8/6/2019 Leeds City Holdings Accounts, Year ended June 2010 http://slidepdf.com/reader/full/leeds-city-holdings-accounts-year-ended-june-2010 1/21 Company registration no. 05765697 LEEDS CITY HOLDINGS LIMITED Report and Financial Statements Year ended 30 June 2010 rll/lm I '~r fl " filii " AHBSF1WY· A51 06/05/2011 63 COMPANIES HOUSE
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Leeds City Holdings Accounts, Year ended June 2010
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
The directors present their report and the audited financral statements for the year ended 30 June 2010
Principal activitiesThe principal activrty of the company dunnq the year was that of a holding company of Leeds United Football ClubLimited and Ycrkshire RadIOLImited
Review of business activities
As the holding company of the group, the Directors WIll manage the trading affairs of the various subsidiary compameson behalf of the Shareholders The Shareholders are comfortable that the debts owed by the group should be managedand mamtamed In this company
Future Developments
Off the field, the enhancement of the faohnes at Eiland Road remains the Priority of the DIrectors along with providmqsupport to the media operations to ensure the group are best placed to take advantage of available media rights Inthefuture
On the field, continued financial support Willbe made available to the Manager to strengthen the team as required
Results and drvrdends
The group profit for the year after taxation was £1,517,000 (2009 £1,375,000 loss) The directors do not recommendthe payment of a divrdend
Directors and their InterestsDirectors serving the company dunng the year and since the year end were as follows
KW BatesR MTaylor (Resiqned 13th May2010)S A Harvey
Y S Allen (Appointed 13th May 2010)
financial Instruments
Cash flows are closely monitored on a dally basis Frnancial risks are kept to a minimum wherever possible Thegroup's financial Instruments comprise borrowings, cash and hquid resources, finance leases and various other Itemssuch as trade debtors and trade creditors that anse directly from ItSoperations The group does not engage Intrades at
a speculative nature and has no foreign currency exposure The group monitors ItS cash flow throughout the year andreviews ItSoverall financial requirements on an annual baSIS
Key perfonnance indicators
The performance of the team IS monitored by publicly available League POSition tables In addition to tlus, the:commercial operations of all group companies are rnorutored agamst detailed budgets and benchmarking exercises areundertaken to assess the group's performance Within the relevant sector The £3 998m rise In group turnover from£23 535m to £27 533m represents an Increase of 16 9% and Leeds United Football Club Limited rnamtamed Its positionas haVingachieved the hiqhest home attendance In League One
Employee involvement
The group's employment pohcies are desiqned to attract, retain and motivate the best people The group Involvesemployees at all levels of the orqarusanon through a broad base of regular commorucatron meetings and bnefingsessions to understand current performance and communicate future developments
Disabled employeesApplications for employment by disabled persons are always fully considered In the event of members of staffbecoming disabled, every opporturuty IS made to ensure their employment WIth the group continues and that
appropriate training IS arranged It ISthe pohcy of the group that the training, career development and promotion ofdisabled persons should, as far as possible, be Identical to that of other employees
Auditors
Baker Tilly UK Audit LLP, Chartered Accountants, are deemed to be re-appointed under Section 487(2) of theCompanies Act 2006
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
Statement as to disclosure of information to auditors
The directors who were In office on the date of approval of these financial statements have confirmed, as far as they areaware, that there IS no relevant audit Information of which the auditors are unaware Each of the directors have _confirmed that they have taken all the steps that they ought to have taken as directors In order to make themselvesaware of any relevant audit Information and to estabhsh that It has been communicated to the auditor
SA HarveyDirector28th February 2011
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
The directors are responsible for prepanng the Directors' Report and the financial statements In accordance withapplicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directorshave elected to prepare the financial statements In accordance With Umted Kingdom Generally Accepted AccountingPractice (United Kingdom Accountmg Standards and applicable law)
Under company law the directors must not approve the financial statements unless they are satisfied that they give atrue and fair view of the state of affairs of the group and the company and of the profit or loss of the group for thatpenod
In prepanng those flnancial statements, the directors are required to
a select suitable accounting pohcies and then apply them consistently,
b make Judgements and accounting estimates that are reasonable and prudent,
c prepare the financial statements on the gOing concem baSISunless [t [S mappropnate to presume that the
grotlp and the company Willcontmue m business
The directors are responsible for keeping adequate accounting records that are sufficrent to show and explain thegroup's and the company's transactions and disclose With reasonable accuracy at any time the financial posrtton of thegroup and the company and enable them to ensure that the financial statements comply Withthe Compames Act 2006They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonablesteps for the prevention and detection of fraud and other urequlantres
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEEDS CITYHOLDINGS LIMITED
We have audited the group and parent company financial statements (the "financial statements") on pages 7 to 20The financial reporting framework that has been applied In their preparation IS applicable law and United KingdomAccounting Standards (Umted Kingdom Generally Accepted Accounting Practice)
This report IS made solely to the company's members, as a body, In accordance with Chapter 3 of Part 16 of theCompanies Act 2006 Our audit work has been undertaken so that we might state to the company's members thosematters we are required to state to them In an auditor's report and for no other purpose To the fullest extent permittedby law, we do not accept or assume responsibili ty to anyone other than the company and the company's members as abody, for our audit work, for this report, or for the opmrons we have formed
Respective responsibilities of directors and auditors
As more fully explained In the Directors' Responsibil ities Statement on page 4, the directors are responsible for thepreparation of the financial statements and for being satisfied that they give a true and fair view Our responsibil ity IS toaudit and express an opinion on the financial statements In accordance Withapplicable law and International Standardson Auditing (UK and Ireland) Those standards require us to comply Withthe Auditing Practices Board's (APB's) EthicalStandards for Auditors
Scope of the audit
A description of the scope of an audit of financial statements IS provided on the APB's website at
www frc org uklapb/scope/UKNP
Opinion on the financial statementsIn our opiruon the financral statements
• give a true and fair view of the state of the group's and parent company's affairs as at 30 June 2010 and of thegroup's profit for the year then ended,
• have been properly prepared Inaccordance With United Kingdom Generally Accepted Accounting Practice, and
• have been prepared In accordance Withthe requirements of the Companies Act 2006
Opuuon on other matters prescribed by the Companies Act 2006
In our opmion the information given In the Directors' Report for the financial year for which the flnancral statements areprepared ISconsistent Withthe financral statements
Matters on which we are required to report by exceptionWe have nothing to report In respect of the follOWingmatters where the Compames Act 2006 requires us to report toyou [f, m our opinion
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit havenot been received from branches not VISitedby us, or
• the parent company financial statements are not m agreement Withthe accounting records and returns, or
• certain disclosures of directors' remuneration specified by law are not made, or
• we have not received all the mforrnanon and explanations we require for our audit
Anthony Elston (Semor Statutory Auditor)For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory AuditorChartered Accountants
2 Whitehall QuayLeedsLS14HG
zs" February 2011
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
Deferred tax ISprovided In full on timing differences which result In an obligation at the balance sheet date to pay moretax, or a nght to pay less tax, at a future date, at rates expected to apply when they crystallise based on current taxrates and law Timing differences anse from the Inclusion of Items of Income and expenditure In tax computations Inpenods different from those Inwhich they are Included In financial statements Deferred tax ISnot provided on timingdifferences ansmq from the revaluation of fixed assets where there ISno commitment to sell the asset, or on unremittedearnings of subsidianes and associates where there ISno commitment to remit these earnings Deferred tax assets are
recognised to the extent that It ISregarded as more likely than not that they will be recovered Deferred tax assets andliabilities are not discounted
Pension costsFor defined contribution schemes the pension cost charged In the penod represents contnbutions payable by the groupto vanous pension schemes For defined benefit schemes the expected cost of providing pensions, as calculatedpenodicatly by protessionany qualified actuanes, IScharged to the profit and loss account so as to spread the cost overthe service lives of employees In such a way that the pension cost ISa substantially level percentage of current andexpected future pensionable payroll
2 TurnoverYear ended Year ended
30 June 2010 30 June 2009
£'000 £'000
Gate receipts 11,732 8,966
Television and broadcasting Income 802 169
Merchandising Income 5,509 4,918
Central distributions 757 492
Other commercial revenue 8,733 8,990
27,533 23,535
All turnover relates to the prmcipal actiVity of operating a professronal football club and anses from continuing activmesWithin the UK
3 Operatmg loss
Operating loss ISstated after charging
Year ended Year ended
30 June 2010 30 June 2009
£'000 £'000
990 1,295
189 188
50 50
683 568
71 46
2
Amortisation
Amortisation of player reqistrauon costs
Amortisation of goodWill
Amortisation of carnage agreement
Deprecratron of tangible fixed assets
Owned assets
Assets held under finance leases
Audit services
Statutory audit of parent and consolidated accounts
Other services provided by an associate of Baker Tilly UK Audit LLP
- The auditing of accounts of associates of the company pursuant to legislation
Audit of subsidranes
- Other services relating to taxation
Compliance services
AdVISOryservices
Operating lease charges
Land and bUildings
Plant and machinery
Motor vehicles
50 41
6
3
3
13
1,756
16
107
1,732
32
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
LEEDS CITY HOLDINGS LIMITEDNOTES TO THE GROUP FINANCIAL STATEMENTS
10 Fixed asset investments (continued)
On 22 September 2009 the company acquired 1 £1 ordinary of Leeds United Media Limited On 29 June 2010 thecompany acquired 1 £1 ordinary share of Leeds United Centenary Pavihon Limited
11 StockGroup
2010 2009
£'000 £'000
Company
2010 2009
£'000 £'000
Goods held for resale 716 553
12 DebtorsGroup Company
2010 2009 2010 2009
£'000 £'000 £'000 £'000
Trade debtors 767 774
Transfer fee debtors 25 17
Amounts due from related companies 1,471 997Other debtors 1,417 595
Prepayments and accrued Income 1,434 1,348
Total 3,643 2,734 1,471 997
Debtor due after more than one year
Bonds 20 931
Transfer fee debtor 13
33 931
13 Creditors amounts failing due Within one yearGroup
2010 2009
£'000 £'000
Obligations under finance leases 42 11
Trade creditors 1,593 2,624
Other taxation and SOCIalsecunty costs 1,585 846
Transfer fee creditors 202 241
Other creditors 457 163
3,879 3,885
Accruals and deferred Income 8,041 6,610
11,920 10,495
Company
2010 2009
£'000 £'000
226
226
259
226 259
Of the £8 041m accruals and deferred Income £6 848m represents prepayment of tickets and sponsorship that wouldonly become a liabili ty of the group should It fall to fulfi l all of ItSfixtures for the 2010/11 season
14 Creditors, amounts falling due after more than one yearGroup
2010 2009
£'000 £'000
Obligations under finance leases 81
Transfer fee creditors 91 24
Other creditors 1,471 1,465
Pension (note 18) 172 209
Accruals and deferred Income 8002,615 1,698
Company
2010 2009
£'000 £'000
1,471 328
1,471 328
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
14 Creditors' amounts failing due after more than one year (contmued)
Borrowings are repayable as followsGroup Company
2010 2009 2010 2009
£'000 £'000 £'000 £'000
Fmance leases
Within one year 42 11
Between one and two years 42
Between two and five years 39
123 11
Total borrowings
Within one year 42 11
Between one and two years 42
Between two and five years 39
123 11
Obhqatrons under finance leases at 30 June 2010 were secured on the related assets
£1,471,527 of other creditors are secured via a fixed and floating charge over the assets and secunties of Leeds CityHoldings Limited The loan ISrepayable Immediately as funds become available, whrch, In the opinion of the directors,will be In more than one year's time
15 Provisions for liabilit ies and charges
Deferred tax
The company has not recogmsed a deferred tax asset on these losses as the availability of suitable profits againstwhich these may be utilised cannot be predicted With sufficient certainty The net deferred tax asset unprovided IS
approximately £13 5 mllhon(2009 £148 million) at the standard rate of corporation tax
16 Called up share capital2010 2009
£'000 £'000
Authorised
200,000,000 ordinary shares of 1peach 2,000 2,000
Allotted, called up and fully paid £ £
140,000,000 £0 01 ordinary shares 1,400 1,400
Share premium 1,600 1,600
3,000 3,000
17 ReconcIliation of movement in shareholders' funds
Share Share Profit and Shareholders'
capital premium loss account funds
Group £'000 £'000 £'000 £'000
At 1 July 2009 1,400 1,600 2,250 5,250
Profit for the penod 1,517 1,517
At 30 June 2010 1,400 1,600 3,767 6.767
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8/6/2019 Leeds City Holdings Accounts, Year ended June 2010