| MANCHESTER UNITED PLC | Reg Num 02570509 |
| Statutory Information | |||
|
Previous Name(s): |
VOTEASSET PUBLIC LIMITED COMPANY until 25/01/1991 | ||
| Registered Office: | OLD TRAFFORD, | Date of Incorporation: | 21/12/1990 |
| MANCHESTER, | Latest Annual Return: | 21/12/2002 | |
| M16 0RA | Date Accounts Lodged: | 12/02/2003 | |
| Latest Filed Accounts Date: | 31/07/2002 | ||
| Date of Analysed Accounts: | 31/07/2002 | ||
| Accounts Reference Date: | 31/07 | ||
| Issued Capital (£): | 25,976,804 | ||
| Company is: | Quoted | ||
| Public limited with share capital | |||
| English/Welsh companies incorporated under part 1 of the Companies Act | |||
| Type of Accounts: | Group | ||
| Directory Information | |||
| Trading Address: | Sir Matt Busby Way, | Telephone Number: | 01618688000 |
| Manchester, | |||
| Lancashire, | |||
| M16 0RA | |||
| Region: | NORTH WEST | ||
| Bankers: | - | ||
| Auditors: | PricewaterhouseCoopers | ||
| Audit Qualification: | The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/07/2002. | ||
| Principal Activities: | A group engaged in the operation of a professional football club and related and ancillary activities. | ||
| UK SIC Code(s): |
92629 Other sporting activities not elsewhere classified 52489 Other retail sale in specialised stores not elsewhere classified |
||
| Risk Information | |||
| RISK SCORE | |||
| 2002 | 72 | Credit Limit (£): | 6,000,000 |
| 2001 | 77 | Contract Limit (£): | 43,000,000 |
| 2000 | 80 | ||
| 1999 | 68 | ||
| The score has been designed to predict the likelihood of a company becoming insolvent within the year. The latest score is 72 and this indicates a risk level for the next year over five times less than the average rate of 2%. We would expect 20.82% of companies to be at and above this score. The credit limit is £ 6,000,000, which is a reflection of the score and the substantial financial strength of the company. | |||
| County Court Judgments: | There are no unsatisfied CCJs against the company. | ||
| Ownership | |||||
|
GROUP STRUCTURE Holding Company: None Ultimate Holding Company: None ALL IMMEDIATE SHAREHOLDINGS ON ICC DATABASE BY TURNOVER |
|||||
| Name | Share Class | % Held | Sales('000) | A/C Date | Status |
| MANCHESTER UNITED FOOTBALL CLUB LIMITED | ORDINARY | 100 | 76,170 | 31/07/2001 | Trading |
| MUTV LIMITED | ORDINARY A | 100 | 5,127 | 30/09/2001 | Trading |
| MANCHESTER UNITED COMMERCIAL ENTERPRISES (IRELAND) LIMITED | ORDINARY | 100 | 118 | 31/07/2002 | Trading |
| THE COLLEGE HOUSE (SOUTH DOWNS ROAD) RESIDENTS MANAGEMENT COMPANY LIMITED | ORDINARY | 10 | 18 | 31/12/2001 | Trading |
| ALDERLEY URBAN INVESTMENTS LIMITED | ORDINARY | 100 | 5 | 31/07/2001 | Trading |
| BRAMHALL OAKS MANAGEMENT COMPANY LIMITED | B | 6 | 0 | 31/07/2002 | Trading |
| MAN UTD LIMITED | ORDINARY | 100 | - | - | Non Trading |
| MAN UNITED LIMITED | ORDINARY | 100 | - | - | Non Trading |
| MANCHESTER UNITED THEMED RESTAURANTS LIMITED | ORDINARY | 100 | - | - | Non Trading |
| MANCHESTER UNITED CATERING LIMITED | ORDINARY | 100 | - | - | Non Trading |
| RED CAFE LIMITED | ORDINARY | 100 | - | - | Non Trading |
| MUFC LIMITED | ORDINARY | 100 | - | - | Non Trading |
| EXTRAMINI LIMITED | ORDINARY A | 28 | - | 28/02/2002 | Trading |
| MANCHESTER UNITED INTERNATIONAL LIMITED | ORDINARY | 100 | - | - | Non Trading |
| TIMECREATE LIMITED | ORDINARY A | 35 | - | 28/02/2002 | Trading |
| MANCHESTER UNITED INTERACTIVE LIMITED | ORDINARY A | 100 | - | - | Not Analysed |
| Profit & Loss Account | |||||
| Date of Accounts | 31/07/02 | 31/07/01 | 31/07/00 | 31/07/99 | 31/07/98 |
| Consolidated | Yes | Yes | Yes | Yes | Yes |
| Subsidiary | No | No | No | No | No |
| No. of Weeks | 52 | 52 | 52 | 52 | 52 |
| Currency | (£ '000) | (£ '000) | (£ '000) | (£ '000) | (£ '000) |
| Audit Qualification | No | No | No | No | No |
| 1. Turnover | 146,062 | 129,569 | 116,005 | 110,674 | 87,875 |
| Cost of Sales | 15,685 | 22,120 | 20,134 | 23,934 | 21,637 |
| Gross Profit | 130,377 | 107,449 | 95,871 | 86,740 | 66,238 |
| 2. Operating Profit | 32,849 | 29,422 | 28,554 | 30,244 | 25,810 |
| Non Trading Income | (37) | (7,634) | (11,545) | (7,509) | 2,444 |
| Interest Payable | 465 | 10 | 221 | 324 | 415 |
| Pre-tax Profit | 32,347 | 21,778 | 16,788 | 22,411 | 27,839 |
| Taxation | 7,308 | 7,399 | 4,838 | 7,023 | 8,211 |
| Profit After Tax | 25,039 | 14,379 | 11,950 | 15,388 | 19,628 |
| Dividends Payable | 8,053 | 5,195 | 4,936 | 4,676 | 4,416 |
| Retained Profit | 16,986 | 9,184 | 7,014 | 10,712 | 15,212 |
| Value Added | 109,609 | 86,188 | 77,741 | 71,577 | 55,851 |
| Balance Sheet | |||||
| Date of Accounts | 31/07/2002 | 31/07/2001 | 31/07/2000 | 31/07/1999 | 31/07/1998 |
| Consolidated | Yes | Yes | Yes | Yes | Yes |
| Subsidiary | No | No | No | No | No |
| No. of Weeks | 52 | 52 | 52 | 52 | 52 |
| Currency | (£ '000) | (£ '000) | (£ '000) | (£ '000) | (£ '000) |
| 3. Tangible Fixed Assets | 131,618 | 124,502 | 126,100 | 100,568 | 83,721 |
| Intangible Assets | 82,209 | 71,117 | 32,315 | 30,125 | 27,025 |
| Total Fixed Assets | 213,827 | 195,619 | 158,415 | 130,693 | 110,746 |
| Stocks | 196 | 2,209 | 4,007 | 3,305 | 1,904 |
| Trade Debtors | 22,117 | 9,709 | 8,471 | 5,606 | 7,733 |
| Cash | 933 | 0 | 12,419 | 5,520 | 23,955 |
| 4. Miscellaneous Current Assets | 8,662 | 10,872 | 9,228 | 42,066 | 23,001 |
| Total Current Assets | 31,908 | 22,790 | 34,125 | 56,497 | 56,593 |
| 5. Creditors: Amounts falling due within one year | 53,459 | 44,935 | 39,711 | 38,702 | 28,750 |
| Total Assets less Current Liabilities | 192,276 | 173,474 | 152,829 | 148,488 | 138,589 |
| 6. Total Long Term Liabilities | 53,639 | 51,607 | 36,684 | 39,138 | 39,784 |
| Total Liabilities | 107,098 | 96,542 | 76,395 | 77,840 | 68,534 |
| 7. Share Capital & Reserves | 27,671 | 27,887 | 27,672 | 27,891 | 35,650 |
| P & L Account Reserve | 110,966 | 93,980 | 88,473 | 81,459 | 62,747 |
| Revaluation Reserve | 0 | 0 | 0 | 0 | 408 |
| Shareholders' Funds | 138,637 | 121,867 | 116,145 | 109,350 | 98,805 |
| Capital Employed | 192,276 | 173,474 | 152,829 | 148,488 | 138,589 |
| Net Worth | 56,428 | 50,750 | 83,830 | 79,225 | 71,780 |
| Working Capital | (21,551) | (22,145) | (5,586) | 17,795 | 27,843 |
| Contingent Liabilities | - | 0 | 3,159 | 2,608 | 2,850 |
| Cash Flow | |||||
| Date of Accounts | 31/07/2002 | 31/07/2001 | 31/07/2000 | 31/07/1999 | 31/07/1998 |
| Consolidated | Yes | Yes | Yes | Yes | Yes |
| Subsidiary | No | No | No | No | No |
| No. of Weeks | 52 | 52 | 52 | 52 | 52 |
| Currency | (£ '000) | (£ '000) | (£ '000) | (£ '000) | (£ '000) |
| Net Cashflow from Operating Activities | 42,807 | 50,882 | 35,761 | 32,514 | 39,948 |
| Net Cashflow from Return on Investment and Servicing of Finance | (5,198) | (4,467) | (4,253) | (2,929) | (1,412) |
| Net Cashflow before Financing | 2,170 | (12,200) | 8,621 | (16,837) | 2,293 |
| Net Cashflow from Financing | 0 | (1,456) | (1,722) | (1,598) | (1,582) |
| Increase in Cash | 2,170 | (13,656) | 6,899 | (18,435) | 711 |
| Accounts Notes | |||||
| Date of Accounts | 31/07/2002 | 31/07/2001 | 31/07/2000 | 31/07/1999 | 31/07/1998 |
| Consolidated | Yes | Yes | Yes | Yes | Yes |
| Subsidiary | No | No | No | No | No |
| No. of Weeks | 52 | 52 | 52 | 52 | 52 |
| Currency | (£ '000) | (£ '000) | (£ '000) | (£ '000) | (£ '000) |
| 1. Exports | 503 | 3,965 | 2,180 | 858 | 1,057 |
| 2. Operating Profit is after charging the following | |||||
| Employees' Remuneration | 62,568 | 44,590 | 39,977 | 33,304 | 24,363 |
| Directors' Remuneration | 1,564 | 1,769 | 1,714 | 1,387 | 1,231 |
| Audit Fees | 55 | 35 | 46 | 44 | 45 |
| Non Audit Fees | 442 | 255 | 131 | 140 | 84 |
| Depreciation | 7,685 | 7,539 | 5,052 | 4,565 | 3,144 |
| Average Number of Employees (actual) | 495 | 536 | 526 | 498 | 463 |
| 3. Tangible Assets consist of: | |||||
| Fixed Assets | 128,329 | 122,710 | 124,509 | 99,418 | 78,465 |
| Intermediate Assets | 3,289 | 1,792 | 1,591 | 1,150 | 5,256 |
| which includes: | |||||
| -Due from Group, Non Current | 1,000 | 1,000 | 1,000 | 725 | 25 |
| 4. Miscellaneous Current Assets includes: | |||||
| -Due from Group, Current | 0 | 0 | 0 | 0 | 0 |
| 5. Creditors: Amounts falling due within one year consists of: | |||||
| Trade Creditors | 21,579 | 13,702 | 11,431 | 15,630 | 6,424 |
| a Bank Overdraft | 0 | 1,237 | 0 | 0 | 0 |
| Miscellaneous Current Liabilities includes: | 31,880 | 29,996 | 28,280 | 23,072 | 22,326 |
| b -Bank Loans - Current Portion | 0 | 0 | 1,856 | 1,722 | 1,598 |
| c -Other Short Term Finance, including: | 0 | 0 | 0 | 0 | 0 |
| -Due to Group, Current | 0 | 0 | 0 | 0 | 0 |
| -Due to Directors, Current | 0 | 0 | 0 | 0 | 0 |
| -Other Current Liabilities | 31,880 | 29,996 | 26,424 | 21,350 | 20,728 |
| Short Term Loans (a+b+c) | 0 | 1,237 | 1,856 | 1,722 | 1,598 |
| 6. Total Long Term Liabilities consists of: | |||||
| Long Term Loans, which consists of: | 0 | 0 | 0 | 1,856 | 3,578 |
| -Long Term Bank Loans | 0 | 0 | 0 | 1,856 | 3,578 |
| -Other Long Term Finance, including: | 0 | 0 | 0 | 0 | 0 |
| -Due to Group, Non Current | 0 | 0 | 0 | 0 | 0 |
| -Due to Directors, Non Current | 0 | 0 | 0 | 0 | 0 |
| Other Long Term Liabilities | 53,639 | 51,607 | 36,684 | 37,282 | 36,206 |
| 7. Share Capital and Reserves consists of: | |||||
| Called Up Share Capital | 25,977 | 25,977 | 25,977 | 25,977 | 25,977 |
| Sundry Reserves | 1,694 | 1,910 | 1,695 | 1,914 | 9,673 |
| Ratios | |||||
| Date of Accounts | 31/07/2002 | 31/07/2001 | 31/07/2000 | 31/07/1999 | 31/07/1998 |
| Profit/Sales (%) | 22.15 | 16.81 | 14.47 | 20.25 | 31.68 |
| Profit/Capital Employed (%) | 16.82 | 12.55 | 10.98 | 15.09 | 20.09 |
| Profit/Total Assets (%) | 13.16 | 9.97 | 8.72 | 11.97 | 16.64 |
| Profit/Shareholders' Funds (%) | 23.33 | 17.87 | 14.45 | 20.49 | 28.18 |
| Sales/Total Assets (%) | 59.44 | 59.32 | 60.25 | 59.12 | 52.51 |
| Sales/Fixed Assets | 1.14 | 1.06 | 0.93 | 1.11 | 1.12 |
| Sales/Capital Employed | 0.76 | 0.75 | 0.76 | 0.75 | 0.63 |
| Working Capital/Sales (%) | -14.75 | -17.09 | -4.82 | 16.08 | 31.68 |
| Stock Turnover | 745.21 | 58.66 | 28.95 | 33.49 | 46.15 |
| Credit Period (days) | 55.27 | 27.35 | 26.65 | 18.49 | 32.12 |
| Creditor Days (days) | 53.92 | 38.60 | 35.97 | 51.55 | 26.68 |
| Debtors/Total Assets (%) | 9.00 | 4.45 | 4.40 | 2.99 | 4.62 |
| Current Ratio | 0.60 | 0.51 | 0.86 | 1.46 | 1.97 |
| Liquidity Ratio | 0.59 | 0.46 | 0.76 | 1.37 | 1.90 |
| Creditors/Debtors | 0.98 | 1.41 | 1.35 | 2.79 | 0.83 |
| Current Liabilities/Stocks | 272.75 | 20.34 | 9.91 | 11.71 | 15.10 |
| Interest/Pre-Interest Profit (%) | 1.42 | 0.05 | 1.30 | 1.43 | 1.47 |
| Total Debt/Net Worth (%) | 0.00 | 2.44 | 2.21 | 4.52 | 7.21 |
| Bank Overdraft & Long Term Liabilities/Net Worth | 95.06 | 104.13 | 43.76 | 49.40 | 55.42 |
| Long Term Debt/Net Worth (%) | 0.00 | 0.00 | 0.00 | 2.34 | 4.98 |
| Long Term Liabilities/Net Worth | 0.95 | 1.02 | 0.44 | 0.49 | 0.55 |
| Shareholders' Funds/Total Liabilities (%) | 129.45 | 126.23 | 152.03 | 140.48 | 144.17 |
| Shareholders' Funds/Total Assets | 0.56 | 0.56 | 0.60 | 0.58 | 0.59 |
| Bank Overdraft & Long Term Liabilities/Working Capital (%) | -2.49 | -2.39 | -6.57 | 2.20 | 1.43 |
| Total Debt/Working Capital | 0.00 | -0.06 | -0.33 | 0.20 | 0.19 |
| Average Employee Remuneration (£) | 126,400 | 83,190 | 76,002 | 66,876 | 52,620 |
| Sales per Employee (£) | 295,075 | 241,733 | 220,542 | 222,237 | 189,795 |
| Capital Employed per Employee (£) | 388,436 | 323,646 | 290,549 | 298,169 | 299,328 |
| Total Fixed Assets per Employee (£) | 431,974 | 364,961 | 301,169 | 262,436 | 239,192 |
| Total Assets per Employee (£) | 496,434 | 407,479 | 366,046 | 375,884 | 361,423 |
| Profit/Value Added (%) | 29.51 | 25.27 | 21.59 | 31.31 | 49.85 |
| Value Added/Sales(%) | 75.04 | 66.52 | 67.01 | 64.67 | 63.56 |
| Value Added per Employee (£) | 221,432 | 160,799 | 147,796 | 143,728 | 120,628 |
| Value Added/Employee Remuneration (%) | 1.75 | 1.93 | 1.94 | 2.15 | 2.29 |
| Exports/Sales (%) | 0.34 | 3.06 | 1.88 | 0.78 | 1.20 |
| Sales/Audit Fees | 2,655.67 | 3,701.97 | 2,521.85 | 2,515.32 | 1,952.78 |
| Total Assets/Audit Fees | 4,467.91 | 6,240.26 | 4,185.65 | 4,254.32 | 3,718.64 |
| Growth Rates | ||||
| 1 year | 2 year | 3 year | 4 year | |
| % | % | % | % | |
| Sales | 13 | 26 | 32 | 66 |
| Pre-tax Profit | 49 | 93 | 44 | 16 |
| Audit Fees | 57 | 20 | 25 | 22 |
| Directors' Remuneration | -12 | -9 | 13 | 27 |
| Number of Employees | -8 | -6 | -1 | 7 |
| Employees' Remuneration | 40 | 57 | 88 | 157 |
| Tangible Assets | 6 | 4 | 31 | 57 |
| Stocks | -91 | -95 | -94 | -90 |
| Trade Debtors | 128 | 161 | 295 | 186 |
| Total Current Assets | 40 | -7 | -44 | -44 |
| Total Assets | 13 | 28 | 31 | 47 |
| Trade Creditors | 58 | 89 | 38 | 236 |
| Short Term Loans | -100 | -100 | -100 | -100 |
| Total Current Liabilities | 19 | 35 | 38 | 86 |
| Shareholders' Funds | 14 | 19 | 27 | 40 |
| Long Term Loans | - | - | -100 | -100 |
| Long Term Liabilities | 4 | 46 | 37 | 35 |
| Capital Employed | 11 | 26 | 30 | 39 |
| Company/Industry Comparison | ||||
|
This comparison is based on the results of 592 companies in the same industrial sector: 92629 Other sporting activities not elsewhere classified |
||||
| Company | Industry Averages | |||
| 31/07/2002 | Lower | Median | Upper | |
| PERFORMANCE | ||||
| Profit/Sales (%) | 22.15 | -10.2 | 0.8 | 10.1 |
| Profit/Capital Employed (%) | 16.82 | -7.7 | 1.7 | 11.1 |
| Profit/Total Assets (%) | 13.16 | -6.1 | 0.8 | 7.2 |
| Profit/Shareholders' Funds (%) | 23.33 | -5.3 | 4.2 | 19.1 |
| TURNOVER | ||||
| Sales/Total Assets (%) | 59.44 | 40.5 | 70.0 | 142.7 |
| Sales/Fixed Assets (%) | 1.14 | 0.5 | 1.1 | 3.4 |
| Working Capital/Sales (%) | -14.75 | 11.1 | -14.5 | -46.0 |
| Stock Turnover | 745.21 | 43.9 | 75.0 | 130.4 |
| Credit Period (days) | 55.27 | 22.6 | 5.1 | 0.0 |
| Creditor Days (days) | 53.92 | 36.5 | 17.5 | 5.0 |
| LIQUIDITY | ||||
| Current Ratio | 0.60 | 0.3 | 0.6 | 1.4 |
| Liquidity Ratio | 0.59 | 0.2 | 0.5 | 1.3 |
| GEARING | ||||
| Total Debt/Net Worth (%) | 0.00 | 139.1 | 43.9 | 4.7 |
| Shareholders' Funds/Total Assets | 0.56 | 0.2 | 0.5 | 0.7 |
| Long Term Debt/Net Worth (%) | 0.00 | 69.9 | 9.9 | 0.0 |
| Interest/Pre-Interest Profit (%) | 1.42 | 25.9 | 4.7 | 0.0 |
| Total Debt/Working Capital | 0.00 | 0.8 | 0.1 | 0.0 |
| EMPLOYEE | ||||
| Average Employee Remuneration (£) | 126,400 | 11,539 | 17,651 | 32,547 |
| Wages/Sales (%) | 42.84 | 54.2 | 37.9 | 25.6 |
| Profit per Employee (£) | 65,347 | -5,424 | 51 | 5,381 |
| Sales per Employee (£) | 295,075 | 30,939 | 47,242 | 95,860 |
| Capital Employed per Employee (£) | 388,436 | 11,981 | 11,981 | 11,981 |
| Total Fixed Assets per Employee (£) | 431,974 | 17,040 | 54,018 | 123,556 |
| Total Assets per Employee | 496,434 | 36,744 | 73,732 | 168,670 |
| OTHER | ||||
| Creditors/Debtors | 0.98 | 0.7 | 1.8 | 6.0 |
| Debtors/Total Assets (%) | 9.00 | 0.0 | 1.2 | 7.2 |
| Current Liabilities/Stocks | 10.7 | 25.0 | 61.3 | |
| Exports/Sales (%) | 0.34 | 0.0 | 0.0 | 0.0 |
| Sales/Audit Fees | 2,655.67 | 234.5 | 386.2 | 755.4 |
| Total Assets/Audit Fees | 4,467.91 | 266.3 | 577.5 | 1,165.6 |
| Filing History | |
| 06/12/2002 | Change among the directors of a company |
| 21/11/2002 | Alteration in memorandum or articles of association |
| 21/11/2002 | Resolutions which give, vary, revoke or renew an authority for the purposes of section 80 (allotment of securities) |
| 21/11/2002 | Special resolutions passed under section 95 disapplication of pre-emption rights |
| 21/11/2002 | Resolutions or agreements to which section 380 applies (relating to shares, rights or names) |
| 24/04/1998 | Particulars of a mortgage or charge |
| 12/12/1997 | Returns of allotments of a public company |
| 24/05/1991 | Notification (given under section 122) of the redemption of shares |
| 29/01/1991 | Reports under section 103 or 104 as to the value of a non-cash asset |
| Directors | |
| COMPANY SECRETARY | |
| DAVID PETER BESWITHERICK | |
| DIRECTORS | |
| SIR ROY ALAN GARDNER | |
| DAVID ALAN GILL | |
| NICHOLAS WAYNE HUMBY | |
| PETER FRANCIS KENYON | |
| IAN FRASER ROBERT MUCH | |
| MR EDWARD MAURICE WATKINS | |
| PHILIP EDWARD YEA | |
