874 Holdings Limited, a company incorporated in Scotland, whose registered office is Righead Court, Goil Avenue, Righead Industrial Estate, Bellshill, Glasgow, United Kingdom, ML4 3LQ .

During the year, the ultimate parent company was 1874 Holdings Limited. On 3 January 2026 the ultimate parent company became Morely Sports Management Limited, a company incorporated in England and Wales, whose registered office is 85 Great Portland Street, London, England, W1W 7LT.