Year Ended
Registration number:
Bristol City Women Football Club Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Bristol City Women Football Club Limited
Company Information
Directors |
R A Gould R Hadrill K J Hamblin M J Jones L C Knights-Hume G T Marshall F Brown |
Registered office |
|
Auditors |
|
Bristol City Women Football Club Limited
Directors' Report for the Year Ended 31 May 2022
The directors present their report and the financial statements for the year ended 31 May 2022.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Principal activity
The principal activity of the company is the running of a professional football club.
Review of business
The 2021/22 season was a positive and encouraging season, on and off the pitch. All games were played in front of spectators following the previous season being heavily impacted by the Covid-19 restrictions.
Following relegation in the 2020/21 season, the team finished 3rd out of 12th in the FA Women’s Championship and will compete at the same level in the 2022/23 season. The team reached the quarter finals of the Continental Cup.
The team played the majority of their home matches at the Robins High Performance Centre, and hosted two matches which attracted big crowds at Ashton Gate. The home match against Liverpool on 3rd April set a club and league attendance record of 5,752 supporters, thus demonstrating the ever-growing reach of the Club, and women’s football in general.
The Club has moved into the Robins High Performance Centre on a full-time basis and all training sessions take place at the new site. This helps provide a professional environment for the players, as well as ensuring there is a closer level of alignment with the men’s team.
The Club aims to build and maintain a successful first-team squad built on a core of home-grown talent going forward and anticipates another strong season in 2022/23.
As anticipated, and in delivering the performance and development described above, Bristol City Women Football Club Limited incurred a financial loss for the year of £505,646 (2021 - loss of £471,766) and the balance sheet remains in a net liabilities position. While the club continues to develop, the company is dependent on ongoing support to fund the losses from Bristol City Football Club Limited and this remains the expectation of the directors for the foreseeable future. Such support comes in the form of unsecured and interest free inter-company current accounts.
Bristol City Women Football Club Limited
Directors' Report for the Year Ended 31 May 2022
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
......................................... |
Bristol City Women Football Club Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bristol City Women Football Club Limited
Independent Auditor's Report to the Members of Bristol City Women Football Club Limited
Opinion
We have audited the financial statements of Bristol City Women Football Club Limited (the 'company') for the year ended 31 May 2022, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) incorporating the requirements of Section 1A.
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 May 2022 and of its loss for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Bristol City Women Football Club Limited
Independent Auditor's Report to the Members of Bristol City Women Football Club Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit; or |
• |
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Bristol City Women Football Club Limited
Independent Auditor's Report to the Members of Bristol City Women Football Club Limited
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the industry/sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, reviewed certification identified on the company website and other communications and considered findings from previous audits.
The key laws and regulations we identified were Football Association (FA) regulations, Health & Safety at Work legislation and Employment legislation.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and Corporation Taxes Acts 2009 & 2010.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
• |
Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements; |
• |
Review of relevant correspondence, reports and documentation; |
• |
Review of legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance; and |
• |
Review of Board minutes. |
As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which management confirmed there had been none during or after the period.
We also evaluated the risk of fraud through management override. The key risks we identified was the potential manipulation of results in order to obtain external funding and maintain ongoing funding support from the ultimate owners. We determined that the principal risks were related to application criteria for grants and management override of controls.
In response to the identified risk, as part of our audit work we:
• |
Undertook substantive sample testing and global reconciliations on revenue; |
• |
Used data analytics to test journal entries throughout the year, for appropriateness; and |
• |
Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. |
Bristol City Women Football Club Limited
Independent Auditor's Report to the Members of Bristol City Women Football Club Limited
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to be come aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Somerset
TA1 2PX
Bristol City Women Football Club Limited
Profit and Loss Account
Year Ended 31 May 2022
2022 |
2021 |
|
Turnover |
|
|
Other operating income |
|
|
Staff costs |
( |
( |
Depreciation and amortisation expense |
( |
( |
Other operating expenses |
( |
( |
Operating loss |
( |
( |
Profit on disposal of players' contracts |
10,000 |
38,042 |
Loss before tax |
( |
( |
Taxation |
( |
- |
Loss for the year |
( |
( |
Bristol City Women Football Club Limited
Balance Sheet
31 May 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Deferred income |
( |
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
(1,419,073) |
(913,427) |
|
Shareholders' deficit |
(1,418,973) |
(913,327) |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Company Registration Number: 11460716
Bristol City Women Football Club Limited
Statement of Changes in Equity
Year Ended 31 May 2022
Share capital |
Profit and loss account |
Total |
|
At 1 June 2021 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 May 2022 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 June 2020 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 May 2021 |
|
( |
( |
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.
The company has generated a loss after tax and currently has net current liabilities and net liabilities. The vast majority of these liabilities are intra group. While the club continues to develop, the company is dependent on ongoing group support to ensure it has adequate working capital to continue its operations. Such finance comes in the form of unsecured and interest free inter-company current accounts from the parent company, Bristol City Football Club Limited. Bristol City Football Club Limited is supported by Pula Sport Limited which invests in the group via equity injections which confirms the long term commitment that they and Mr & Mrs S P Lansdown have to the group. Further evidence of this long term commitment is the debt to equity swap which took place in the year in Bristol City Holdings, which shows the continued support of the group by Pula Sport Limited via Bristol City Holdings Limited. Pula Sport Limited has confirmed its ongoing support for the company and group.
The directors are confident that, taking into account the commitment by Bristol City Football Club Limited and Pula Sport Limited, the company will have sufficient working capital throughout the 2022/23 season, and beyond for the foreseeable future, being not less than 12 months from the date of approval of these financial statements.
Having taken the above into account, and having made all necessary enquiries, the directors consider it appropriate to prepare these financial statements using the going concern basis.
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Key judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of asserts and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimated and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future period if the revision affects both current and future periods.
The key judgement which has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for matchday revenue, including ticket sales, Football League funding, and other commercial and related income, in respect of sponsorship and advertising. Turnover is shown net of value added tax, returns, rebates and discounts.
Income is recognised as follows:
Income from matchday revenue and season cards, is recognised when the related matches are played. Income from advance ticket sales, including season cards, is deferred accordingly;
Income from the Football League is recognised on a receivable basis;
Income from the sale of player contracts is recognised at the date of sale; and
Income in respect of other commercial income is recognised in the period to which it relates.
Government grants
Government revenue grants are accounted for under the accruals method. These are credited to the profit and loss account when the company is entitled to the income.
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Players' contracts and transfer fees
The costs associated with acquiring players' registrations or extending their contracts are capitalised as intangible assets and amortised, in equal instalments, over the period of the respective players' contracts. Where a contract is renegotiated prior to the expiry of its original term, the net book value at that time, and any new costs relating to the contract extension, are amortised over the remaining revised contract life.
Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of first-team appearances or on the occurrence of certain other specified future events. Liabilities in respect of these additional transfer fees are accounted for, as provision, when it becomes probable that the number of appearances will be achieved or the specified future events will occur.
Provision is made for any impairment and player registrations are written down when the carrying amount exceeds the amount recoverable through use or sale.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed and equity instruments issued by the company in exchange for control of the acquired, plus any costs directly attributable to the business combination.
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Defined contribution pension obligation
The company operates a defined contribution pension scheme and pays into personal pension plans for a number of employees. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.
Financial instruments
Classification
• Short term trade, intra-group and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company during the year, was
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Intangible assets |
Goodwill |
Player contracts |
Total |
|
Cost or valuation |
|||
At 1 June 2021 |
|
|
|
Disposals |
- |
( |
( |
At 31 May 2022 |
|
- |
|
Amortisation |
|||
At 1 June 2021 |
|
|
|
Amortisation charge |
- |
|
|
Amortisation eliminated on disposals |
- |
( |
( |
At 31 May 2022 |
|
- |
|
Carrying amount |
|||
At 31 May 2022 |
- |
- |
- |
At 31 May 2021 |
- |
|
|
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Tangible assets |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||
At 1 June 2021 |
|
|
Disposals |
( |
( |
At 31 May 2022 |
|
|
Depreciation |
||
At 1 June 2021 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 31 May 2022 |
|
|
Carrying amount |
||
At 31 May 2022 |
|
|
At 31 May 2021 |
|
|
Debtors |
2022 |
2021 |
|
Trade debtors |
- |
|
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
Corporation tax debtor |
8,510 |
- |
|
|
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Creditors |
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts due to group undertakings |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
|
Accrued expenses |
|
|
|
|
Deferred income |
2022 |
|
Received during the year |
2,923 |
Share capital |
Allotted, called up and not fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil
(2021 - £
Bristol City Women Football Club Limited
Notes to the Financial Statements
Year Ended 31 May 2022
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is