Leeds City Holdings Accounts, Year ended June 2010
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Transcript of Leeds City Holdings Accounts, Year ended June 2010
8/6/2019 Leeds City Holdings Accounts, Year ended June 2010
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Company registration no. 05765697
LEEDS CITY HOLDINGS LIMITED
Report and Financial Statements
Year ended 30 June 2010
r l l / l m I ' ~ r f l " f i l i i "AHBSF1WY·
A51 06/05/2011 63
COMPANIES HOUSE
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LEEDS CITY HOLDINGS LIMITED
REPORT AND FINANCIAL STATEMENTS 2010
CONTENTS
Page
Officers and professional advisers 2
Directors' report 3
Statement of directors' responsibilities 5
Auditor's report 6
Consolidated profit and loss account 7
Company balance Sheet 8
Consolidated balance sheet 9
Consolidated cash flow statement 10
Reconciliation of net cash flow to movement in
net funds 11
Reconciliation of operating loss to cash flow
from operating activities 11
Notes to the financial statements 12
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-~--LEEDS CITY HOLDINGS LIMITED
REPORT AND FINANCIAL STATEMENTS 2010
OFFICERS AND PROFESSIONAL ADVISERS
Directors
KW BatesS A HarveyY SAlien
Secretary
SA Harvey
Registered office
Eiland RoadLeedsWest YorkshireLS110ES
Bankers
Bank of Ireland
15-16 Park RowLeedsLS15HD
Solicitors
McCorrmcks Solicitors
37 East ParadeHarrogateHG15LQ
Walker Morns
Kmgs Court12 King StreetLeeds
LS12HL
Auditors
Baker TJllyUK Audit LLPRegistered AuditorChartered Accountants2 Whitehall Quay
LeedsLS14HG
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LEEDS CITY HOLDINGS LIMITED
DIRECTORS'REPORT
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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LEEDS CITY HOLDINGS LIMITED
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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LEEDS CITY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES IN THE PREPARATION
OF FINANCIAL STATEMENTS
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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LEEDS CITY HOLDINGS LIMITED
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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LEEDS CITY HOLDINGS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Year ended 30 June 2010
Operations
excluding Year ended Year ended
player tradmg Player trad ing 30 June 2010 30 June 2009Note £'000 £'000 £'000 £'000
Turnover 2 27,533 27,533 23,535
Cost of sales (5,883) (5,883) (4,930)
Gross profit 21,650 21,650 18,605
Administrative expenses (22,789) (990) (23,779) (22,679)
Operating loss 3 (1,139) (990) (2,129) (4,074)
Profit on player trading 3,818 3,818 2,911
Profit/{Ioss) on ordinary activities before interest (1,139) 2,828 - 1,689 (1,163)
Other Interest receivable and similar Income 4 3 3 19
Interest payable and similar charges 5 (175) (175) (231)
Profit/(Ioss) on ordinary activities before taxation (1,311) 2,828 1,517 (1,375)
Taxation on profit on ordinary acnvmes 7
Profit/(Ioss) for the financial year 17 (1,311) 2,828 1,517 (1,375)
The results for both periods relate to cont inuing operations
There are no recognised gains and losses for either penod other than as stated In the profit and loss account
Accordingly, no statement of total recognised gams and losses has been presented
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LEEDS CITY HOLDINGS LIMITED
COMPANY BALANCE SHEET Companyregistratron no 05765697
30 June 2010
Current assets
Debtors 12
2010 2009
£'000 £'000
975 975
975 975
1,471 997
1,471 997
(226) (259)
1,245 738
2,220 1,713
(1,471) (328)
749 1,385
Fixed assets
Investments 10
Creditors: amounts failing duewithin one year 13
Net current assets
Total assets
Creditors: amounts failing dueafter more than one
year 14
Net assets
Capital and reserves
Calledup share capital
Share Premium
Profit andlossaccount
16
16
17
1,400
1,600
(2,251)
1,400
1,600
(1,615)
Equity shareholders' funds 17 749 1,385
The financial statementson pages 7 to 20 were approved by the board of directors and authonsed for Issueon 281 t1
February2011 and signedon Its behalf by
~
~SA Harvey
Director
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LEEDS CITY HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEET Company registration no 05765697
30 June 2010
2010 2009
£'000 £'000
8,706 9,022
4,534 3,813
13,240 12,835
716 553
3,643 2,734
33 931
3,670- 390
8,062 4,608
(11,920) (10,495)
(3,858) (5,887)
9,382 6,948
(2,615) (1,698)
6.767 5,250
Fixed assets
IntangIble assets
Tangible assets
8
9
Current assets
Stock
Debtors
Debtors due after more than one year
Cash at bank end Inhand
11
12
12
Creditors amounts failing due within one year 13
Netcurrent liabilities
Total assets less current liabilities
Creditors amounts failing due after more than one
year 14
Netassets
Capital and reserves
Called up share capital
SharePremium
Profit and loss account
16
16
17
1,400
1,600
3,767
1.400
1,600
2,250
Equity shareholders' funds 17 6,767 5,250
The flnancial statements on pages 7 to 20 were approved by the board of directors and authonsed for Issue on 28h
February 2011 and signed on Its behalf by
S A Harvey
Director
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LEEDS CITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Year ended Year ended
30 June 2010 30 June 2009
£'000 £'000
IncreaseJ(decrease) In cash In the penod 3,280 (70D)
Cash Inflow from debt and lease financmq 64 110
Movement In net debt Inthe penod 3,344 (590)
New finance leases (176)
Opening net funds 379 969
Closing net funds 3,547 379
RECONCILIATION OF OPERATING LOSS TO CASH FLOW FROM OPERATING
ACTIVITES
Year ended Vearended
30 June 2010 30 June 2009
£'000 £'000
Operating loss (2,129) (4,074)
Depreciation of tangible fixed assets 754 614
Arnornsanon of Intangible fixed assets 1,229 1,533
Loss on sale of fixed tangible assets 40
Increase In stock (163) (193)
(Increase)/decrease In debtors (11) 1,123
Increase In creditors 2,230 753
Net mflow/(outflow) from operating activrtres 1,950 (244)
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LEEDS CITY HOLDINGS LIMITEDNOTES TO THE GROUP FINANCIAL STATEMENTS
1 Principal accounting policies
The financial statements are prepared In accordance with applicable United Kingdom accounting standards The
pnnopal accounting pohcies adopted by the directors are set out below
Basts of preparation
Detailed forecasts have been prepared, indicating that the group Will have sutficrent resources to meet debts as they fall
due dunng the next year As a result, the directors consider that It ISappropriate to prepare the accounts on the gomg
concern baSIS
No profit and loss account for the company has been presented for Leeds City Holdings Limited as permitted by Section
408 of the Companies Act 2006
BaSIS of accountmg
The financral statements are prepared In accordance With the hrstoncal cost convention
BaSIS of consolidation
The consolidated financial statements Incorporate the financral statements of the company and all Its subsidiary
undertakmgs Intra-group trading ISeliminated on consolidation
Turnover
Tumover represents all Income arising from the ordinary acnvines of the group excludmg transfer fees and value added
tax
Intangible fixed assets - Player Registrations
In line With FRS 10 Goodwill and Intangible Assets, the costs associated With the acqursition of players' registrations are
capitalised as mtanqible fixed assets and amortised, In equal annual Instalments, over the period of the respective
players' contracts The transfer fee levy refund received dunnq the penod 15 credited against additions to intangible
assets Players' registrations are written down for Impairment when the carrying amount exceeds the amount
recoverable through use or sale
Intangible fixed assets - Carnage agreement
In line With FRS 10 Accounting for GoodWill and Intangible Assets, the costs associated With the carnage agreement
are capitalised as intangible fixed assets and amortised, In equal annual Instalments, over the penod of the contract
which expires In 2016
Intangible fixed assets - GoodWill
Goodwnl IS bemg amortised In equal Instalments over 50 years based on the longeVity of the club and the strength of
the brand
Intangible fixed assets - Trademarks
Trademarks are being amortised Inequal Instalments over 10 years
Tangible fixed assets
Depreciation IScalculated to write off the cost, or revalued amount of tangible fixed assets, less their estimated residual
values, on a straiqht line baSIS over the expected useful economic life of the asset concemed, as follows
Assets under the course of construction and
Leasehold land and buildmqs
Fixtures and fittings
Alterations and Improvements
0- 22 years
1 - 10 years
2 - 10 years
Fixed asset mvestments
Fixed asset Investments are stated at cost In the company balance sheet
Slgmng-on fees
SI9n1ng-on fees represent a normal part of the employment cost of the player and as such are to be charged to the
profit and loss account In the penod In which the payment ISmade, except In the circumstances of a player disposal In
that case, any remaining signing-on fees due are allocated In full against profit on disposal of players' registrations In
the penod In which the player disposal ISmade
Stocks
Stocks, which compose goods held for re-sale, are stated at the lower of cost and net realisable value
leases
Assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the
lease and depreciated over their estimated useful life Finance charges are allocated over the penod of the lease In
proportion to the capital amount outstanding
Operating lease rentals are charged to profit and loss In equal amounts over the term of the lease
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LEEDS CITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
Deferred taxation
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
107
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LEEDS CITY HOLDINGS LIMITEDNOTES TO THE GROUP FINANCIAL STATEMENTS
4 Other Interest receivable and similar income
Year ended Year ended
30 June 2010 30 Juno 2009
£'000 £'000
Bank Interest 3 19
3 19
5 Interest payable and similar charges
Yeafended
3DJune 2010
£'000
Year ended
3DJune 2009
£'000
Bank Interest 1
Other loans 162 205
Finance leases and hire purchase contracts 12 26- - - - - - - - - - - - - - - - ~ . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
175 231
6 Employees
fhe average monthly number of persons (Including executive directors) employed by the group dunnq the penod was
Year ended Year ended
30 June 2010 30 June 2009
No No
FUll-time plaYing staff 32 25
Apprentices 13 14
Football team management 13 12
Manaqement/adrrurustratron 126 138
184 189
ill addition to the above employees, on match days the group employs approximately 710 (2009 570) casual part-time
»rnployees
Employee costs (including directors' emoluments) Incurred dunng the year were
Year ended Year ended
30 June 2010 30June 2009
£'000 £'000
Wages and salar ies 12,433 11,103
Social security costs 1,193 1,086
Other pension costs 95 92
13,721 12,281
Directors' emoluments In the year were £174,087 (2009 £150,000) and benefits paid to directors were £11,986 (2009
£13,170) K W Bates did not receive any emoluments or benefits dunng the current or previous year Pension
payments of £16,600 (2009 £14,000) were made on behalf of the directors One director accrued retirement benefits
under a money purchase scheme
1axation on profit on ordinary actrvrtres
Year ended
30 June 2010
£'000
Year ended
30 June 2009
£'000
Current penod tax
UK Corporatron tax charge for the penod
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LEEDS CITY HOLDINGS LIMITEDNOTES TO THE GROUP FINANCIAL STATEMENTS
7 Taxation on profit on ordinary activities (continued)
Deferred Taxation
Onqmation and reversal of timing dif ferences
The standard rate of tax for the penod, based on the UK standard rate of corporation tax IS 28% (2009 28%) The
actual tax charge for the current penod IS less than the standard rate for the reasons set out In the following
reconcrhauon
Yearended Yearended
30 June 2010 30 June 2009
£'000 £'000
Profit/(Ioss) on ordinary acuvrues before tax 1,517 (1,375)
Tax on profit/(Ioss) on ordinary activities at standard rate of 28% 425 (385)
Capital allowances Inexcess of deprecration (1)
Deprecrauon In excess of capital al lowances 8 2
Ineligible deprecranon 121 114
Other short term timing differences (23)
Expenses not deduct ible for corporation tax purposes 252 44
Tax losses (utlhsed)/carned forward (805) 248
Total actual amount of current tax
8 Intangible fixed assets
Carnage Player
Trademarks Licence re g istranons GoodWill Total
Group £000 £000 £'000 £'000 £'000
Cost or valuationAt 1 July 2009 397 3,688 7,205 11,290
Addrncns 10 786 250 1,046
Disposals (1,224) (1,224)
At 30 June 2010 10 397 3,250 7,455 11,112
DepreCiation
At 1 July 2009 50 1,923 295 2,268
Charge for the penod 50 990 189 1,229
Disposals (1,091 ) (1 ,091)
At 30 June 2010 100 1,822 484 2,406
Net book value
At 30 June 2010 10 297 1,428 - - 6,971 8,706
At 30 June 2009 347 1,765 6,910 9,022
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LEEDS CITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
9 Tangible fixed assets
Assetsunderthecourse Alterationsand Fixtures
of construction Improvements andfittings Total
andleaseholdandand
buildings
Group £'000 £'000 £'000 £'000
Cost or valuat ion
At 1 July 2009 752 3,133 931 4,816
Additions 919 93 503 1,515
Disposals (46) (2) (48)
At 30 June 2010 1,671 3,180 1,432 6,283
DepreCiatIOn
At 1 July 2009 34 629 340 1,003
Charge for the penod 2 393 359 754
Disposals (8) (8)
At 30 June 2010 36 1,014 699 1,749
Net book valueAt 30 June 2010 1,635 2,166 733 4,534
At 30 June 2009 718 2,504 591 3,813
Included In the total net book value fixtures and fittings are the following amounts In respect of assets held under
finance leases and hire purchase contracts
Fixturesandfittings
£'000
Cost
Accumulated deprecation
329
(163)
Net Book value 30 June 2010 166
Net Book value 30 June 2009 130
The depreciation charge In respect of these assets was £71,236 (2009 £46,000)
10 Fixed asset Investments
Details of the subsidiary undertakings at 30 June 2010 were as follows
InvestmentIn
Company
Subsidiaryundertakings
£000
Net book value at 1 J uly 2009 975
Net book value at 30 June 2010 975
Yorkshire First Limited Dormant
Placeof
incorporation Proportionof Issued
and registration Classof shares sharesheld
England Ordinary 100%
England Ordinary 95%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
16
Nameof undertakmg Pnncipalactivity
Leeds United Football Club Limited Football Club
Yorkshire Radio Limited Radio broadcast
Leeds Uruted Investments Limited Dormant
Leeds Uruted 2007 Limited Dormant
Leeds City Limited Dormant
Leeds First Limited Dormant
Leeds Uruted Media limited Dormant
Leeds Uruted Centenary Pavilion Limited Dormant
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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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LEEDS CITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
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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LEEDS CITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
17 Reconclliabon of movement In shareholders' funds (contmued)
Share Share Profitand Shareholders
capital Premium lossaccount Funds
Company £'000 £'000 £'000 £'000
At 1 July 2009 1,400 1,600 (1,615) 1,385
Loss for the period (636) (636)
At 30 June 2010 1,400 1,600 (2,251) 749
18Pensions
Defined contribution schemes
Certain professional footbailing staff of the group are members of the Football League Limited Players Retirement
Income Scheme, a non-contributory defined contribution scheme In addttron the group operates a defined contnbution
scheme open to all other employees The costs of all defined contnbutron schemes are charged to the profit and loss
account In the penod Inwhich they accrue
Defined benefit scheme
Certain professional footbalhng staff are members of the Football League Limited Pension and Life Assurance Scheme
("FLLPLAS"), a defined benefit scheme Under FRS 17 Retirement Benefits, the FLLPLAS would be treated as a
defined benefit multi-employer scheme The assets of the scheme are held separately from those of the group, being
Invested with Insurance companies
Followmg a review of the MInimum Funding Requirement ("MFR") of the FLLPLAS, accrual of benefits of the final salary
section of the scheme was suspended as at 31 August 1999 In the light of the exceptional circumstances affecting the
scheme, the trustees of the scheme commissioned an Independent actuary's report on the MFR position and a
substantial deficit was Identified Under the Pensions Act 1985 participating employers Will be required to contribute to
the deficiency The latest actuarial valuation of the scheme was earned out as at 31 August 2008 The allocation of the
deflcit under this valuation notified to Leeds United AFC Limited and repayable by Leeds United Football Club Limited IS
fully provided for In the accounts and IS being repaid at £3,087 per month
19 Operating lease commitments
At 30 June 2010 the group was committed to making the follOWing payments dunnq the next penod In respect of
operating leases
Plant & equipment Other premises Motor vehicles
2010 2009 2010 2009 2010 2009
Lease expires £'000 £'000 £'000 £'000 £'000 £'000
Within one year 26
Within one to two years 119
Withrn two to five years 109
After five years 1,835 1,729
26 26 1,835 1,729 119 109
20 Capital commrtrnents
At 30 June 2010 the group had capital commitments totalling £1,758,816 (2009 £94,200)
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LEEDS CITY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
21Contingent habihties
In the event of the club becoming a member of the FA Premier League before the 2017/18 Season then a habilityof
£4,750,000 (2009 £5,000,000) WIll become payable to the hqurdator of Leeds Umted Assocratron Football Club l.irmted
(the) under the provisions of the sale agreement entered Into on the 4th May 2007
On 9thApril 2010 a Settlement Agreement WIth the hquidator resulted In a payment of £250,000 being made to the
hqurdator This amount, which has been caprtahsed wuhm goodWIll (note 8) as an addmonal cost of acquisrhon, reduced
the conttngent habihty referred to above
Under the terms of the financial provisions relating to transfer of players regIstrations then future payments of up to
£1,500,000 (2009 £2,000,000) may be payable dependent on the clubs promotion to the FA Premier League andl or
players appearances for the club
22 AnalYSISof net debt
Group
At 1July2009
£'000
Cash flow Inception of
finance leases
£'000 £'000
At 30 June2010
£'000
Cash at bank and In hand
Debt due wnrun one year
Debt due after one year
Finance leases
390 3,280 3,670
(11) 64 (176) (123)
379 3,344 (176) 3,547
23Ultimate controlling party
The directors consider that the ultimate controlling party IS FSF Limited, a company registered In NeVIS
24Related party transactions
Costs for legal services of £481,306 (2009 £331,561) were Incurred by the group With Mark Taytor & Company,
controlled by R M Taylor, a director of Leeds City Holdings Limited
25Profit attnbutable to members of the parent company
The loss dealt With In the financral statements of the parent company was £636,000 (2009 £687,000)