IRIS Accounts Production v26.1.0.640 SC012085 Board of Directors 1.6.24 31.5.25 31.5.25 27.3.26 false true false false false true false Auditors Opinion Fair value model iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC012085 2024-05-31 SC012085 2025-05-31 SC012085 2024-06-01 2025-05-31 SC012085 2023-05-31 SC012085 2023-06-01 2024-05-31 SC012085 2024-05-31 SC012085 ns15:Scotland 2024-06-01 2025-05-31 SC012085 ns14:PoundSterling 2024-06-01 2025-05-31 SC012085 ns10:Director1 2024-06-01 2025-05-31 SC012085 ns10:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 SC012085 ns10:SmallEntities 2024-06-01 2025-05-31 SC012085 ns10:Audited 2024-06-01 2025-05-31 SC012085 ns10:SmallCompaniesRegimeForDirectorsReport 2024-06-01 2025-05-31 SC012085 ns10:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 SC012085 ns10:FullAccounts 2024-06-01 2025-05-31 SC012085 1 2024-06-01 2025-05-31 SC012085 ns10:Director2 2024-06-01 2025-05-31 SC012085 ns10:CompanySecretary1 2024-06-01 2025-05-31 SC012085 ns10:RegisteredOffice 2024-06-01 2025-05-31 SC012085 ns5:CurrentFinancialInstruments 2025-05-31 SC012085 ns5:CurrentFinancialInstruments 2024-05-31 SC012085 ns5:ShareCapital 2025-05-31 SC012085 ns5:ShareCapital 2024-05-31 SC012085 ns5:SharePremium 2025-05-31 SC012085 ns5:SharePremium 2024-05-31 SC012085 ns5:RevaluationReserve 2025-05-31 SC012085 ns5:RevaluationReserve 2024-05-31 SC012085 ns5:RetainedEarningsAccumulatedLosses 2025-05-31 SC012085 ns5:RetainedEarningsAccumulatedLosses 2024-05-31 SC012085 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-06-01 2025-05-31 SC012085 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2024-06-01 2025-05-31 SC012085 ns5:PlantMachinery 2024-06-01 2025-05-31 SC012085 ns5:MotorVehicles 2024-06-01 2025-05-31 SC012085 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 SC012085 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-05-31 SC012085 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 SC012085 ns5:LandBuildings 2024-05-31 SC012085 ns5:PlantMachinery 2024-05-31 SC012085 ns5:MotorVehicles 2024-05-31 SC012085 ns5:LandBuildings 2024-06-01 2025-05-31 SC012085 ns5:LandBuildings 2025-05-31 SC012085 ns5:PlantMachinery 2025-05-31 SC012085 ns5:MotorVehicles 2025-05-31 SC012085 ns5:LandBuildings 2024-05-31 SC012085 ns5:PlantMachinery 2024-05-31 SC012085 ns5:MotorVehicles 2024-05-31 SC012085 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-05-31 SC012085 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2025-05-31 SC012085 ns5:LeasedAssetsHeldAsLessee ns5:PlantMachinery 2024-05-31 SC012085 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-05-31 SC012085 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-05-31 SC012085 ns5:CurrentFinancialInstruments 2024-06-01 2025-05-31 SC012085 ns5:DeferredTaxation 2024-05-31 SC012085 ns5:DeferredTaxation 2025-05-31 SC012085 ns5:RevaluationReserve 2024-05-31

REGISTERED NUMBER: SC012085 (Scotland)

Financial Statements for the Year Ended 31st May 2025

for

Queen of the South Football Club,

Limited

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Contents of the Financial Statements

for the Year Ended 31st May 2025

| Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |  | to |  | 8

| Queen of the South Football Club, |

| Limited |

Company Information

for the Year Ended 31st May 2025

| DIRECTORS: | C Paterson

| W J Hewitson

| SECRETARY: | C Paterson

| REGISTERED OFFICE: | Palmerston Park

| Terregles Street

| Dumfries

| Dumfriesshire

| DG2 9BA

| REGISTERED NUMBER: | SC012085 (Scotland)

| SENIOR STATUTORY AUDITOR: | Stephen Harman BA CA

| AUDITORS: | Messrs. Carson & Trotter

| Chartered Accountants

| Statutory Auditor

| 123 Irish Street

| Dumfries

| DG1 2PE

| BANKERS: | Virgin Money

| 84 - 86 High Street

| Dumfries

| Dumfries & Galloway

| DG1 2BJ

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Balance Sheet

31st May 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | 1,000 |  |

Tangible assets | 5 | 1,246,035 |  | 1,342,090 |  |

Investment property | 6 | 301,581 |  | 301,581 |  |

1,547,616 |  | 1,644,671 |  |

CURRENT ASSETS

Stocks | 22,500 |  | 23,500 |  |

Debtors | 7 | 114,768 |  | 149,623 |  |

Cash at bank and in hand | 45,354 |  | 81,878 |  |

182,622 |  | 255,001 |  |

CREDITORS

Amounts falling due within one year | 8 | (206,162 | ) | (171,277 | ) |

NET CURRENT (LIABILITIES)/ASSETS | (23,540 | ) | 83,724 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,524,076 |  | 1,728,395 |  |

PROVISIONS FOR LIABILITIES | 9 | (56,932 | ) | (56,932 | ) |

NET ASSETS | 1,467,144 |  | 1,671,463 |  |

CAPITAL AND RESERVES

Called up share capital | 7,500 |  | 7,500 |  |

Share premium | 1,010,022 |  | 1,010,022 |  |

Revaluation reserve | 10 | 220,575 |  | 227,930 |  |

Retained earnings | 229,047 |  | 426,011 |  |

SHAREHOLDERS' FUNDS | 1,467,144 |  | 1,671,463 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2026 and were signed on its behalf by:

C Paterson - Director

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Notes to the Financial Statements

for the Year Ended 31st May 2025

1. | STATUTORY INFORMATION

| Queen of the South Football Club, Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

| The financial statements cover only the individual entity and are presented in Sterling.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The directors have considered the consequences of the recent performance of the company, and within the sector, on the company's ability to continue as a going concern. As a result of an extended period competing in League One, there have been increased financial pressures on the club. The company has reported a loss before tax of £204,319 (2024 - £64,104), with net assets of £1,467,144 (2024 - £1,671,463). The directors continue to look at ways to bring the club back to an even financial footing and are optimistic that this can be achieved within the short term.

| Cashflow forecasts have been prepared by the directors, which recognise the ongoing challenges faced by the club. While forecasts are inherently uncertain, the directors are confident that the club will continue to meet its debts as they fall due. The directors have also signalled their intention to financially support the club for at least the next 12 months if required in the form of a signed letter of support. Given this, the directors remain confident that the company can continue to operate as a going concern and accordingly, the financial statements have been prepared on that basis.

| Turnover

| Turnover represents the net income from the company's activities, excluding Value Added Tax.

| Turnover includes all gate receipts, season tickets, advertising, sponsorship, programme sales, hospitality receipts, transfer fees, club shop sales, payments for television rights, aerial rentals and any club organised functions as well as income from the Scottish Football Association and Scottish Football League that is linked directly to the above. It also includes the regular income from the club lottery and any grants and donations that are received in respect of normal trading.

| As can be seen in Note 4, this does not include certain specific grants, donations or rents receivable which are defined as 'Other Operating Income'.

| Intangible assets - transfer fees

| Intangible assets represent monies paid in the form of transfer fees to other football clubs to procure the services of football players. Amortisation is provided at rates calculated to write off this cost in equal instalments over the period of the player's initial contract.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 2.5% on reducing balance

| Plant and machinery | - | 20% on reducing balance and 10% on cost

| Motor vehicles | - | 25% on reducing balance

| Amounts written off each asset over the estimated useful life represent cost less residual value.

| Investment property

| During 2014 and 2015 the company undertook a major development project with the former supermarket building next to the ground. This was redeveloped as the 'Queen of the South Arena' which incorporates two indoor football pitches traded by the club as well as a number of unrelated businesses. This property is thus now mixed use, held partly for investment purposes and partly for trading purposes. In accordance with FRS 102 the value of the building has been split between the value attributable to the club and included within Freehold property and the value attributable to investment purposes, shown separately as Investment property. No depreciation has been provided in respect of investment property. This represents a departure from the Companies Act requirements to provide for systematic annual depreciation of fixed assets. The directors consider that the adoption of this policy is necessary in order to give a true and fair view.

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Notes to the Financial Statements - continued

for the Year Ended 31st May 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Leasing

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Revenue recognition

| In accordance with the principles of revenue recognition, income is recognised as the rights to consideration obtained through performance of contractual obligations, and is included in the financial statements when the company is legally entitled to the income.

| Other grant income

| The directors have chosen to recognise capital grants within the Income Statement based on the performance method permitted by FRS 102. The directors believe that this leads to a more realistic balance sheet for the company.

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Notes to the Financial Statements - continued

for the Year Ended 31st May 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade debtors

| Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers.

| Trade Creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

| Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities.

| Borrowings

| Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

| Interest expense is recognised on the basis of effective interest method and is included in interest payable and similar charges.

| Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

| Share Capital

| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 37 (2024 - 42 ) .

4. | INTANGIBLE FIXED ASSETS

| Transfer

| fees

£ |

| COST

| At 1st June 2024 | 7,000 |  |

| Disposals | (7,000 | ) |

| At 31st May 2025 | - |  |

| AMORTISATION

| At 1st June 2024 | 6,000 |  |

| Amortisation for year | 1,000 |  |

| Eliminated on disposal | (7,000 | ) |

| At 31st May 2025 | - |  |

| NET BOOK VALUE

| At 31st May 2025 | - |  |

| At 31st May 2024 | 1,000 |  |

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Notes to the Financial Statements - continued

for the Year Ended 31st May 2025

5. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1st June 2024 | 1,488,663 |  | 934,599 |  | 77,209 |  | 2,500,471 |  |

| Additions | - |  | 705 |  | - |  | 705 |  |

| Disposals | - |  | - |  | (38,991 | ) | (38,991 | ) |

| At 31st May 2025 | 1,488,663 |  | 935,304 |  | 38,218 |  | 2,462,185 |  |

| DEPRECIATION

| At 1st June 2024 | 563,913 |  | 550,149 |  | 44,319 |  | 1,158,381 |  |

| Charge for year | 23,130 |  | 54,615 |  | 7,840 |  | 85,585 |  |

| Eliminated on disposal | - |  | - |  | (27,816 | ) | (27,816 | ) |

| At 31st May 2025 | 587,043 |  | 604,764 |  | 24,343 |  | 1,216,150 |  |

| NET BOOK VALUE

| At 31st May 2025 | 901,620 |  | 330,540 |  | 13,875 |  | 1,246,035 |  |

| At 31st May 2024 | 924,750 |  | 384,450 |  | 32,890 |  | 1,342,090 |  |

| Cost or valuation at 31st May 2025 is represented by:

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| Valuation in 2003 | 237,163 |  | - |  | - |  | 237,163 |  |

| Valuation in 2015 | 56,469 |  | - |  | - |  | 56,469 |  |

| Cost | 1,195,031 |  | 935,304 |  | 38,218 |  | 2,168,553 |  |

1,488,663 |  | 935,304 |  | 38,218 |  | 2,462,185 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

| Plant and

| machinery

£ |

| COST OR VALUATION

| At 1st June 2024 | 45,982 |  |

| Transfer to ownership | (45,982 | ) |

| At 31st May 2025 | - |  |

| DEPRECIATION

| At 1st June 2024 | 30,922 |  |

| Transfer to ownership | (30,922 | ) |

| At 31st May 2025 | - |  |

| NET BOOK VALUE

| At 31st May 2025 | - |  |

| At 31st May 2024 | 15,060 |  |

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Notes to the Financial Statements - continued

for the Year Ended 31st May 2025

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1st June 2024

| and 31st May 2025 | 301,581 |  |

| NET BOOK VALUE

| At 31st May 2025 | 301,581 |  |

| At 31st May 2024 | 301,581 |  |

| Fair value at 31st May 2025 is represented by:

£ |

| Valuation in 2003 | 118,582 |  |

| Valuation in 2015 | 28,234 |  |

| Valuation in 2023 | 80,000 |  |

| Cost | 74,765 |  |

301,581 |  |

| The QoS Indoor Arena building was valued on an open market basis on 22nd January, 2024 by DM Hall LLP, Chartered Surveyors at £1,000,000. This property has mixed use, being partly held traded by the club and partly held as investment property. On an approximate floorspace basis, it has been allocated as 70% Freehold Property and 30% Investment Property.

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 104,062 |  | 130,783 |  |

| Other debtors | 2,868 |  | 2,855 |  |

| Prepayments | 7,838 |  | 15,985 |  |

114,768 |  | 149,623 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 78,427 |  | 36,422 |  |

| Social security and other taxes | 11,359 |  | 26,983 |  |

| VAT | 9,381 |  | 4,161 |  |

| Other creditors | 523 |  | - |  |

| Prepaid income | 85,712 |  | 73,036 |  |

| Accrued expenses | 20,760 |  | 30,675 |  |

206,162 |  | 171,277 |  |

| Monies received in advance for the following football season, most typically with regard to the "Shirt Sponsorship Draw", are included within 'Prepaid income'.

9. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 56,932 |  | 56,932 |  |

| Queen of the South Football Club, |

| Limited (Registered number: SC012085) |

Notes to the Financial Statements - continued

for the Year Ended 31st May 2025

9. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1st June 2024 | 56,932 |  |

| Balance at 31st May 2025 | 56,932 |  |

| The deferred taxation provision arises from the requirement under FRS 102 to provide for deferred taxation on unrealised revaluation gains on investment property.

10. | RESERVES

| Revaluation

| reserve

£ |

| At 1st June 2024 | 227,930 |  |

| Amortised revaluation reserve | (7,355 | ) |

| At 31st May 2025 | 220,575 |  |

| Called up share capital represents the nominal value of shares that have been issued.

| Share premium includes any premiums received on issue of share capital.

| Revaluation reserve comprises the value of asset revaluations and fair value movements on assets recognised in other comprehensive incom e. This does not include revaluations on investment property for which revaluations are adjusted within the retained earnin gs, in line with the requirements of FRS102.

| Retained earnings includes all current and prior period retained profits and losses.

| Non distributable amounts within retained earnings

| Retained earnings includes an unrealised gain of £234,357 recognised on investment property, less a provision of £56,932 for deferred taxation on this unrealised gain. The net total of £177,425 is not distributable under company law.

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Stephen Harman BA CA (Senior Statutory Auditor)

| for and on behalf of Messrs. Carson & Trotter

12. | RELATED PARTY DISCLOSURES

| During the year under review all of the directors, either personally as individuals, or through other business interests, have taken commercial sponsorships and advertising with the club. However, none of the sums involved were material enough to either party to warrant separate disclosure.