for
Annual
Registered Leicester
the
year
report
City
number:
ended
and
Football
financial
31
04593477
May
Club
2019
statements Limited Statement for Cash Statement
Profit Notes Notes Directors’ Strategic Annual Balance Independent
Directors
Leicester the and flow to to sheet the the report
and year report loss
statement report of of financial cash auditors’ comprehensive
changes City advisors as account
for ended for at flow
the and
the Football 31 for statements report in statement year for year May the
equity
financial 31 the ended year 2019 ended to
income May year the
for Club ended fcr for the 31 members ended
31 2019 the the
for statements May year
May Limited 31 year year the 31 2019 May 2019 ended year of ended ended May Leicester 20’t9 ended 2019 31 31 31 May May May 31 City 2019 May 2019 2019 Football 2019 Club Limited Page 20 6 2 15 18 17 15 11 19 1 16 Leicester City Football Club Limited
Directors and advisors
Registered office
King Power Stadium Filbert Way Leicester Leicestershire LE2 7FL
Directors
Aiyawatt Srivaddhanaprabha Apichet Srivaddhanaprabha ShUal Liu Susan Whelan
Bankers
Barclays Bank plc One Snowhill, Snowhill Queensway, Birmingham, B4 6GN
Independent auditors
Pricewaterhousecoopers LLP Chartered Accountants and Stalutory Auditors Doninyton Court Pegasus BLSIn&SSPark Herald Way East Midlar,ds DE74 2UZ
the
finance
entering
2
LI
ground, Administrative
Net increases management The continued The
incurred costs this the
increased increase The change of
Cost
of The
manager.
into The
strengthened
C’ub’s ended for
The
Principal
Results
Strategic
Leicester the
.5m
its
growing
legacy
interest
increase
the
turnover
Club Club
Club’s
principal
directors
the
of
new
both
Club.
deterioration
Chairman,
31
expense
sales
off
of
L0.3m
following
into
in
finished
made
year
The
inclucirg
industry
May
by activities
investment
manager
arising
of
pitch
the
year
payable
value
external
Investment
L0.7m
is
report
of the
activity
increased City
team.
the
present
Loss
expenses
staff
2019.
amortisation
a
the
a
was
infrastructure ended
recognised
late
result
deep
Vichai
Loss
the
from
of gb
eading
L0.3m
Club
Football
year
costs
after
in
to
for
non
defined of
in
Chairman
financing
tragic
in
their
the
L5.3m
commitment
before
increased
of
the the
the
by
the
continues
Srivaddhanaprabha
on
inc-eased has
current
tax
and 31
the
year
Trainhg
abortive
L55.4m
strategic
Premier Company
year
loss
C
year
costs
on
for
by
i9creased
(2018
May
Club
Lbs
£0,3m
and
tax
agreements
leading
debtor
Club
by
the
some
of
increased
transfer
on
investment
of
of
1
management
both
pushing
growing
the
to
costs
Ground
by
financial
League
£4.6m).
of 2019
foreign
report
£20.2m
players
for
team
£235.lm is
challerging
£3.8m
the
and
Club’s
Limited
to
to
into
the
additional
debtors
relating
the
£1
Club,
and
to
squad
creditor
forward
which
operation
its
during
exchange
for
the
(2018:
78.4m
year
registrations
in
in
to
appointment
£4.3m
Chairman.
commercial
the
(2018:
the
October
the
£12.9m
football
its
including
to
and
was
and
is
events,
the
audited
IT
second
Directors
playing frcm
balances
the
£1.6m
a
expected
(2018:
systems.
of
creditors.
ootentia
L179.7m).
costs
movement
£1
year
sustainable
squad
(2018,
2018.
a
Li
There
7.4m
and
the
professional
including
of
profit)
sponsorship
financial
season
squad
58.9m
and L2.7m)
incurred
and
Brendan
under
CEub
to
L30.5m
and
(2018:
site
Stadium These
£9.lm)
were
a
complete
This
principally
shareholders
and
net
and
in
for in management
as
continuing
long
FRS1
the
statements
2018.
also
in
succession.
increase
£1
Li
includes
events
the
a
Rodgers
changes
increase
arising
football
association
turnover..
tragic
expenses
resuH
term
.5m
in
02
smaller
Clubs
summer
The
as
in
profit).
expenditure
however
development
loss
mainy
construction
of
a
in a
relation
club.
to
majority
as
for
to
in
traning
£17.3m
the result
team
the
honour
cost
the
staff
of
V
the
2020.
with
Club
net
the
from
team
and
have
year
to
of
of
the a
from
current exceeds the
The the At 2018:
against
player’s at respective Asset Average ground
registration impairments,
player Operating Staff Key 3 The
Cash £50.3m). the vision
net Sustainability
comprising The for
(2018:
Operating
Investment principally
Strategic
King
Results
In
Leicester
31
the
the
Clubs
playing
investment Club
King
Company
Directors
the
performance
both
costs
Power
May
and
£riH),
year
year and
values
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their
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In
year
market
Seagrave.
underlying
equivalents
2019
(loss)!
(loss))
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support,
(per
to
squad end
a
carrying
and
has in
the
International
£1
report
and
City
and
tangible 31
carrying
are
of
had
value
in
note
there the
current
3.7rn
been
(2018:
player
attendarce
ended
Stadium
May2019!
£3.Om).
tangible
increases
playertradin9
profit
profit
confident
at
Profitability
with
indicators a
contract.
which
disposal
(2019:
Football
value
31
5)/turnover
of profitability
net
of
cash
capitalised were
at
assets
values,
trading
£144.Sm).
the
year
excluding
(2019:
the
£1
May
cash
year
(KR)
is
No
31
has
and
(2018:
19.2m
£63,509,000!
outflow
UEFA
56(2018:
stadium
currently the
and
player
there
The
of
2019,
dividend
Included
end
and
May
outflow
enabled
is (2019:
loss
intangible
the
and
Club
Club expressed
-
players
before
£481.Grn
and ‘00Oi
combined
and
£iI).
player
Financial
No
was
(E’OOO)
Short
from
registrations
trading
which
of
the
based
2019
has
carried
that
53)
£58,396,000,
impairment
a
£15957000,
for
has
£1
£59.3m
to
Limited
Srivaddhanapraba
The
rise
payer
operating
form
Term
amortisation,
2018:
assets
continued
the
3.4m
players
the
includes
were
(2018:
been
realised
on
(continued)
as Pair
net
in
directors’
atc43.5m
year
Club
has
a
player’s
Cost
trading.
a
£48,419,000)!
(2018:
net
still
book
of
valuation
Play
of
paid
percentage
£346.7m).
for
provision
created
activities
of
Ryad
those
to
£61
cash
profits
being
2018:
2018:
to
Control
which
£15.9m
value
(“FFP”)
in move
assessment
£6.2m)
comply
.5rn
registration
the
(2018:
inflow
players Mahrez
amortised
by
£38,330,000)
of
this
profit
family
(2018:
of
the
forward
has
year
201
requirements
£58.4m
SaviLls
The
(2018:
and
these
impairments
relating
with
increase.
£38.2m),
from
cost
been
of
8:
(2018:
where
and
continue
Club’s
licencing
net
£4,253,000)
market
inflow
the
of
and
of
players
plc
outflow
financing
over
(2018:
the recognised
Ahmed
investment
to
their
(10,844)
Premier
on
31,851
£nil).
11,468
the
is
progress.
which
investment
the
of
market 83.8%
the
2019
in
used
value
to
31
(2019:
requirements.
player
market
£28.7m)
is
£38.3rri),
of
the
new
provide
period
Musa.
May
activities
£178.7m
£24.6m)
refLects
excluding
League
to
season
arising
value
in
training
of
£r.il,
measure
2019,
value
2319
in of
27,384
31636
14,341
and
the
arising
74.9%
2C18
the
the
of
as
and a
work
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on and are The from
on These to 4 The
cash Football this
Football management underperforming Principal
Brexit League understand Membership continues The The for
UK B next continues
limited Company. the
year
League Detailed
Strategic
King Future
Leicester
rex
a
the
the
overall
Government
Club
member
ir
level
finance
number
management
CL,bs
Premier Ciub the
season
it
and
2019-2022
generation.
of
Power
place
presents
turnover
turnover areas
risks
outlook
non
Clubs
position
Club
design
currently
of
the
commenced year
risks
to
to
effect
on
these
performance
Stadium
to
UK related
in
of
which finish
Clubs
aspire
of.
include League
project
report
City
and
other
have
pitch
the
monitor
risks.
a
and
and
and
players
and
and
and
and ended
and
against of
Qualification
limited
risks
players
in
of
short
in
which
will
to
than
such
risks:
Football
performance
also
cash
cash
finishing
feasibility
is
uncertainties the
the
cup
football,
these
the
the Risks
and
concluded
challenge
construction
and on
drive
and
and
term
Champions
business
the
risk
top
agreed
Football
crowd events
success.
it
flows
will the
generation
31
track
and
is
have
are
mitigate
therefore
managers. an
risk
half
to
lead
hoped development
exist
position Financial
May
for
worc
have
formally
of
Premier to
increase
expectations
Club
the
would
the
a
of
come
of
in
authorities
European
the
be
to
and
change
The
around
a
the
on
the
them.
is
deals
a
2019
that
big
League
an
of
major
fully
make
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proven
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the
its
into
compound
Limited
directors Fair
Premier
the
Premier
reviewed
increase
6
League
the
in
the
new
Clubs available
for
If
exchange
execution
to
for
of
effect
turnover
Club.
negative
(continued)
prudent
Play
more
competition
Club
qaIification
to
Premier
the
which
TV
the
record
the
state
in
agree
League
League
both
Football
also
distribution
(“FFP’), and
in
extended
for
relation
by
would
The
than
season
the
for
the
has
of
budget
across
the
the
shock of
of
exposure
on sponsorship
monitor
League
a
possible
Company
the
the
one
making
the
income
revised
a
each
board is
participate
201
and
also
Clubs
to
employees,
places.
significant
in
art
currertly pre-seasan
Comoanys
to
site.
event
assumptions the
the
9/20
of
question.
off
has
the
training
season.
have
the
and
in
adverse theses
changes
of
business.
including
process
possibLe
the
also
season.
performance
Euros
UK a
occurs,
the
Should
relating
a
appropriate
highly in
ext-emely
pitch.
impact
highly
economy.
faces
Club
ground
business
European
The
revenues
summer
strategy
impact
and
for
where
extension
with
Leicester
it
the
material
to
The
The
directors
as
is
the
the
material
on
a
the
during
Club
regards
possble
long
failure
pleasing
of
Club
turnover
on
required.
Premier
admission
environment
risk
processes
2020.
are
between
Football
Some
3
both
the
years
impact
City
continue
as
of
of
subject
impact
the
of
The
to
it
that
with
the
and to Leicester City Football Club Limited
Strategic report for the year ended 31 May 2019 (continued)
Financial Fair Play
The Club is currently regulated for FFP under the Premier League Profitability and Sustainability Regulations as well as the UEFA Profitabilityand Sustainability Regulations. The 2018/19 season is the last season the Club is also subject to the Premier League Short Term Cost Control regulations. The Club reviews its compliance with these regulations at the time of selling its budgets and at all relevant situations where a decision may be taken that would have a material impact on that compliance.
The Directors are confident the Club willcontinue to comply with the Premier League Sustainability and Profitabihty requirements, the UEFA Financial Fair Play (“FFP”) and licencing requirements and complied with the Short Term Cost Control regulations in the 2018/19 season. Employees
The Company’s performance depends largely on ts manager aid staff. The resignation of key individuals and the inabilityto recruit people with the right experience and skills could adversely impact the Company’s results To mitigate these issues the Company is constanty anaysing its market place and has emp’oyee performance reviews in place that are designed to retain key individuais.
The Company continues its policy of keeping its employees informed on a regular basis of mailers concerning them as employees and on financial and economic factors affecting the performance of the Company. Business environment
The Company operates in a challenging business environment/industry sector where turnover can reduce significantly dependent upon on pitch performance and where costs can be unrelated to income generated. To mitigate this risk the Club has a strategy of performance related pay for key personnel, whereby salary costs willfluctuate in line with income generated and on-pitch performance. The directors also review the evel of fixed costs incurred, with a view to restricting unnecessary expense and matching costs to income streams.
The Club ncw purchases and sells players in multiple currencies. Where the Club has material assets or liabilities in the future the Club reviews its net exciange risk position and where necessary enters into hedging arrangements.
On behalf of the Board
Susan ‘dtelan Chief Executive 27 February 2020
5 The The financial
the The 6 not cash The for policy changes enters various Credit amounts The The control, ultimate Exchange has Liquidity 31 monitoring Given Financial Further Future
In
Directors’ Leicester order May2019. board .ise in Company future Company Company’s directors
Company the flow • • • of the place into risk developments currencies detail other which to controlling maintaining performance in owing and after available Corporate creditors Football
Personal year forecasting and of size risk ensure developments financial forward rate liquidity directors
a City derivative present for
compliance report are risk interest manages manages manages of payment management that risk
operations ended the the the clubs: stability management and to credit credit hedging party
risk, Football will risk partners amounts the Company, to be are their principal of where rate financial lead ensure management has interest credit paid its the its majority the has of is
rating 31 implemented with of report expose liquidity exchange only contracts. the risk Ccmpary been Premier to cash are confirmed
in May it owed risk agreed sources the
that facUities Club Club is full the given programnie rate instruments reviewed of and received. believed flow’s with Ciub in it risk directors
its 2019 it to risk, are to League the any has to risk payments in the
long by Limited by respective of a on that and and, requirirg a detailed controlled variety audited exchange monitoring funding, sufficient insolvency by the sub-committee parent for a that term it that manage weekly to have reviewing where and will ther Companys net manage debt of rigorous.y seeks within financial company further not Football counterparties not can credit circumstances financial exposure resources rate necessary, basis levels event. interest require at delegated be its to the fixed interest risk external worthiness of finance ‘imit found through net League statements of and monitored. strategic the risks and the needs rate rates. risk. asset to the services companies board. in rate meet repayment the credit as that funding. department. risk, with adverse cash rules note to and follows: The using responsibility report. costs. include for its be the direct risk. The monitoring 11. require liability are obligations. Company the hedged Company commercially effects under of policies only The debit year the any football exposure p’ovided Compary effects common the ended or of systems. and does set has The the Club by of a in
The funding
going financial
available for
7 Since
No controlling The shareholders
The
Dividend partially The company, the tr.e
construction into As short,
Further to The for
design
prepared
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V
mostly Going
Directors’
Leicester
net
fund
addition
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dividends part
traning
Company
a
Directors
Club
Board. directors
Company
the
current
concern
6
the
medium
foreseeable
due
and concern
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of
where
King
year
replaced
statements.
when
for
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year
year
their
King
party,
there
capital
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feasibility
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ground
of
the
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loan
liabilities
will
to
City
have
therefore is
which
report
secired
basis.
necessary
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the
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required
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reliant
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£38m
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considered
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and
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distributed
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Club
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and
31
further
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12
the
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and recuirernents
31
the
shareholders
of
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net
;n
ultimate
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facility
May this
the
over
from
year
equity and
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of
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in
2019
banks
therefore
in
2018/19
the
the
the
end
£91m
the
o
with
liabilities
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the
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investment
finance
cost
next
necessary
date
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liability
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(2018:
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Macquarie
and
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Company
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8/19
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the
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Directors
Directors’ Leicester respect promotion employee Club Company company Company
directors the charity, donated persons, either year Liu Srivaddhanaprabha Whelan Ambulance, the Srivaddhanaprabha Srivaddhanaprabha
(Vice also year persons is of the training indemnity in financial Choungrangsee donations been the considered their and
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£28,250 report maintains and has Club having recognises also who Chairman) the
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chooses Football Company statements arranged. are regard of insurance as full Srivaddhanaprabha provides for Royal liability Leicester described
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disabled May who as training, Britsh group fair sport, this Disabled
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in 2019 particular of edLcation, administration, Legion practicable. collections the is
City Limited in career charities alternative in encouraged employees the strategic for to
office (continued) Football Foundation in season and Counties employ all development aptitudes kind hea!th of to (Appointed (Deceased (Resgned to during during the If report its support work contributions applications a Club or are management Vichai disabled to change directors. of will and (formerly the remain every treated and which Trust, Leicestershire on be for football year 20 and Srivaddhanaprabha Chairman 22 page abilities. of undertaKen season. persons the June is October in a for equally job promotion and during the available charitable the 5, relevant and empioyment services is 2018) LCFC up Company’s necessary, Collections 8 accounting in the with and 2018) to August suitable in the and season year. Foxes trust the for Rutland. aU date employees any the 2019/20 made Foundation 2019) aimed such for support. via of St The its by an at The gre which of to
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excluding the Football the the at of to statements of applicable steps company’s donation accounting respons Seagrave, the m (continued) FRS Club followed, the Club Club presume financial these the responsibilities and charitable statements,
construction 31 and of directors Accepted company for Companies for have 102 statements has the signed has
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added 2019 to an Accounting and the the year Vichai Financial safeguarding facility regulation.
prepare Limited agreement Kingdom Act on they law). on to company directors of adequate £47.2m estimates and and ending tax,
the (continued) the any the taking the 2006. the for Srivaddhanaprabha are to Under and and in then enable financial Annual going is financial the Reporting proposed material fund profit the Practice Accounting satisfied £28.9m in 31 into detection disclose with are will purchase, apply the accounting that year its company the concern May or them account required Report continue facilities assets King statements statements loss departures are construction of (2018: them (UnEted stadium that Standard 2020. with to £1,263,000 of reasonable Power of Standards, sale basis ensure and they law of fraud the consistently; the records to: including reasonable in £43.3m). Foundation. the Kingdom expansion the bus the and applicable company give for International disclosed in unless applicable and company of that directors acccrdance financial ness. each loan that (2018: the a and comprising other £41 the true These it Accounting accuracy new are of financial prudent; for s and .7m financial and levies and and various in irregularities. £1 statenen:s must sufficient that training Co the transfers ,1 £1.2rn on with fair hence 94,000) ERS and Limited period. the UK not year. at and view any on to
27h Chief A
Susan
Regstered
proposed for
On Independent
10
In
Statement
Leicester
Directors’
resolution
the
behalf
•
•
the
February
Executive
case
Whelan
company’s
they
so
make
companys
year
at
of
far
L
number:
of
of
have
the
to
the
themselves
as City
auditors
each
report
disclosure
2020
re-apooint
annual
ended
the
Board
taken
auditors
auditors
director
Football
04593477 director
general
all
aware
31
PricewaterboseCcopers
of
the
are
are
in
is
information
May
office
steps
aware,
aware
unaware;
Club
meeting.
of
any
2019
at
that
of
there
the
Limited
relevant
that
they
and
to
date
(continued)
is
auditors
information.
ought
no
the
audit
relevant
Dfrectors
LLP
to
information
have
as
audit
audtcrs
taken
Reporl
information
and
as
to
is
a
to
the
approved:
director
establish
Company
of
which
in
that
order
the
will
the
to be Leicester City Football Club Limited
Independent auditors’ report to the members of Leicester City Football Club Limited
Report on the audit of the financial statements
Opinion
In our opinion. Leicester City Football Club Limited’s financial statements:
• give a true and fair view of the state of the company’s affairs as at 31 May 2019 and of its loss and cash flows for the year then ended: • have been propery prepared in accordance with United Kingoom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law): and • have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements. included within the Annual Report and Financial Statements (the Annual Report”), which comprise: the Balance sheet: the Profit and loss account and Statement of comprehensive income, the Cash flow statement and the notes to the cash flow statement, the Statement of changes in equity: and the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (‘1SAs (UK)’)and applicable law. Our responsibilities under ISAs (UK)are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s EthLcalStandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
ISAs (UK) require us to report to you when:
• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
We have nothing to report in respect of the above matters,
•I1 Leicester City Football Club Limited
Independent auditors’ report to the members of Leicester City Football Club Limited (continued)
Conclusions relating to going concern (continued)
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern. For example, the terms of the United Kingdoms withdrawal from the European Union are not clear, and it is difficultto evaluate all of the potential implications on the company’s trade, customers, suppliers and the wider economy.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly. we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report. any form of assurance 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. Ifwe identity an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other intormation. 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 based on these responsibilities.
With respect to tHe Strategic report and Directors’ report, we also considered whether the disclosures required by the UK Comoanies Act 2006 have been included. Based on the responsibilities described above and our work undertaken in the course of the audit. ISAs (UK) require us also to report certain opinions and matters as described below.
Strategic report and Directors report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors’ report for the year ended 31 May 2019 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors’ report.
12 Leicester City Football Club Limited
Independent auditors’ report to the members of Leicester City Football Club Limited (continued)
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors responsibilities set out on page 9, the directors are responsible for the preparation of the financial statements in accordance with the apphcable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparaion 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 tne 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 liqudate the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ 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 auditors’ report that includes our opinion. Reasonable assurance is a high level of assLirance, 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,
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s weosJe at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
13 Leicester City Football Club Limited
Independent auditors’ report to the members of Leicester City Football Club Limited (continued)
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not received all the information and explanations we require for our audit; or • adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or • certain disclosures of directors remuneration specified by law are not made; or • the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility. /J( Neil Philpott (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors East Midlands 28 February 2020
14 for The Total Administrative Other expenses (Loss)Lprofit (Loss) Statement Tax (Loss) Other Revaluation Deferred Net
Operating Turnover 15 Gross for Interest Interest Cost Profit
Loss
Profit Leicester the interest on
above the of on com2rehensive on operating comprehensive loss / / (loss year sales ayab profit profit
receivabe and d;sposal dis2osal
tax year of (loss)! is of uayable surulus £5,318,000 ended current I in
for for City before
comprehensive loss € expenses profit relation
income ended and the the of of profit
and fixed Football 31 olr year finandal
nancial taxation account similar (expense (expense)iincome May sinilar to (2018: assets
(charge)Icredit 31 - continuing reaistratons - ex;;enses 2019 year
year May income income /income
£4,644,000).
Club 2019
activities. Limited - for — — the - - Administrative year — — — - — 4 2 /. 3 6 Note Note expenses - (235,123) 178,429 (17,353) (20,246) (18,189) (56,694) (15,957) (17,353) (11,453) 58,396 (6,031) (4,289) - (1,208) £‘OOO 2,893 includes 1,742 2019 7,108 £‘OOO (412) 2019 942 stadium 158,881 1 (13719) (20,845) 38330 79,726t 4,253 2674. 3,484) 1,494 £1000 1,579 2018 (145) £000 1,494 1,573 2018 632 810 (85) 79
The
The Total
Susan Net
Share Total
Chef Called Capita year £25,970,000
Revaluation Creditors:
Registered Provisions Tangible
February Cash
Profit Creditors:
Debtors Inventories
16 Current
Net Investments as
Intangible
Fixed
- Balance
Leicester
•s’
assets
current at
financia
notes
assets
shareholders’
and
at
Executive
assets
premum
Whelan
up
31
and
assets
bank
(including
assets
2020
share
loss
amounts
amounts
assets
on
for
May
number:
liabilibes
sheet
reserves
reserve
less
(2018:
statements
City
pages
and
liabilities
account
and
account
capitai
current
2019
in
k\1c&.
amounts
faihnq
signed
falling
funds
Football
£305000))
04593477
20
hand
to
on habilites
--
41 due
due on
-
due
pages
are
its
within after
______
Club
after
behalf
an
15
more
integral
one
one
to
Limited
by:
41
year
than
year
were
part
-
one of
_____
of
approved
these
—
9 8
7 Note
11
13
14
12
10 financial
______
by
the
board statements.
—
(180,492)
133,182
193,316
1 112,756 259,106
100,909
114,702 179,287
(19,579) (53,466) (65,790)
31,530
33,182
79,819
11,468
(6,668)
8,475 2,325
£000
of
2019
directors
(111,831’
1 204,803
144,635
112,756
145321
173598
(21,422) t31.2C5
44,635
24,882
80,626
27,384
52,720
59482
on
(7,541)
8,475
1,478,
£000
2018
522 27
Transfer
The Transfer
expense account
statements. account Balance fortheyear
Other
Balance Other
Loss Balance
Profit 17 Statement
Leicester
accounting
for
for
comprehensive
comprehensive
the
asat
as
to
for
to
the
as
profit
profit
all
the
financial
at
financial
City
31
of
31
policies
year
June_2017
and
and
Ma
May
changes
Football
year
loss
loss
year
2018 income
2019
and the -
-
in
Club
notes
Called
equity
112,756
112,756
112756
capital
share
£000
on Limited - - - -
- -
pages for
—
premium
account
Share
the
8,475
8.47525,348
8,475
£000
20 to
- - year - - -
-
41
Revaluation
form
24,882
31,530
reserve
ended
7,108
(460)
(466)
£000 part - -
-
of
Profit
31
these
account
(17,353)
(19,579)
(1,208)
•1,478i
13,517)
£000
1494
May
loss
460 and
466
financial
79
2019
shareholders
(17,353)
133,182
144,635
143,062
5.900
£000
1494 funds
Total 79 - - - ______
Leicester City Football Club Limited
Cash flow statement for the year ended 31 May 2019
2019 20A8 £000 £000 Cash flowfrom operating activities (note a) (13830) 29435 Taxation received! Raid) 104 (732) Net cash_flow(used mt/generated from operatinc activities (13726) 28,703
Cash flow from investing activities Purchase of tangible fixed assets (22,075) (9,243) Purchase of intangible fixed assets (90,642) (69,884) Sale of tangible fixed assets 400 250 Sale of intangible fixed assets 50,782 28,606 Interest received 3 Net cash used in investing activities (61,532) (50,271)
Cash tow from financing activ ties Loan amounts received 59,535 ReDayrnent of obligations under finance leases - (3,000) Interest paid 193:’ 4) Net cash generated frornflused mlfinancinq activities 59,342 :3QQ4:
Net decrease in cash and cash equivalents (15.916) (24,572) Cash and cash equivalents at start of ear 27,384 51,956 Cash and cash equivalents at end of year 11,468 27,384
Cash and cash equivalents consists of Cash at bank and in hand 11,468 27,384 Cash and cash equivalents 11,468 27,384
18 ______
Leicester City Football Club Limited
Notes to the cash flaw statement for the year ended 31 May 2019 a) Reco2ciliation of (loss) i profit for the financial year to cash genera:ed from operating activities
2019 2018 £‘OCO £000 (Loss)? Profit forthe fhancial year (17,353) 1.494 Tax on (loss)! profit (2,893) 85 Net interest rayable 4,289 2,674 OperaUng (oss)! profit before interest and taxation (15,957) 4,253 Amortisation and impairment charge 63,979 46,807 Depreciation charge 3,495 3147 Profit on disposal of tangible and intangible fixed assets (57,984) (38,185) (Increase)? Decrease in inventories (1,603) 1,010 (Increase)? Decrease in debtors (12,123) 16,407 Increase / (Decrease) in creditors 6,563 (2,904) Settlement of provisions (3,1OO Cash flow from operatinq activities - (13,830) 29,435
19
I
The certain The
The The 2019/20
year, degree applicable
are recogniton The The
sianificant Basis 20 accounting
Summary clarifications
in modified unless available
The
(“FRS Statement football
shares.
United is
for
Financial
General
L.eicester
Notes
Leicester
the
King
Accounting
set
financial
preparation
principal company
principal
Company
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ndividuai
are
of
process
102’)
otherwise
Kingdom
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out
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team.
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accounting
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to
historical
set
to
Reporting
year
judgernent
City
of
to
accounting
of
below.
periods
of
qualifying
the
significant principal
the
introduced
and
out
statements
compliance
accounting
accounting
City
items
accounting has
Stadium. Footbafl
financial
of
is
of
ended
policies
Accounting
financial
below.
incorporated
applying
the
financial
stated.
statements.
These
not
cost
financial
beginning
Football
Standard
on
Companies
or
activity
standards entities.
taken
1Filbe
Club
adoption
convention, accounting
statements
complexity,
by
have
policies,
policies
policies
statements
31
estimates.
the
the
statements
Limited’s
advantage
Standards,
of
May
There
company’s applicable
on
statements
and
The
been
Way,
Triennial
the
Club
of
in
Act
or
applied
have
which
domiciled
policies
the of
the Company
company
and
after
or
2019
prepared
are
Leicester,
It
2006.
are
the
(‘the
areas
also
Triennial
been
Limited
United
of
in
in
including
have
review
no
in
1
in
also
accounting Company
conformity
any
accordance
January
Company’)
the
requires
the
expected
consistently
where
in
continues
has
been
on
disclosed
Kingdom.
of
United
112
the
preparation
207.
review
the
the
not Financial
UK.
2019,
applied
assumptions
7FL.
have
management
going FRS
with
policies.
changes
early
These
Kingdom
is
with
The
amendments.
to
in
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applied
been
and
FRS
102
be
this
private
adopted
concern
the Reporting
of
consistently
address
changes
the
The
these
therefore
disclosure
in
note,
prepared
102
Companies
and
the
and
operation
to
company
to
areas
requires
all
Dasis,
the
the
financial
exercise of
measurement
estimates
Standard
are
the
its
improvements
throughout
will
Republic
involving
in
exemptions
effective
registered
under years
of
compliance
Act
applied
limited
the
statements
a
its
2006
professional
are
102,
use
judgement presented,
the
of
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for
by
the
and
to
hgher Ireland”
of
office
and
The
the
and with
As The The
the design At Transactions
the The
construction short, a the the
to into
this company, 21 Going
The prepared mostly in using exchange
Non-monetary Functional
Foregn Consolidated for
In Company under
Foreign Consolidated
Notes
I
Leicester
net
foreign
enter
addition
each
part
translation
training
Company
date
a
requirement
directors
Company
Club company’s
the
current
the
6
Accounting
medium
the
concern
due
and
of
year
into exchange
currency
period
of
to
for
also exchange
year
currencies
their
exemption
has
rates
King
there
and
the
feasibility
capital
ground
the
further
of
the
loan
liabilities
and
City
financial
have
financial
is
secured
one
was
a:
and
items
transaction
end
the considerations
presentation
Power
functional
at
reliant
ended
period
are
and
period-end
financial
transactions
facility
balances
the
gains
expenditure
dormant
training
considered
and
longer loss
foreign
longer
Football
rate
policies
significant
are
measured
available
is
work
dates
position
statements
International
statements
or
£63m
in
of
stadium
making
when
and
for
recognised
31
discussions
term
continued 12 and
term
and
on
currency
Ground.
wholly
£91m
currency
of
exchange
losses
months
in
May
statements
the
(continued)
the are
fair
presentation
under
at
tne
the
reating
non-monetary
net
including
at
debt
Club
short
at
redevelopment.
the
stadium
directors historical
translated
frcm
an
value
have
working
transactions.
owned
cash
Limited.
2019
resulting
monetary
in
funding
and
year
from section
term
operating
with
the
Limited
to
rates
its
not
was
requirements
investment
equity
the
subsidiary
end.
and
the
holding
facilities
profit
several
capital
(continued)
have
cost
currency
been
from
of
Since
into
405
determined.
from
construction
items
date
items
investment
monetary
The level
investment
and
are
reviewed
the
of
prepared
external
requirements
company
the
banking
the
of
during
measured
the
translated
net
are
in
with
functional
loss
in
is
this
settlement
over
year
and
the
the
Companies
current
tran&ated
account. assets
net
report.
of
the
in
ba’ks
in
pcund
on
2018/19
the
institutions the
agreements.
end
to
the
the
detail
assets
2018/19
the
at
finance
using
cost
next
currency
liability
of
the
and
playing
tr&ning
fair
These
and
of
sterling.
grounds
the
using
the
Act
transactions
of
financial
Company
18
of
value
the
Uabilities
or
the
Company
and the
financial
£2
cash
position
months
2006.
forecasts
the
squad.
gound
using
exchange
the
(2018:2).
playing
remaning
are
of
its
holding
flow
year
closing
materiality
shareholders
The
denominated
las
the
measured
as
has
year
and
and
for
forecasts
show
and
squad.
part
spot
entered
rate
arisen
the
rate.
to
from
nitial
has
of
fund
that al
All
arrangements, during
The straight-line guaranteed Turnover funding
are sponsorship Turnover
benefit. income of going 22 financial
Minimum in relation available The
rights brand Commercial Central
Short i. Employee season The
line receipts) for
controlling for
Going
Further
1
Notes
Leicester
Short-term
the
the
other
the
recognised
with
Company
Directors
Board, the
term
profit
remain
concern
Accounting
following
through
concern
the
foreseeable
to
to Broadcasting where
relates.
King
the
income to
statements.
and
when
guaranteed
represents
year
which
the
year
Benefits
party,
benefits,
and
of
turnover
basis.
the
performance
turnover
benefits
benefits
Power
the
City
Sponsorship
therefore
Champions
which
sponsorship
provides
basis.
necessary
paid
(continued)
as
required
football
(stated
loss
ended
is
it
have
same
financial
an
retates.
recognised
future
Football
holiday
International
including
policies
two
account
and
the
enjoyed
comprises
turnover
rights
expense
rec&ved
net
over
season
have
a
and
value
members
lees
to
31
obligations and
range
League
and
of
and
and
arrangements
meet
the
the
a
in
value
May
holiday by statements
generated
(continued)
not
of
on
is
in
advertising
reasonable
is
the
Club
other confirmation
other
o’
duration
amounts
financial
the
recognised
has
goods
the
treated
the
the
less
and
benefits
are
relevant added
2019
individual
period
included
confirmed
commercial
provision
requirements
pay
distilbutions
than
the
sponsorship
Limited
delivered
by
of
as
statements
receivable
and
tax).
and
majority
income
expectation
to
(continued)
the
12
the
in
financial
deferred
over
that
empioyees,
within
which
other
sponsor.
defined
months
of
contract,
Season
Leicester
that
the
the
agreements,
the
and
from
received
shareholders
of
and
similar
existing
from
the
the
ultimate
period
have
term
income
service
the
se-vices
contribution
from
that
tickets
the
advertising
In
service
contract
turnover
City
Company
the
including
instances
of
therefore
non-monetary
the
FA
prior
the
for
liablities
the
or
and
holding
utilisation
first
(recognised
including provided
the
Premier
necessary
date
transfer
is
of
sponsorship
to
and
is
recognised
team
received.
season
pension
the
the
annua
income
recognised
for
been
where
of
Company
based
will
Cljbs
approval
year
the
cf
League,
promotional
of
by
rinimum
not
benefits,
prepared
the
funding
economic
to
bonus
within
next
the
the
are
pians.
on end
which
be
over
agreement
Leicester
ultimate
sponsorship
Company
the
recognised
on
will
18
called
UEFA
of
in
Gate
will
the
a
these
months.
respect
provide
tI,e
on
tours.
be
a
in
in
City in annum. assets when costs any consideration The provisions The place. registrations Computer consider invested balance. Certain Hi. Profit Goodwill player amortised scheme. Contrbutions
employment Player Goodwill not scheme. Company 23 temporary Intangible ii. for League Employee
I
Notes Leicester Defined Defined possible unfunded fair
Company the on the
in Accounting The registration Sales and of value Limited
relation to with sale that The As However, arose
is contingent year funds fixed the over Software contribution relating Benefits registration benefit profit capitalised
are the the to are costs. and
payment City insurance assets of are and Company’s obligation of operates identify amortised the historically assets Pension Company to player
its ended the recognisec
is financial Joan charged the costs pension to contingent stated the period pension
(continued) Football
and policies cost event of the fair income period will and the pension actuarial registrations the companies. defined associated are with and players
of 31 over net value employees of is against be Company’s on can plans scheme reviewed player liabilities capitalised at the one any Life is
of May made fee
acquisition
statements (continued) their fair no
plans Club deducted of all contribution surplus respective registration. of Assurance payments elements longer Operating the registrations value disposal are a development
during useful 2019 and annually through Further number and separately
share Limited held when or fees during as be from ex-encloyees life. deficit
the (continued) are player’s m costs the separately achieved. schemes pro’its details Scheme of externaly in Reimbursement the ade of for contract Rates cost expensed the is the relation difference participating impairment, is identifiable costs directors and capitalised being individual ir perioc estimated of are contract applied the (FLLPLAS), for sales after are period from managed to set deducted are certain year to the in between have also releasing out reducing the those members which assets The as employers assets are but and of temporary of in in capitalised profit an reasonable player the of which between is note fair pension a from a of the intangble its now the and defined provision and player. any the value net and employees, of 16, tansaction payments salaries the fair in fully liabilities transfer liabilities Group, the player unreaused loss schemes. 2O% FLLPLAS outstanding value as of Capitalised grounds benefit Football amortised. asset contingent is Intangible account - during made being 33% of of acquired. are within The takes player anc to it due. per for the is the
24 generating whenever
other value Assets
free amount
are
fixed
accordance
recoverable. depreciation
changes
Impairment
lntanqble are
Investments Freehold asset
Stadium
Fixed Motor
Computer
Fixtures Depreciation based
depreciation and ground
cost Before valuation
With
Tangible
assets
for
Fixed
I Notes
Leicester
Accounting
discounted
as
interest
buildings
is
the
assets
effect
assets
less
to
asset
vehicles assets
on
follows:
transferred
that
transitionir.g
is
were
of
and its
‘freehold
to
in
fixed
land
their
after
the
year
events
and
costs
the
equipment
unit
from
residual
circumstances
are
with
investments
rate
is
the
to
held
or
Impairment
fittngs
and
is revalued
are
deemed
City
ard
asset
is
charged
purchase
tangible
assets
three
generate
at
to
amortisation
subject
provided
to
not 31
ended
policies
FRS
adjusted
accumulated
or
stated
as
financial
which an
they
from
sell,
buildings
value May
changes
exceeds
to
Football
depreciated.
fixed
years,
interest
102,
cost
as
FRS
to
Fxed
were
to
and
revaluation
the
at
cost,
2009,
cash
losses
at
at
amortisation
assets on
the
for
31
indicate
cost (continued)
section
charged
rates
on
asset its
102!
31
charges.
assets
stated
-ate
a
in
its
risk
profit
together
flows, May
statements
an
value
impairment
straight-line the
May
or
circumstances
are
Club
recoverable
the
calculated
are
that
related
existing
valuation
belongs.
stadium
27,
that
and
reserve
at
recognised
and
2019.
in
2019 the - -
-
- company
in
stated
takes
their
the
Impairment
or
with
use,
the
Limited
loss
investmerts
recoverable
to
depreciation
use
profit
losses.
2%
20%
20%
10%
carrying
revaued
basis is
the
any
(continued)
to
at
to
into
ess
In
account,
amount,
revalued
retained
cost write
basis.
adopted
calculating per
indicate
specific
as incidenta1 -
-
per
anc
account
depreciaticn.
over
20%
33%
The
the
of
annum
and
value
down
annum
loss
amount
amount
are
Assets.
Both
which
as
amount
its
are
per
oer
every
difference
earnings.
a
that
asset.
reviewed
the an
subject
account
expected
policy
the
may
value costs
the
reviewed
annum
anrum
the
additional
is
market’s
less
five
Any
is
cost
Stadium The
the
For
by
not
calculated
carrying
of
of
in
to
years,
for
any
which
between
and
impairment
higher
assets revalLing
acquisition.
or
use,
cost
be
useful
review
for
impairment
valuation
subsequent
assessment
recoverable.
the
component
and
impairment
of
u:ure
the
with
amount
of
dependent
life.
asset’s
tangible
for
for
deprecia:on
fair the
carrying
freehold
an
the
in
impairment
cash
Rates
of
market training
the
interim
may
if
income
each
originai
of
events
of
fixed
flows
value
the
applied
on
land
a
not
risk-
be
in
or of
for
Where
contract included settle Casn
disposal prevision as bank
required short-terni
assets payable, Signing Provisions Cash value. Stocks of Assets
whichever
signing Signing Provisions and 25 with
lease
for
Inventories residual
Leased
Impairment
Impairment
I
Notes
Leicester
Accounting
charge
a
obsolete
depreciation
the
the
result
overdrafts.
and
the
payments
Cost
or there
comprise
purchased
on
assets
on
on
value
exception
period
of
to
in
with
in
is
obligation;
current
year
on
cash
fees
is
highly
of
are
fees
fees
settlement
the
players
recognised
is
(continued)
losses
the
items.
are
shorter.
the
past
City
prepayments
based
on
reccgnised
same
of
equivalents
payable
payable
ended
are
policies
Bank
a
remaining
goods
is
financial
liquid
liabilities,
a
each
events:
under
of
number
are
registrations
straight-line
charged
Football
charged
and
on
class
impairment
Interest
is
overdrafts
reversed
investments
even
player.
for
the
in
determined
to
finance
the
31
it
(continued)
when
respect
of
of
resale
players
as
or balance
includes
cost
is
at
amount
if
to
obligations
similar
May
statements
accruals
is
appropriate.
probabie
the
rates
Contractual
the
Club
basis
in
if
charged
the
of
leases
losses
are
and
there
the likelihood
of
are
purchase
profit
with
of
2019
company
calculated
by
cash
obligations,
of
shown
future
over
are
period
the
Limited
charged
arising
the
considering
that
is
on
and
original
may
and
to
in a
stated
lease
its
goodwill.
côligation (continued)
Where
obligations profit
periods
trigger
an
within
hire
hand,
of
or.
in
loss
expected
be
has
at
an
outflow
to
which
to
a
for
maturities
the
purchase
each
small. at
so
write
first
on
the outflow
a
deposits
borrowings
a
that
the
each
are the
as
present
likelihood
player’s
a
can
the
profit
in:
period
of
straight
are
down
to
changes
lower
class
useful
charged
accounting
first
resources
be produce
disposal
with
contracts
of
recognised
and
held
legal
estimated
registration the
of
of
end
three
out
life
in
that
respect
line
obligations
cost
loss
against
the
at
current
cost
basis.
or
included
or
a
is
an
call
months
basis.
will
the
recoverable
constant
constructive
have
and
period.
account
recognised.
of
outflow
when
to
with
reliaby.
be
period
the
each
liabilities.
Provision
is
net
any
been
within
required
transferred,
as
or
banks,
profit/(loss)
they
realisable
Operating
over
one
periodic
asset
will
less
a
of
capitahsed
whole.
amount,
obligation
current
the
become
be
item
the
is
and
other
to
to
made
lease.
rate
its
A
any on
value
Trade
All
liabHities ordinary constitutes 26 group
another
liabilities. Financial assets flcws is
assessed
party At
measured Basic the in
Borrowing Financial discounted transaction,
are
Such Basic The
for
instruments.
Financial Financial
1
Leicester
Notes
the
Accounting
profit
the
borrowing
asset
initially
company
the
without
discounted assets
of
difference
financial
financial
companies
payables end
expire
or
party
the
course
to
if
assets
liabilities
Trade
assets
are
instruments
year
for
at
costs. loss.
payment of
a
recognised
at
future
where
the
are
amortised
financing
objective
imposing each
costs
City
transferred
who
or
a
has
liabilities,
assets,
market
of are
payables
are between
ended
policies
are
subsequently
at
financial
are
business
chosen
receipts
has
reporting
the
are
the
Football
obligations
is
settled,
dwecognised
initially
due
transaction
including
transaction,
the
evidence
at
additional
recognised
rates
asset’s
cost
including
to
transaction
the
are
31
(continued)
to
within
practical
discounted
another
from
or
us’rg
period
adopt
of
recognised
carrying
recognised
May
statements
carried
(b)
ohginal
to
interest.
Club
trade
of
one
suppliers.
restrictions,
pay
trade
substanually
the
is
when
in
where
impairment.
financial
sections
ability
party
2019
measured
price,
profit
year
amount
for
effective and
at
at
Limited
effective
and
amortised
(a)
at
a
initially
goods
or
the
to
other
or
or market
(continued)
unless
transacticn
Accounts
the
assets
(c)
11
other
unilaterally
less,
loss
debt
and
interest.
and
all
at
control
If
contractual
interest
or
recevables
at
an
the
the
payables
in
the
the
If
rate
instrument
services
cost
transaction
measured
12
not,
asset
the
payable
present
risk
arrangement
present
of
of
price,
of
sell
using
rate.
period
they
the
FRS1O2
interest.
and
is
rights
that
and
the
and
impaired
asset
unless
The
are
value
is
the
are at
value
regarcs
price
in
asset
measured
have
amojnts
amortised
cash
presented
which
to
impairment
effective
classified
in
has
constitutes
of
the
the
and
of
respect
been
to
the
and
the
of
the
been
cash
arrangement
they
an
subsequently
the
due
impairment
future
bank
at
estimated
interest
cost
acquired
unrelated
as
as
of
are
transferred
ownership
the
flows
is
to
current
a
financial
non-current
are
recognised
balances,
feilow
receipts
financing
incurred.
present
method.
from
in
cash
third
loss
the
of
the to
wholly
27 estimates We The fixed
enacted total
from
Critcal Related difference. arise
Deferred or Taxation
Deferred Current
Deferred be U. i. of
losses or
Deferred for
Share
proceeds.
Ordinary
I
Leicester
Notes
Current
Deferred Accounting
new
prior
substantively
recovered
believe
company
the
comorehensive
tndse
assets
from
owned Capital
and
ordinary
accounting
years.
tax
party
by
to
tax
tax
tax tax shares
year
tax
and
the
in
other
the
tax
that
is
the
is
assets
is arises
is
which
City
against
transactions
with the
discloses
inclusion
Tax
assumptions
recognised
measured
recognised
period
the
shares
enacted
ended
policies
are
deferred
financial
amount
the
judgements
is
from
fol’owing
Football
they
and
classified
income
calculated
the
end
same
or
of
transactions
liabilities
timing
are
by
reversal
31
using of
options
tax
within
income
(continued)
and
on
and
the
income
group.
as
recognised
accounting
assets
May
statements
al;
as
that
and
differences
stated
Club
period
tax
or
are
other
tiring
equity.
recognised
are
of
and
the
are
rates
estimation
2019
significant
tax
deferred
with
are
shown
in
comprehensive
expenses
end.
basis
Limited
expected
differences
payable
in
the
policies
only
Incremental
and
related
firanciai
that
(continued)
financial
cf
in
on
tax
laws
recognised
uncertainty
to
tax
equity
are
the
in
ii
to
reflect
parties
the
liabilities
that
rates
respect
at
tax
differences
apply
statements.
movement
financia
costs
statements.
the
as
income.
assessments
have
the
which
and
a
when
reporting
to
or
of
deduction,
directly
most
the
been
laws
other
the
statements.
are
between
it
in
reversal
critical
is
taxable
These
the
that
enacted
future
both
attributable
date.
probable
in
fair
net
have
perods
wholly
judgments.
taxable
of
timing
Unrelievec
profit
taxable
value
of
or
the
been
tax,
that
substantively
for
and
to
timing
different
of
differences
profits
from
profits.
they
the
enacted
tangible
the
not
tax
issue
the
year
will and Leicester City Football Club Limited
Notes to the financial statements for the year ended 31 May 2019 (continued)
I Accounting policies (continued)
Recognition of deferred tax assets/liabilities
Deferred tax effects of temporary differences are recognised between the financial statement carrying amounts and the tax basis of our assets and liabilities. Deferred tax assets are recognised only to the extent that it is probable that the associated deductions willbe available for use against future profits and that there willbe sufficient future taxable profit availab[e against which the temporary differences can be utilised, provided the asset can be reliably quantified. In estimating future taxable profit, management use base case” approved forecasts which incorporate a number of assumptions, including a prudent level of future uncontracted income in the forecast period. In arriving at a judgment in relation to the recognition of deferred tax assets, management considers the regulations applicable to tax and advice on their interpretation. Future taxable income may be higher or lower than estimates made when deernining whether it is appropriate to record a tax asset and the amount to be recorded. Furthermore, changes in the legislative framework or applicable tax case law may result in management reassessing the recognition of deferred tax assets in futLre periods. Brought forward taxable losses do rot expire.
2 Turnover
Allturnover is derived from the Company’s pincipal activty in the Uned Kingdom, .s analysed as follows: 2019 2018 £‘OOO £000 Broadcasting rights 127,865 124,152 UEFA club competitions 71 Sponsorship and advertising 26,146 14,181 Gate receipts 14,686 12,869 Commercial turnover 6,802 6523 Other income 2,930 1,085 178,429 158,881
28 4 3 Auditors’ Amor1isaton can
2018 Operating for Profit Loss 29 Foreign Operating Inventory Depreciation.: Impairment Impairmentl(Reversal
Net
Notes Bank Leicester Other Interest Interest Interest Hire Bank Interest Interest ______-non-audit - - - - - Net Operating non-audit audit assets owned plant no
interest the purchase on amortisation on interest toans interest interest longer exchange on receivable on payable payable disposal of
and to disposal
remuneration year recognised held tangible (loss)/profit teases the transfer transfer of
arid the payable of machnery services
services City receivable be inventory payable (loss) contracts Company’s under intangible
overdrafts ended payable to
and financial triggered. on on above fixed osses/(gains) and group
fees Football fees tangible intangible similar as finance I — — of before profit similar tax interim assets an receivable impairment) payable
exclLdes 31 assets undertakings annual advisory expense expenses: fixed interest
leases
May statements before income: fixed
accounts Club financial assets
a 2019 and assets & £2.lri of and interest ______
compliance Limited trade hire taxation
statements (continued) credit pLrchase receivables and relating is stated taxation contracts to after contingent ______charging 63,979 58,396 trarsfer (1,742) (1,739) £000 2,651 2,624 6,031 £000 4,289 3,681 1,186 1,103 2019 2019 (412) / 479 843 126 (crediting): 49 63 11 55 54 (3) 2 7 fees 48,807 38,330 that 2.305 3,188 £000 2315 3484 2,674 £000 1165 2018 2018 (810) (997) (145) 810) 842 (37) 40 71 98 67 10 4 - - - 5
-
The Aggregate
33 scheme and the
The
comoany. Wages
Pension Other Social
Administraton
follows:
Benef The
In for
Employee
Players Notes
______
Leicester
Share
Salaries
Key
Post-employment
Staff addition, ______—
______
Company.
one
aggregate employee
average
the
management
its
:ension
security
and
based
(2018:
costs
of
contributions
in
to
and
year
costs,
emoluments
the
kind
the
salaries
the
monthly
City
other payments
______
costs
costs
directors
costs
emoluments
one).
Company
ended
including
financial
benefits
compensation
Football
short-term
mote
above
The
number
was
employs
remaining
31
16;
directors,
include
of
accruing
May
statements
of
the benefits
—
Club
employees
highest
on
the
2019
directors
during
average
benefits
following Limited
- paid
—
(continued)
the
during
receive
under
587
director year
-
remuneration
(208: the
-
amounted
a no
_____
year,
defined
were
remuneration 653)
—
including
£259000
in
contribution
to: casual
- respect
-
Number
149,512 122,396
directors,
staff
through
(2018:
16,718
£1000
£000
£‘OOO
2019 9,809
—
2019
of
2019
2019
259
237
237
259
589 320
260
22
on
pension
the
22
60
£308000) match
—
the
directors was — -
-
119,013
Number
97,452
13,297
as
£000
£000 7,906
days.
£000
2018
2018
2018
2018
286
308
308 358
290
286 236
22
22
54 of - 6 offset The Tax A asset Total_tax_(oredit_/_charge_for_the_year Tax
was Adjustment The mainly The of The Total for 31 training (Loss Tax Total has statements. computation in 2017. Effects standard relief Expenses 1900%) UK
Deferred
Notes Leicester - - - -adjustments
de!erred the Tax effect adjustments origination 19% corporation been on on rate corporation adjustments main standard
substantively the claim current deferred is against current A I
arises on (loss)! of: (loss! (2018: ground Profit realised
further to of_changes chanqes
rate tax year measured rate
notdeductible (loss) tax which
from the for
tax and City as year for taxable rate before_taxation of tax credit 19%). roflt profit in in change has tax the
tax ended or a previous corporation
the financial in was respect respect reversal / note13: enacted of result and
the
profit Football respect prior been credit in at using of tax reasons The profits submitted tax standard liability higher £1,208,000 to - for of year recognised
actual of 31 of for the periods rate the of as increased of the prior prior arising tax tim:ng the
set
May statements UK than part rolover tax prior is
year Club charge UK was settled. subseq out period periods perIods corporation rates of was (2018: — periods
differences in 2019 tax ended in Finance with;n reduced tax ______relief
the Limited the that estrnated for rate arises uent losses prior £nil) the
following (continued) relate 31 Other claims are of to tax Bill from ______May as year l9.OO% year. on the expected carried rate 2016 to a Comprehensive ______at the being 20% completion 2019 result is changes reconciliation:” the The - to higher revalLation on (2018: forward reduce — to time included is to of deferred 6 19% based September apply losses (2018: of to of the the it with as the to of in on in Income. a tax being tax Company’s - 17% lower) the the the effect result 2018 the (20,246) credit provsion. (3,847) (2,081) (3,230) (2,893) 2016. final stadium £‘OOO £‘OOO period 2019 2019 from UK (812) carried (812) 340 340 809 617 from than financial of (3) for submitted standard losses Deferred 1 that - rollover the the April 1 ____ and back April - the period (1190) arising £000 £000 1,579 2020 2018 2018 (727 (378) for rate 812 300 217 517 812 tax tax i54 (54) 85 ______-
Leicester City Football Club Limited
Notes to the financia’ statements for the year ended 31 May 2019 (continued)
7 Intangible assets
Player Computer registrations Software Goodwl Total £000 £000 £‘OOO £000 Cost At 1 June 2018 237640 1294 4266 243200 Additions V9,171 240 - 119411 Disjosais 58,823 - - - 53,823 At31 May 2019 297,988 1534 4,266 303,788 Accumulated amortisation Ati June2018 93,179 434 4,266 97879 Charge for the year 63,509 470 - 63,979 Disosals (37,357; - - (37,357: At31 May2019 119,331 904 4,266 - 124,501 Net book amount At31 May 2019 178,657 630 179,287 At31 Ma 2018 — 144,461 860 - - 145,321 The purchased goodwill arose as a result of the acquisition of the trade and certain assets and liabHitiesof Leicester City Football Club in 2003.
32
8
£13,328,000). This
(2018: date.
depreciaticn current
for
33 May
If In
Leicester
Notes
the
Accuniuated Additions
At At31 At31 All
Atl
At Disposals depreciation
Revaluation
Net Reallocalion Charge 0 Cost.or
Surpius
Reallocation
Re’iaIuator Tangible
accordance
SDOS3I
31
the
2019,
valuation
31
stadijm
Included
book
June2018
June
£19,106,000),
Ma.
use
May2019 May2019
May
to
for valuation
on year
S
amount
by
2018
basis
2018
2019
the the
and
assets
City
was
Savills
was
within
with
year ended
______
net
financial
as
stated
carried
the
Football
compared
book this
plc,
£7,279,000
Stadium
38211 43,500
43,500 41,582
(5,333)
Clubs
2,904
3371
1,119
£000
(986)
valuation
which
on 843
31
amount
out
a
accounting
May
statements
in
historica
to
Club
valued
accordance
Trairirg
(2018:
Ground
the
respectively
(2,643)
is
6667
2,643
£000
6,785
6,785
2019
freehold
118
depreciated
Limited
the cost
-
£5,776,000)
Other
policy
stadium
buildings
(continued)
21,396
21,701
basis,
13.386
with
8,090
8,381
land
£000
at
a
(66)
(16)
291
305
arc and
30
property
the
31 carrying -
-
of
the at
May
and
£11,025,000
RICS
£43,500,000
amounts
Fixtures
11,400 19,008
11,891
fittings
(3,746)
(9,505)
:1,429:
6,468
4,932
3
7317
1,981
£000
£14,731,000
2019
valuation
value
620.
326 and
appraisal
woud
(or
ot39,153,000
which
vehicles
on
cost,
was
Motor
£000
and
be
a
(2018: 212 200
169
43
39
12
market
undertaken
8
4
£22,010,000 is aggregate - -
-
valuation
not
equipment
Computer depreciated.
-
value
at
4,136
2,033
2,635
1.482
1,501 3,515
£000
624
602
that manual.
‘3: on -
-
31
59,482
79,819
87,734 72,498
13,016
17,536
(7976)
7,91
3495 £000
1,432.
Total
(620
(868) 5 10 9 8 £6,211,000), Within above. Amounts Trade The assets A
Transfer 34 Corporation investments valuation for incorporated Certain compared Savills The depreciation Other out are Club The Fittings turnover Prepaynents Shares lithe
Limited,
Notes Leicester ______valuation Debtors: Investments Tangible in set investment payment
stadium the at training accordance debtors debtors “Othe- plc, under out the assets in have
a to associated fees owed
is year subsidiary related to valuing in year of freehold
Tax the is and in the is assets £2,643,000 been
construction City ground note profile and land receivable the supported included the the by
relates ended end. depreciated
net financial company. Clubs ____ accrued with group and 11. the reallocated subject
United Football with of land book was (continued) Amounts facility the the buildings”, to previously existing the undertakings (2018: of
by 31 stated Leicester oftl6,096000 Kingdom. amount contract of RICS income £4500000 their League The carrying a
at
May statements to
hire Club payable £6,785,000 £2.1 training on appraisal match repayment underlying land within respectively has purchase City
a 2019 The 17.000) the historical
value at Limited been which the under Media Club ground directors Other a (2018:
and (continued) cost asset of on net terms and calculated contract plays is £4,024,000 finance valuation Limited, a at3l cost Land o3500,000 was assets. not £2,516,000) market £4,024,000 allocation believe of in basis, depreciated May also and the with during leases a based value manual, contract wholly Buildings 2018 undertaken that at the K in tha: Power the (2018:(4,094,000). and are amounts the the (2018: current on would owned - duration date. This not are third hire the carrying and Holdings deoreciated. £4150000) on contingent 100,909 league be valuation use purchase 25,990 Included 53.357 party dormant for Fixtures £‘OOO 9,380 5,187 6,183 2019 31 2019 £6,667,000 of 812 basis cost, value May the valuation 2 £ status Company was contract. within aggregate contracts and company as on 2019, of and the 24,277 52,720 of 1 the carried 4,773 2,739 5,761 5,065 £000 (2018: 2018 2018 the his 105 by £ 2 ______-.______
Leicester City Football Club Limited
Notes to the financial statements for the year ended 31 May 2019 (continued)
10 Debtors (continued):
Trade Debtors are stated after provisions for impairment of £19,000 (2018: £21,000).
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Transfer fees receivable includes £25970000 (2018: £305,000) falling due after more than one year.
Gross transfer fees receivable before discounting are £54,909,000 (2018: £24,448,000).
11 Creditors: amounts falling due within one year
2019 2018 £‘OOO £000 Bank loans and overdrafts 38,165 32 Trade creditors 4020 4,051 Transfer fees payable 60,627 46,536 Amounts owed to group undertakings: - subordinated loans and other amounts payable 19498 9,820 - obligations under finance [ease and hire purchase contracts 16,013 14.827 Taxation and social security 10,381 9,645 Other creditors 18,043 21,141 Accruals and deferred income — 13745 79 180,492 111,831
Gross transfer fees payable before discounting are £62,047,000 (2018: £47,817,000).
The Subordinated loans and other amounts owed by group undertaki9gs are unsecured, intrest free and repayable on demand whilst the obhgatiors under hire purchase agreements are unsecured, repayabe on demand and carry interest at 8%.
Other creditors ircude £10806000 payable to employees (2018: £13,996,000).
35 ______-
Leicester City Football Club Limited
Notes to the financial statements for the year ended 31 May 2019 (continued)
12 Creditors: amounts falling due after more than one year
2019 2018 €000 £000 Bark cans and overdrafts 17485 119 Transfer fees payable — 35,981 21,303 53,466 21,422
Gross transfer fees payabe before discounting are £36,424,000 (2018: £21590000).
Bank tans and overdrafts 2019 2018 £000 £000 Amounts payable: Within one year 38165 32 Between one and two years 17,430 32 Between two to five years 55 87
Greater than five years - - 55,650 151
The bank loans are
a) Barciays Bank plc: £118,000 secured on the freehold training ground and a freehold property. Interest is payable at 1.75% above the bank base rate. b) Macquarie Bank Limited: £55532000 secured on certain transfer and Premier League Receivables and bearing interest of between 2.8% and 3.75%.
13 Provisions for liabilities
Deferred tax
The deferred tax assets and liabilities provided and those unprovided, calculated at 17% (2018: 17%) are as follows: 2019 2018 Provided Unprovided Provided Unprovided £‘OOO £‘OOO £000 £000 Accelerated capital allowances (5201) (5188) Stadium revaluation (5,438) - (4,230) Short term timing differences 356 - 30 TradinQ losses 3,615 - 1847 - 7541)
The net deferred tax asset expected to reverse in 2020 is £355k. This relates to short term pension timing differences and accrued donations
36
14
other
or themselves. called applied share, their 37 accept
before entitlements. ordinary
paid been members The
benevolent Memorandum On
remaining shareholder ‘A’ Allotted,
lithe In 2019 for
2019
2019
In
Redeemable
Ordinary
Notes
Leicester
Called
the
the
to
shares
the
b) a)
following
the
upon
shares some
______
surplus
made
and
and
and
members
event event
up
the
the
winding-up
The
The
separate
ra:eably,
shares
to
and
shares
on
year
the
2018:
2018:
2018:
their
members of
up
time
qualifying
Club
institution
and
‘A’
‘A’
of of
to the
shall
their
Ip fufly
assets shares
amount
City
rights
If share
of
a a
the
shareholder
shareholder
shares,
of
for
such
in each
has
or
1
112564441
19.138.432
ended
qualifying qualifying
of
meeting
Association
so
financial
shares
give
paid
dissoluton
redeemable
issue
offeror.
of
the
Institute £1
Football
attach
that
for
been
shall
of
assets offer
the
capital
situated
paid
written each
purpose
£1
the
the
at
the
resoectivey.
Company
of
31
be
paid
and
each
to
up offer
offer
a
balance
shall
purpose shall
in
the
‘A
.oss
are
price
more
of
the
as
ordinary
notice
on May
statements
Leicestershire
within
that
share
by
shares
of
the
Club
holders
which
the
they
nsufficien have
have
shall
their
A’
scme
adjustng
being
than
they
the
Company
shall orcirary
2019
shares:
of
to
Lecestershire.
of
d:rect.
shares
fall
the
the shares
the
of
adjusting
all
Limited
No
surplus
Li
of
sufficient
require
of
not
be
lpeach
the
upon
the
right
‘A’ right
member
the
(continued)
to
the
to
given
less
shareholders
with
shareholder
respectively
ofLi
holders or
-
‘A’
repay
The members
to
to
assets
the
members’
the
to
the
than
shares
oojects
to
vote
appoint by
______
any -
Football
members
each
snail
ordinary
pay
the
rights
the
of
£0.10
shall
at
local
the
said
to
such
in
be
any
members
similar
directors
wishes
in
rights;
are
of
the
the
be
Association
entitled
ordinary
shareholders
and
accordance
charity,
the
amount
in general
call
requirec
members
Company,
applied,
proporton
to
not
members
but
to
be
those
of of
to
accept,
or
more
where
shares
enforced
in
the
meeting
the
112.756
112,564
have
charitable
to
first,
full,
Benevolent
£‘OOO
the
with
2019
set
Company;
Company,
transfer
to
than
192
to
between
any
they
the
any
whole in
of
transfer
out the
-
their
or
against
repaying
its
L1.00
call
‘A’
call
in
shall
arrcunt
at
or
wish
all
amount
the
112,564
112756
any
has
Fund,
upon
at
their
all
LOX
per
2018
be
the
to
or
192 the ______
Leicester City Football Club Limited
Notes to the financial statements for the year ended 31 May 2019 (continued)
15 Financial Instruments
The conipany has the followingfinancial instruments
Note 2019 2018 - £‘OOO £000 Financial assets that are debt instruments measured at amortised cost - Trade debtors 10 9,380 2,739 - Transfer fees receivable 10 53,357 24277 - Amounts owed by group undertakings 10 5,187 4773 - Other debtors 10 6,183 5761 - Pre;yments &accrued income 10 25,990 15,065 100,097 52,615
Financial labilities measured at amortised cost - Bank Ioais and overdrafts 11 38,165 32 - Trade creditors 11 4,020 4,051 - Transfer fees payable 11 60,627 46,536 - Amounts owed to group undertakings: subordnated ;oans and other amounts 11 19,498 9,820 payable obligations under finance ease and hire 11 16,013 14,827 purchase contracts - Other creditors 11 18,043 21,741 - Bankloansand overdrafts 12 17,485 119 Transfer fees payable 12 35,981 21,303 209,832 118,429
38 Leicester City Football Club Limited
Notes to the financial statements for the year ended 31 May 2019 (continued)
16 Pension costs
Certain employees of the Company (professional footballers) are members of the Football League Limited Players Retirement Scheme.
Other employees of the Company are members of the Football League Limited pension and life assurance scheme or the Football League Limited group personal pension plan with certain other employees belonging to the Leicester City Football Club group personal pension scheme.
These are all defined contribution schemes, and contributions are expensed in the profit and loss account as they become payable. The pension cost charge represents contributions payable by the company to the fund and amounted to £432,827 (2018: £356,238).
Certain employees and ex-employees of the Company are members of the closed Football League Lmited Pension and Life Assurance Scheme, a defined benefit scheme. As me Company is one of a number of participating employers in the scheme, it is not possible to allocate any actuaral surplus or deficit on an annual basis. However, under Section 75 of the Pensions Act 1995, the Company, as a participating empioyer in the scheme, is liable to fund the defcit relating to Companys ex-employees who are members of the scheme. The Scheme Actuary finalised a full valuation as at 31 August 2017 and allocated £265,449 as the Clubs share of the deficit as at 1 September 2017. The increase in the deficit arising from this revaluation of £156,814 was recognised in the profit and loss account for the year ended 31 May 2019. The deficit is funded by annual contributions and the Club incurs interest at 6% on its allocated share of the deficit. The balance outstanding at the year-end date is included in other creditors. The Club has made contributions of £46,944 in the year (2018: £45,252). The assets of the scheme are held separately from those of the Company.
39 Leicester City Football Club Limited
Notes to the financial statements for the year ended 31 May 2019 (continued)
17 Contingencies and commitments
a) Player transfer costs
The Company has certain contracts with other football clubs that relate to player transfers. Under the terms of these contracts, additional amounts become payable or receivable if conditions concerning future team successes and appearances are met. The maximum amount that is potentially payable and receivable under these contracts is £30,316,000 (2018: £19,580,000) and £8,864,000 (2018: £6,713,000) respectively. £20,833,000 of the total potential fees and the associated Levy were provided for as at 31 May 2019 (2018: £12,528,000).
b) Capital commitments
At 31 May 2019, the Company had committed capital expenditure of £90,055,000 (2018: £835000) including £88,734,000 ‘elat;ng to new trainng groLnd at Seagrave.
18 Related party transactions
The Company owec as at 31 May 2019 £10,336,018 (2018: £5,282,447) to King Power lntemationa Limited, the Company’s immediate parent undertaking. The movement in the year r&ates to a subordinated loan of £5,000,000 plus £53,571 interest with the remaining opening balance relating to outstanding interest on a now fully repaid subordinated loan previously made to the Company. At the same date the Company was owed £2,751,784 (2018: £2,344,714) by King Power International Limited for costs incurred in the running of the international education project and retail products supplied by the Company.
At the same date the Company owed £38,023 (2018: £9,575) to King Power International Limited for retail purchases made during the year.
The freehold interest in the Stadium is owned by K Power Holdings Company Limited, a
company also controlled by King Power International Limited. . The outstanding deferred purchase consideration payable under the hire purchase agreement stands at £16,012,910 as at 31 May 2019 (2018: £14,826,990). This obligation increases at 8% per annum and £1,185,920 (2018: £1,164,962) has accrued on the amount during the year. The Company also incurred costs on behalf of K Power hodings Company Limited and Thebalance of £61,866 (2018 61,866) remained unpaid at the year-end pending further agreement on the adjacent site.
The Company is party to a management agreement with K Power Sports Investments Limited where the Club is charged a management fee based on turnover for management services provided. The balance outstanding at 31 May 2019 under this contract was £7,000,000 (2018: £3,500,000).
40 20 19 18 £28,250 with £2,123,702 Company The for of the balance made The company The CVBA, Company Srivaddhanaprabha balance 41 stadium is incorporated related During During new Since balance and contingent players. Member revenue provided Following Since Notes Leicester the Related Subsequent Ultimate King front costs Company Company’s the Company the training Srivaddhanaprabha the sales 31 the The a to Power floodlights. Club of of of The and (2018: to companies of free Belgian May year incorporated the year the o’ collected will £25,590 year £2,420 £2324276 fees year shirt (2018: party of the £21,462 parent ground net incurring in City in financial administration, June be 2019 equipmert also also International erd the £38,250) the the but relation sponsorship ended immediate cost events accounted financial football transactions (2018: £1,028,071) 2017 Kingdom the incurred incurred Football (2018: excluding revenue Company Company the of Foundation at company (2018: of costs year (2018: the Seagrave, in Club Club to these acquisition as club the £402,815) 31 to! family. the £28,105) King parent and Limited well costs costs for on and has £31779) of and management has ard Kingdom May statements £1904206) value also competEng made acquisWion transactions, Thailand its remained Club in Power £5m (formerly and as invested incurred incurred contracted the (continued) £2.6m the on on behalf. undertaking supported is significant 2019 added by a remained remained was stadium behalf behalf controlling year V&A remaned donation of Group Limited King and on Thailand. in of outstanding costs A the outstanding £47.2m costs remained ending tax, and Holdings (continued) the taking the balance of of sponsorship for Power the LCFC Leioester naming have outstanding outstanding in King K is is Belgian accounting on of the proosec on outstanding Power kind beneficial King £28.9m £1,000,000 in 31 into its party The behalf entered lntern&iona purchase, Power Foxes its payable Company outstanding May behalf contributions rights at at Power account facilities City FVst ultimate Sports the the and (2018: stadium of. 2020. at at Racing support Foundation). owner into for Football year-end. 3l and at Division to OH the the International marketing to sale Limited, the Investments £16m. the the sponsorship including parent the Limited £43.3m). May a year-end. yearend. at Leuven of expansion Co balance year-end. and as applicable during the Foundation Viohai V&A Club B, 2019 well Limited This and a year-end. loan the inventory The of company CVBA. £41 Holdings Trust, the These Limited, as amount OH (2018 payable Company controlling Limited of agreements company and in, collecting year. levies and various of Leuven donating The transfers £1.2m £nil). on including the Limited a all The and to and the has the also party the on