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Company registration no. 05765697

LEEDS CITY HOLDINGS LIMITED

Report and Financial Statements

Year ended 30 June 2009

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·AOIYJIRS·

A33 31/03/2010 59

COMPANIES HOUSE

LEEDS CITY HOLDINGS LIMITED

REPORT AND FINANCIAL STATEMENTS 2009

CONTENTS

Officers and professional advisers

Page 2

Directors' report

3

Statement of directors' responsibilities

4

Auditors' report

5

Consolidated profit and loss account

6 7 8

Company Balance Sheet

Consolidated Balance sheet

Consolidated cash flow statement

9

Reconciliation of net cash flow to movement in net debt

10

Reconciliation of operating loss to cash flow from operating activities

Notes to the financial statements

10 11

1

LEEDS CITY HOLDINGS LIMITED

REPORT AND FINANCIAL STATEMENTS 2009

OFFICERS AND PROFESSIONAL ADVISERS

Directors KW Bates R M Taylor SA Harvey

Secretary SA Harvey

Registered office Eiland Road Leeds

West Yorkshire LS110ES

Bankers

Bank of Ireland 15-16 Park Row Leeds

LS15HD

Solicitors McCormlcks Solicitors 37 East Parade Harrogate

HG15LQ

Mark Taylor & Company 310 Harbour Yard Chelsea Harbour London

SW100XD

Auditors

Baker Tilly UK Audit LLP Registered Auditor Chartered Accountants 2 Whitehall Quay

Leeds

LS14HG

2

LEEDS CITY HOLDINGS LIMITED

DIRECTORS' REPORT

The directors present their report and the audited financial statements for the year ended 30 June 2009

Principal activrties

The pnncipal actIVIty of the company dunng the penod was that of a holding company of Leeds United Football Club Limited and Yorkshire Radio limited

ReView of business activities

On 1 July 2008 Leeds City Holdings Limited acquired 95% of the ordinary share capital of Yorkshire Radio Limited The pnncipal activity of Yorkshire Radio Limited IS that of a sports and music based digital radio station that broadcasts across the Yorkshire region, on Sky Channel 0209 and worldwide on wwwyorkshlreradlo net

Future Developments

The financial strength of Leeds City Holdings Limited will, In the main, be Judged by the activities of ItS primary subsidiary, Leeds United Football Club Limited The football club continues to trade profitably and the future looks bright on the field

Development and Improvement of the Eiland Road stadium IS a high pnonty for the Board along with support for ItS media Investments

Results and dividends

The loss for the year after taxation was £1,375,000 (2008 £3,625,000 profit) for the group, and a loss of £687,000 (2008 £928,000) for the company The directors do not recommend the payment of a dividend

Directors and their Interests

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

KW Bates R M Taylor S A Harvey

Financial Instruments

Cash flows are closely monitored on a dally baSIS Financial nsks are kept to a rmrumurn wherever possible

Key performance indicators

The performance of the team IS momtored by publicly available League POSition tables In addmon to this, the commercial operations of all group companies are monitored against detailed budgets and benchmarking exercises are undertaken to assess the group's performance withm the relevant sector

Employee Involvement

The group's employment pohcies are desiqned to attract, retain and motivate the best people The group Involves employees at all levels of the organisation through a broad base of regular cornmurucanon meetrngs and bnefing sessions to understand current performance and commumcate future developments

Disabled employees

Apphcations for employment by disabled persons are always fully considered In the event of members of staff becoming disabled, every opportumty IS made to ensure their employment With the group continues and that appropnate trainmg IS arranged It IS the pohcy of the group that the training, career development and promotion of disabled persons should, as far as possible, be Identical to that of other employees

Auditors

Baker Tilly UK Audit LLP, Chartered Accountants, are deemed to be re-appointed under Section 487(2) of the Compames Act 2006

Statement as to disclosure of Information to auditors

The directors who were In office on the date of approval of these financial statements have confirmed, as far as they are aware, that there IS no relevant audit mformauon of which the auditors are unaware Each of the directors have confirmed that they have taken all the steps that they ought to have taken as directors In order to make themselves aware of any relevant audit Information and to estabhsh that It has been communicated to the auditor

Approved by the board of directors and Signed on behalf of the board

S A Harvey Director

29th March 2010

3

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

LEEDS CITY HOLDINGS LIMITED

DIRECTORS' RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The directors are responsible for prepanng the Directors' Report and the flnancial statements In accordance With applicable law and regulations

Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financial statements In accordance With United Kingdom Generally Accepted Accounting Practice (Umted Kingdom Accounting Standards and apphcable law)

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period

In prepanng those financial statements, the directors are required to

a select suitable accounting pohcies and then apply them consistently,

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

C prepare the financial statements on the gOing concem baSIS unless It IS inappropriate to presume that the group and the company Will continue In business

The directors are responsible for keeping adequate accounting records that are sufficrent to show and explain the group's and the company's transactions and disclose With reasonable accuracy at any time the financial posrnon of the group and the company and enable them to ensure that the financial statements comply With the Compames Act 2006 They are also responsible for safeguarding the assets of the group and the company and hence for takmg reasonable steps for the prevention and detection of fraud and other rrreqularmes

4

LEEDS CITY HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS CITY HOLDINGS LIMITED

We have audited the group and parent company financial statements (the "financral statements") on pages 6 to 19 The financial reporting framework that has been applied In their preparation IS applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)

Thrs report IS made solely to the company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them In an auditor's report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for thrs report, or for the opmions we have formed

Respective responsibilities of directors and auditors

As more fully explained In the Directors' Responsjbmttes Statement on page 4, the directors are responsible for the preparation of the finaneral statements and for being satisfied that they give a true and farr view Our responsrbihty IS to audit the financial statements In accordance With applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply With the Audll1ng Practices Board's (APB's) Ethical Standards for Auditors

Scope of the audit

A descnption of the scope of an audit of financial statements [S provided on the APB's website at wwwfrc org uklapbJscope/UKNP

Opinion on the flnancial statements In our opinion the financial statements

• give a true and fair view of the state of the group's and parent company's affairs as at 30 June 2009 and of the group's loss for the year then ended,

• have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice, and

• have been prepared In accordance With the requirements of the Companies Act 2006

Opuuon on other matters prescnbed by the Companies Act 2006

In our opinion the information given In the Directors' Report for the financral year for which the financial statements are prepared IS consistent With the financial statements

Matters on which we are required to report by exception

We have nothing to report In respect of the follOWing matters where the Companies Act 2006 requires us to report to you If, In our opnuon

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have

not been received from branches not VISited by us, or

• the parent company flnanoal statements are not In agreement With the accounting records and returns, or

• certain disclosures of directors' remuneration specified by law are not made, or

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

Anthony Elston (Senror Statutory Auditor)

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

2 WhItehall Quay

Leeds

LS14HG

29th March 2010

5

LEEDS CITY HOLDINGS LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT Year ended 30 June 2009

Operations
excludmg Year ended Period ended
player trading Player tradIng 30 June 2009 30 June 200B
Note £'000 £'000 £'000 £'000
Tumover 2 23,535 23,535 23,249
Cost of sales (4,930) {4,930} (4,166)
Gross profit 18,605 18,605 19,083
Administrative expenses (21,384) (1,295) (22,679) (20,221 )
Operating loss 3 (2,779) (1,295) (4,074) (1,138)
Profit on player trading 2,911 2,911 4,727
Profit/(Ioss) on ordinary activities before mterest (2,779) 1,616 (1,163) 3,589
Other Interest receivable and similar Income 4 19 19 88
Interest payable and Similar charges 5 (231) (231) (52)
Profit/(Ioss) on ordinary activities before taxation (2,991) 1,616 (1,375) 3,625
Taxation on profit on ordinary acnvmes 7
Profit/(Ioss) on ordinary activities after taxation
retained and transferred from reserves 17 (2,991) 1,616 (1,375) 3,625
The results for both penods relate to contmumq operations
There are no recognised gains and losses for either penod other than as stated In the profit and loss account
Accordingly, no statement of total recognised gains and losses has been presented 6

LEEDS CITY HOLDINGS LIMITED

COMPANY BALANCE SHEET

Company registration no 05765697

30 June 2009

2009 2008

£'000 £'000

Fixed assets Investments

975

500

10

975

Current assets Debtors

12

997

1,572

Creditors' amounts failing due within one year

997 (259)

13

500

1,572

Net current assets

738

2,072

1,572

Total assets

1,713

Creditors amounts failing due after more than one year

14

(328)

2,072

Net assets

1,385

Capital and reserves Called up share capital Share Premium

Profit and loss account

16 16 17

1,400 1,600 (1,615)

1,400 1,600 (928)

EqUity shareholders' funds

1,385

2,072

The financial statements on pages 6 to 19 were approved by the board of directors and authonsed for Issue on zs" March 2010 and signed on Its behalf by

S A Harvey Director

7

LEEDS CITY HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEET

Company registration no. 05765697

30 June 2009

Fixed assets Intangible assets Tangible assets

8 9

2009 2008
£'000 £'000
9,022 7,443
3,813 2,949
12,835 10,392
553 360
2,734 3,687
931 956
390 1,090
4,608 6,093
(10,495) (9,569)
(5,887) (3,476)
6,948 6,916
(1,698) (291)
5,250 6,625 Current assets Stock

Debtors

Debtors due after more than one year Cash at bank and In hand

11 12 12

Creditors amounts failing due wlthm one year

13

Net current liabilities

Total assets less current liabilities

Creditors amounts failing due after more than one

year 14

Net assets

Capital and reserves Called up share capital Share Premium

Profit and loss account

16 16 17

1,400 1,600 2,250

1,400 1,600 3,625

EqUity shareholders' funds

5,250

6,625

The financial statements on pages 6 to 19 were approved by the board of directors and authonsed for Issue on 29th March 2010 and Signed on Its behalf by

?~~

S A Harvey Director

8

LEEDS CITY HOLDINGS LIMITED
CONSOLIDATED CASH FLOW STATEMENT
Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000 £'000 £'000
Net cash (outflow)/mflow from operating activities (page 10) (244) 5,176
Returns on investments and servicmg of finance
Interest received 19 88
Interest paid (205) (26)
Interest element of finance lease rental payments (26) (26)
Net cash (outflow)/inflow from returns on Investments and servicmq of
finance (212) 36
Capital expenditure and financial Investment
Purchase of tangible fixed assets (1,332) (3,122)
Purchase of mtanpibte fixed assets (270) (5,463)
Cash payments from player tradmg (1,163) (3,535)
Cash receipts from player tradmg 3,101 5,099
Net cash mflow/(outflow) from capital expenditure and financial
investment 336 (7,021)
Cash outflow before use of liquid resources and financmg (120) (1,809)
AcqUISitions and disposals
Purchase of Subsidiary undertaking (note 10) (475)
Net cash acquired with acqursmon of subsidiary 5
Net cash outflow from acquismons and disposals (470)
Cash outflow before use of liquid resources and financing (590) (1,809)
Financmg
EqUity Investment 3,000
Finance lease repayments (110) (101)
Net cash (outflow)/mflow from financmg (110) 2,899
Decrease/Increase In cash In the penod (700) 1,090 9

- - ------

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
(Decrease)/increase In cash In the penod (700) 1,090
Cash Inflow from debt and lease financmq 110 101
Movement In net debt In the penod (590) 1,191
New finance leases (222)
Opening net funds 969
Closing net funds 379 969 RECONCILIATION OF OPERATING LOSS TO CASH FLOW FROM OPERATING ACTIVITES

Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
Operating loss (4.074) (1,138)
Depreciation of tangible fixed assets 614 395
Amortisation of Intangible fixed assets 1,533 1,060
Impairment of intangible assets 123
Increase In stock (193) (360)
Decreaseruncrease) In debtors 1,123 (4.643)
Increase In creditors 753 9,739
Net (outflow)/mflow from operatmg activities (244) 5,176 10

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

1 Principal accounting policies

The financral statements are prepared In accordance with applicable United Kingdom accounting standards The prmopal accounting pohcies adopted by the directors are set out below

BaSIS of preparation

Detailed forecasts have been prepared, indicating that the group Will have sufficient resources to meet debts as they fall due dunng the next year In the event of any shortfall suitable contmgencies exist As a result, the directors consider that It IS appropnate to prepare the accounts on the gOing concern baSIS

No profit and loss account for the company has been presented for Leeds City Holdings Limited as permitted by Section 408 of the Companies Act 2006

BaSIS of accounting

The financial statements are prepared In accordance With the historical cost convention

BaSIS of consolidation

The consolidated financial statements Incorporate the financial statements of the company and all Its Subsidiary undertakings Intra-group trading IS eliminated on consolidation

Turnover

Turnover represents all Income ansmq from the ordinary actwmes of the group excluding transfer fees and value added tax

Intangible fixed assets - Player Registrations

In line With FRS 10 Goodwill and Intangible Assets, the costs associated With the acquismon of players' registrations are capitalised as Intangible fixed assets and amortised, In equal annual Instalments, over the penod of the respective players' contracts The transfer fee levy refund received dunng the penod IS credited against additions to intangible assets Players' registrations are wntten down for Impairment when the carrying amount exceeds the amount recoverable through use or sale

Intangible fixed assets

In line With FRS 10 Accountmg for Goodwill and Intangible Assets, the costs associated With the carnage agreement are capitalised as Intangible fixed assets and amortised, m equal annual Instalments, over the penod of the contract which expires In 2016

Intangible fixed assets - GoodWill

Goodwtll IS being amortised In equal Instalments over 50 years based on the lonqevity of the club and the strength of the Brand

Tangible fixed assets

Deprecration IS calculated to wnte off the cost, or revalued amount of tangible fixed assets, less their estimated residual values, on a straight lme baSIS over the expected useful economic life of the asset concemed, as follows

Assets under the course of construction Fixtures and fittings

Alterations and Improvements

0- 10 years 2 - 5 years 5 - 15 years

Signing-on fees

Signing-on fees represent a normal part of the employment cost of the player and as such are to be charged to the profit and loss account In the penod In which the payment IS made, except In the circumstances of a player disposal In that case, any remaining siqrnnq-on fees due are allocated In full against profit on disposal of players' registrations In the penod in which the player disposal IS made

Stocks

Stocks, which compnse goods held for re-sale, are stated at the lower of cost and net realisable value

Leases

Assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the lease and deprecated over their estimated useful life Finance charges are allocated over the penod of the lease In proportion to the capital amount outstanding

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

11

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Deferred taxation

Deferred tax IS provided In full on timing differences which result In an obligation at the balance sheet date to pay more tax, or a nght to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law Timing differences anse from the mclusion of Items of mcome and expenditure In tax computations In penods different from those In which they are Included In financial statements Deferred tax IS not provided on timing differences arising from the revaluation of fixed assets where there IS no commitment to sell the asset, or on unremitted earnings of subsidianes and associates where there IS no commitment to remit these earnmgs Deferred tax assets are recognised to the extent that It IS regarded as more likely than not that they Will be recovered Deferred tax assets and liabilities are not discounted

Pension costs

For defined contribution schemes the pension cost charged In the penod represents contributions payable by the group to various pension schemes For defined benefit schemes the expected cost of providmq pensions, as calculated penodically by professionally qualified actuaries, IS charged to the profit and [ass account so as to spread the cost over the service lives of employees In such a way that the pension cost IS a substantrally level percentage of current and expected future pensionable payroll

2 Turnover
Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
Gate receipts 8,966 10,013
Televrsion and broadcasting Income 169 173
Merchandising Income 4,918 3,425
Other commeroal revenue 9,482 9,638
23,535 23,249 All turnover relates to the prmcipal activity of operating a professional football club and anses from connnumq activities Within the UK

3 Operating loss
Year ended Period ended
30 June 2009 30 June 2008
Operatmg loss IS stated after chargmgf(credltmg) £'000 £'000
Amortisation
Amornsatron of player registration costs 1,295 953
Arnornsatron of goodwill 188 107
Arnortrsatron of camage agreement 50
Impairment of player registration costs 123
Depreciation of tangible fixed assets
Owned assets 568 349
Assets held under finance leases 46 46
Audltors'remuneratlon
Audit 41 30
Other 3 24
Operating lease charges
Land and bUildings 1,732 1,679
Plant and machinery 32 101
Motor vehicles 107 107 12

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

4 Other Interest receivable and similar income

Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
Bank mterest 19 88
19 88 5 Interest payable and similar charges

Other loans

Finance leases and hire purchase contracts

Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
205 26
26 26
231 52 6 Employees

The average monthly number of persons (Including executive directors) employed by the group dunng the penod was

Year ended Period ended
30 June 2009 30 June 2008
No No
Full-time plaYing staff 25 23
Apprentices 14 15
Football team management 12 11
Management/administration 138 134
189 183 In addition to the above employees, on match days the group employs approximately 570 casual part-time employees (2008 426)

Employee costs (Including directors' emoluments) Incurred dunnq the year were

Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
Wages and salaries 11,103 11,530
Social security costs 1,086 1,080
Other pension costs 92 136
12,281 12,746 Directors' emoluments In the year were £150,000 and benefits paid to directors were £13,170 K W Bates did not receive any emoluments or benefits dunng the penod Pension payments of £14,000 were made on behalf of one director

7 Taxation on profit on ordinary actrvrnes

Year ended Period ended

30 June 2009 30 June 2008

£'000 £'000

Current tax year

UK Corporation tax charge for the penod

Deferred Taxation

Onqmatron and reversal of timing differences

13

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

7 Taxation on profit on ordrnary activities (contmued)

The standard rate of tax for the penod, based on the UK standard rate of corporation tax IS 28% (2008 28%) The actual tax charge for the current penod IS less than the standard rate for the reasons set out In the following reconcrhanon

Year ended Period ended
30 June 2009 30 June 2008
£'000 £'000
(Loss)/profit on ordinary actrvrnes before tax (1,375) 3,625
Tax on (Ioss)/profit on ordinary activities at standard rate of 28% (385) 1,015
Capital allowances In excess of deprecration (53)
Deprecianon In excess of capital allowances 2
Adjustment ansmq on acquismon (1,435)
Ineligible deprecianon 114 4
Other short term timing differences (23) 36
Expenses not deductible for corporation tax purposes 44 55
Tax losses earned forward 248 378
Total actual amount of current tax
8 Intangible fixed assets
Carnage Player
licence registrations GoodWill Total
Group £'000 £'000 £'000 £'000
Cost or valuation
At 1 July 2008 3,092 5,463 8,555
Acquired on acquismon 397 1,472 1,869
Addnrons 1,163 270 1,433
Disposals (567) (567)
At 30 June 2009 397 3,688 7,205 11,290
Depreciation
At 1 July 2008 1,005 107 1,112
Charge for the penod 50 1,295 188 1,533
Impairment
Disposals (377) (377)
At 30 June 2009 50 1,923 295 2,268
Net book value
At 30 June 2009 347 1,765 6,910 9,022
At 30 June 2008 2,087 5,356 7,443 14

LEEDS CITY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
9 Tangible fixed assets
Assets under
the course Alterallons and Fixtures
of construe lion Improvements and fittings Total
Group £'000 £'000 £'000 £'000
Cost or valuation
At 1 July 2008 235 2,494 609 3,338
Acquired on acquismon 29 117 146
Additions 517 610 205 1,332
Disposals
At 30 June 2009 752 3,133 931 4,816
Depreciation
At 1 July 2008 14 277 98 389
Charge for the penod 20 352 242 614
Impairment
Disposals
At 30 June 2009 34 629 340 1,003
Net book value
At 30 June 2009 718 2,504 591 3,813
At 30 June 2008 221 2,217 511 2,949 Included 10 the total net book value fixtures and fittings are the follOWing amounts In respect of assets held under finance leases and hire purchase contracts

Fixtures and fittings £000

Cost

Accumulated deprecation

222 (92)

Net Book value 30 June 2009

130

Net Book value 30 June 2008

176

The deprecranon charge In respect of these assets was £46,000 (2008 £46,000)

10 Fixed asset Investments

Details of the subsidrary undertakings at 30 June 2009 were as follows

Investment In

SubSidiary undertaking

Company

£'000

Cost

At 1 July 2008 Additions

500 475

At 30 June 2009

975

Leeds United Investments limited

Dormant

Place of
Incorporation Proportion of Issued
and registration Class of shares shares held
England Ordinary 100%
England Ordmary 95%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
England Ordinary 100%
15 Name of undertaking

Pnnepal activity

Leeds United Football Club Limited

Football Club

Yorkshire Radio Limited

RadiO broadcast

Leeds United 2007 Limited

Dormant

Leeds City Limited

Dormant

Leeds First Limited

Dormant

Yorkshire First Limited

Dormant

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

10 Fixed asset rnvestments (continued)

On 1 July 2008 Leeds CIty Holdings Limited acquired 95% of the share capital of Yorksture Radio Limited, the assets purchased were as follows

£'000
Fixed assets 543
Debtors 145
Cash at bank and In hand 5
Creditors (1,690)
(997)
Goodwill 1,472
475
Sabsfied by
Cash 475 11 Stock

Group

2009 2008

Company

2009 2008

£'000

£'000

£'000

£'000

Goods held for resale

553

360

12 Debtors
Group Company
2009 2008 2009 2008
£'000 £'000 £'000 £'000
Trade debtors 774 933
Transfer fee debtors 17 123
Amounts due from related companies 310 997 1,524
Other debtors 595 821
Prepayments and accrued Income 1,348 1,500 48
Total 2,734 3,687 997 1,572
Debtor due after more than one year 931 956
3,665 4,643 997 1,572 13 Creditors: amounts falling due within one year
Group Company
2009 2008 2009 2008
£'000 £'000 £'000 £'000
Obligations under finance leases 11 99
Trade creditors 2,624 1,572
Other taxation and sooal secunty costs 846 610
Transfer fee creditors 241 870
Other creditors 163 262
Accruals and deferred Income 6,610 6,156 259
10,495 9,569 259 16

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

LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

14 Creditors- amounts falling due after more than one year

Borrowings are repayable as follows

Group
2009 2008
£'000 £'000
22
24 150
1,465
209 119
1,698 291
Group
2009 2008
£'000 £'000
11 99
22
11 121
11 99
22
11 121 Company

2009 2008

£'000 £'000

Obligations under finance leases Transfer fee creditors

Other creditors

Pension

328

328

Company

2009 2008

£'000 £'000

Finance leases Within one year

Between one and two years

Total borrowings Within one year

Between one and two years

Obligations under finance leases at 30 June 2009 were secured on the related assets

£1,128,916 of other creditors are secured by a debenture and are secured via a fixed and floating charge over the assets and secunnes of Yorkshire Radio limited The debenture IS repayable Immediately as funds become available, whrch, In the opinion of the directors, will be In more than one year's time

15 Provisions for llabrhues and charges Deferred tax

The company has not recognised a deferred tax asset on these losses as the availability of suitable profits against which these may be utilised cannot be predicted With sufficient certarnty The net deferred tax asset unprovided IS approximately £14 8 million at the standard rate of corporation tax

16 Called up share capital

2009

2008

Authonsed

200,000,000 ordinary shares of 1 peach

2,000,000

2,000,000

Allotted, called up and fully paid £ £
As at 30 June 2009 1,400,000 2
Share Issue 1,399,998
Total 140,000,000 £001 ordinary shares 1,400,000 1,400,000
Share premium 1,600,000 1,600,000
3,000,000 3,000,000 17

LEEDS CITY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
17 Reserves
Share Share Profit and Shareholders'
capital Premium loss account funds
Group £' £ £ £
At 1 July 2008 1,400,000 1,600,000 3,625,000 6,625,000
Issued share capital
Loss for the penod (1,375,000) (1,375,000)
At 30 June 2009 1,400,000 1,600,000 2,250,000 5,250,000
Share Share Profit and Shareholders'
Capital Premium loss account Funds
Company £ £ £ £
At 1 July 2008 1,400,000 1,600,000 (928,000) 2,072,000
Issued share capital
Loss for the penod (687,000) (687,000)
At 30 June 2009 1,400,000 1,600,000 (1,615,000) 1,385,000 18 Pensions

Defined contnbution schemes

Certain professional footbaillng staff of the group are members of the Football League limited Players Retirement Income Scheme, a non-contnbutory defined contnbuuon scheme In addition the group operates a defined contnbutlon scheme open to all other employees The costs of all defined contnbution schemes are charged to the profit and loss account In the penod In which they accrue

Defined benefit scheme

Certain professional footbaillng staff are members of the Football League limited Pension and Life Assurance Scheme ("FLLPLAS"), a defined benefit scheme Under FRS 17 Retirement Benefits, the FLLPLAS would be treated as a defined benefit multi-employer scheme The assets of the scheme are held separately from those of the group, being Invested with Insurance companies

FollOWing a review of the Minimum Funding Reqinrernent ("MFR") of the FLLPLAS, accrual of benefits of the final salary section of the scheme was suspended as at 31 August 1999 In the light of the exceptional circumstances affecting the scheme, the trustees of the scheme commissioned an Independent actuary's report on the MFR position and a substantial deficrt was idennfled Under the Pensions Act 1985 participating employers Will be required to contribute to the deficiency The latest actuarial valuation of the scheme was camed out as at 31 August 2008 The allocation of the deflcit under thrs valuation notified to Leeds United AFC Limited and repayable by Leeds United Football Club Limited IS fully provided for In the accounts and IS being repaid at £3,087 per month

19 Operating lease commitments

At 30 June 2009 the group was committed to making the followmq payments dunng the next penod In respect of operating leases

Plant & equipment Other premises Motor vehIcles
2009 2008 2009 2008 2009 2008
Lease expires £'000 £'000 £'000 £'000 £'000 £'000
Withm one year 26 1
Within one to two years 43
Within two to five years 2 140 109 72
After five years 1,729 2,080
26 46 1,729 2,220 109 72 20 Capital commitments

At 30 June 2009 the group had capital commitments totalling £94,200

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LEEDS CITY HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

21 Contingent liabillbes

In the event of the club becoming a member of the FA Premier League before the 2017/18 season then a habihty of £5,000,000 becomes payable to the Liquidator of Leeds United Association Football Club Limited (The) under the provisions of the sale agreement entered Into on the 4 May 2007

Under the terms of the financial provisions relatmg to the transfer of players registrations, future payments of up to £2,000,000 may be payable dependant on a combination of player appearances andl or the club's success on the pitch

22 AnalysIs of net debt
At 1 June Cash flDw Inception of At 30 June
2008 finance leases 2009
Group £'000 £'000 £'000 £'000
Cash at bank and In hand 1,090 (700) 390
Finance leases (121) 110 (11 )
969 (590) 379 23 Ultimate controlling party

The directors consider that the ultimate controlling party IS FSF Limited, a company registered In NeVIS

24 Related party transactions

The group Incurred costs for legal services of £331 ,561 With Mark Taylor & Company, a firm controlled by R M Taylor, a director of the company

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