Company registration

no. 07026702

Leeds United Media Limited

Report and Financial Statements Year ended 30 June 2011

COMPANIES

HOUSE

Leeds United Media Limited REPORT AND FINANCIAL CONTENTS STATEMENTS 2011

Page
Officers and professional Director's report responsibilities advisers 2

3 4
5

Statement of director's Auditor's report

Profit and loss account Balance sheet Notes to the financial statements

6 7 8-11

1

Leeds United Media Limited REPORT AND FINANCIAL STATEMENTS OFFICERS AND PROFESSIONAL
Director S A Harvey Secretary Y SAllen Registered office Eiland Road Leeds West Yorkshire LS110ES Bankers Bank of Ireland 15-16 Park Row Leeds LS15HD Sohcltors McCormlcks Solicitors 37 East Parade Harrogate HG15LQ Walker Morns Kings Court 12 King Street Leeds LS12HL Auditor Baker Tilly UK Audit LLP Registered Auditor Chartered Accountants 2 Whitehall Quay Leeds LS14HG

2011

ADVISERS

2

Leeds United Media Limited DIRECTOR'S REPORT
for the year ended 30th June 2011

The director presents his report and the audited financial statements

Pnncrpal actrvmes The principal activity of the company dunng the year was that of the provision of digital media and online advertrsinq Review of the business leeds Untied Media limited IS the company that holds leeds oWning 95% of the shares In Yorkshire Radio Limited

United's

digital and pubhcanon

properties

as well as

There IS a commitment to continue Investment Into leedsuruted com , lUTV and publications become clearer with a view to both mcreasmq revenue and the interacnvrty with fans WebSIte VIsitor statisncs rank favourably clubs are loosing viewers A full review of the company's renewal operation with most Premier league clubs and lUTV

as the digital landscape

subscnbers

are static when most

and objectives

are due In May 2011 as the key partner contracts

are up for

Directors Directors serving the company dunng the year and since the year-end S A Harvey Auditor Baker Tilly UK Audit Companies Act 2006

were as follows

lLP,

Chartered

Accountants,

are deemed

to be re-appomted

under

Section

487(2)

of the

Statement as to disclosure of mformanon to the auditor The director who was In office on the date of approval of these financial statements has confirmed, as far as he IS aware, that there IS no relevant audit Information of which the auditor IS unaware He has confirmed that he has taken all the steps that he ought to have taken as a director In order to make himself aware of any relevant audit Information and to establish that It has been communicated to the auditor This report has been companies exemption prepared
In

accordance

wtth the provrsions

apphcable

to companies

entitled

to the small

Approved by the director and Signed on behalf of the board

S A Harvey Director 15th February 2012

3

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--

-----------

Leeds United Media Limited

DIRECTOR'S RESPONSIBILITIES OF FINANCIAL STATEMENTS

IN THE PREPARATION
In

The director IS responsible for prepanng the Director's Report and the financial statements law and regulations

accordance with applicable

Company law requires the director to prepare financial statements for each financial year Under that law the director has elected to prepare the financial statements In accordance With Uruted Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) Under company law the director must not approve the financial statements unless he IS 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 penad In prepanng these financial statements, the director ISrequired to a b c select suitable accounting policies and then apply them consistently, make Judgments and estimates that are reasonable and prudent, prepare the ftnancial statements on the gOing concern basis unless It IS inappropriate to presume that the company Will continue In business

The director IS 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 him to ensure that the finanoal statements comply WIth the Companies Act 2006 He IS also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularmes

4

Leeds United Media Limited INDEPENDENT LIMITED AUDITOR'S REPORT TO THE MEMBERS OF LEEDS UNITED MEDIA

We have audited the financial statements on pages 6 to 11 The financial reporting framework that has been applied their preparation IS applicable law and Uruted Kingdom Accounting Standards (Untted 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 rnrght 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 opinions we have formed Respective responsibilities of directors and auditor As more fully explained In the Director's Responslblhtles Statement set out on page 4, the director IS 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 financsat 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 financral statements A descnpnon of the scope of an audit 'WWW frc org ukJapb/scope/prrvate dm

of

flnancral

statements

IS provrded

on

the

APB's

website

at

Opnuon on financial statements
In our opinion the financial statements • give a true and fair view of the state of the company's affairs as at 30 June 2011 and 01 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 requirements of the Cornparnes Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given In the Director's Report for the financial year for which the financial statements prepared IS consistent With the flnancial statements

are

Matters on which we are required to report by exception We have nothing to report In respect of the followmq matters where the Companies Act 2006 requires us to report to you If, In our opuuon • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not VISited by us, or • the financial statements are not 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, or • the directors were not entitled to take advantage of the small companies exemption In prepanng the directors' report

T.»-:J o«

l..LP

Andrew P Allchm {Senior Statutory Auditor} For and on behalf of BAKER TILLY UK AUDIT LLP, Statutory Auditor Chartered Accountants 2 Whitehall Quay Leeds LS14HG

is" February

2012

5

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

Year ended 30 June 2011 Note £

Period ended 30 June 2010 £

Turnover Cost of sales Gross profit Administrative Operating loss expenses

2

584,521 (255,801) 328,720 (331,142)

3 acnvmes before taxation 5 retained 15

(2,422)

Interest payable and similar charges Loss on ordinary (2,422)

Taxation on loss on ordinary activities Loss on ordinary actlvitles after taxation and transferred from reserves

(2,422)

The operating loss for the year arises from the company's

continuing

operations Accordingly,

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

6

Leeds United Media Limited BALANCE SHEET 30 June 2011
Company registration no 07026702

2011
Note £

2010 £

Fixed assets Investments

2,850 2,850

Current Debtors Cash
In

assets

6
hand

292,176 1 292,177

Creditors: Net current

amounts liabilities

failing

due wrthm one year

7

(297,448) (297,448) (2,421)

Total assets Creditors· year

less current falling

liabilities due after more than one

amounts

Net liabilities

(2,421)

1

Capital and reserves Called up share capital Profit and loss account EqUity shareholders' 9 10

1 (2,422) (2,421)

1 1

deflcit

The financial statements on pages 6 to 11 were 15th February 2012 and are Signed on Its behalf by

approved

by

the

director

and

authorised

for

Issue

on

SA Harvey Director

7

Leeds United Media Limited NOTES TO THE FINANCIAL STATEMENTS
1 Prrncrpal accounting policies The flnancral statements are prepared In accordance with applicable pnnopal accounting policies adopted by the directors are set out below Uruted Kingdom accounting standards The

BasIs of preparabon 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 sufficient resources to meet debts as they fall due dunnq the next year As a result, the directors consider that It IS appropnate to prepare the accounts on the gOing concern basis Basis of consolidation The directors have taken the exemption provided In FRS 1 from prepanng consolidated group accounts on the baSIS these results are reported In the consolidated results of the parent undertaking, Leeds City Holdings limited BaSIS of accounbng The financral statements

are prepared In accordance

With the hrstoncal cost convention

The accounts present information 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 flnancial statements as It and ItS subsidiary undertaking IS Included by full consolidation In the consolidated flnancial statements of ItS parent, Leeds City Holdings limited, a company mcorporated m England and Wales Turnover Turnover represents

all Income ansmq from the ordinary activmes of the company excluding value added tax

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 fight 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 mclusron 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 earmngs 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 liabilities are not discounted Fixed Asset Investments Are recorded at cost less proviston for Impairment

8

Leeds United Media Limited NOTES TO THE FINANCIAL STATEMENTS
2 Turnover
Year ended 30 June 2011 Period ended 30 June 2010

Onhne media Income Other media Income

540,284 44,237 584,521

The turnover for the year ended 30 June 2011 was generated usmq content associated with Leeds United Football Club limited

3 Operating loss
Year ended 30 June 2011 Operatmg profit (loss) IS stated after chargmgl(credltmg) Period ended 30 June 2010 £

£

Audltors'remuneratlon Audit 4 Employees The company has no employees 5 Taxation on loss ordinary actlV1ties
Year ended 30 June 2011 £ Period ended 30 June 2010 £

3,000

Factors affecting the tax charge for the period The tax charge assessed for the penod differences are explained below
IS

lower than the standard rate of corporation tax In the UK (26%)
Year ended 30 June 2011

The

Period ended 30 June 2010 £

£

Loss on ordinary acnvmes before tax Loss on ordinary actrvmes multiplied by the standard rate of corporation tax 26% Effects of Expenses not deducttble for tax purposes Current tax charge for the period
In

(2,422) the UK of (630)

630

6 Fixed Asset Investments
2011 2010

£

£

At start of penod Addmons At end of penod 2,850 2,850

9

·.
Leeds United Media Limited NOTES TO THE FINANCIAL STATEMENTS
7 Debtors 2011
£

2010
£

Prepayments

and accrued Income

36,700 255,476 292,176

Amounts due from group undertakings

8 Creditors

amounts

failing

due within

one year 2011
£

2010
£

Amounts due to group undertaking Accruals and deferred Income

185,000 109,598 294,598

9 Provisions Deferred

for liabilities

and charges
2011 £ 2010
£

tax calculation

Deferred taxation Accelerated capital allowances (630) (630)

Trading losses Deferred tax asset (not provided)

10 Called up share capital
2011 £ 2010 £

Allotted,

Issued and fully paid

1 Ordinary share of £1 each

11 Reserves
Share Capital Profit and loss account £'000 Shareholder's Fund £'000

At 22 September 2009 Issue of shares At 1 July 2010 Loss for the penod At 30 June 2011 1 1 1 (2,422) (2,422) 1

1
(2,422) (2,421)

12 Ultimate

controlling

party shareholder IS Mr K W Bates by virtue of his 100% shareholdmq In

The directors consider that the ultimate controlling Outro Limited, a company registered In NevIs

Leeds City Holdings Limited IS the Immediate parent, and IS the smallest accounts Including Leeds United Media Limited are prepared

and largest group for which consolidated

10


Leeds United Media Limited NOTES TO THE FINANCIAL STATEMENTS

13 Related party transactions Leeds United Media Limited benefited from usmq content associated with Leeds Uruted Football Club Limited and advertising Inventory on Yorkshire Radio DUring the year Leeds United Media Limited was advanced £255,476 by Leeds United Football Club Limited The yearend balance owed to Leeds Uruted Football Club Limited ansmq from the above transaction was £255,476 This amount IS Included In creditors amounts failing due within one year

11