Leeds United Football Club Ltd Accounts, Year Ended June 30th 2011

8/2/2019 Leeds United Football Club Ltd Accounts, Year Ended June 30th 2011

http://slidepdf.com/reader/full/leeds-united-football-club-ltd-accounts-year-ended-june-30th-2011 1/17

Company registration no. 06233875

LEEDS UNITED FOOTBALL CLUB LIMITED

Report and Financial Statements

Year ended 30 June 2011

A39 30103f2012

COMPANIES HOUSE

#31




REPORT AND FINANCIAL STATEMENTS 2011

CONTENTS

Officers and professional advisers

Directors' report

Statement of directors' responsibilities

Auditor's report

Profit and loss account

Balancesheet

Notes to the financial statements

Page

2

3-4

5

6

7

8

9~16

1




REPORT AND FINANCIAL STATEMENTS 2011

OFFICERS AND PROFESSIONAL ADVISERS

Directors

KW BatesSA Harvey

Y SAllen

P P Lonmer

Secretary

S A Harvey

Registered office

Eiland Road

Leeds

West Yorkshire

LS110ES

Bankers

Bank of Ireland15-16 Park Row

Leeds

LS15HD

Solicitors

McCormlcks Sohcitors

37 East Parade

Harrogate

HG15LQ

Walker Moms

Kings Court

12Kmg Street

Leeds

LS12HL

Auditors

Baker Tilly UK-Audit LLP

Registered Auditor

Chartered Accountants

2 Whitehall Quay

Leeds

LS14HG

2




DIRECTORS' REPORT

The directors present their report and the audited financial statements for the year ended 30 June 2011

Pnnctpal actrvmes

The pnncipal activities of the company dunng the year were that of a professional football club and the provider of

conferencmg and banqueting facili ties

Review of business actlvmes

The current playmq squad ISvalued at £12,153,571 This ISbased on the average opmtons of seven members of senior

football management as at 1 September 2011 of the players registered with the club at this date This compares With

the net book value In the balance sheet of £1 ,523,000 as at 30 June 2011

Future Developments

The 2010/11 season saw the club return to the Championship after 3 seasons In League One Thrs first season was

something of a step back Into the unknown after our penod of absence dunng which we waited to see how those

players that had helped the club gain promotion faired at this higher level It ISo f great credit to those players that we

ended up disappomted, In flrushmq 7th In the table haVing occupied one of the play-off positions for the majonty of the

season

A FA Cup 3rd round tie at the Emirates Stadium and subsequent replay against Arsenal gave the club International

profile agam while reminding our fans of the pnze that IS available for promotion IS to meet such clubs on a regular

baSIS

The target remains to achieve promotion to the Premier League at the earliest opporturnty

As a result of the adoption of the Ehte Professional Performance Plan (EPPP) then the club IS reviewing our Academy

structure to ensure we are best placed to benefit from ItS provisions

Off the field, turnover relating to non football acnvmes continues to Increase, which ISa key measure for the strength of

our busmess

The East Stand development IS now progressing The 1stphase Includes the provision of 24 new executive boxes, 5

new or Improved lounges, museum and central access, neanng completion

The opportumty stili exrsts to purchase Eiland Road from the current owner for £14 85m The 2009 valuation revealed

that with the East Stand planning consent the stadium and surrounding land was valued at £54 72m

Results and dlvidands

The profit for the year after taxation was £3,504,000 (2010 £2,072,000) for the company The directors do not

recommend the payment of a dividend

Directors

Directors serving the company dunng the year and Since the year end were as follows

KW Bates

SA Harvey

Y SAllen

P P LOrimer

FinanCial instruments, RIsks and Uncertainties

The company ensures that cash flows are closely-monitored on a dally baSIS Fmancial nsks are kept to a minimum

wherever possible The company's finanoal Instruments compnse borrowmgs, cash and hquid resources, finance

leases and vanous other Items such as trade debtors and trade creditors that anse directly from ItS operations Thecompany does not engage In trades of a speculative nature and has no foreign currency exposure The company

monitors Its cash flow throughout the year and reviews ItSoverall financral requirements on an annual baSIS

Key perfonnance indicators

The performance of the team IS monitored by pubhcly available League position tables In addition to trus, the

commercial operations of the business are rnorutored agamst detailed budgets and benchmarkmg exercises are

undertaken to assess the company's performance Within the sector The £5 232m nse In turnover from £27 446m to

£32678m represents an mcrease of 1906% This was largely due to the promotion from League One to the

Championship The club achieved the highest home attendance In the Championship

Employee involvement _

The company's employment pohcies are deSigned to attract, retam and motivate the best people The company

Involves employees at all levels of the organisation through a broad base of regular communication meetings and

bneting sessions to understand current performance and communicate future developments

3



----------------


DIRECTORS' REPORT (Cont...)

Disabled employeesApplications for employment by disabled persons are always fully considered In the event of members of staffbecommg disabled, every opportunity IS made to ensure their employment with the company continues and thatappropnate training ISarranged It ISthe policy of the company 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

Statement as to disclosure of mformauon to auditors

The directors who were Inoffice 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 haveconfirmed that they have taken all the steps that they ought to have taken as directors In order to make themselvesaware of any relevant audit mforrnanon and to establish that rt has been cornrnunrcated to the auditor

Approved by the board of directors and Signedon behalf of the board

S A HarveyDirector22 December 2011

4




DIRECTORS' RESPONSIBILITIES IN THE PREPARATION

OF FINANCIAL STATEMENTS

The directors are responsible for prepanng the Directors' 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 directorshave elected to prepare the financial statements In accordance With United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and apphcable 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 penod

In preparing those financial statements, the directors are required to

a select SUitable accounting policies and then apply them consistently,

b make Judgments and accounting estimates that are reasonable and prudent,

C prepare the financial statements on the gOing concern baSIS unless It IS Inappropriate to presume that the

company will continue In busmess

The directors are responsible for keeping proper accounting records that are sufflctent to show and explain the company's

transactions and dtsclose 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

r r reqularmes

5




INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEEDS UNITED

FOOTBALL CLUB LIMITED

We have audited the financial statements on pages 7 to 16 The financial reporting framework that has been applied In

their preparation IS applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted

Accountmg 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 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 trns report, or for the opmrons we have formed

Respective responsrbihtles of directors and auditor

As more fully explained In the Directors' Responsibilities Statement set out on page 5, the directors are responsible for

the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility

IS to audit and express an opinion on the financial statements In accordance With apphcable law and Intemattonal

Standards on Auditing (UK and Ireland) Those standards require us to comply With the Audmnq Practices Board's

(APB's) Ethical Standards for Auditors

Scope of the audit of the financial statements

A descnption of the scope of an audit of financial statements IS provided on the APB's website atwww ftc org uk/apb/scope/pnvate cfm

Oprruon on financial statements

In our opinion the financial statements

• give a true and fan view of the state of the company's affairs as at 30 June 2011 and of Its profit 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

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given In the Directors' Report for the financial year for which the financial statements are

prepared ISconsistent With the financial statements

Matters on which we are required to report by exception

We have nothing to report In respect of the following matters where the Companies Act 2006 requires us to report toyou If, In our oprruon

• 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 Inagreement With the accountmg records and retums, or

• certam disclosures of directors' remuneration speofled by law are not made, or

• we have not received all the Information and explanations we require for our audit

~t \bv 1;l{ " t K A~~ LLfR IC HA R D K IN G (se~ Statutory Audrtor)

For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory AuditorChartered Accountants

2 Whitehall Quay

Leeds

LS14HG

22 December 2011

6



----- - - ---


NOTES TO THE FINANCIAL STATEMENTS

PROFIT AND LOSS ACCOUNT

Year ended 30 June 2011

Operattons

excludmg Player Year ended Year ended

player tradmg trading 3D June 2011 3D June 2010

Note ['~OD £000 £'000 ['ODD

Turnover 2 32,678 32,678 27,446

Cost of sales (5,471) (5,471) (5,563)

Gross profit 27,207 27,207 21,883

Administrative expenses (25,164) (1,104) (26,268) (23,543)

Operating profit 3 2,043 (1,104) 939 (1,660)

ProfiU(loss)on player trading (53) (53) 3,818

Profit on ordinary actrvitres before interest 2,043 (1,157) 886 2,158

Other Interest receivable and Similar Income 4 9 9 3

Interest payable and Similar charges 5 (36) (36) (89)

Profit on ordinary actlvitles before taxation 2,016 (1,157) 859 2,072

Taxation on profit on ordinary activities 7 2,645 2,645

Profit for the financial year 15 4,661 (1.157) 3,504 2,072

The resuHsfor the year relate to contmumq operations

There are no recognised gains and losses for the penod other than as stated In the profit and loss account Accordingly,no statement of total recognised gains and losses has been presented

7





BALANCE SHEET

30 June 2011

Company registration no 06233875

Y e ar e n d e d Y e a r e nd e d

3 0 J u n e 3 0 J un e

2 0 1 1 2 0 1 0

Note £ ' 0 0 0 - £ ' 0 0 0

Fixed assets

Intangible assets 8 7,061 7,085

Tangible assets 9 5,734 4,401

12,795 11,486

Current assets

Stock

Debtors

Debtors due after more than one year

Cash at bank and In hand

10

11

11

815 716

10,646 4,010

2,067 33

597 3,670

14,125 8,429

(15,316) (11,631)

(1,191) (3,202)

11,604 8,284

(960) (1,144)

10,644 7,140

Creditors: amounts failing due within one year 12

Net current liabilities

Total assets less current liabilit ies

Creditors: amounts falling due after more than one year 13

Net assets

Capital and reserves

Called up share capital

Profit and loss account

14

15

500

10,144

500

6,640

Equity shareholders' funds 15 10,644 7,140

The financial statements on pages 7 to 16 were approved by the board of directors and authonsed for Issue on 22December 2011 and are signed on Its behalf by

S A HarveyDirector

8





1 Principal accounting policies

The financial statements are prepared In accordance with applicable United Kingdom accounting standards The

pnnctpal accounting pohcies adopted by the directors are set out below

BaSIS of preparation

At 30 June 2011 the company had net current liabilities, after adding deducting due after one year of £3,258,000

Detailed forecasts have been prepared, indicating that the company will have sufficient resources to meet debts as they

fall due dUring the next 12 months As a result, the directors consider that It ISappropriate to prepare the accounts on

the gOing concem baSIS

Basis of accounting

The financial statements are prepared Inaccordance With the historical cost convention

Cash flow statement

The drrectors have taken advantage of the exemptron In Financial Reportmq Standard No 1 (Revrsed 1996) from

including a cash flow statement In the financial statements on the grounds that the company IS wholly owned and Its

parent pubIJshes a consolidated cash flow statement

Tumover

Turnover represents Income receivable from football and related commercial activmes, exclusive of VAT

Gate receipts and other match day revenue ISrecognised as the games are played

Revenue denved from season tickets IS credited to Income In the penod to which It relates Amounts received In

advance are credited to deferred Income In the balance sheet

Sponsorship, advertismq and similar commercial Income IS recognised over the duration of the respective contracts

Amounts received In advance are credited to deferred Income In the balance sheet

The fixed element of broadcasting revenues IS recognised over the duration of the football season whilst fees received

for live coverage or highlights are taken when eamed

Intangible fixed assets - Player Registrations

In line With FRS 10 GoodWill and IntangIble Assets, the costs associated With the acquismon of players' registrations are

capitalised as intangible fixed assets and amortised, In equal annual Instalments, over the penod of the respective

player's contract The transfer fee levy refund received dUring the year IS credited against additions to intangible

assets Players' registrations are wntten down for Impairment when the carrying amount exceeds the amount

recoverable through use or sale

Intangible fixed assets - GoodWillGoodwill relating to the football club IS being amortised In equal Instalments over 50 years based on the longeVity of the

club and the strength of the Brand All other goodwill ISamortised over a 20 year penod

Intangible fixed assets - Trademarks

Trademarks are being amortised In equal Instalments over 10 years

Tangible fixed assets

Depreciauon IScalculated to wnte off the cost of tangible fixed assets, less their estimated residual values, on a straight

line baSIS over the expected useful economic life of the asset concemed, as follows

Assets under the course of construction and

leasehold land and buildings

Fixtures and fittings

Alterations and Improvements

0- 22 years

1 - 10 years

2 - 10 years

Assets under the course of construction are not depreciated until they are brought Into produetrve use

Signrng-on fees

Signing-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 ts made, except In the Circumstances of a player disposal In

that case, any remaining slgnlng-on fees due are allocated In full against profit on disposal of players' regIstrations In

the year," Which the player disposal ISmade

Stocks

Stocks, which compnse 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 deprecated over their estimated useful-life Finance charges are allocated evenly over the penod of the

lease.

Operating lease rentals are charged to profit and loss In equal amounts over the term of the lease

9





Deferred taxationDeferred tax ISprovided In full on timing differences which result In an obligation at the balance sheet date to pay moretax, or a fight to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax

rates and law Tlrnmq differences anse from the inclusion of Items of Income and expenditure In tax computations mpenods 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 unremittedearrunqsof subsidianes and associates where there ISno commitment to remit these eammqs Deferred tax assets are

recognised to the extent that ItISregarded as more likely than nolthat they will be recovered Deferred tax assets andliabilities are not discounted

Pension costs

For defined contnbunon schemes the pension cost charged In the year represents contnbutions payable by the group tovanous pension schemes For defined benefit schemes the expected cost of providing pens.ons, as calculatedperiodically by professionally qualified actuaries, IS charged 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 IS a substantially level percentage of current andexpected future pensionable payroll

2 TurnoverYear ended Year ended

30June 2011 30 June 2010

£000 £'000

Gate receipts 12,711 11,732

Televrsion and broadcasting Income 821 802

MerchandiSing Income 6,064 5,509

Central distributions 4,637 757

Other commercial revenue 8,445 8,646

32,678 27,446

All tumover relates to the pnncipal activity of operating a professional football club and anses from connnumq acnvmesWithinthe UK

3 Operabng profitYear ended Year ended

30 June 2011 30 June 2010

Operating profit Is staled after chargmg £'000 £'000

AmortJsabon

Amortisation of player registration costs 1,104 990

Amortisation of goodWill 119 115

Amorusauon of trademarks 1

Deprecratron of tangible fixed assets

Owned assets 843 663

Assets held under finance leases 25 71

Auditors' remuneration

Audrt 39 43

Other, provided by an associate of Baker nlly UK Audit LLP 14 9

Operating lease charges

Land and bUildings 1,829 1,756

Plant and machinery 8 16

Motor vehicles 108 107

4 Other interest receivable and similar income

Year ended Year ended

30June 2011 30June 2010

£'000 £'000

Bank Interest 9 3

9 3

10





5 Interest payable and similar charges

Year ended

30 June 2011

£'000

Year ended

30June 2010

£'000

Bank Interest

Other loans

Frnance leases and hire purchase contracts

1

25

10

1

76

12

36 89

6 EmployeesThe average monthly number of persons (including executive directors) employed by the company dunng the year was


30 June 2011 30June 2010

No No

Full-time plaYing staft 38 32Apprentices 12 13

Football team management 15 13

Management/administration 142 126

207 184

In addition to the above employees, on match days the group employs approximately 662 (2010 710) casual part-timeemployees

Employee costs (including directors' emoluments) Incurred dunng the year were


30 June 2011 30 June 2010£'000 £'000

Wages and salanes 14,877 12,433

Social secunty costs 1,533 1,193

Other pension costs 98 95

16,508 13,721

Directors' emoluments Inthe year were £299,237 (2010 £174,087) and benefits paid to directors were £11,986 (2010£11,986) KW Bates did not receive any emoluments or benefits dunng the year Pension payments of £16,600 (2010£16,600) were made on behalf of the directors One director accrued retirement benefits under a money purchasescheme

11





7 Taxation on profit on ordmary actrvrtres

Year ended

30 June 201 1

£'000

Year ended

30 June 2010

£'000

Current penod tax

UK Corporation ta x charge for the year

Deferred Taxation

Onqmatron and reversal of timing dIfferences 2,645

2,645

The company has trade losses of approximately £48 rmlhon earned forward for use against future trading profits Thelosses have been transferred wnh the trade from another company upon the acquismon Corporation tax has beencharged at the standard rate of 26% (2010 28%)

Profit on ordmary activities before tax


30 June 2011 30 June 2010

£'000 £'000

859 2,072

223 580

27 8

120

(2)

132 61

(380) (769)

Tax on profit on ordinary activities at standard rate of 26% (2010 28%)

Depreciation In excess of capital allowances

Ineligible depreciatrcn

Group rehef

Expenses not deductJblefor corporation tax purposes

Tax losses utilised

Total actual amount of current tax

8 Intangible fixed assets

Trademarks Player GoodWill TotalregIStrations

£'000 £'000 £'000 £'000

Cost

At 1 July 2010 10 3,250 5,983 9,243

Additions 1,665 1,665

Disposals (1,578) (1,578)

At 30 June 2011 10 3,337 5,983 9,330

Amortisation

At 1 July 2010 1,822 336 2,158

Charge for the penod 1 1,104 119 1,224

Impairment

Disposals (1,112) (1,112)

At 30 June 2011 1 1,814 455 2,270

Net book value

At 30 June 2011 9 1,523 5,528 7,061

At 30 June 2010 10 1,428 5,647 7,085

12





9 Tangible fixed assets

Assets u nd er t he c ou rs e

£000

Alterations FiXtures

and

Leasehold land and Improvements and fittings Total

bUildings

£'000 £'000 £'000 £'000

847 3,151 1,289 6,111

94 192 858 3,022

(821) (821)

97 3,343 2,147 8,312

36 1,006 668 1,710

6 390 472 868

42 1,396 1,140 2,578

55 1,947 1,007 5,734

811 2,145 621 4,401

o f c o n s t ru c t i o n

Cost or valuation

At 1 July 2010

Additions

Intra group transfers

Disposals

824

1,901

At 30 June 2011 2,725

Depreciation

At 1 July 2010

Charge for the penod

Disposals

At 30 June 2011

Net book value

At 30 June 2011 2,725

At 30 June 2010 824

Included In the total net book value of fixtures and fittings are the following amounts In respect of assets held under

finance leases and hire purchase contracts

Fixtures and fittings

£'000

Cost

Accumulated depreciatron

153

(50)

At 30 June 2011 103

At 30 June 2010 166

The depreciat ion charge In respect of these assets was £25,000 (2010 £71,000)

10 Stock30 June 2011

£'000

30 June 2010

£'000

Goods held for resale 815 716

11Debtors

Debtors due Within one year

30 June 2011 30 June 2010

£'000 £'000

1,789 757

988 25

4,574 441

1,212 1,396

- 1,455 1,391

628

10,646 4,010

13

Trade debtors

Transfer fee debtors

Amounts due from group undertaking

Other debtors

Prepayments and accrued Income

Deferred tax asset

Total





11 Debtors continued

30 June 2011 30 June 2010

£000 £'000

Debtors due after more than one year

Bonds

Transfer fee debtor

Deferred tax asset

50

2,017

20

13

2,067 33

A deferred tax asset of £2,645,000 (2010 £nll) anslng from losses has been recognised Inthe year A further deferredtax asset of £9m (2010 £129m) has not been recogmsed The amount recogmsed IS based on an estimate ofreasonably foreseeable future profits for the next four years including profits from player trading

12 Creditors: amounts falling due wlthm one year

30 June 2011

£'000

30 June 2010

£'000

Obligations under finance leases

Trade creditors

Other taxation and social secunty costs

Transfer fee creditors

Other creditors

Amount due to group undertakings

Other loans

57

3,739

677

569

228

255

975

42

1,539

1,585

202

231

Accruals and deferred Income

6,500

8,816

3,599

8,032

15,316 11,631

Of the £8 816m accruals and deferred Income £8 071m represents prepayment of tickets and sponsorship that wouldonly become a liability of the company should It faJl to fulfil all of Itsfixtures for the 2011f12 season

13 Creditors: amounts falling due after more than one year

30 June 2011 30 June 2010

£'000 £'000

Obligations under finance leases 92 81

Transfer fee creditors 133 91

Pension (Note 16) 135 172

Accruals and deferred Income 600 800

960 1,144

Borrowmqs are repayable as follows

30 June 2011 30 June 2010

£'000 £'000

Finance leases

Within one year 57 42

Between one and two years 57 42

Betweel'l two and five years -35 - 39

149 123

14





30 June 2011 30 June 2010

£'000 £'000

Other loans

Within one year

Between one and two years

Between two and five years

975

975

Total borrowings

Within one year 1,032 42

Between one and two years 57 42

Between two and five years 35 39

1,124 123

Obligations under finance leases at 30 June 2011 were secured on the related assets

14 Called up share capital

30 June 2011

£'000

30 June 2010

£'000

Allotted, called up and fully paid

500,000 ordrnary shares of £1 each 500 500

15 ReconcIliation of movement in shareholders' funds

Share Profitand Shareholders'

Capital lossaccount funds

£'000 £'000 £'000

At 1 July 2010 500 6,640 7,140

Profi t for the year 3,504 3,504

At 30 June 2011 500 10,144 10,644

16 Pensions Creditor

Defined contribution schemes

Certain professional footbalhng staff of the group are members of the Football League limited Players Retrrement

Income Scheme, a non-contnbutory defined contnbunon scheme In addition the company operates a defined

contnbunon scheme open to all other employees The costs of all defined contnbunon schemes are charged to the

profit and loss account In the year In Which they accrue.

Defined benefit scheme

Certain protessionat 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 rnuln-ernployer scheme The assets of the scheme are held separately from those of the company,

berng Invested With Insurance companies

FolloWing a review of the Minimum FundIng Requirement ("MFR") of the FLLPLAS, accrual of benefits of the final salary

seellon 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 deficrt was Identified Under the Pensions Act 1985 participating employers Will be required to contnbute to

the deficiency The latest actuanal valuation of the scheme was earned out as at 31 August 2008 The allocation of the

defknt under thIS valuation notified to Leeds Uruted AFC Limited and repayable by Leeds United Football Club Limited ISfully provided for In the accounts and LS berng repaid at £3,087 per month

15





17 Operating lease commitments

At 30 June 2011 the company was committed to making the following payments dunng the next year In respect ofoperating leases

Plant& equipment Otherpremises Motorvehicles2011 2010 2011 2010 2011 2010

Lease expires £'000 £'000 £'000 £'000 £'000 £'000

Within one year 4

Within one to two years 141 119

Within two to five years 7 30

After five years 1,831 1,835

11 1,861 1,835 141 119

18 Capital commitments

At 30 June 2011 the company had capital commitments totalling £6,497,095 (2010 £1,758,816)

19 Contmgent habrhtres

In the event of the club becoming a member of the FA Premier League before the 2017/18 Season then a lrabihty of£4,750,000 (2010 £4,750,000) Willbecome payable to the liquidator of Leeds UrutedASSOCiationFootball Club Limited(the) under the provrsions of the sale agreement entered Into on the 4t h May 2007

Under the terms of the financial provrsions relating to transfer of players registrations then future payments of up to£875,000 may be payable dependant on the clubs promotion to the FA Premier League andl or players appearancesfor the club

20 Ultimate controll ing party

The directors consider that the ultimate controll ing shareholder ISMr K W Bates by virtue of his 100% shareholdmg In

Outro Limited, a company registered InNeVIS

Leeds City Holdings Limited ISthe Immediate parent, and IS the smallest and largest group for which consolidatedaccounts including Leeds United Football Club Limited are prepared

21 Related party transactions

Included In other loans (note 12) ISa sum of £975,000 due to Outro Limited, a related party by virtue of Its connectionWithMr KW Bates Thrs was repaid after the year end

The company has taken advantage of the exemption from disclOSingtransactions With entities Within the Leeds CityHoldmgs Limited group of companies on the grounds that the consolidated accounts of that group are publicly availablefrom Companies House, Crown Way, Malndy, Cardiff

22 Post balance sheet events

Leeds United Football Club Limited entered Into an agreement whereby It sold season tickets for both the 2012113 and2013/14 season for a sum of £5,000,000 after the year end

16

Leeds United Football Club Ltd Accounts, Year Ended June 30th 2011

Documents

Transcript of Leeds United Football Club Ltd Accounts, Year Ended June 30th 2011