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REGISTERED NUMBER: 00045611 (England and Wales)













Financial Statements

for the Period

1 June 2017 to 30 June 2018

for

Lincoln City Football Club
Company Limited

Lincoln City Football Club
Company Limited (Registered number: 00045611)






Contents of the Financial Statements
for the Period 1 June 2017 to 30 June 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lincoln City Football Club
Company Limited

Company Information
for the Period 1 June 2017 to 30 June 2018







DIRECTORS: R G Bates
Lincoln City Supporters' Society Ltd
S L Tointon
C H Nates
I Reeve
R I Clarke
J S Wright
G D Levine
H F F Kok
R J Clarke
D Lowes
S A Melnick


SECRETARY: C J Hubbard


REGISTERED OFFICE: Sincil Bank Stadium
Sincil Bank
LINCOLN
Lincolnshire
LN5 8LD


REGISTERED NUMBER: 00045611 (England and Wales)


ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN


BANKERS: The Co-operative Bank
16 Saltergate
LINCOLN
Lincolnshire
LN2 1DG

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Balance Sheet
30 June 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 677,934 35,208
Tangible assets 5 2,439,799 1,690,857
Investments 6 4 1
3,117,737 1,726,066

CURRENT ASSETS
Stocks 7,223 5,251
Debtors 7 3,112,745 2,816,560
Cash at bank and in hand 64,850 268,133
3,184,818 3,089,944
CREDITORS
Amounts falling due within one year 8 3,617,114 1,938,484
NET CURRENT (LIABILITIES)/ASSETS (432,296 ) 1,151,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,685,441

2,877,526

CREDITORS
Amounts falling due after more than
one year

9

602,276

381,768
NET ASSETS 2,083,165 2,495,758

CAPITAL AND RESERVES
Called up share capital 4,327,074 3,650,182
Revaluation reserve 12 830,200 830,200
Retained earnings (3,074,109 ) (1,984,624 )
SHAREHOLDERS' FUNDS 2,083,165 2,495,758

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Balance Sheet - continued
30 June 2018


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of
the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company
as at the end of each financial year and of its profit or loss for each financial year in accordance
with the requirements of Sections 394 and 395 and which otherwise comply with the requirements
of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 March 2019 and were signed
on its behalf by:





C H Nates - Director


Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements
for the Period 1 June 2017 to 30 June 2018

1. STATUTORY INFORMATION

Lincoln City Football Club Company Limited is a private company, limited by shares , registered in
England and Wales. The company's registered number and registered office address can be
found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents gate monies, league levy and cup pool, advertising and sponsorship income,
bar and catering, retail shop and all weather pitch income, excluding Value Added Tax.

Income received in advance is classed as deferred income and does not form part of the current
years turnover,

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on cost, 5% on cost and 2% on cost
Equipment - 20% on cost
All weather pitch - 10% on cost and 2% on cost
Motor vehicles - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

2. ACCOUNTING POLICIES - continued

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial
liabilities are recognised in the accounts only when the entity becomes party to the contractual
provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt
instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments,
and are measured at amortised cost. Where a financial liability constitutes a financing transaction
it is initially and subsequently measures at the present value of future payments, discounted at a
market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken
place and there is an obligation to deliver services rather than cash or another financial
instrument.

Taxation
Taxation for the period 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 period
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.

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire 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 the profit and loss account over the
relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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.

Pensions are paid to some employees' personal pension plans. These costs are charged to the
profit and loss account as they occur.

Government grants
Government grants received are treated as deferred creditors and credited to the profit and loss
account over the estimated useful life of the relevant fixed assets.

Deferred income
Deferred income comprises amounts received from sponsorship, season tickets and other income
which is released to the profit and loss on a straight line basis over the period to which it relates.

Transfer fees
Transfer fees and other costs associated with the acquisition of players, management and
professional department support team' registrations are capitalised as intangible fixed assets.
These costs are amortized over the period of the players, management and professional
department support team contracts adjusted for any agreed extensions. These costs are adjusted
when the amortised value exceeds the amount recoverable through use or sale. Future costs
which may become due are recognised within the original cost of acquisition if, in the opinion of
the directors, it is probable that these costs will be incurred.

Where proceeds are received from the disposal of players, management and professional
department support team these future receipts are not recognised as part of the proceeds of
disposal until such time as the events upon which these receipts are dependent, are known to
have occurred. No value is recognised in the financial statements for players, management and
professional department support team developed within the company.

Assets Under Construction

Costs relating to material incomplete building projects are capitalised as assets under
construction. No depreciation is charged until the building work is completed and the asset
brought into use. At this time the asset will be reclassified into an appropriate fixed asset category.

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 246 (2017 - 169 ) .

4. INTANGIBLE FIXED ASSETS
Transfer Computer
registrations software Totals
£    £    £   
COST
At 1 June 2017 65,000 3,900 68,900
Additions 794,518 - 794,518
At 30 June 2018 859,518 3,900 863,418
AMORTISATION
At 1 June 2017 29,792 3,900 33,692
Amortisation for period 151,792 - 151,792
At 30 June 2018 181,584 3,900 185,484
NET BOOK VALUE
At 30 June 2018 677,934 - 677,934
At 31 May 2017 35,208 - 35,208

5. TANGIBLE FIXED ASSETS
Assets
Freehold under
property construction Equipment
£    £    £   
COST OR VALUATION
At 1 June 2017 2,663,012 - 263,359
Additions 7,340 664,357 245,789
Disposals - - (42,295 )
At 30 June 2018 2,670,352 664,357 466,853
DEPRECIATION
At 1 June 2017 1,240,371 - 134,101
Charge for period 71,656 - 73,644
Eliminated on disposal - - (39,916 )
At 30 June 2018 1,312,027 - 167,829
NET BOOK VALUE
At 30 June 2018 1,358,325 664,357 299,024
At 31 May 2017 1,422,641 - 129,258

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

5. TANGIBLE FIXED ASSETS - continued

All
weather Motor
pitch vehicles Totals
£    £    £   
COST OR VALUATION
At 1 June 2017 443,873 23,700 3,393,944
Additions - - 917,486
Disposals - - (42,295 )
At 30 June 2018 443,873 23,700 4,269,135
DEPRECIATION
At 1 June 2017 304,915 23,700 1,703,087
Charge for period 20,865 - 166,165
Eliminated on disposal - - (39,916 )
At 30 June 2018 325,780 23,700 1,829,336
NET BOOK VALUE
At 30 June 2018 118,093 - 2,439,799
At 31 May 2017 138,958 - 1,690,857

Freehold property is included in the accounts at valuation and other tangible fixed assets at
historical cost. The St Andrews Stand and Stacey West Stand were revalued by the directors in
the year 1990/91 and the South Park Stand revalued in 1992/93. In 1993/94 the Stacey West
Stand was revalued by a further £300,000 and other ground improvements by £91,022. In
1994/95 the Sincil Bank Stand was completed and revalued by £719,821. Had the revaluations
not been carried out, the original cost less grants of the stands and buildings would have been
£1,299,809 (2017: £1,292,469) and the net book value £782,481 (2017: £801,290).

The directors confirm these figures are still an accurate valuation.

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2017 1
Additions 3
At 30 June 2018 4
NET BOOK VALUE
At 30 June 2018 4
At 31 May 2017 1

The company's investments at the Balance Sheet date in the share capital of companies include
the following:

Lincoln City Football Club Centre of Excellence Limited
Registered office:
Nature of business: Developing of sporting excellence
%
Class of shares: holding
Ordinary 100.00

Impfinity Ltd
Registered office:
Nature of business: Other business support activities
%
Class of shares: holding
Ordinary 100.00

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 516,784 242,995
Amounts owed by group undertakings 2,300,000 6,303
Other debtors 153,631 2,400,000
Prepayments and accrued income 142,330 167,262
3,112,745 2,816,560

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Hire purchase contracts (see note 10) 9,535 9,535
Trade creditors 754,529 324,410
Tax 20,260 20,204
Social security and other taxes 384,038 199,303
Bonds 67,945 61,923
Directors' current accounts - 119,700
Accruals and deferred income 2,362,163 1,183,765
Deferred grants 18,644 19,644
3,617,114 1,938,484

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
£    £   
Hire purchase contracts (see note 10) 45,305 58,220
Bonds 499,194 221,060
Deferred capital grant more
than five years 27,201 60,912
Accruals and deferred income - 11,000
Deferred grants 30,576 30,576
602,276 381,768

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
2018 2017
£    £   
Net obligations repayable:
Within one year 9,535 9,535
Between one and five years 45,305 58,220
54,840 67,755

Non-cancellable
operating leases
2018 2017
£    £   
In more than five years 365,625 -

Lincoln City Football Club
Company Limited (Registered number: 00045611)

Notes to the Financial Statements - continued
for the Period 1 June 2017 to 30 June 2018

11. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Hire purchase contracts 54,840 67,755

Security is given against the asset to which the loan relates.

12. RESERVES
Revaluation
reserve
£   
At 1 June 2017
and 30 June 2018 830,200

13. CONTINGENT LIABILITIES

There are potential liabilities and assets in respect of transactions involving players registrations.
Due to the variable nature of these amounts it is not possible to calculate the maximum potential
liability or asset.

14. CAPITAL COMMITMENTS
2018 2017
£    £   
Contracted but not provided for in the
financial statements 635,643 -

15. RELATED PARTY DISCLOSURES

TRADING RELATIONSHIPS

During the period the company has traded with other businesses in which individual directors have
an interest.

All of these transactions were carried out under normal commercial terms.

DIRECTORS

There were no amounts owing to directors at 30 June 2018 (2017: £119,700).

These loans were unsecured and no interest was charged.

16. GOING CONCERN

The company continues to be supported by it's parent company and underlying investors.