Company registration no.

07299184

Leeds United Centenary Pavilion Limited

Report and Financial Statements Year ended 30 June 2011

A39

30/03/2012
COMPANIES HOUSE

#32

Leeds United Centenary Pavilion Limited REPORT AND FINANCIAL CONTENTS STATEMENTS 2011

Page
Officers and professional Directors' report Statement of directors' Auditors' report responsibilities advisers

2 3 4
5

Profit and loss account Balance sheet Notes to the financial statements

6 7 8-11

1

Leeds United Centenary Pavilion Limited REPORT AND FINANCIAL STATEMENTS OFFICERS AND PROFESSIONAL
Directors S A Harvey Secretary Y SAlien Registered office Eiland Road Leeds West Yorkshire LS11 DES Bankers Bank of Ireland 15-16 Park Row Leeds LS15HD Solicitors McCormlcks Solicitors 37 East Parade Harrogate HG15LQ Walker MOrris Kings Court 12 King Street Leeds LS12HL Auditors Baker Tilly UK Audit LLP Registered Auditor Chartered Accountants 2 Whitehall Quay Leeds LS14HG

2011

ADVISERS

2

Leeds United Centenary Pavilion Limited DIRECTORS' REPORT

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

so" June 2011

Pnncipal actrvrtres The pnncipal activity of the company dunng the year was the provisron of conferencmq and exhibrtron facilities Review of the business The company was Incorporated on the 1st July 2010 although the Centenary Pavilion was not fully opened until after the 201 0/11 season had started The Director believes that use of the Centenary Pavilion Will Increase year on year as It becomes established as a venue on the annual dinner and conference calendar as these major events are planned over 12 months In advance The aspiration ISto convert the current planning consent that expires In January 2019 Into a permanent consent at the earnest opportunity to Include the adjacent Stadium Way car park that ISleased from Leeds City Council Results and drvrdends Directors Directors serving the company dunng the year and since the year-end were as follows S A Harvey Auditors Baker Tilly UK Audit LLP, Chartered Accountants, are deemed to be re-appointed under Section 487(2) of the Companies 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 information 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 establish that It has been communicated to the auditor Thrs report has been prepared companies exemption
In

accordance with the provisions applicable to companies entitled to the small

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

;:;~~
S A Harvey Director 22 December 2011

3

Leeds United Centenary Pavilion Limited DIRECTORS' RESPONSIBILITIES STATEMENTS IN THE PREPARATION OF FINANCIAL
In

The directors are responsible for preparing the Directors' Report and the financial statements applicable law and regulations

accordance with

Company law requires the directors to prepare financial statements for each financial year Under that law the directors have elected to prepare the financral statements In accordance With United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and apphcable law) Under company law the directors must not approve the flnancial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that penod In prepanng these finanCial statements, the directors are required to a b C select SUitableaccounting pohcies and then apply them consistently, make Judgments and estimates that are reasonable and prudent, prepare the financial statements on the gOing concern baSIS unless It IS inappropnate to presume that the company Will continue In busmess

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

4

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Leeds United Centenary Pavilion Limited INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LEEDS UNITED CENTENARY PAVILION LIMITED
We have audrted the financial statements on pages 6 to 11 The financial reporting framework that has been applied their preparation ISapplicable law and Umted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
In

This report IS made solely to the company's members, as a body, In accordance With Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them In an auditor's report and for no other purpose To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opuuons we have formed Respective responsibilities of directors and auditor As more fully explained In the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility IS to audit and express an Opinion on the financial statements In accordance With applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply With the AudIting Practices Board's (APB's) Ethical Standards for Auditors Scope of the audit of the financial statements A descnption of the scope of an audit of financial wwwfrcorg uklapb/scope/pnvate cfm statements IS provided on the APB's website at

Opinion on financial statements In our opinion the flnancsal statements • give a true and faIr view of the state of the company's affairs as at 30 June 2011 and of Its loss for the year then ended, • have been properly prepared In accordance With United Kingdom Generally Accepted Accounting Practice, and • have been prepared In accordance With the requrrements of the Companies Act 2006 Opinion on other matter prescnbed by the Compames Act 2006 In our opimon the information given In the Directors' Report for the financial year for which the financial statements are prepared ISconsistent With the financial statements Matters on which we are required to report by exception We have nothing to report In respect of the follOWingmatters where the Companies Act 2006 requires us to report to you If, In our opiruon • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not VISitedby us, or • the financial statements are not In agreement With the accounting records and returns, or • certain disclosures of directors' remuneration speofled by law are not made, or • we have not received all the information and explanations we require for our audit, or • the directors were not entitled to take advantage of the small companies exemption In prepanng the directors' report

For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor Chartered Accountants 2 Whitehall Quay Leeds LS14HG 22 December 2011

Rl~~Nf~~r~~o~1~~ wR

5

Leeds United Centenary Pavilion Limited PROFIT AND LOSS ACCOUNT Year ended 30th June 2011

Year ended 3D June 2011 Note £

Turnover Cost of sales Gross profit Administrative expenses Operating loss Interest payable and similar charges Loss on ordinary activities before taxation Taxation on loss on ordinary activities Loss on ordinary activrnes after taxation retamed and transferred from reserves

2

1,115,701 (314,627) 801,074 (997,850)

3

(196,776) (196,776)

5

12

(196,776)

The operating loss for the year anses from the company's continuing operations There are no recognised gains and losses for the year other than as stated In the profit and loss account no statement of total recognised gains and losses has been presented Accordingly,

6

Leeds United Centenary Pavilion Limited BALANCE SHEET 30 June 2011
Company registration no 07299184

2011
Note

£

Fixed assets Tangible assets Current assets Stock Debtors Cash
In

6

2,420,161 2,420,161

7 8
hand

21,408 37,949 1 59,358

Creditors" Net current

amounts habilibes

failing due within

one year

9

(2,676,294) (2,616,936) (196,775)

Total assets less current Creditors year amounts

liabilities

failing due after more than one

Net haburnes

(196,775)

Capital and reserves Called up share capital Profit and loss account Equity shareholders' deficrt 11 12

1 (196,776) (196,775)

The financial statements on pages 6 to 11 were approved December 2011 and are Signed on Its behalf by

by the board of directors

and authonsed

for Issue on 22

S A Harvey Director

7

Leeds United Centenary Pavilion Limited NOTES TO THE FINANCIAL STATEMENTS
1 Pnncipal accounting policies The finanoal statements are prepared In accordance with applicable prmcrpal accounting pohcres adopted by the directors are set out below United Kingdom accounting standards The

BasIs of preparation The company IS controlled by Leeds City Holdings Limited, which has confirmed that It Will provide sufficient support to ensure that the company Will have sufficrent resources to meet debts as they fall due dunng the next year As a result, the directors consider that It IS appropnate to prepare the accounts on the gOing concern basis BasIs of accountmg The financial statements

are prepared In accordance

With the historical cost convention

The accounts present mformanon about the company as an Individual undertaking and not about ItS group, as the company has taken advantage of the exemption provided by section 400 of the Companies Act 2006 not to prepare consolidated flnancral statements as It and ItS subsidrary undertaking IS Included by full eonsohdauon In the consolidated financial statements of Its parent, Leeds City Holdings Limited, a company Incorporated In England and Wales Turnover Turnover represents

all rncome arising from the ordinary acnvrtres of the company excluding value added tax

Tangible fixed assets Deprecation IS calculated to wnte off the cost of tangible fixed assets, less their estimated line baSIS over the expected useful econorruc life of the asset concerned, as follows

residual values, on a straight

Short leasehold land and buildings Fixtures and fittings Alterations and Improvements

10 years 2 - 10 years 5 - 10 years

Leases There are no assets held under finance leases and hire purchase contracts Operating lease rentals are charged to profit and loss In equal amounts over the tenn of the lease 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 metusion of Items of Income 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 earnings 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 habihnes are not discounted Stocks Stocks, which compnse goods held for re-sale, are stated at the lower of cost and net reahsable value

8

Leeds United Centenary Pavilion Limited NOTES TO THE FINANCIAL STATEMENTS
2 Turnover
Year ended 30 June 2011

Conferencmq

and exrubmcn Income

828,220 287,481

Match day Income

1,115,701

3 Operatmg loss
Year ended 30 June 2011 £

Operallng

profit (loss) IS stated after chargmg/(credltJng)

Deprecratron

of tangible fixed assets 254,992

Owned assets

Audltors'remuneratlon
Audrt - Audrt servIces - Non audit servIces

3,000 1,500

4 Employees
The company had no employees

5 Taxation on loss on ordinary actrvrties
Year ended 3D June 2011 £

Factors affecting the tax charge for the penod The tax charge assessed for the penod IS lower than the standard differences are explained below rate of corporation tax In the UK (26%) The

Year ended 30 June 2011 £

loss on ordmary acnvmes before tax
Lass on ordinary activities multiplied by the standard 26% Effects of Expenses nat deductible for tax purposes Capital allowances In excess of deprecrauon Other short term timing differences rate of corporation tax In the UK of

(196,776)
(51,162)

46,494
(6,639) 11,307

Current tax charge for the period

9

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Leeds United Centenary Pavilion Limited NOTES TO THE FINANCIAL STATEMENTS
6 Tangible fixed assets
Short leasehold land and bUildings Alterations and Fixtures and fittings Total

Improvements

£

£

£

£

Cost or valuation At 1 July 2010 Additions At 30 June 2011
Depreciatron

844,405 844,405

1,452,068 1,452,068

378,680 378,680

2,675,153 2,675,153

At 1 July 2010 Charge for the year At 30 June 2011 Net book value At 30 June 2011 At 30 June 2010 779,390 1,333,806 306,965 2,420,161 65,015 65,015 118,262 118,262 71,715 71,715 254,992 254,992

7 Stock Goods held for resale

2011
£

21,408 21,408

2011

8 Debtors
£

Prepayments and accrued Income

37,949 37,949

9 Creditors: amounts failing due within one year
2011
£

Amounts due to group undertaking Accruals and deferred Income

2,671,510 4,784 2,676,294

10 Provrsrons for liabilities and charges Deferred tax calculation Deferred taxation Accelerated capital allowances Trading profits Deferred tax asset (not provided) The directors beheve this should not be recognised In the accounts as considered sufficiently certam In the short term
It's

2011 £

4,668 4,668 recovery
IS

not -

10

Leeds United Centenary Pavilion Limited NOTES TO THE FINANCIAL STATEMENTS
11 Called up share capital
2011
£

Allotted, Issued and fully paid 1 Ordinary shares of £1 each

12 ReselVes
Share CapItal Profit and loss account £'000 Shareholder's Fund £'000

At 1 July 2010 loss for the period At 30 June 2011

1 (196,776) 1 (196,716) (196,776) (196,775)

13 Ultimate controlling

party In

The directors consider that the ultimate controlling shareholder IS Mr K W Bates by virtue of his 100% shareholdrnq Outro limited, a company registered In NeVIS

leeds City Holdings limited IS the Immediate parent, and IS the smallest and largest group for which consolidated accounts Including leeds United Centenary Paviuon limited are prepared

14 Related party transacbons Dunng the year, the company has been advanced £2,671,510 from Leeds United Football Club LImited The year-end balance owed to Leeds United Football Club Limited ansmq from the above transaction IS£2,671,510 This ISIncluded In creditors amounts falling due within one year

11

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