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:	21/12/2001
	M16 0RA	Date Accounts Lodged:	22/11/2001
		Latest Filed Accounts Date:	31/07/2001
		Date of Analysed Accounts:	31/07/2001
		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,	Fax Number:	-
	Lancashire,
	M16 0RA
Region:	NORTH WEST
Bankers:	NATWEST BANK
Auditors:	PricewaterhouseCoopers
Audit Qualification:	The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/07/2001.
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
2001	79	Credit Limit (£):	7,000,000
2000	80	Contract Limit (£):	45,000,000
1999	74
1998	59
The ICC score has been designed to predict the likelihood of a company becoming insolvent within the year. The latest score is 79 and this indicates a risk level for the next year over five times less than the average rate of 2%. We would expect 9.62% of companies to be at and above this score. The credit limit is £ 7,000,000, 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 3,639 30/09/2000 Trading MANCHESTER UNITED COMMERCIAL ENTERPRISES (IRELAND) LIMITED ORDINARY 100 158 31/07/2001 Trading ALDERLEY URBAN INVESTMENTS LIMITED ORDINARY 100 4 31/07/2000 Trading BRAMHALL OAKS MANAGEMENT COMPANY LIMITED B 6 0 31/07/2001 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 - 28/02/2001 Trading MANCHESTER UNITED INTERNATIONAL LIMITED ORDINARY 100 - - Non Trading TIMECREATE LIMITED ORDINARY A 35 - 28/02/2001 Trading
Profit & Loss Account
Date of Accounts 31/07/2001 31/07/2000 31/07/1999 31/07/1998 31/07/1997    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 129,569 116,005 110,674 87,875 87,939    Cost of Sales 22,120 20,134 23,934 21,637 25,052    Gross Profit 107,449 95,871 86,740 66,238 62,887 2  Operating Profit 29,792 28,554 30,244 25,810 26,018    Non Trading Income (8,004) (11,545) (7,509) 2,444 2,254    Interest Payable 10 221 324 415 695    Pre-tax Profit 21,778 16,788 22,411 27,839 27,577    Taxation 6,841 4,838 7,023 8,211 8,549    Profit After Tax 14,937 11,950 15,388 19,628 19,028    Dividends Payable 5,195 4,936 4,676 4,416 4,026    Retained Profit 9,742 7,014 10,712 15,212 15,002      Value Added 86,558 77,741 71,577 55,851 50,506   Balance Sheet      Date of Accounts 31/07/2001 31/07/2000 31/07/1999 31/07/1998 31/07/1997    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 124,502 126,100 100,568 83,721 71,514    Intangible Assets 71,117 32,315 30,125 27,025 0    Total Fixed Assets 195,619 158,415 130,693 110,746 71,514      Stocks 2,209 4,007 3,305 1,904 3,565    Trade Debtors 9,709 8,471 5,606 7,733 5,082    Cash 0 12,419 5,520 23,955 23,244 4  Miscellaneous Current Assets 10,872 9,228 42,066 23,001 28,049    Total Current Assets 22,790 34,125 56,497 56,593 59,940   5  Creditors: Amounts falling    due within one year 44,935 39,711 38,702 28,750 29,468      Total Assets less Current Liabilities 173,474 152,829 148,488 138,589 101,986   6  Total Long Term Liabilities 47,372 36,684 39,138 39,784 27,587      Total Liabilities 92,307 76,395 77,840 68,534 57,055   7  Share Capital & Reserves 27,887 27,672 27,891 35,650 35,091    P & L Account Reserve 98,215 88,473 81,459 62,747 39,173    Revaluation Reserve 0 0 0 408 135    Shareholders' Funds 126,102 116,145 109,350 98,805 74,399    Capital Employed 173,474 152,829 148,488 138,589 101,986      Net Worth 54,985 83,830 79,225 71,780 74,399    Working Capital (22,145) (5,586) 17,795 27,843 30,472      Contingent Liabilities 0 3,159 2,608 2,850 3,500   Cash Flow      Date of Accounts 31/07/2001 31/07/2000 31/07/1999 31/07/1998 31/07/1997    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 50,882 35,761 32,514 39,948 33,151    Net Cashflow from Return on Investment    and Servicing of Finance (4,467) (4,253) (2,929) (1,412) (2,153)    Net Cashflow before Financing (12,200) 8,621 (16,837) 2,293 (2,430)    Net Cashflow from Financing (1,456) (1,722) (1,598) (1,582) 10,438    Increase in Cash (13,656) 6,899 (18,435) 711 8,008   Accounts Notes      Date of Accounts 31/07/2001 31/07/2000 31/07/1999 31/07/1998 31/07/1997    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 3,965 2,180 858 1,057 2,275   2  Operating Profit is after    charging the following    Employees' Remuneration 44,590 39,977 33,304 24,363 19,666    Directors' Remuneration 1,769 1,714 1,387 1,231 728    Audit Fees 35 46 44 45 41    Non Audit Fees 255 131 140 84 91    Depreciation 7,539 5,052 4,565 3,144 2,777      Average Number of Employees (actual) 536 526 498 463 412   3  Tangible Assets consist of:    Fixed Assets 122,710 124,509 99,418 78,465 67,037    Intermediate Assets 1,792 1,591 1,150 5,256 4,477    which includes:    -Due from Group, Non Current 1,000 1,000 725 25 0   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 10,669 11,431 15,630 6,424 6,225 a  Bank Overdraft 1,237 0 0 0 0    Miscellaneous Current Liabilities includes: 33,029 28,280 23,072 22,326 23,243 b  -Bank Loans - Current Portion 0 1,856 1,722 1,598 1,483 c  -Other Short Term Finance, including: 0 0 0 0 25      -Due to Group, Current 0 0 0 0 0      -Due to Directors, Current 0 0 0 0 0   -Other Current Liabilities 33,029 26,424 21,350 20,728 21,735      Short Term Loans (a+b+c) 1,237 1,856 1,722 1,598 1,508   6  Total Long Term Liabilities consists of:    Long Term Loans, which consists of: 1,050 0 1,856 3,578 5,176    -Long Term Bank Loans 0 0 1,856 3,578 5,176    -Other Long Term Finance, including: 1,050 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 46,322 36,684 37,282 36,206 22,411   7  Share Capital and Reserves consists of:    Called Up Share Capital 25,977 25,977 25,977 25,977 6,494    Sundry Reserves 1,910 1,695 1,914 9,673 28,597   Ratios   Date of Accounts 31/07/2001 31/07/2000 31/07/1999 31/07/1998 31/07/1997 Profit/Sales (%) 16.81 14.47 20.25 31.68 31.36 Profit/Capital Employed (%) 12.55 10.98 15.09 20.09 27.04 Profit/Total Assets (%) 9.97 8.72 11.97 16.64 20.98 Profit/Shareholders' Funds (%) 17.27 14.45 20.49 28.18 37.07   Sales/Total Assets (%) 59.32 60.25 59.12 52.51 66.90 Sales/Fixed Assets 1.06 0.93 1.11 1.12 1.31 Sales/Capital Employed 0.75 0.76 0.75 0.63 0.86 Working Capital/Sales (%) -17.09 -4.82 16.08 31.68 34.65   Stock Turnover 58.66 28.95 33.49 46.15 24.67 Credit Period (days) 27.35 26.65 18.49 32.12 21.09 Creditor Days (days) 30.05 35.97 51.55 26.68 25.84 Debtors/Total Assets (%) 4.45 4.40 2.99 4.62 3.87   Current Ratio 0.51 0.86 1.46 1.97 2.03 Liquidity Ratio 0.46 0.76 1.37 1.90 1.91 Creditors/Debtors 1.10 1.35 2.79 0.83 1.22 Current Liabilities/Stocks 20.34 9.91 11.71 15.10 8.27   Interest/Pre-Interest Profit (%) 0.05 1.30 1.43 1.47 2.46 Total Debt/Net Worth (%) 4.16 2.21 4.52 7.21 8.98 Bank Overdraft & Long Term Liabilities/Net Worth 88.40 43.76 49.40 55.42 37.08 Long Term Debt/Net Worth (%) 1.91 0.00 2.34 4.98 6.96 Long Term Liabilities/Net Worth 0.86 0.44 0.49 0.55 0.37 Shareholders' Funds/Total Liabilities (%) 136.61 152.03 140.48 144.17 130.40 Shareholders' Funds/Total Assets 0.58 0.60 0.58 0.59 0.57   Bank Overdraft & Long Term Liabilities/Working Capital (%) -2.20 -6.57 2.20 1.43 0.91 Total Debt/Working Capital -0.10 -0.33 0.20 0.19 0.22   Average Employee Remuneration (£) 83,190 76,002 66,876 52,620 47,733 Sales per Employee (£) 241,733 220,542 222,237 189,795 213,444 Capital Employed per Employee (£) 323,646 290,549 298,169 299,328 247,539 Total Fixed Assets per Employee (£) 364,961 301,169 262,436 239,192 173,578 Total Assets per Employee (£) 407,479 366,046 375,884 361,423 319,063   Profit/Value Added (%) 25.16 21.59 31.31 49.85 54.60 Value Added/Sales(%) 66.80 67.01 64.67 63.56 57.43 Value Added per Employee (£) 161,489 147,796 143,728 120,628 122,588 Value Added/Employee Remuneration (%) 1.94 1.94 2.15 2.29 2.57   Exports/Sales (%) 3.06 1.88 0.78 1.20 2.59 Sales/Audit Fees 3,701.97 2,521.85 2,515.32 1,952.78 2,144.85 Total Assets/Audit Fees 6,240.26 4,185.65 4,254.32 3,718.64 3,206.20   Growth Rates   1 year 2 year 3 year 4 year % % % % Sales 12 17 47 47 Pre-tax Profit 30 -3 -22 -21 Audit Fees -24 -21 -22 -15   Directors' Remuneration 3 28 44 143 Number of Employees 2 8 16 30 Employees' Remuneration 12 34 83 127   Tangible Assets -1 24 49 74 Stocks -45 -33 16 -38 Trade Debtors 15 73 26 91 Total Current Assets -33 -60 -60 -62 Total Assets 13 17 31 66   Trade Creditors -7 -32 66 71 Short Term Loans -33 -28 -23 -18 Total Current Liabilities 13 16 56 53 Shareholders' Funds 9 15 28 70 Long Term Loans - -43 -71 -80 Long Term Liabilities 29 21 19 72 Capital Employed 14 17 25 70
Company/Industry Comparison
This comparison is based on the results of 1964 companies in the same industrial sector: 92620 Other sporting activities
Company Industry Averages 31/07/2001 Lower Median Upper PERFORMANCE Profit/Sales (%) 16.81 -14.5 0.2 10.2 Profit/Capital Employed (%) 12.55 -9.0 1.6 14.8 Profit/Total Assets (%) 9.97 -12.5 0.0 8.1 Profit/Shareholders' Funds (%) 17.27 -6.3 4.3 21.7   TURNOVER Sales/Total Assets (%) 59.32 33.9 76.2 191.0 Sales/Fixed Assets (%) 1.06 0.5 1.1 3.4 Working Capital/Sales (%) -17.09 20.1 -3.3 -41.6 Stock Turnover 58.66 26.0 52.7 94.3 Credit Period (days) 27.35 20.1 1.1 0.0 Creditor Days (days) 30.05 35.2 11.7 0.0   LIQUIDITY Current Ratio 0.51 0.2 0.8 1.6 Liquidity Ratio 0.46 0.2 0.6 1.5   GEARING Total Debt/Net Worth (%) 4.16 138.8 35.0 4.6 Shareholders' Funds/Total Assets 0.58 0.2 0.5 0.8 Long Term Debt/Net Worth (%) 1.91 65.8 8.2 0.0 Interest/Pre-Interest Profit (%) 0.05 27.6 4.2 0.0 Total Debt/Working Capital -0.10 0.8 0.1 0.0   EMPLOYEE Average Employee Remuneration (£) 83,190 9,739 16,030 29,375 Wages/Sales (%) 34.41 63.0 38.9 26.8 Profit per Employee (£) 40,631 -8,655 -173 2,979 Sales per Employee (£) 241,733 23,404 36,500 66,808 Capital Employed per Employee (£) 323,646 7,382 7,382 7,382 Total Fixed Assets per Employee (£) 364,961 8,734 40,405 107,462 Total Assets per Employee 407,479 25,417 62,312 136,579   OTHER Creditors/Debtors 1.10 0.8 2.1 7.5 Debtors/Total Assets (%) 4.45 0.0 0.9 10.0 Current Liabilities/Stocks 20.34 6.0 16.4 40.8 Exports/Sales (%) 3.06 0.0 0.0 0.0 Sales/Audit Fees 3,701.97 227.9 334.3 598.1 Total Assets/Audit Fees 6,240.26 247.8 507.0 1,138.4
Filing History
09/04/2002	Change among the directors of a company
22/11/2001	Special resolutions passed under section 95 disapplication of pre-emption rights
22/11/2000	Resolutions which give, vary, revoke or renew an authority for the purposes of section 80 (allotment of securities)
02/12/1999	Alteration in memorandum or articles of association
24/04/1998	Particulars of a mortgage or charge
12/12/1997	Returns of allotments of a public company
05/12/1996	Resolutions or agreements to which section 380 applies (relating to shares, rights or names)
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
MR AMER MOUAFFAC ALMIDANI
CHARLES MARTIN EDWARDS
ROY ALAN GARDNER
DAVID ALAN GILL
NICHOLAS WAYNE HUMBY
PETER FRANCIS KENYON
IAN FRASER ROBERT MUCH
MR EDWARD MAURICE WATKINS
PHILIP EDWARD YEA