Company Registration No. 04689338 (England and Wales)
YORK CITY FOOTBALL CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
YORK CITY FOOTBALL CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
YORK CITY FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
40,617
52,983
Tangible assets
4
95,870
117,136
Investments
5
3,764,815
3,764,815
3,901,302
3,934,934
Current assets
Stocks
7,600
750
Debtors
6
325,683
233,422
Cash at bank and in hand
59,071
79,568
392,354
313,740
Creditors: amounts falling due within one year
7
(9,961,014)
(8,851,825)
Net current liabilities
(9,568,660)
(8,538,085)
Total assets less current liabilities
(5,667,358)
(4,603,151)
Creditors: amounts falling due after more than one year
8
(2,425,216)
(2,404,492)
Net liabilities
(8,092,574)
(7,007,643)
Capital and reserves
Called up share capital
550,000
550,000
Share premium account
12,500
12,500
Revaluation reserve
9
1,753,600
1,753,600
Profit and loss reserves
(10,408,674)
(9,323,743)
Total equity
(8,092,574)
(7,007,643)

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

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

The financial statements were approved by the board of directors and authorised for issue on 25 November 2020 and are signed on its behalf by:
Mr J A McGill
Director
Company Registration No. 04689338
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information

York City Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bootham Crescent, York, North Yorkshire, YO30 7AQ.

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 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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements , including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group . T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

 

  • Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares ;

  • Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures ;

  • Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income ;

  • Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel .

 

The financial statements of the company are consolidated in the financial statements of JM Packaging Limited . These consolidated financial statements are available from its registered office, 5 Malton Enterprise Park, Malton, North Yorkshire YO17 6AB .

1.2
Going concern

At the time of approving the financial statements, true t he directors have a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future although this ability is entirely dependant upon financial support being maintained by the Parent Company, JM Packaging Limited, who have provided an assurance funding would be made available for 12 months from the date on which these financial statements are signed.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

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 land and buildings
Straight line over 10 years
Fixtures and fittings
10% reducing balance
Motor vehicles
25% 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
Fixed asset investments

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

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

1.7
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

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.

1.10
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.

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.

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.

YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 5 -
1.11
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
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.

1.13
Retirement benefits

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

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 45 (2019 - 51).

 

2020
2019
Number
Number
Total
45
51
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2019 and 30 June 2020
247,321
Amortisation and impairment
At 1 July 2019
194,338
Amortisation charged for the year
12,366
At 30 June 2020
206,704
Carrying amount
At 30 June 2020
40,617
At 30 June 2019
52,983
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2019 and 30 June 2020
170,640
164,345
334,985
Depreciation and impairment
At 1 July 2019
88,110
129,739
217,849
Depreciation charged in the year
17,064
4,202
21,266
At 30 June 2020
105,174
133,941
239,115
Carrying amount
At 30 June 2020
65,466
30,404
95,870
At 30 June 2019
82,530
34,606
117,136
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
3,764,815
3,764,815

The company's investment in a subsidiary, Bootham Crescent Holdings Limited, is included at revaluation. The investment was valued during 2012 at £3,764,715 and the original cost of the investment was £2,011,115.

 

YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
3,764,815
Carrying amount
At 30 June 2020
3,764,815
At 30 June 2019
3,764,815
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
38,834
35,575
Amounts owed by group undertakings
654
-
Other debtors
163,771
75,423
203,259
110,998
2020
2019
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
122,424
122,424
Total debtors
325,683
233,422
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
27,115
103,899
Amounts owed to group undertakings
9,740,855
8,528,027
Taxation and social security
16,981
22,262
Other creditors
176,063
197,637
9,961,014
8,851,825
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
2,425,216
2,404,492

The loan is secured by a charge over freehold property, a football stadium and land, which is owned by Bootham Crescent Holdings Limited, a subsidiary of the company, with interest being payable at bank base rate plus 0.5%.

Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable other than by instalments
2,425,216
2,404,492
9
Revaluation reserve
2020
2019
£
£
At the beginning and end of the year
1,753,600
1,753,600
10
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 was unqualified.

The senior statutory auditor was Peter Hart.
The auditor was Henton & Co LLP.
11
Operating lease commitments

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

2020
2019
£
£
Total commitments
14,664
15,542
YORK CITY FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 9 -
12
Related party transactions
Transactions with related parties

None of the company's directors charge the company for their daily expenses in managing the football club.

 

The company has use of the property owned by its subsidiary, Bootham Crescent Holdings Limited, on a rent free basis.

J A McGill is also a director of JM Packaging Limited, the parent company. During the year the Company had a loan from JM Packaging Limited with Interest charged at 11% in respect of the initial tranche of £650,000 and 6% in respect of the balance. Interest payable during the year was £ 650,162 (201 9: £ 560,906 ) and an amount of £ 95,148 (201 9: £ 82,449 ) was also due in respect of non-payment of preferential dividends relating to the Ordinary B Shares. The amount outstanding in respect of the loan at 30 June 20 20 was £ 9,220,180 (201 9: £ 8,091,944 ).

 

J A McGill is also a director of York City Football Club Foundation Limited , a charity to promote participation in sport across North Yorkshire. During the year £ 19,867 (2019: £25,000) was received for the use of facilities at Bootham Crescent.

 

J A Mcgill is also director of York Stadium Management Company Limited.

13
Parent company

The parent company is JM Packaging Limited which owns 75% of the total issued share capital of the company. Their registered office is: 5 Malton Enterprise Park, Malton, North Yorkshire, YO17 6AB.

2020-06-30 2019-07-01 false 25 November 2020 CCH Software CCH Accounts Production 2020.200 No description of principal activity This audit opinion is unqualified J A McGill Mr I McAndrew Ms J Penney Ms E Adams Mr S J Kilmartin 04689338 2019-07-01 2020-06-30 04689338 2020-06-30 04689338 core:NetGoodwill 2020-06-30 04689338 core:NetGoodwill 2019-06-30 04689338 2018-07-01 2019-06-30 04689338 2019-06-30 04689338 core:LandBuildings 2020-06-30 04689338 core:OtherPropertyPlantEquipment 2020-06-30 04689338 core:LandBuildings 2019-06-30 04689338 core:OtherPropertyPlantEquipment 2019-06-30 04689338 core:CurrentFinancialInstruments core:WithinOneYear 2020-06-30 04689338 core:CurrentFinancialInstruments core:WithinOneYear 2019-06-30 04689338 core:CurrentFinancialInstruments 2020-06-30 04689338 core:CurrentFinancialInstruments 2019-06-30 04689338 core:Non-currentFinancialInstruments 2020-06-30 04689338 core:Non-currentFinancialInstruments 2019-06-30 04689338 core:ShareCapital 2020-06-30 04689338 core:ShareCapital 2019-06-30 04689338 core:SharePremium 2020-06-30 04689338 core:SharePremium 2019-06-30 04689338 core:RevaluationReserve 2020-06-30 04689338 core:RevaluationReserve 2019-06-30 04689338 core:RetainedEarningsAccumulatedLosses 2020-06-30 04689338 core:RetainedEarningsAccumulatedLosses 2019-06-30 04689338 bus:Director1 2019-07-01 2020-06-30 04689338 core:Goodwill 2019-07-01 2020-06-30 04689338 core:LandBuildings core:LeasedAssetsHeldAsLessee 2019-07-01 2020-06-30 04689338 core:FurnitureFittings 2019-07-01 2020-06-30 04689338 core:MotorVehicles 2019-07-01 2020-06-30 04689338 core:NetGoodwill 2019-06-30 04689338 core:NetGoodwill 2019-07-01 2020-06-30 04689338 core:LandBuildings 2019-06-30 04689338 core:OtherPropertyPlantEquipment 2019-06-30 04689338 2019-06-30 04689338 core:LandBuildings 2019-07-01 2020-06-30 04689338 core:OtherPropertyPlantEquipment 2019-07-01 2020-06-30 04689338 core:WithinOneYear 2020-06-30 04689338 core:WithinOneYear 2019-06-30 04689338 bus:PrivateLimitedCompanyLtd 2019-07-01 2020-06-30 04689338 bus:SmallCompaniesRegimeForAccounts 2019-07-01 2020-06-30 04689338 bus:FRS102 2019-07-01 2020-06-30 04689338 bus:Audited 2019-07-01 2020-06-30 04689338 bus:Director2 2019-07-01 2020-06-30 04689338 bus:Director3 2019-07-01 2020-06-30 04689338 bus:Director4 2019-07-01 2020-06-30 04689338 bus:Director5 2019-07-01 2020-06-30 04689338 bus:FullAccounts 2019-07-01 2020-06-30 xbrli:pure xbrli:shares iso4217:GBP