REGISTERED NUMBER: 00097808 (England and Wales)

Exeter City A.F.C. Limited

Financial Statements for the Year Ended 30 June 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Tagg

D Lee

E Davis

P D Farley

P F Holding

K Mason

N C Hawker

SECRETARY:

R Knight

REGISTERED OFFICE:

St James Park

Exeter

Devon

EX4 6PX

REGISTERED NUMBER:

00097808 (England and Wales)

AUDITORS:

Haines Watts Exeter LLP, Statutory Auditors

3 Southernhay West

Exeter

Devon

EX1 1JG

FIXED ASSETS

Intangible assets

5

66,697

-

Tangible assets

6

1,376,317

1,414,599

Investments

7

37,750

1,000

1,480,764

1,415,599

CURRENT ASSETS

Stocks

35,003

29,652

Debtors

8

1,416,423

354,694

Cash at bank and in hand

2,642,561

530,384

4,093,987

914,730

CREDITORS

Amounts falling due within one year

9

(1,982,224

)

(1,099,322

)

NET CURRENT ASSETS/(LIABILITIES)

2,111,763

(184,592

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,592,527

1,231,007

CREDITORS

Amounts falling due after more than one year

10

(995,859

)

(1,076,091

)

NET ASSETS

2,596,668

154,916

CAPITAL AND RESERVES

Called up share capital

39,683

39,683

Retained earnings

2,556,985

115,233

SHAREHOLDERS' FUNDS

2,596,668

154,916

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 October 2018 and were signed on its behalf by:

J Tagg - Director

1.	STATUTORY INFORMATION

Exeter City A.F.C. Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided

by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents income from television rights, gate receipts, catering and bar sales, club shop

and other commercial activities, exclusive of value added tax.

Season tickets sold in advance of the following season are included in deferred income and

accounted for as turnover in the season to which they relate.

Parachute payments by the Football League are included as turnover in the year of relegation.

Also included in turnover is the income for the support of the youth training academy, Exeter City

Centres of Excellence.

Transfer fees are only included when there is contractual certainty as to their receipt and are

disclosed separately in the profit and loss account.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Football pitches

-

at variable rates

Leasehold land and buildings

-

Over the term of the lease

Plant and machinery

-

33% straight line

Fixtures and fittings

-

33% straight line

Motor vehicles

-

25% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Operating leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line

basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the

profit and loss account in the period in which they become payable in accordance with the rules of the

scheme.

Grants receivable

The Football Foundation Grant is a contribution towards capital expenditure on leasehold property.

The grant is included in the profit and loss account over the remaining term of the lease, so as to

match it with the depreciation of the leasehold property improvements, to which it relates.

Donations from the Exeter City AFC Supporters Society Limited

Income received from the supporters' society is treated as a donation to Exeter City A.F.C. Limited.

Player costs

The costs associated with acquiring players' registrations or extending their contracts, including

agents' fees, are capitalised and amortised, in equal instalments, over the period of the respective

players' contracts.

Under the conditions of certain transfer agreements or contract renegotiations, further fees will be

payable in the event of the occurrence of certain other specified future events. Liabilities in respect of

these additional fees are accounted for, as provisions, when it becomes probable that the number of

appearances will be achieved or the specified future events will occur. The additional costs are

capitalised and amortised as set out above.

Profits or losses on the sale of players represent the transfer fee receivable, net of any transaction

costs, less the unamortised cost of the applicable player's registration.

Remuneration of players is charged in accordance with the terms of the applicable contractual

arrangements and any discretionary bonuses when there is a legal or constructive obligation

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 214 (2017 - 226 ) .

5.	INTANGIBLE FIXED ASSETS

Player

registration

costs

£

COST

Additions

105,000

At 30 June 2018

105,000

AMORTISATION

Amortisation for year

38,303

At 30 June 2018

38,303

NET BOOK VALUE

At 30 June 2018

66,697

6.	TANGIBLE FIXED ASSETS

Leasehold

Assets

Football

land and

under

pitches

buildings

construction

£

£

£

COST

At 1 July 2017

951,001

3,033,275

-

Additions

25,404

2,787

122,944

At 30 June 2018

976,405

3,036,062

122,944

DEPRECIATION

At 1 July 2017

197,340

2,427,028

-

Charge for year

40,436

149,873

-

At 30 June 2018

237,776

2,576,901

-

NET BOOK VALUE

At 30 June 2018

738,629

459,161

122,944

At 30 June 2017

753,661

606,247

-

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2017

165,150

185,473

13,250

4,348,149

Additions

23,090

29,411

-

203,636

At 30 June 2018

188,240

214,884

13,250

4,551,785

DEPRECIATION

At 1 July 2017

155,987

139,945

13,250

2,933,550

Charge for year

16,141

35,468

-

241,918

At 30 June 2018

172,128

175,413

13,250

3,175,468

NET BOOK VALUE

At 30 June 2018

16,112

39,471

-

1,376,317

At 30 June 2017

9,163

45,528

-

1,414,599

7.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 July 2017

1,000

-

1,000

Additions

-

36,750

36,750

At 30 June 2018

1,000

36,750

37,750

NET BOOK VALUE

At 30 June 2018

1,000

36,750

37,750

At 30 June 2017

1,000

-

1,000

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,217,755

240,878

Other debtors

198,668

113,816

1,416,423

354,694

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

274,711

317,291

Corporation tax

507,311

-

Social security and other taxes

102,777

85,371

VAT

470,807

77,604

Other creditors

32,983

21,470

Deferred grants

80,232

80,232

Accruals and deferred income

513,403

517,354

1,982,224

1,099,322

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Exeter City AFC Supporters

Society Limited

830,058

830,058

Deferred grants

165,801

246,033

995,859

1,076,091

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

95,875

58,500

Between one and five years

161,463

133,500

In more than five years

119,630

-

376,968

192,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Benjamin de Cruz (Senior Statutory Auditor)

for and on behalf of Haines Watts Exeter LLP, Statutory Auditors

13.	CAPITAL COMMITMENTS

2018

2017

£

£

Contracted but not provided for in the

financial statements

278,677

268,000

Capital commitments relate to the development of the away supporters stand.

14.	RELATED PARTY DISCLOSURES

The directors believe that the transactions set out below are under normal market conditions and

therefore no longer need to be disclosed in the accounts. However, as a matter of good governance,

they are included as follows:

OTR (Exeter) Limited

A company of which J Tagg is a director.

Included in the profit and loss account is rent payable to OTR (Exeter) Limited of £21,000 (2017:

£42,000).

Included in fixed asset investments is an investment in OTR (Exeter) Limited of £36,750 (2017: £Nil).

Of this investment £12,000 was purchased from J Tagg. J Tagg made no profit on this transaction.

Rolls Bridge Holdings

A business in which J Tagg has an interest.

Included in the profit and loss account are fees payable to Rolls Bridge Holdings of £64,649 (2017:

£45,000). At the balance sheet date there was no balance owed (2017: £18,090).

Exeter City AFC Supporters Society Limited

Controlling shareholder.

Included in the balance sheet are loans from Exeter City AFC Supporters Society Limited totalling

£7,455 (2017: £7,455) due within one year and £830,058 (2017: £830,058) due after more than one

year.

City Community Trust

A charity in which J Tagg has an interest.

Included in the profit and loss account is income from the City Community Trust of £72,567 (2017:

£58,156). At the balance sheet date the amount due from the City Community Trust is £22,634

(2017: £10,495).

South West Highways Limited

A company in which K Mason is a director.

Included in the profit and loss account are expenses payable to South West Highways Limited of

£7,114 (£14,421) and income from South West Highways Limited of £2,388 (2017: £7,846). K Mason

does not receive any benefit from the transactions. At the balance sheet date there was no balance

owed (2017: £4,655 due to South West Highways Limited).

15.

CONTROL

The company is controlled by Exeter City AFC Supporters Society Limited, whose registered office is

at Fairlawns, Clyst Hydon, Devon, EX15 2ND and whose principal place of operation is at the offices

of the company.