Goals Soccer Centres plc 
Annual Report 2016 GOALS IS TRANSFORMING.
WE ARE TRANSFORMING OUR BRAND, 
OUR STRATEGY AND OUR EFFORTS TO 
MAXIMISE OUR TREMENDOUS MARKET 
OPPORTUNITIES.
Contents
Strategic report
01	 Corporate 	 highlights
02	 Chairman’s 	 statement
04	 At	a	glance
06	 Our	vision	for	the	future
08	 Chief	Executive	Officer’s	review
10	 Our	strategy
12	 Financial 	 review
14	 Underlying	performance	measures
16	 Strategic	report
Corporate governance
18	 Board	of	Directors
20	 Directors’ 	 report
22	 	 Remuneration	 report:	
	 voluntary 	 disclosure
26	 	 Corporate	 Governance:	
	 voluntary 	 disclosure
Financial statements
28	 	 Independent	 auditor’s	 report	 	
to	the	members	of	Goals 	
Soccer	Centres	PLC
29	 Consolidated	income	statement
29	 	 Statement	 of	 comprehensive	 	
income/expense
30	 Balance	sheets
31	 	 Statements	of	cash	flows
32	 Statements	of	changes	in	equity
34	 	 Notes	to	the	financial	statements
View our Annual Report 
2016 on our website:
www.goalsplc.co.uk 01
Strategic report
Corporate governance
Financial statements
Corporate highlightS
 › Strategic Business Review completed with 
a new 5 year strategic plan set.
 › Balance sheet strengthened through a 
successful share placing which raised gross 
proceeds of £16.75m.
 › Board restructured and refreshed with the 
appointment of Nick Basing as Chairman, 
Mark Jones as CEO, further supported by the 
appointments of Michael Bolingbroke as Senior 
Independent Director and Scott Lloyd and 
Christopher Mills as Non-Executive Directors.
 › Arena modernisation programme well 
advanced with £5.1m invested and 136 
pitches refurbished during the year.
 › New ‘Clubhouse 2020’ concept underway 
in three sites. Rollout planned over next 
18 months, subject to initial results.
 › Construction completed on second US club 
in Pomona, California which opened in 
February 2017. 02
tran SForming goal S 
for the future
2016 has been a pivotal year for the 
Company. Early in the year I outlined 
the five key short-term priorities of 
the Company:
 › appoint a new Chief Executive Officer 
and new Non-Executive Directors;
 › complete an in-depth independent 
strategic business review;
 › develop the overall investment case;
 › complete the US business plan; and
 › implement a near-term operational 
improvement plan. 
I’m pleased to confirm that these 
initiatives have now all been achieved 
or implemented and have seen the 
Group return to like-for-like sales 
growth in H2.
During the period, I commissioned key 
members of management and 
independent advisors to undertake an 
in-depth review of the business.
A detailed strategic plan for the Group 
was developed with the intention of 
strengthening the Company’s market 
leading position, improving Return on 
Capital Employed and increasing value 
for shareholders over the longer term. 
The Company set the following four 
strategic priorities:
Chairman’ S Statement
‘2016 has been a huge period of 
transformational change. It’s a good  
start to report profit growth and  
positive trend in like-for-like sales
1
.  
These results are early but  
encouraging evidence of our  
new strategy starting well.  
The business is on its way  
to being fit for purpose.’
n ick Basing
Chairman
1
  Underlying performance measures defined 
and reconciled on page 14-15 03
Financial statements
Strategic report
Corporate governance
t he strategy now in place will 
aim to unlock the Company’s 
potential
 › grow and innovate the UK core 
estate – through refurbishment of 
the existing buildings to a new 
upgraded brand format, 
accelerating the Arena 
modernisation programme and 
introducing new innovative 
technology to enhance the 
customer experience;
 › Develop new capabilities and gain 
competitive advantage – through 
developing value added 
propositions aimed at 
underdeveloped growth segments, 
relaunching a quality offering for 
advanced booked customers, 
upgrading IT systems to achieve 
deeper digital connectivity and 
refreshing and reinvigorating the 
operating environment;
 › international expansion of clubs 
and brand – through exploiting our 
early mover advantage in California, 
with a club opened in Pomona, Los 
Angeles in early 2017, and 
investigating market potential to 
leverage the Goals brand in Asia, 
and exploring other regions for 
market entry through capital 
efficient routes; and
 › Unlock underlying asset potential – 
through the development of 
additional revenue generating lines 
of business, exploring development 
potential across the property estate 
and remaining open to potential 
accretive, complementary 
business opportunities.
The results of the Strategic Business 
Review and our strategic priorities 
were announced to shareholders on 
3rd June 2016, following which the 
Company raised gross proceeds of 
£16.75m to deleverage the balance 
sheet and allow us to invest in our 
core proposition.
During the year, we significantly 
strengthened the Board with the 
key appointment of Mark Jones 
as Chief Executive Officer; further 
supported by the appointments of 
Michael Bolingbroke as Senior 
Independent Director and Scott 
Lloyd and Christopher Mills as 
Non-Executive Directors. 
Phil Burks, Keith Edelman and Alex 
Short all stood down from the Board 
during the period. I would like to 
acknowledge, on behalf of the Board, 
our thanks for their contribution 
during their terms.
Morris Payton also stepped down from 
the Board in 2016 but remains an 
executive within the Company. He has 
been a tremendous asset to the 
Company for many years and I thank 
him for his ongoing service. 
Shortly after the financial year end Keith 
Rogers stepped down from the Board. 
On behalf of the Board I would like to 
acknowledge and express our sincere 
gratitude to Keith for his invaluable and 
constructive contribution to the Board 
over the years. 
Finally, I would like to thank all of our 
employees who have provided huge 
support and backing to the changes 
made during this pivotal year for the 
Company. It has been a pleasure to 
work with everyone.
n ick Basing
Chairman
21 March 2017 04
at a glan Ce
at the heart oF 
the beautiful game
Formed in 2000, Goals was created 
with one simple aim – to get more people 
on the pitch, playing more football every 
single day. Fast forward to 2017 and 
we have 46 FA accredited clubs in 
the UK, and two more in Los 
Angeles, California.
48
LOCATIONS  
(46 in the UK and 2 in the US)
485
PITCHES
750
EMPLOyEES Strategic report
Financial statements
Corporate governance
05
Strategic report
Corporate governance
Financial statements
Building a network of clubs 
positioned at the heart 
of communities
 Key business strengths l ocations
Strong market position in 
the UK with US centre  
roll-out potential
Cash generating 
business model
Clubs
Key
 › Excellent and relevant locations
 › Good access
 › Long average lease length and 
low average rent
 › National coverage
 › Growth of Small Sided Football 
(SSF) underpinned by 
FA support
 › Increasing ‘commercialisation’ 
of football
 › Emergent Health and 
Wellbeing trend
 › New technology benefits
 › Consistent premium offering 
requiring investment
 › Strong digital offering
 › Successful US clubs
 › All clubs are now profitable
 › Recurring revenue streams
 › Favourable operational gearing
 › Low fixed cost base 
and margins
excellent and 
relevant locations
Significant structural 
market growth
UK clubs
+18
+3
+9
+7
+3
+2 06
o Ur vi Sion F or the FU t Ure
Creating 
an intense experience
a new brand vision
Our brand desire is to provide 
customers with the chance to be 
the pro they dream they could 
be. We do it by elevating the 
quality of the experience at 
every touchpoint, with every 
step towards the pitch and with 
every kick of the ball.
a new set of values
pro-feel experience
Be bold
Club belonging
Beyond the game
genuine love of football Strategic report
Corporate governance
Financial statements
07
Strategic report
Corporate governance
Financial statements
to give customers the chance 
to feel like the pro they dream 
they could be
Clubhouse 2020 Focus on quality
a Clubhouse 2020 concept will 
be retro-fitted to upgrade the 
estate to enhance goals' strong 
market position:
 › The new Clubhouse 2020 concept 
will be fully introduced at four pilot 
clubs in Q2 2017 and then rolled out 
across the remainder of the estate 
over the next two years
 › Additional five clubs planned for 2017
 › Refurbishment programme cost 
estimated at £8m
 › Target 15% EBITDA ROCE
n ew arena concept
 › ProTurf™
 › LED lights
 › Printed stadia boards
 › £5.1m investment  
(136 arenas / 25 clubs)
 › Seven-a-side conversions
 › Average cost £39k per pitch
 › Target 30% EBITDA ROCE
 › Average age of pitch reduced from 
7 years to 4.3 years
 › A further 50+ arenas planned for 2017 ‘In the last six months we have 
made good headway executing our 
plan: 136 pitches re-laid resulting in 
a much more attractive proposition 
for customers; development of the 
new Clubhouse format which will 
be trialled later this year; and 
progress on the food and beverage 
proposition. Additionally, we have 
had a successful launch of our 
second club in the USA and are 
due to commence construction of 
our third club in H1 2017. We are 
delivering a better product which 
is already showing in the numbers 
and are confident that we can 
realise our ambitions.’ 
mark Jones
Chief Executive Officer
08
Chie F exe CUtive o FFiCer’ S review
I’m pleased to confirm that, after a 
strong recovery in H2, the Group has 
returned to like-for-like growth with 
Group like-for-like sales
1
 for the year 
increasing by 0.5% and total sales 
increasing by 1.6% to £33.5m 
(2015: £33.0m).
Since I joined in July 2016, I have 
focused on implementing and 
delivering the key outputs of the 
strategic review. 
A key element of our strategy is to 
reinvest in our business through our 
Arena modernisation programme. In 
2016 we completed the modernisation 
of 136 pitches, with the upgrades 
including ProTurf
TM
, shock absorbers 
and enhanced lighting improving the 
playing characteristics of the pitch. 
We have now invested £5.1m on pitch 
refurbishment, more than has been 
spent cumulatively over the past ten 
years. Importantly this has reduced 
the average pitch age from 7.0 years 
to 4.3 years with this becoming a key 
performance indicator for the 
business. The feedback from our 
customers has been extremely 
positive and we continue to view the 
Arena investment as a driver for 
greater player attraction and retention. 
In 2016 we developed our new brand 
vision and values in association with 
leading creative agency McCann. In 
Q4 we also took the opportunity to 
launch our new team values to our 
frontline teams which has been well 
received and aligns our team 
members with the new strategy for 
the business going forward. Goals has 
also established its ‘Future Leaders’ 
training programme which will ensure 
that the business has the best ‘bench’ 
of talented people who are identified 
to progress onto more senior roles 
when they are ready.
Signi FiCant progress
1
  Underlying performance measures defined 
and reconciled on page 14-15 Strategic report
Corporate governance
Financial statements
09
w e look forward to the 
future with growing 
confidence
The brand work with McCann has 
ensured that we have a robust 
customer-led brand story where we 
aim to give customers the chance to 
feel like the pro they dream they 
could be. Our efforts as a brand are 
to ensure that ‘The game means 
more’. Our new brand logo will be 
launched in April 2017 at our Ruislip 
club and will be supported by an 
updated consumer website with 
improvements in speed, ease of 
navigation, better payment methods 
and bespoke marketing.
We will bring to life our brand vision 
through the development of our 
Clubhouse 2020 concept where we 
partnered with Harrison Fraser, one of 
the UK’s leading destination design 
agencies. After extensive work and 
research initial designs are now 
complete. Our goal is to create a 
welcoming environment for our 
customers to increase dwell time and 
ancillary spend but also to create a 
welcoming clubhouse feel. Our vision 
is to create and develop Goals into a 
leisure destination brand rather than 
solely a football business. We have 
also made and are in the process of 
making significant improvements to 
our food and beverage offering with 
an emphasis on better products, 
better value pricing and better 
service. Many of our clubhouses 
require modernisation to provide an 
attractive pre- and post-game 
environment for our customers to 
enjoy the additional products on 
offer. We envisage that Clubhouse 
2020 will do this for the benefit of 
customers and shareholders alike.
Subject to planning and licensing 
permissions, the concept will be 
trialled at our Ruislip, Beckenham, 
Glasgow South and Leeds clubs in 
H1 2017. Thereafter we anticipate that 
after customer feedback and cost 
value engineering it will be rolled out 
across the estate over the following 
18 months at appropriate clubs at a 
cost of around £8.0m, financed from 
existing cash resources. 
We also undertook a full review of each 
of our revenue streams and we now 
have plans in place to enhance each of 
these streams through deeper digital 
connectivity, product innovations and 
improved staff training. We have 
improved products from leagues to 
children’s parties and have taken steps 
to improve, differentiate and enhance 
the experience for customers at all 
stages of their interaction with the 
Goals brand.
The USA remains a key growth market 
for the Company. After a number of 
years of strong performance in the 
USA sales declined by 4.3% in 
constant currency last year. We have 
identified the issues and taken steps 
to strengthen the US business with 
the appointment of a new senior level 
operations executive and we are 
now planning additional support 
from the UK business to help 
improve performance.
Construction of our second US club, 
in Pomona, Los Angeles, completed in 
early February 2017 at a cost of $4.2m 
(£3.3m) significantly less than our 
original South Gate site. It is an 
excellent location. Whilst it is still very 
early days, initial signs are encouraging 
and the first few weeks have surpassed 
the trend seen during the South Gate 
opening phase.
Looking forward, our international 
expansion plans will initially be 
focused on the USA and we have a 
pipeline of options for future openings 
as we seek to grow our US business in 
a controlled and measured manner, 
based on our experiences at Pomona. 
Work has already begun on 
a programme to significantly reduce 
the construction costs of the next 
generation of clubs.
In the UK, we also took steps to 
realign our support office teams to 
reduce costs and better support our 
club teams, but we were also able to 
strengthen our operations, marketing 
and catering team as we ensure we 
have the right support for the 
Clubhouse 2020 project.
In addition to financial measures we 
have implemented a number of 
important non-financial key 
performance indicators that we 
continue to closely monitor and are 
pleased that our Net Promotor Score 
(NPS) for the year stood at 46% 
which compares well with leisure 
industry averages. 
These actions and areas of focus, 
together with other operational 
changes, have been instrumental in 
the improvement in our underlying 
performance, however our task has 
only just begun to put the business 
in a position where it can achieve the 
returns we believe it is capable of. 
I would like to thank all of the Goals 
team for the strong welcome they 
have given me as Chief Executive 
Officer and for their continued hard 
work and dedication in driving 
through the significant changes that 
we have made. 
Our strategic plan outlined in June 
2016 is still in the early stages of 
implementation, however we are 
pleased that Group sales for the 
first 10 weeks of 2017 are above the 
revenue levels achieved during the 
strong start of last year and are in 
line with management expectations.
We look forward to delivering 
continued progress in 2017, 
investing to drive returns for 
shareholders, as we move our 
focus to upgrading our clubhouses 
to the Clubhouse 2020 format in 
the UK and growing our business 
in the US. We look forward to the 
future with growing confidence. 
o utlook
mark Jones
Chief Executive Officer 
21 March 2017 10
Strategic priorities 
 › Accelerate the Arena modernisation programme 
 › Refurbish existing buildings to the new Clubhouse 
2020 format
 › Introduce new technology to enhance customer 
experience
progress in 2016
 › Operational restructuring complete
 › 136 arenas modernised
 › New Clubhouse 2020 concept developed
 › Customer service enhanced 
 › Key football products improved 
 › Improved overall F&B proposition 
grow and innovate the UK core estate
o Ur Strategy
w e have Develope D 
a robust strategy  
for growth
The strategic plan will be achieved 
through focusing on four 
core priorities. Strategic report
Corporate governance
Financial statements
11
Strategic priorities
 › New added value propositions 
 › Relaunch quality offering for core, advanced booked 
customers 
 › Upgrade IT systems to achieve deeper digital 
connectivity 
 › Refresh and reinvigorate the operating environment
progress in 2016
 › Initial product review complete 
 › Developed new marketing strategy with the main 
objectives to attract more customers, increase game 
count and prevent customer churn
Strategic priorities
 › Exploit early mover advantage in California, with Los 
Angeles centre to be opened in H2 2016 
 › Investigate market potential to leverage brand in Asia 
 › Explore other regions for market entry through capital 
efficient routes
progress in 2016
 › Pomona site built plus new pipeline
Strategic priorities
 › Search out accretive and selective bolt-on 
opportunities complementary to existing operations 
 › Develop additional revenue generating lines 
 › Explore development potential of high value and 
under used properties
progress in 2016
 › Full estate review completed 
 › Appointed property agents to explore new 
business opportunities
Develop new capabilities
international expansion
Unlock underlying potential
o ur strategy is intended 
to deliver increasing value 
to stakeholders 12
Finan Cial review 
I am pleased to report that, following 
a strong recovery in H2, Group sales 
for the year increased by 1.6% 
(H1: -0.5%, H2: +3.7%) to £33.5m 
(2015: £33.0m) and Group like-for-like 
sales
1
 returned to growth increasing 
by 0.5% (H1: -2.0%, H2: +2.9%). 
Group operating profit increased to 
£4.2m (2015: (£5.4m)). Underlying 
Club EBITDA declined by 3.2% to 
£14.4m (2015: £14.9m), Head Office 
costs increased by 1.4% to £3.2m 
(2015: £3.1m) and Underlying Group 
EBITDA
1
 declined by 4.9% to £11.2m 
(2015: £11.8m). This decline has been 
driven by an increase in UK club 
overheads of £0.9m (7.1%) following 
the introduction of the Living Wage 
during the year. The ongoing 
increases in Living Wage 
and anticipated increases in Business 
Rates are likely to produce overhead 
headwinds for the foreseeable future. 
Underlying Group EBITDA grew by 
0.2% in H2 (H1: -9.8%) due to the 
strong recovery in Group sales.
Financial expenses reduced to £0.5m 
(2015: £0.7m) as debt reduced from 
£36.7m to £24.0m primarily due to 
a successful share placing of 16.75m 
shares at a price of 100p in June 2016. 
Current net debt to Underlying 
EBITDA
1
 is 2.1 times (2015: 3.1 times) 
with Underlying EBITDA
1
 to bank 
interest cover being 20.8 times during 
the 12 months ended 31 December 
2016 (2015: 16.3 times).
Group Profit Before Tax was £3.7m 
(2015: (£6.2m)). Underlying profit 
before tax
1
 reduced by 6.1% to £7.8m 
(2015: £8.3m) but grew by 4.5% in H2. 
Underlying earnings per share
1
 
declined by 32.6% to 9.7p (2015: 14.3p) 
due to the decline in Underlying profit 
and an increase of 15.4% in the diluted 
weighted average number of 
ordinary shares.
tU rnaro Un D Beginning 
h2 reco Very
As a result of the strong recovery in H2, 
UK sales for the year increased by 1.3% 
to £32.3m.
w illiam gow
Chief Financial Officer
1
  Underlying performance measures defined 
and reconciled on page 14-15 Strategic report
Corporate governance
Financial statements
13
The tax charge for the period 
translated to an effective rate of 24% 
(2015: 1.6%). This rate is 4% higher 
than the UK corporation tax rate due 
to non-deductible exceptional costs 
and adjustments to prior year 
balances of 8% and 7% respectively 
offset by a deferred tax adjustment of 
11% resulting from the reduction in 
future corporation tax rates 
substantively enacted at 31 December 
2016. The effective rate is expected to 
reduce in 2017 to be in line with the 
standard UK corporation tax rate. 
The Group’s balance sheet is well 
capitalised with net assets of £91.7m 
(2015: £72.7m). The Group has a long 
term non-amortising bank facility 
with Bank of Scotland of £42.5m 
which expires in July 2019. Net debt 
at the end of the period stood at 
£24.0m (2015: £36.7m). In addition, 
the Group has access to a £2.0m 
overdraft facility. Our exposure to 
recent exchange rate fluctuations has 
been mitigated by borrowing the 
development costs of the new club 
at Pomona in US dollars.
The IASB has issued IFRS 16 ‘Leases’ 
which provides a new model for lease 
accounting in which all leases, other 
than short-term and small-ticket-item 
leases, will be accounted for by the 
recognition on the balance sheet of a 
right-to-use asset and a lease liability, 
and the subsequent amortisation of 
the right-to-use asset over the lease 
term. IFRS 16 is expected to become 
effective for the Group’s year ending 
31 December 2020 and is expected to 
have a significant effect on the 
Group’s financial statements, 
increasing the Group’s recognised 
assets and liabilities and potentially 
affecting the presentation and timing 
of recognition of certain amounts in 
the income statement. 
The Group incurred total exceptional 
costs of £3.5m (2015: £14.5m). £2.5m 
(2015: £14.5m) of this was a non-cash 
asset impairment charge which 
principally relates to one club that has 
underperformed. £1m (2015: £nil) was 
a cash charge of which £0.9m related 
to restructuring costs to implement 
the outcome of the strategic review 
and £0.1m related to separate 
strategic projects.
The Group incurred non-recurring 
costs in relation to the development 
and rollout of the new Goals brand 
and values of £0.5m (2015: £nil) and 
incurred a loss on disposal of old 
pitch surfaces of £0.1m (2015: £nil) 
following the modernisation of 136 
pitches during the year.
The Board continues to focus on 
strong cash generation. Free cash 
flow
1
 declined by 11.5% to £9.4m 
(2015: £10.6m). The Group invested 
£10.2m in capital expenditure (2015: 
£7.6m) during the period. £3.7m 
(2015: £5.3m) was incurred on our 
new clubs, £0.2m on information 
technology, and £6.3m on upgrading 
our mature clubs. The Group invested 
£0.3m on software development 
systems during the period. 
goals UK
As a result of the strong recovery in H2, 
UK sales for the year increased by 1.3% 
(H1: -0.5%, H2: +3.1%) to £32.3m (2015: 
£31.9m) and like-for-like sales increased 
by 0.2% (H1: -2.1%, H2: +2.5%). 
Despite an increased proportion of 
lower margin bar and vending sales 
our overall gross profit margin 
remained in line with last year at 
89.0% (2015: 88.7%). 
The increase in Living Wage pay rates 
produced some headwinds and 
resulted in a £0.6m (9.4%) increase in 
club salary costs. A strong focus on 
overhead costs was maintained 
throughout the year and this 
combined with other efficiency 
measures restricted the increase in 
our average overheads per club to 
5.0% (2016: £321,000; 2015: 
£306,000). Consequently, average 
EBITDA per club fell 4.2% to 
£304,000 (2015: £317,000).
As the ongoing increases in Living 
Wage and anticipated increases in 
Business Rates are likely to produce 
overhead headwinds for the 
foreseeable future, ongoing efficiency 
savings will be targeted to mitigate 
the impact of this.
goals US
After a number of years of relatively 
strong performance in the USA sales 
declined by 4.3% to $1.7m (2015: 
$1.8m). Club overheads increased by 
8.3% (2016: $854,000; 2015: 
$789,000), resulting in a decline in 
Club EBITDA of 20.2% (2016: 
$677,000; 2015: $848,000). We have 
taken steps to strengthen the US 
business with the appointment of a 
new senior level operations executive. 
The Group benefited from the decline 
in the value of sterling and when 
converted to sterling sales grew by 
8.2% to £1.3m (2015: £1.2m). 
Dividend
Although like-for-like sales have 
stabilised there is still much work to 
do to deliver the returns the Board 
believes the business is capable of 
achieving. The Directors are therefore 
not recommending a final dividend in 
relation to the 2016 period. The 
Directors intend to recommence 
dividends when appropriate.
w illiam Bg g ow
Chief Financial Officer
21 March 2017
o ur strengthened balance 
sheet gives the financial 
capacity to modernise 
the business 
1
  Underlying performance measures defined 
and reconciled on page 14-15 14
The following calculations support the underlying performance measures which are used throughout the Annual 
Report and financial statements. The Board believes that these measures provide useful information as they are used 
internally to evaluate the performance of the Group.
1. 2016 like-for-like sales are based on clubs opened prior to 1 January 2015. 
2015 like-for-like sales are based on clubs opened prior to 1 January 2014.
2016
£000
2015
£000
Total sales 33,532 33,013
Clubs opened post 1 January 2015 (884) (525)
Like-for-like sales 32,648 32,488
2. Underlying EBITDA is Earnings Before Interest, Tax, Depreciation and Amortisation adjusted for the impact of the 
exceptional items, non-recurring costs and loss on disposal as shown below: 
2016
£000
2015
£000
Operating profit/(loss) 4,211 (5,432)
Depreciation 2,729 2,600
Amortisation 204 199
Loss on disposal (note 3) 124 –
Non-recurring costs (note 3) 450 –
Exceptional items (note 6) 3,516 14,450
Underlying EBITDA 11,234 11,817
3. Underlying Profit Before Tax is Profit/(Loss) Before Tax adjusted for the impact of the exceptional items, non-
recurring costs and loss on disposal as shown below:
2016
£000
2015
£000
Profit Before Tax 3,664 (6,181)
Loss on disposal (note 3) 124 –
Non-recurring costs (note 3) 450 –
Exceptional items (note 6) 3,516 14,450
Underlying Profit Before Tax 7,754 8,269
Un Derlying p er Forman Ce mea SUre S  Strategic report
Corporate governance
Financial statements
15
4. Underlying diluted earnings per share is diluted earnings per share adjusted for the net of tax impact of the 
exceptional items, non-recurring costs and loss on disposal as shown below:
2016
Underlying
profit
£000
2016
Underlying
epS
p
2015
Underlying
Profit
£000
2015
Underlying
EPS
p
Adjusted diluted underlying earnings per share 6,563 9.7p 8,368 14.3p
Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted 
average number of ordinary shares in issue during the year plus the dilutive element of all outstanding relevant share 
options outstanding during the year. For the year ended 31 December 2016 this was 67,663,242 (2015: 58,609,677).
5. Underlying free cash flow is net cash flow from operating activities adjusted for the cash impact of the exceptional 
items and non-recurring costs:
2016
£000
2015
£000
Net cash flow from operating activities 7,985 10,643
Non-recurring costs (note 3) 450 –
Non-impairment exceptional items (note 6) 982 –
Underlying Free Cash Flow 9,417 10,643 16
StrategiC report 
principal activities
The principal activity of the Group 
is the operation of outdoor 
soccer centres.
r eview of business and future 
developments
The results of Goals Soccer Centres 
plc for the year are set out in the 
consolidated income statement on 
page 29.
A review of the business, results 
and dividends, and likely future 
developments of the Group are 
contained in the Chairman’s 
statement, and the Chief Executive 
Officer’s and Chief Financial 
Officer’s reviews on pages 12 to 13.
Principal risks and uncertainties
Delivering growth – the Group is 
pursuing a recovery strategy of 
investing in facilities to drive utilisation 
in existing clubs. The Board believes 
that there is an opportunity to increase 
the average EBITDA per club through 
strong management, facility investment 
and operational improvements.
o verseas expansion – post year end, 
the Group has opened a further club 
in the US and has a pipeline of land 
options for future openings to 
progress its US programme in a 
controlled and measured manner. 
impact of severe weather conditions – 
given the impact of bad weather on 
the operation of our clubs the Board 
continues to review ways in which to 
manage this risk in order to minimise 
the overall impact on results.
managing health and safety – health 
and safety risks are continually 
assessed by the Group’s Health and 
Safety team and regular reports are 
provided directly to the Board.
r ecruitment and development of staff – 
the ongoing success of the Group 
is dependent on the commitment, 
training, development and retention 
of its key staff including the Executive 
Directors. Remuneration packages, 
training and development opportunities 
are reviewed regularly.
b usiness continuity – business 
continuity planning is the responsibility 
of the Board and is reviewed regularly. 
Business interruption insurance is also 
in place.
l egislation and other regulations – the 
Group continues to monitor compliance 
and developments in this area.
Key areas of strategic development are 
discussed in the Chairman’s Statement.
Key performance indicators are set out below:
2016 2015
Revenue (£million) 33.5 33.0
Operating profit pre-exceptional (£million) 7.7 9.0
Operating profit/(loss) (£million) 4.2 (5.4)
Operating profit/(loss) pre-exceptional margin 23% 27%
Operating profit/(loss) margin 13% (16%)
Group like-for-like sales growth/(decline) 0.5% (6.3%)
Number of clubs added in the year (number) nil 2
By order of the Board
w illiam Bg g ow
Company Secretary
21 March 2017 17
Strategic report
Corporate governance
Financial statements
there ’S an inten Sity  
to o Ur experien Ce that 
maKeS it matter , FUll o F 
pa SSion , energy , QUality 
an D a Con Centration  
o F Detail 18
Boar D o F Dire Ctor S
nick Basing
Non-Executive Chairman
mark Jones
Chief Executive Officer
Bill gow
Chief Financial Officer
Nick has spent about 30 years in 
the consumer, leisure and hospitality 
sector. He is Chairman of IB Equity, 
holding company of Tenpin Ltd, 
second largest bowling based 
family entertainment company in 
the UK. Prior to this he was CEO of 
Paramount Restaurants for six 
years, trading under the brands of 
Chez Gerard, Bertorelli and Caffe 
Uno. Following a successful 
recovery the business was ranked 
14th in the Sunday Times Fast track 
100 Survey. Before this Nick held 
a number of senior management 
positions with leading consumer 
companies including Rank, First 
Leisure, Unilever and Granada. Nick 
is also an Operational Advisor to 
Harwood Capital. He has recently 
served as a Non-Executive Director 
at The All England Lawn Tennis 
& Croquet Club (‘Wimbledon’) and 
Brake Brothers Holding, before its 
sale to Bain Capital. He was 
educated at Bedford College and 
Harvard Business School.
Nick is Chairman of the 
Nominations Committee and a 
member of the Remuneration and 
Audit Committees. 
Mark is a very experienced and 
exceptional operator of multi-site 
leisure businesses and joins from 
Rank Group plc, where he was 
Managing Director of Grosvenor 
Casinos, the largest casino business 
by locations and revenue in the UK. 
Prior to this, he held numerous 
senior roles within the leisure 
industry, including being the 
Managing Director of Mecca Bingo, 
Chairman and Chief Executive 
Officer of Premium Bars and 
Restaurants, Chief Executive 
Officer of yates Group and various 
roles within Whitbread PLC.
Mark is a member of the 
Nominations Committee.
Bill is a Chartered Accountant, and 
also completed an MBA in 1992. 
He subsequently held senior 
management positions at British 
Aerospace plc and National 
Australia Group before joining 
KPMG in 1997, where he specialised 
in Corporate Finance. Bill was a 
member of the management team 
that effected the MBI of Goals in 
November 2000 and has been the 
Company’s CFO since then. Strategic report
Corporate governance
Financial statements
19
Scott lloyd
Non-Executive Director
Christopher harwood  
Bernard mills
Non-Executive Director
Scott founded Next Generation 
Clubs in 1997 having identified the 
opportunity to innovate and 
redefine premium, large scale, 
family-orientated sports and leisure 
facilities. Following a successful 
period of roll out within Next 
Generation, Scott led the 
management buy-out of David 
Lloyd Leisure from Whitbread PLC 
and formally merged David Lloyd 
Leisure with Next Generation Clubs 
to create the David Lloyd Leisure 
Group. In 2013 David Lloyd Leisure 
Group was sold to TDR Capital for 
approximately £750m, where Scott 
performs the role of Non-Executive 
Deputy Chairman.
Scott is Chairman of the 
Remuneration Committee and 
a member of the Audit and 
Nominations Committees.
Christopher is a highly-experienced 
Board representative holding a 
number of Non-Executive Director 
positions across a range of 
companies. He founded Harwood 
Capital Management in 2011, a 
successor of J O Hambro Capital 
Management, which he co-founded 
in 1993. He is Chief Executive and 
investment manager of North 
Atlantic Smaller Companies 
Investment Trust plc and Chief 
Investment Officer of Harwood 
Capital LLP. Christopher was 
previously a Director of Invesco 
MIM, where he was head of North 
American investments and venture 
capital, and of Samuel Montagu  
International.
Christopher is a member of the 
Remuneration, Audit and 
Nominations Committees.
Michael brings a wealth of football 
industry experience and knowledge 
to the Company. He was recently 
Chief Executive Officer of Inter 
Milan S.p.A., one of the world’s 
leading football clubs competing in 
the top tier Italian Serie A league, 
which he joined in 2014. At Inter 
Milan, Michael established a 
business culture and commercial 
strategy which led to increases in 
both revenues and EBITDA, as well 
as significantly expanding the club’s 
international fan base. Prior to 
joining Inter Milan, he was Chief 
Operating Officer of UK Premier 
League football club Manchester 
United F.C. from 2007, where as 
part of his role he oversaw day-to-
day management and operations of 
the club including venue operations 
and facility development.
Michael is Chairman of the Audit 
Committee and a member of the 
Remuneration and Nominations 
Committees. Michael is the Senior 
Independent Director.
michael Bolingbroke
Senior Independent  
Non-Executive Director 20
Dire Ctor S’ report
r esearch and development
The Group continuously reviews its product offering and 
invests in research and development to ensure that it is 
market leading.
Financial instruments
The Group’s policies for managing financial risk including 
its hedging policy are given in note 22.
proposed dividend
No interim dividend in respect of the current year was 
paid (2015: 0.675p per share; £395,000). No final dividend 
has been proposed (2015: nil). 
Directors 
The Directors of the Company are as noted on pages 
18 to 19.
Morris Payton resigned from the Board of Directors on 
4th November 2016 but remains an employee of the 
Company and a member of the Executive Committee.
Keith Rogers resigned from the Board of Directors on 
15th January 2017 and is currently serving twelve months’ 
gardening leave. 
The Company’s Articles of Association require one-third 
of the Directors who are subject to retirement by rotation 
to retire from office and be subject to re-election at the 
Annual General Meeting (‘AGM’). The Board has decided 
that all of the other Directors will stand for re-election at 
the forthcoming AGM. 
Details of Directors’ interests in shares and share options are 
disclosed in the Remuneration Report on pages 22 to 25.
employees
The Directors recognise that a key element in the success 
of Goals Soccer Centres plc is the quality and commitment 
of our employees. The Group places very considerable 
importance on the contributions of our employees and our 
policy is to communicate to all employees relevant 
information about our clients and our business. Regular 
meetings are held between local management and 
employees to allow for the free flow of information 
and ideas.
The Group gives full consideration to applications for 
employment from disabled persons where the 
requirements of the role can be adequately fulfilled by 
a handicapped or disabled person. Where an existing 
employee becomes disabled, the Group’s policy is to 
provide continuing employment under normal terms and 
conditions wherever possible.
political contributions
Neither the Company nor any of its subsidiaries made any 
political donations or incurred any political expenditure 
during the year.
Disclosure of information to auditor
The Directors who held office at the date of approval of 
this Directors’ report confirm that, so far as they are each 
aware, there is no relevant audit information of which the 
Company’s auditor is unaware; and each director has 
taken all the steps that he ought to have taken as a 
director to make himself aware of any relevant audit 
information and to establish that the Company’s auditor 
is aware of that information. 
The Directors present their Annual 
Report and the audited financial 
statements for the year ended 
31 December 2016. Strategic report
Corporate governance
Financial statements
21
Statement o F Dire Ctor S’ re Spon SiBilitie S in 
re SpeCt o F the ann Ual report an D the 
Finan Cial Statement S
The Directors are responsible for preparing the Annual 
Report and the financial statements in accordance with 
applicable law and regulations. 
Company law requires the Directors to prepare group and 
parent company financial statements for each financial 
year. As required by the AIM Rules of the London Stock 
Exchange they are required to prepare the Group financial 
statements in accordance with IFRSs as adopted by the 
EU and applicable law and have elected to prepare the 
parent company financial statements on the same basis.
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 
parent company and of their profit or loss for that period. 
In preparing each of the Group and parent company 
financial statements, the Directors are required to: 
 › select suitable accounting policies and then apply 
them consistently; 
 › make judgements and estimates that are reasonable 
and prudent; 
 › state whether they have been prepared in accordance 
with IFRSs as adopted by the EU; and 
 › prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the Group 
and the parent company will continue in business. 
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the parent company’s transactions and disclose with 
reasonable accuracy at any time the financial position of 
the parent company and enable them to ensure that its 
financial statements comply with the Companies Act 
2006. They have general responsibility for taking such 
steps as are reasonably open to them to safeguard the 
assets of the Group and to prevent and detect fraud and 
other irregularities. 
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information 
included on the Company’s website. Legislation in the UK 
governing the preparation and dissemination of financial 
statements may differ from legislation in other  
jurisdictions.
a uditor
In accordance with Section 489 of the Companies Act 
2006, a resolution for the reappointment of KPMG LLP as 
auditor of the Company is to be proposed at the 
forthcoming Annual General Meeting.
By order of the Board
w illiam Bg g ow
Company Secretary
21 March 2017
Orbital House 
Peel Park 
East Kilbride 
G74 5PA 22
r emUneration report:  
vol Untary Di SClo SUre
r emuneration Committee
The Company’s Remuneration Committee comprises, 
Scott Lloyd (Chairman), Nick Basing, Christopher Mills 
and Michael Bolingbroke. 
The purpose of the Remuneration Committee is to:
 › make recommendations to the Board on an overall 
remuneration policy for Executive Directors and other 
senior executives in order to retain, attract and motivate 
high quality executives capable of achieving the 
Company’s objectives; and
 › demonstrate to shareholders that the remuneration of 
the Executive Directors of the Company is set by a 
committee whose members have no personal interest 
in the outcome of their decision, and who will have due 
regard to the interests of the shareholders.
procedures for developing policy 
and determining remuneration
The Board has shown a commitment to formalising 
procedures for developing a remuneration policy, 
determining executive remuneration and ensuring that 
no Director is involved in deciding his or her own 
remuneration. The Committee is authorised to obtain 
outside professional advice and expertise, and consults 
with the Managing Director of the Company as necessary.
The Remuneration Committee is authorised by the Board 
to investigate any matter within its terms of reference. It is 
authorised to seek any information that it requires from 
any employee.
The Remuneration Committee determines any bonuses 
and any other element of remuneration of an executive 
that is performance related.
Details of the remuneration policy
The basic salaries to be paid to the Executive Directors 
are decided by the Remuneration Committee. 
The Committee also considers pension arrangements 
and other benefits applicable to the executives. 
The details of individual components of the remuneration 
package are discussed below:
Basic salary and benefits
Salary and benefits are reviewed annually in January and 
become effective from 1 January and may be increased 
but not decreased. Benefits principally comprise 
private healthcare. 
Performance related bonuses
The Company has implemented a performance related 
bonus scheme for the Executive Directors. The bonus 
scheme is based on performance against budgeted 
Profit Before Tax. 
Long-Term Incentive Plan (‘LTIP’)
During the year, the Company implemented a new LTIP to 
replace the previous share option schemes as the primary 
long term incentive vehicle going forward. 
Pension contributions
The Company makes contributions of 15% of basic salary 
into personal pension schemes for the Executive Directors.
r emuneration of n on-executive Directors
The remuneration of Non-Executive Directors is reviewed 
annually in January, becomes effective on 1 January and 
may be increased but not decreased. Their level of 
remuneration is based on outside advice and a review of 
current practices in other companies.
Directors’ service agreements
All service agreements for the Executive Directors are 
terminable on 12 months’ notice by either party. 
The service agreements for the Non-Executive Directors 
are terminable on 3 months’ notice by either party.
Morris Payton resigned from the Board of Directors on 
4th November 2016 but remains an employee of the 
Company and a member of the Executive Committee.
Keith Rogers resigned from the Board of Directors on 
15th January 2017 and is currently serving 12 months’ 
gardening leave. 
As an AIM listed company, Goals 
Soccer Centres plc is not required 
to comply with Schedule 7A of 
the Companies Act, however the 
Directors feel it is appropriate to 
provide the following information 
to shareholders. Strategic report
Corporate governance
Financial statements
23
Directors’ emoluments
The following emoluments were paid to Directors during the year ended 31 December 2016 and 31 December 2015:
Basic salary
and fees
(note 1)
£000
Benefits
in kind
(note 2)
£000
pension
contributions
(note 3)
£000
2016
 total
£000
2015
 Total
£000
executive Directors
WBG Gow 186 – 25 211 195
M Jones (appointed 1 July 2016) 179 – – 179 –
MI Payton (resigned 4 November 2016) 123 5 22 150 189
KT Rogers* (resigned 15 January 2017) 200 70 27 297 235
n on-executive Directors –
N Basing 45 – – 45 4
M Bolingbroke (appointed 13 June 2016) 22 – – 22 –
S Lloyd (appointed 5 May 2016) 26 – – 26 –
CHB Mills (appointed 5 May 2016) 23 – – 23 –
PA Burks (resigned 5 May 2016) 13 – – 13 38
K Edelman (resigned 14 March 2016) 13 – – 13 65
ABC Short (resigned 5 May 2016) 12 – – 12 35
842 75 74 991 761
* Highest paid director
(1) 2015 Basic salary and fees were £666k
(2) Benefits in kind include living costs for KT Rogers following his move to the US and private health insurance for KT Rogers and MI Payton 
(2015: £10k)
(3) During the year contributions were paid to personal pension plans on behalf of three Directors (2015: three) and in 2015 the contributions 
totalled £85k. 24
r emUneration report:  
vol Untary Di SClo SUre continued
Directors’ interests in shares
The Directors who held office at the end of the financial year had the following interests in the issued share capital 
of the Company. 
o rdinary 
shares of 
0.25p
a t 31 
December 
2016
Ordinary 
shares of 
0.25p
At 31 
December 
2015
N Basing 100,000 –
WBG Gow 1,144,845 1,119,845
M Jones 50,000 –
S Lloyd 40,000 –
C Mills (1) 14,000,000 10,270,000
KT Rogers (resigned 15 January 2017) 3,960,446 4,030,446
(1) Shares are held in name of North Atlantic Smaller Companies Investment Trust and Oryx International Growth Fund.
Directors’ l ong-t erm incentive plan (the ‘ltip ’)
At 31 December 2016 the following LTIP to subscribe for 0.25p ordinary shares in the Company was outstanding:
Date of Award
At 1 January 
2016
Granted during
 the year
Exercised
 during
 the year
a t 31 
December 
2016
Exercisable 
From
t he 2016 ltip 
N Basing
2nd June 
2016 – 1,000,000 – 1,000,000
2nd June 
2019 Strategic report
Corporate governance
Financial statements
25
performance conditions 
The vesting of awards granted to the Company’s Executive Directors is subject to performance conditions set by the 
Committee that are appropriately linked to the Company’s business strategy.
In the case of the N Basing Award, it has been decided that its vesting will be subject to a share price growth condition 
measured over the period up to the third anniversary of its date of grant (the ‘n B performance period’). At the expiry 
of the NB Performance Period, the Committee will calculate the growth in the Company’s share price that has been 
achieved – for the purposes of this calculation the ‘starting price’ of a share at the beginning of the period shall be 
deemed to be 100p. Vesting will then take place as follows:
In relation to 400,000 of the shares over which the NB Award is 
granted (‘Part A’):
In relation to 600,000 of the shares over which the NB Award is 
granted (‘Part B’):
Share price growth 
achieved over the NB 
Performance Period
No. of shares in respect 
of which Part A of the 
NB Award will vest
Share price growth 
achieved over the NB 
Performance Period
No. of shares in respect 
of which Part B of the 
NB Award will vest
Less than 50% 0 Less than 101% 0
50% 80,000 101% 120,000
100% or more 400,000 200% or more 600,000
Between 50% and 100%
Between 80,000 and 
400,000, calculated on 
a straight-line basis Between 101% and 200%
Between 120,000 and 
600,000, calculated on 
a straight-line basis 
By order of the Board
n ick Basing
Chairman of the Remuneration Committee
21 March 2017 26
Corporate governan Ce:  
vol Untary Di SClo SUre
t he Combined Code
Goals Soccer Centres plc is listed on AIM and is not subject 
to the requirements of the Combined Code on corporate 
governance, nor is it required to disclose its specific policies 
in relation to corporate governance. However, the Directors 
are committed to delivering high standards of corporate 
governance to the Company’s shareholders and other 
stakeholders including employees and suppliers.
The Board of Directors operates within the framework 
discussed below. 
t he workings of the Board and its Committees
The Board of Directors
The Board meets regularly to consider all aspects of the 
Company’s activities. A formal schedule of matters 
reserved for the Board exists which includes review of 
overall strategy and approval of major capital 
expenditure items.
The Board consists of the Chairman, CEO, CFO, and three 
Non-Executive Directors. The Chairman, Nick Basing, 
is a non-executive director. All Directors have access to 
the advice and services of the Company Secretary.
Michael Bolingbroke is the Senior Independent Director. 
Christopher Mills, who represents two major shareholders, 
North Atlantic Smaller Companies Investment Trust and 
Oryx International Growth Fund, is not considered to be 
independent within the definition of that term contained 
in the Code.
Remuneration Committee
The Remuneration Committee comprises Scott Lloyd 
(Chairman), Nick Basing, Christopher Mills and Michael 
Bolingbroke. It is responsible for determining and agreeing 
with the Board the framework for the remuneration of the 
Chief Executive Officer, Chief Financial Officer and other 
members of the Executive management as it is designated 
to consider. It is furthermore responsible for determining 
the total individual remuneration packages of each 
Executive Director including, where appropriate, bonuses, 
incentive payments and share options. The Remuneration 
Committee will also liaise with the Nomination Committee 
to ensure that the remuneration of newly appointed 
Executives is within the Company’s overall policy. The 
Board (excluding Non-Executive Directors) determines the 
remuneration of the Non-Executive Directors.
The Terms of Reference of the Remuneration Committee 
were reviewed and updated during the year.
Audit Committee
The Audit Committee comprises Michael Bolingbroke, 
Nick Basing, Scott Lloyd and Christopher Mills and is 
chaired by Michael Bolingbroke. It is responsible for the 
assessment and review of risk, the internal control 
environment of the Group, ensuring that the financial 
performance of the Company is properly reported on and 
monitored and for reviewing the auditor’s reports relating 
to their audit of the financial statements. The Committee 
also reviews the performance of the auditors including 
their independence.
The Terms of Reference of the Audit Committee were 
reviewed and updated during the year. 
Nominations Committee
The Nominations Committee is chaired by Nick Basing 
and also comprises Michael Bolingbroke, Scott Lloyd, 
Christopher Mills and Mark Jones. It is responsible for 
reviewing the structure, size and composition of the 
Board, preparing a description of the role and capabilities 
required for a particular appointment and identifying and 
nominating candidates to fill Board positions as and when 
they arise.
r elations with shareholders
Communications with shareholders are given a high 
priority by the Board of Directors who take responsibility 
for ensuring that a satisfactory dialogue takes place. 
The Chairman and Executive Directors meet with the 
Company’s institutional shareholders following the 
announcement of interim and final results and at other 
appropriate times. The Directors are also in regular 
contact with stockbrokers analysts. During the year, the 
Company developed a new website containing investor 
information to improve communications with individual 
investors and other interested parties.
Internal control
The Directors acknowledge their responsibility for the 
Company’s system of internal control and for reviewing its 
effectiveness. The system of internal control is designed 
to manage the risk of failure to achieve the Company’s 
strategic objectives. It cannot totally eliminate the risk of 
failure but will provide reasonable, although not absolute, 
assurance against material misstatement or loss.
During the year PricewaterhouseCoopers (‘PwC’) were 
engaged to review the risk register.  Strategic report
Corporate governance
Financial statements
27
The Company’s key risk management processes and 
system of internal control procedures include the  
following:
Management control systems
The Company continues to develop and invest in IT 
software and infrastructure. Pitch bookings, income and 
expenditure and leagues are controlled and monitored by 
the Company’s own bespoke software. Pitches at most 
locations are monitored by CCTV and can be viewed live 
or historically at Support Centre. All systems are 
connected to Support Centre via an IPVPN network.
These systems provide tight cash and cost controls, aid 
maximisation of utilisation of the pitches and provide the 
necessary information for branch management and 
Support Centre to effectively and efficiently run the 
business. The Company receives a large proportion of its 
income in cash from its activities and the Directors have 
implemented rigorous cash control measures at each club 
which include: daily reconciliations of cash; daily 
reconciliations of games played; use of drop safes; and 
regular spot checks by Support Centre.
Performance measurement
The Company’s financial reporting procedures include 
detailed operational budgets for the year ahead and a 
three year plan, reviewed and approved by the Board. 
Performance is monitored throughout the year through 
daily, weekly and monthly reporting of key performance 
indicators. Relevant action is then taken including the 
preparation of updated forecasts for the year.
Investment appraisal
A budgetary process and authorisation levels regulate 
capital expenditure. For expenditure beyond specified 
levels, detailed written proposals are submitted to 
the Board.
As an AIM listed Company the Board is not required to 
make a statement on the effectiveness of its internal 
controls; however the Directors believe it is useful to 
highlight the following processes which take place on an 
ongoing basis:
 › daily, weekly and monthly reporting of financial 
information including income statements, balance 
sheets, cash flow statements and other key 
performance indicators;
 › regular reporting to the Board on certain specific 
matters including treasury management, insurance, 
legal and health and safety issues;
 › the Chairman of the Audit Committee reports the 
outcome of Audit Committee meetings to the full 
Board of Directors.
The Company is not of sufficient scale to justify a full time 
internal audit resource, however, PwC have been 
appointed as an external provider of internal audit 
services. In addition, regular branch audits are performed 
by senior members of the management team and these 
are reviewed by the Directors. In addition an independent 
stock taker is retained by the Company to complete stock 
counts at each branch on a 6 weekly cycle.
Going concern
The company’s business activities, together with the 
factors likely to affect its future development, 
performance and position are set out in the Chairman’s 
statement and Chief Executive Officer and Chief Financial 
Officer reviews on pages 4 to 8. The financial position of 
the Company, its cash flows, liquidity position and 
borrowing facilities are also described in the Chairman’s 
statement. In addition note 22 to the financial statements 
includes the Company’s objectives, policies and processes 
for managing its capital; its financial risk management 
objectives; details of its financial instruments and hedging 
activities; and its exposures to credit risk and liquidity risk.
The company meets its overall funding requirements 
through its bank loan arrangements. The company’s 
forecasts and projections, taking account of reasonably 
possible changes in trading performance, show that the 
Company should be able to operate within the level of its 
current facility for the foreseeable future.
After making enquiries, the Directors have a reasonable 
expectation the Company has adequate resources to 
continue in operational existence for the foreseeable 
future. Accordingly they continue to adopt the going 
concern basis in preparing the Annual Report 
and accounts.  28
in Depen Dent a UDitor’ S report to the  
memBer S o F goal S So CCer Centre S pl C
We have audited the financial statements of Goals Soccer Centres plc for the year ended 31 December 2016 set out on 
pages 29 to 66. The financial reporting framework that has been applied in their preparation is applicable law and 
International Financial Reporting Standards (IFRSs) as adopted by the EU and, as regards the parent company financial 
statements, as applied in accordance with the provisions of the Companies Act 2006. 
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 opinions we have formed. 
r espective responsibilities of Directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 21, 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 
Ethical Standards for Auditors. 
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website 
at www.frc.org.uk/auditscopeukprivate. 
o pinion on financial statements
In our opinion: 
 › the financial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs  
as at 31 December 2016 and of the Group’s profit for the year then ended; 
 › the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU; 
 › the parent company financial statements have been properly prepared in accordance with IFRSs as adopted  
by the EU and as applied in accordance with the provisions of the Companies Act 2006; and 
 › the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. 
o pinion on other matters prescribed by the Companies act 2006 
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year is consistent 
with the financial statements.
Based solely on the work required to be undertaken in the course of the audit of the financial statements and from 
reading the Strategic report and the Directors’ report:
 › we have not identified material misstatements in those reports; and 
 › in our opinion, those reports have been prepared in accordance with the Companies Act 2006. 
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 opinion: 
 › 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 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. 
Bruce marks (Senior Statutory a uditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
319 St Vincent Street
Glasgow
G2 5AS
21 March 2017  Strategic report
Corporate governance
Financial statements
29
Con Soli Date D in Come Statement
for the year ended 31 December 2016
Note
Before
exceptional
items
2016
£000
exceptional
items
(note 6)
2016
£000
2016
£000
Before
Exceptional
items
2015
£000
Exceptional
items
(note 6) 
2015
£000
2015
£000
Revenue 2 33,532 – 33,532 33,013 – 33,013
Cost of sales (3,669) – (3,669) (3,688) – (3,688)
Gross profit 29,863 – 29,863 29,325 – 29,325
Operating expenses (22,136) (3,516) (25,652) (20,307) (14,450) (34,757)
Operating profit/(loss) 3 7,727 (3,516) 4,211 9,018 (14,450) (5,432)
Financial expense 7 (547) – (547) (749) – (749)
Profit/(loss) before tax 7,180 (3,516) 3,664 8,269 (14,450) (6,181)
Taxation 8 (1,076) 197 (879) 99 – 99
Profit/(loss) for year attributable  
to equity holders of the parent 6,104 (3,319) 2,785 8,368 (14,450) (6,082)
Earnings per share
Basic 10 9.1p (5.0p) 4.1p 14.3p (24.7p) (10.4p)
Diluted 10 9.0p (4.9p) 4.1p 14.3p (24.7p) (10.4p)
The accompanying notes on pages 34 – 66 form an integral part of these financial statements.
Statement o F Comprehen Sive in Come/expen Se
for the year ended 31 December 2016
2016 
£000
2015 
£000
profit/(loss) for the year 2,785 (6,082)
Items that will be subsequently reclassified to profit or loss
Exchange differences on translation of foreign operations 443 12
Recognition of share based payment costs 22 56
Deferred tax movements on items taken directly to equity (7) (11)
Other comprehensive income for the year 458 57
Total comprehensive income/(expense) attributable to equity holders of the parent 3,243 (6,025)
The accompanying notes on pages 34 – 66 form an integral part of these financial statements. 30
Balan Ce SheetS
at 31 December 2016
group Company
Note
2016
£000
2015
£000
2016
£000
2015
£000
a ssets
Non-current assets
 Property, plant and equipment 11 115,285 108,474 108,880 105,275
 Intangible assets 12 5,089 4,959 5,017 4,903
 Investments in subsidiaries 13 – – 2,691 2,691
 Other non-current receivables 14 708 433 708 433
Total non-current assets 121,082 113,866 117,296 113,302
Current assets
 Inventories 15 1,441 1,381 1,433 1,373
 Trade and other receivables 16 5,721 4,890 9,818 6,218
 Cash and cash equivalents 17 1,929 2,074 1,797 1,994
Total current assets 9,091 8,345 13,048 9,585
t otal assets 130,173 122,211 130,344 122,887
Current liabilities
 Bank overdraft 17 (1,924) (2,031) (1,924) (2,031)
 Trade and other payables 19 (4,516) (3,039) (4,438) (2,969)
 Current tax payable 20 (388) (234) (475) (234)
Total current liabilities (6,828) (5,304) (6,837) (5,234)
n on-current liabilities
 Other interest-bearing loans and borrowings 18 (23,998) (36,691) (23,998) (36,691)
 Deferred tax liabilities 21 (7,670) (7,478) (7,670) (7,478)
Total non-current liabilities (31,668) (44,169) (31,668) (44,169)
t otal liabilities (38,496) (49,473) (38,505) (49,403)
n et assets 91,677 72,738 91,839 73,484
equity
 Share capital 23 188 146 188 146
 Share premium 53,208 37,554 53,208 37,554
 Retained earnings 37,957 35,157 38,443 35,784
 Translation reserve 324 (119) – –
t otal equity 91,677 72,738 91,839 73,484
These financial statements were approved by the Board of Directors on 21 March 2017 and were signed on its behalf by:
w illiam Bg g ow
Chief Financial Officer 
Company registered number: SC202545
The accompanying notes on pages 34 – 66 form an integral part of these financial statements. Strategic report
Corporate governance
Financial statements
31 31
StatementS o F Ca Sh Flow S
for the year ended 31 December 2016
group Company
Note
2016
£000
2015
£000
2016
£000
2015
£000
Cash flows from operating activities
Profit/(loss) for the year 2,785 (6,082) 2,644 (6,333)
 a djustments for:
 Depreciation 11 2,729 2,600 2,602 2,489
 Amortisation 12 204 199 197 199
 Loss on disposal 3 124 – 124 –
 Non-cash exceptional items 2,100 14,450 2,100 14,450
 Financial expense 7 547 757 537 749
 Income tax benefit 879 (99) 853 (194)
 Unrealised foreign exchange gain (223) – – –
 9,145 11,825 9,057 11,360
 (Increase)/decrease in trade and other receivables (1,088) 11 (3,874) (319)
 (Increase) in inventory (60) (233) (60) (227)
 Increase in trade and other payables 505 217 506 232
8,502 11,820 5,629 11,046
 Income tax paid (513) (1,177) (400) (1,080)
n et cash from operating activities 7,989 10,643 5,229 9,966
 
Cash flows from investing activities
 Acquisition of property, plant and equipment (10,175) (7,645) (7,489) (7,090)
 Acquisition of software (322) (779) (311) (723)
n et cash used in investing activities (10,497) (8,424) (7,800) (7,813)
 
Cash flows from financing activities
 Issue of share capital 23 16,750 – 16,750 –
 Share issue costs 23 (1,040) – (1,040) –
 Loan movement 26 (12,693) (120) (12,693) (120)
 Interest paid (547) (756) (537) (749)
 Dividends paid – (1,169) – (1,169)
n et cash generated by/(used in) financing activities 2,470 (2,045) 2,480 (2,038)
Net (decrease)/increase in cash and cash equivalents 26 (38) 174 (90) 114
Cash and cash equivalents at start of year 43 (131) (37) (151)
Cash and cash equivalents at year end 17 5 43 (127) (37)
The accompanying notes on pages 34 – 66 form an integral part of these financial statements. 32
StatementS o F Change S in e QUity
for the year ended 31 December 2016
Share  
capital  
£000
Share 
premium 
account 
£000
Retained 
earnings 
£000
Translation 
reserve  
£000
Total  
£000
group
a t 1 January 2016 146 37,554 35,157 (119) 72,738
Comprehensive income 
Profit for the year – – 2,785 – 2,785
Exchange difference on translation of foreign operation – – – 443 443
Share-based payments – – 22 – 22
Deferred tax on share based payments – – (7) – (7)
t otal comprehensive income for the year – – 2,800 443 3,243
t ransactions with shareholders 
Issue of share capital (note 23) 42 15,654 – – 15,696
Dividends paid – – – – –
t otal transactions with shareholders 42 15,654 – – 15,696
a t 31 December 2016 188 53,208 37,957 324 91,677
Share  
capital  
£000
Share 
premium 
account 
£000
Retained 
earnings 
£000
Total  
£000
Company
a t 1 January 2016 146 37,554 35,784 73,484
Comprehensive income 
Profit for the year – – 2,644 2,644
Share-based payments – – 22 22
Deferred tax on share based payments – – (7) (7)
t otal comprehensive income for the year – – 2,659 2,659
t ransactions with shareholders
Issue of share capital (note 23) 42 15,654 – 15,696
Dividends paid – – – –
t otal transactions with shareholders 42 15,654 – 15,696
a t 31 December 2016 188 53,208 38,443 91,839
The accompanying notes on pages 34 – 66 form an integral part of these financial statements. Strategic report
Corporate governance
Financial statements
33
StatementS o F Change S in e QUity continued
for the year ended 31 December 2016
Share  
capital  
£000
Share 
premium 
account 
£000
Retained 
earnings 
£000
Translation 
reserve  
£000
Total  
£000
group
a t 1 January 2015 146 37,554 42,547 (315) 79,932
Comprehensive income
Loss for the year – – (6,082) – (6,082)
Exchange difference on translation of foreign operation – – – 12 12
Share-based payments – – 56 – 56
Deferred tax on share based payments – – (11) – (11)
t otal comprehensive (expense)/income for the year – – (6,037) 12 (6,025)
t ransactions with shareholders
Dividends paid – – (1,169) – (1,169)
t otal transactions with shareholders – – (1,169) – (1,169)
a t 31 December 2015 146 37,554 35,157 (119) 72,738
Share  
capital  
£000
Share 
premium 
account 
£000
Retained 
earnings 
£000
Total  
£000
Company
a t 1 January 2015 146 37,554 43,242 80,942
Comprehensive income
Loss for the year – – (6,334) (6,334)
Share-based payments – – 56 56
Deferred tax on share based payments – – (11) (11)
t otal comprehensive (expense) for the year – – (6,289) (6,289)
t ransactions with shareholders
Dividends paid – – (1,169) (1,169)
t otal transactions with shareholders – – (1,169) (1,169)
a t 31 December 2015 146 37,554 35,784 73,484
The accompanying notes on pages 34 – 66 form an integral part of these financial statements. 34
n ote S to the F inan Cial S tatementS
for the year ended 31 December 2016
1. a ccounting policies
Goals Soccer Centres plc (the ‘Company’) is a company domiciled in the United Kingdom. The consolidated financial 
statements for the year ended 31 December 2016 comprise those of the Company and its subsidiaries (together referred 
to as the Group). The parent company’s financial statements present information about the Company as a separate 
entity and not about the Group. Under section 408 of the Companies Act 2006 the Company is exempt from the 
requirement to present its own income statement and related notes.
Statement of compliance
Both the parent company financial statements and Group financial statements have been prepared and approved by 
the Directors in accordance with International Financial Reporting Standards as adopted by the EU (‘adopted IFRSs’) 
that are effective (or available for early adoption) at 31 December 2016. Based on these adopted IFRSs, the Directors 
have applied the accounting policies, as set out below. The adopted IFRSs have been applied in accordance with the 
provisions of the Companies Act 2006.
The financial statements for the year ended 31 December 2016 were approved by the Board of Directors on 
21 March 2017.
Basis of preparation
The financial statements are prepared on the historical cost basis except for derivative financial instruments which are 
stated at their fair value. The preparation of the financial statements requires the Directors to make judgements, 
estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income 
and expenses. The estimates and associated assumptions are based on historical experience and various other factors 
that are believed to be reasonable under the circumstances, the results of which form the basis of making the 
judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 
Actual results may differ from these estimates.
These financial statements of the Group and Company are presented in pounds sterling. All financial information has 
been rounded to the nearest thousand.
The accounting policies have been applied consistently to all periods presented, except for the adoption of the 
standards described below which have had no impact on the reported numbers but may affect the accounting for 
future transactions and events.
going concern
The Group and Company meet their overall funding requirements through their facility arrangements. The Directors 
have reviewed the Group and Company’s forecasts and projections which indicate that the Group and Company are 
expected to be able to operate within their current facilities for the next twelve months.
After making enquiries, the Directors have a reasonable expectation that the Group and Company have adequate 
resources to continue in operational existence for the next twelve months. Accordingly they continue to adopt the 
going concern basis in preparing the financial statements. Strategic report
Corporate governance
Financial statements
35
1. a ccounting policies (continued)
a reas of estimation uncertainty and critical judgements 
Information about significant areas of estimation uncertainty and critical judgements in applying accounting policies 
that have the most significant effect on the amounts recognised in the financial statements is contained in the 
following notes:
 › Note 11: Estimated useful lives of property, plant and equipment (see accounting policy below) 
 › Note 12: Measurement of recoverable amounts of cash generating units and estimated useful lives of intangible assets
 › Note 22: Recoverability of trade receivables and accrued income
Basis of consolidation
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, 
variable returns from its involvement with the entity and has the ability to affect those returns through its power over 
the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. 
The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries 
are included in the consolidated financial statements from the date that control commences until the date that control 
ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests 
even if doing so causes the non-controlling interests to have a deficit balance.
The Group has no other associates or joint arrangements. All business combinations are accounted for by applying the 
purchase method of accounting.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, 
are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the 
investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as 
unrealised gains, but only to the extent that there is no evidence of impairment.
r evenue
Revenue represents the value of goods and services supplied to customers (net of applicable Value Added Tax). The 
Group’s revenue comprises revenues from customers utilising the Group’s next generation football facilities and 
secondary revenue associated with this utilisation.
Revenue from utilisation of the football facilities includes: revenue from leagues operated by the Group; revenue from 
customers who use the facilities to play on a non-league basis; Corporate Events; Children’s Birthday Parties; and 
Children’s Coaching. Revenue is recognised for use of the football facilities when each game is complete.
Secondary revenue includes: hot and cold snacks; soft drink vending; confectionery vending; bar revenue and revenue 
from sales of football equipment. Revenue is recognised for secondary sales at the time the goods change hands.
The Group recognises revenue in respect of goods and services received under sponsorship and partnership 
arrangements by reference to the fair value of goods and services received under the contract.
Business segments
The Group operates primarily in the UK and its only trading activity is the operation of soccer centres.  36
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
1. a ccounting policies (continued)
exceptional items
Items which are material either because of their size or their nature, and which are non-recurring, are presented within 
their relevant consolidated income statement category, but highlighted through separate disclosure. The separate 
reporting of exceptional items helps provide a better picture of the Group’s underlying performance. Items which are 
included within the exceptional category include:
 › costs associated with major restructuring programmes;
 › significant impairment charges in relation to goodwill, intangible or tangible assets; 
 › other particularly significant or unusual items.
taxation
The tax expense represents the sum of the current taxes payable and deferred tax. 
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 
income statement because it excludes items of income or expense that are taxable or deductible in other years and it 
further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax 
rates that have been enacted or substantively enacted by the balance sheet date. 
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets 
and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. 
Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to 
the extent that it is probable that taxable profits will be available against which deductible temporary differences can 
be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced or 
increased to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the asset 
to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is 
settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to 
items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax 
assets and liabilities are offset to the extent that there is a legal right of offset.
intangible assets – goodwill
Goodwill on acquisitions represents the excess of the cost of acquisition over the Group’s interest in the fair value of the 
identifiable assets and liabilities and contingent liabilities at the date of acquisition. Goodwill is stated at cost less any 
accumulated impairment losses. Goodwill is tested annually for impairment. Impairment is first allocated to goodwill 
and then to other assets in the cash generating units on a pro-rata basis.
The value of goodwill is reviewed at each balance sheet date to determine whether there is an indication of impairment. 
An impairment is recognised whenever the carrying amount of the asset exceeds its recoverable amount. The 
recoverable amount of a cash generating unit is the greater of the value in use and fair value less costs to sell. In 
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount 
rate that reflects current market assessments of the time value of money and risks specific to the cash-generating unit.
Any impairment is recognised immediately in the income statement and is not subsequently reversed.
intangible assets – other
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation and 
impairment losses. Software development costs comprise third party consultancy costs incurred in acquiring, bringing 
to use and developing the functionality of the Group’s internal ERP system. Impairment testing is performed where an 
indication of impairment arises. Strategic report
Corporate governance
Financial statements
37
1. a ccounting policies (continued)
a mortisation
Amortisation is charged to the income statement on a straight line basis over the estimated useful lives of intangible 
assets unless such lives are indefinite. Intangible assets with an indefinite useful life and goodwill are systematically 
tested for impairment at each balance sheet date. Other intangible assets are amortised from the date they are 
available for use. The estimated useful life of the software development assets is ten years for the Smart Centre system 
and five years for the App and website.
property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and any accumulated 
impairment losses. Cost includes expenditure that is directly attributable to the acquisition or construction of the asset. 
Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalised during the 
period of construction. Depreciation is charged to the income statement on a straight-line basis over the estimated 
useful lives of each part of an item of property, plant and equipment. Previous experience with regards to the wear and 
tear of pitches has been taken into consideration when deciding their estimated useful lives. For other assets, physical 
deterioration due to the passage of time and assets becoming obsolete due to changes in technology have been 
considered. The estimated useful lives are as follows:
Freehold and leasehold buildings – 75 years or lease period if shorter
Fixtures and fittings:
 › pitches – 10 years
 › 11-a-side pitches – 10 years
 › office furnishings – 10 years
 › fixtures and fittings – 10 years
 › computer equipment – 4 years
 › plant and machinery – 4 years
The value of each club is reviewed at each balance sheet date to determine whether there is an indication of 
impairment. An impairment is recognised whenever the carrying amount of the asset exceeds its recoverable amount. 
The recoverable amount of a cash generating unit is the greater of the value in use and fair value less costs to sell. In 
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount 
rate that reflects current market assessments of the time value of money and risks specific to the cash-generating unit.
Assets under construction are transferred to the relevant asset category when they become operational and are 
depreciated from that date.
inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in-first-out basis. Net 
realisable value is the amount that can be realised from the sale of inventory in the normal course of business after 
allowing for the costs of realisation.
n et debt
Net debt includes cash and cash equivalents, bank borrowings and vendor loans.
t rade and other receivables
Trade and other receivables are initially recognised at their fair value and then stated at amortised cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. 
Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included 
as a component of cash and cash equivalents for the purpose of the statement of cash flows.
t rade and other payables
Trade and other payables are initially recognised at fair value and then stated at amortised cost. 38
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
1. a ccounting policies (continued)
Finance costs
Interest is recognised in income or expense using the effective interest method except that borrowing costs directly 
attributable to the acquisition or construction of qualifying assets are capitalised during the period of construction. 
The construction of new clubs are treated as qualifying assets as they necessarily take a substantial period of time to 
prepare for intended use. Where applicable, the amount of finance costs capitalised is determined by applying a rate of 
interest based on the Group’s borrowing cost to the accumulated expenditure on those assets for that period.
pensions
Contributions to stakeholder or other personal pension plans are expensed as incurred.
l easing
Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.
investments in subsidiaries
Investments in subsidiaries are stated at cost less impairment.
Foreign currencies
The consolidated financial statements are presented in pounds sterling, which is the functional currency of the 
Company and the Group’s presentational currency. Each entity in the Group determines its own functional currency 
and items included in the financial statements of each entity are measured accordingly.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and 
liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. 
Any gain or loss arising on the restatement of such items is taken to the income statement.
For the purpose of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign 
operations are translated into pounds sterling at the balance sheet closing rate. The results of these operations are 
translated at the average rate in the relevant period. Exchange differences on retranslation of the opening net assets 
and the results are transferred to the translation reserve and are reported in the statement of comprehensive income.
Share based payments
The grant date fair value of share-based payments awards granted to employees is recognised as an employee 
expense, with a corresponding increase in equity, over the period in which the employees become unconditionally 
entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into 
account the terms and conditions upon which the awards were granted. The amount recognised as an expense is 
adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are 
expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that 
do meet the related service and non-market performance conditions at the vesting date. For share-based payment 
awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such 
conditions and there is no true-up for differences between expected and actual outcomes.
l ong-t erm incentive plan (ltip )
The LTIP allows employees to acquire shares of the Company. The fair value of the LTIPs granted is recognised as an 
employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over 
the period during which the employees become unconditionally entitled to the LTIPs. The fair value of the LTIPs 
granted is measured using a pricing model, taking into account the terms and conditions upon which the LTIPs were 
granted. The amount recognised as an expense is adjusted to reflect the actual number of LTIPs that vest except where 
forfeiture is only due to share prices not achieving the threshold for vesting. Strategic report
Corporate governance
Financial statements
39
1. a ccounting policies (continued)
Dividends on shares presented within shareholders’ funds
Dividends unpaid at the balance sheet date are only recognised as a liability at that date to the extent that they are 
appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these 
criteria are disclosed in the notes to the financial statements.
earnings per share
The company presents basic and diluted earnings per share (EPS) data for ordinary shares. Basic EPS is calculated by 
dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of 
ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to 
ordinary shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential 
ordinary shares which comprise share options granted to employees.
n ew standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 
31 December 2016 and have not been applied in preparing these financial statements including: 
IFRS 15 Revenue from Contracts with Customers
The standard specifies how and when revenue is recognised, using a principles based five-step model. This will be 
effective for the Group in 2018 if adopted by the European Union. Given the nature of the Group’s revenue streams as 
disclosed in the revenue policy note, no significant impact is expected to arise as a result of this standard. 
IFRS 16
The IASB has issued IFRS 16 ‘Leases’ which provides a new model for lease accounting in which all leases, other than 
short-term and small-ticket-item leases, will be accounted for by the recognition on the balance sheet of a right-to-use 
asset and a lease liability, and the subsequent amortisation of the right-to-use asset over the lease term. IFRS 16 will be 
effective for the Group’s year ending 31 December 2019 and is expected to have a significant effect on the Group’s 
financial statements, increasing the Group’s recognised assets and liabilities and potentially affecting the presentation 
and timing of recognition of certain amounts in the income statement. 
IFRS 9 Financial instruments
The standard simplifies the classification, recognition and measurement requirements for financial assets, financial 
liabilities and some contracts to buy or sell non-financial items. This will be effective for the Group in 2018, if adopted 
by the European Union.
With the exception of IFRS 16, the Directors do not expect that the adoption of the standards listed above will have a 
material impact on the financial statements of the Group in future periods. Beyond this, it is not practicable to provide 
a reasonable estimate of the effect of these standards until a detailed review has been completed. 40
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
2. Segmental reporting
IFRS 8 ‘Operating Segments’ requires a ‘management approach’ under which segment information is presented on 
the same basis as that used for internal reporting purposes to the Chief Operating Decision Maker, which is the Board. 
As each club has similar economic characteristics, provides the same services to similar customers and operates in 
a similar manner, the Directors, therefore, consider that there is one reporting segment relating to the operation of 
outdoor soccer centres which includes the one (2015: one) club outside of the UK.
geographical information
In presenting information on the basis of geography, segment revenue is based on the geographical location of 
customers and segment assets are based on the geographical location of the assets.
2016 
£000
2015 
£000
r evenues
United Kingdom 32,277 31,860
United States 1,255 1,153
33,532 33,013
n on-current assets
United Kingdom 117,295 110,611
United States 6,477 3,255
123,772 113,866
The non-current assets represent property, plant and equipment, intangible assets and other non-current receivables. Strategic report
Corporate governance
Financial statements
41
3. o perating profit/(loss)
2016 
£000
2015 
£000
o perating profit/(loss) is stated after charging:
Auditor’s remuneration:
 – audit of these financial statements 36 36
Amounts receivable by auditors and their associates in respect of 
 – audit related assurance services (half year review)
 – other services relating to taxation compliance
 – other services relating to tax advisory
5
7
11
5
7
17
Depreciation 2,729 2,600
Amortisation 204 199
Loss on sale of tangible fixed assets 124 – 
Rental under operating leases 
 – plant and machinery 232 197
 – others 3,090 2,866
Underlying earnings before interest, tax, depreciation and amortisation (‘EBITDA’) is calculated as follows:
2016 
£000
2015 
£000
Operating profit/(loss) 4,211 (5,432)
Depreciation 2,729 2,600
Amortisation 204 199
Loss on disposal 124 – 
Non-recurring costs 450 – 
Exceptional items (note 6) 3,516 14,450
Underlying EBITDA 11,234 11,817
Underlying profit before tax (‘Underlying PBT’) is calculated as follows:
2016 
£000
2015 
£000
Profit/(loss) before tax 3,664 (6,181)
Loss on disposal 124 – 
Non-recurring costs 450 – 
Exceptional items (note 6) 3,516 14,450
Underlying PBT 7,754 8,269
Contained within operating expenses are the following main costs associated with the sites:
2016 
£000
2015 
£000
Club wages and salaries 6,898 6,247
Rent, rates and insurance 5,788 5,379
12,686 11,626 42
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
4. r emuneration of Directors
Directors’ emoluments are summarised below:
Basic salary
and fees
(1)
£000
Benefits
in kind
(2)
£000
Pension
contributions
(3)
£000
2016
 total
£000
2015
 Total
£000
executive Directors
WBG Gow 186 – 25 211 195
M Jones (appointed 1 July 2016) 179 –  – 179 – 
MI Payton (resigned 4 November 2016) 123 5 22 150 189
KT Rogers* (resigned 15 January 2017) 200 70 27 297 235
n on-executive Directors 
N Basing 45 –  – 45 4
M Bolingbroke (appointed 13 June 2016) 22 –  – 22 – 
S Lloyd (appointed 5 May 2016) 26 –  – 26 – 
CHB Mills (appointed 5 May 2016) 23 –  – 23 – 
PA Burks (resigned 5 May 2016) 13 –  – 13 38
K Edelman (resigned 14 March 2016) 13 –  – 13 65
ABC Short (resigned 5 May 2016) 12 –  – 12 35
842 75 74 991 761
* Highest paid director
(1) 2015 Basic salary and fees were £666k.
(2) Benefits in kind include living costs for KT Rogers following his move to the US and private health insurance for KT Rogers and MI Payton 
(2015: £10k).
(3) During the year contributions were paid to personal pension plans on behalf of three Directors (2015: three) and in 2015 the contributions 
totalled £85k.
Morris Payton resigned from the Board of Directors on 4th November 2016 but remains an employee of the Company 
and a member of the Executive Committee.
Keith Rogers resigned from the Board of Directors on 15th January 2017 and is currently serving twelve months 
gardening leave. 
Directors’ l ong-t erm incentive plan (the ‘ltip ’)
At 31 December 2016 the following LTIP to subscribe for 0.25p ordinary shares in the Company was outstanding:
Date of 
Award
At 1 January 
2016
Granted 
during
 the year
Exercised
 during
 the year
a t 31 
December 
2016
Exercisable 
From
t he 2016 ltip 
N Basing
2nd June 
2016 – 1,000,000 – 1,000,000
2nd June 
2019 Strategic report
Corporate governance
Financial statements
43
4. r emuneration of Directors (continued)
performance conditions 
The vesting of awards granted to the Company’s Executive Directors is subject to performance conditions set by the 
Committee that are appropriately linked to the Company’s business strategy.
In the case of the N Basing Award, it has been decided that its vesting will be subject to a share price growth condition 
measured over the period up to the third anniversary of its date of grant (the ‘n B performance period’). At the expiry 
of the NB Performance Period, the Committee will calculate the growth in the Company’s share price that has been 
achieved – for the purposes of this calculation the ‘starting price’ of a share at the beginning of the period shall be 
deemed to be 100p. Vesting will then take place as follows:
In relation to 400,000 of the shares over which the NB Award 
is granted (‘Part A’):
In relation to 600,000 of the shares over which the NB Award 
is granted (‘Part B’):
Share price growth achieved 
over the NB Performance 
Period
No. of shares in respect 
of which Part A of the 
NB Award will vest
Share price growth achieved 
over the NB Performance 
Period
No. of shares in respect 
of which Part B of the 
NB Award will vest
Less than 50% 0 Less than 101% 0
50% 80,000 101% 120,000
100% or more 400,000 200% or more 600,000
Between 50% and 100%
Between 80,000 and 
400,000, calculated on 
a straight-line basis Between 101% and 200%
Between 120,000 and 
600,000, calculated on 
a straight-line basis 
5. employees 
The average number of persons employed by the Group (including Directors) during the year, analysed by category, 
was as follows:
 n umber of employees
2016 2015
Administration 38 42
Club staff 708 716
746 758
The aggregate payroll costs of these persons were as follows:
2016
£000
2015
£000
Wages and salaries 8,165 7,682
Social security costs 595 547
Other pension costs 107 121
8,867 8,350 44
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
6. exceptional items
2016
£000
2015
£000
Exceptional items comprise:
 – Restructuring costs 897 – 
 – Strategic projects 85 – 
 – Impairment of underperforming clubs 2,534 8,124
 – Impairment of software provision  – 750
 – Impairment of Pro 5 goodwill  – 3,100
 – Development costs written off  – 2,476
3,516 14,450
During 2016, the Directors reviewed the carrying value of each club operated by the Company, resulting in an 
impairment charge of £2.5m. This principally relates to one club which has underperformed. In addition, restructuring 
costs of £0.9m were incurred to implement the outcome of the strategic review. A further £0.1m was incurred on 
separate strategic projects.
The Company incurred non-recurring costs in relation to the development and rollout of the new Goals brand and 
values of £0.5m (2015: £nil). The Company completed the modernisation of 136 pitches during the year resulting in a 
loss on disposal of £0.1m (2015: £nil) on old pitch surfaces. These costs have not been included within exceptional items 
but have been added back to calculate underlying profits.
In 2015 the Directors reviewed the value in use of the software development cost incurred by the Company, goodwill 
incurred on the acquisition of Pro 5 Soccer, the carrying value of each club operated by the Company and UK pipeline 
costs. This resulted in impairment charges of £14.5m.
7. Financial expense
2016
£000
2015
£000
Financial expense
Interest on bank loans and overdrafts 514 719
Amortisation of finance costs 33 30
547 749 Strategic report
Corporate governance
Financial statements
45
8. taxation
2016
£000
2015
£000
r ecognised in the income statement
Current year 567 1,043
Adjustments for prior year 127 125
Current tax expense 694 1,168
Deferred tax (note 21)
Origination and reversal of timing differences 476 (351)
Adjustments for prior year 132 (45)
Reduction in tax rate (423) (871)
Deferred tax expense/(benefit) 185 (1,267)
Tax expense/(benefit) in income statement 879 (99)
Reconciliation of effective tax rate
2016
£000
2015
£000
Profit/(loss) for the year 2,785 (6,082)
Total income tax expense/(benefit) 879 (99)
Profit/(loss) excluding taxation 3,664 (6,181)
2016
%
2016
£000
2015
%
2015
£000
Income tax using company’s standard tax rate 20.00 733 20.25 (1,252)
effects of:
Non-deductible expenses 8.46 310 (30.55) 1,884
Other differences – adjustments to prior year balances 7.07 259 (2.20) 140
Other differences – difference in tax rates (11.54) (423) 14.10 (871)
t otal tax expense/(benefit) 23.99 879 1.60 (99)
Income tax recognised directly in equity
2016
£000
2015
£000
Taxation credit on share based payments 7 (11)
A reduction in the UK corporation tax rate from 21% to 20% (effective from 1 April 2015) was substantively enacted on 
2 July 2013. Further reductions to 19% (effective from 1 April 2017) and to 18% (effective 1 April 2020) were substantively 
enacted on 26 October 2015, and an additional reduction to 17% (effective 1 April 2020) was substantively enacted on 
6 September 2016. This will reduce the Company’s future current tax charge accordingly. The deferred tax liability at 
31 December 2016 has been calculated based on these rates. 46
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
9. Dividends
Dividends paid
2016
£000
2015
£000
2014 final (1.325p per ordinary share) – 774
2015 interim (0.675p per ordinary share) – 395
 – 1,169
No final dividend for 2016 has been proposed (2015: £nil).
10. earnings per share
Basic earnings per ordinary share is calculated by dividing the earnings attributable to ordinary shareholders by the 
weighted average number of ordinary shares in issue during the year which was 67,251,945 (2015: 58,465,060). 
Diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted 
average number of ordinary shares in issue during the year plus the dilutive element of all outstanding relevant share 
options outstanding during the year. For the year ended 31 December 2016 this was 67,663,242 (2015: 58,609,677).
2016
profit for
the year
£000
2016
earnings
per share
p
2015
Loss for
the year
£000
2015
Earnings
per share
p
Basic earnings per share 2,785 4.1p (6,082) (10.4p)
Adjusted basic earnings per share * 6,875 10.2p 8,368 14.3p
Diluted earnings per share 2,785 4.1p (6,082) (10.4p)
Adjusted diluted earnings per share ** 6,875 10.2p 8,368 14.3p
The diluted weighted average number of shares is calculated as follows:
n umber
2016 2015
Weighted average number of shares in issue during the year 67,251,945 58,465,060
Effect of dilutive share options 411,297 144,617
Diluted weighted average number of shares 67,663,242 58,609,677
*  Adjusted basic earnings per share is calculated by adding back the exceptional items, non-recurring costs and loss on disposal to the 
earnings attributable to ordinary shareholders and dividing by the weighted average number of ordinary shares in issue during the year. 
**  Adjusted diluted earnings per share is calculated by adding back the exceptional items, non-recurring costs and loss on disposal to the 
earnings attributable to ordinary shareholders and dividing by the weighted average number of ordinary shares in issue during the year plus 
the dilutive element of all outstanding relevant share options outstanding during the year. Strategic report
Corporate governance
Financial statements
47
11. property, plant and equipment 
group
Leasehold
property
£000
Fixtures
and
fittings
£000
Assets in
course of
construction
£000
Total
£000
Cost
At 1 January 2015 120,836 12,824 6,010 139,670
Additions 7,121 524 – 7,645
Transfers 1,509 – (1,509) – 
Disposals –  – (1,689) (1,689)
Foreign exchange 7 –  – 7
At 31 December 2015 129,473 13,348 2,812 145,633
At 1 January 2016 129,473 13,348 2,812 145,633
Additions 2,206 5,866 3,042 11,114
Disposals (1,762) (2,403) (261) (4,426)
Foreign exchange 876 (113) (27) 736
At 31 December 2016 130,793 16,698 5,566 153,057
Depreciation
At 1 January 2015 15,461 8,663 1,950 26,074
Charge for year 1,966 634 – 2,600
Impairment (note 12) 8,124 – 2,050 10,174
Disposals – (1,689) (1,689)
Foreign exchange –  –  –  – 
At 31 December 2015 25,551 9,297 2,311 37,159
At 1 January 2016 25,551 9,297 2,311 37,159
Charge for year 2,010 719 – 2,729
Impairment (note 12) 2,100 –  – 2,100
Disposals (1,762) (2,278) (261) (4,301)
Foreign exchange 82 3 – 85
At 31 December 2016 27,981 7,741 2,050 37,772
Carrying amounts
a t 31 December 2016 102,812 8,957 3,516 115,285
At 31 December 2015 103,922 4,051 501 108,474 48
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
11. property, plant and equipment (continued)
Company
Leasehold
property
£000
Fixtures
and
fittings
£000
Assets in
course of
construction
£000
Total
£000
Cost
At 1 January 2015 116,187 12,499 5,637 134,323
Additions 6,732 358 – 7,090
Disposals –  – (1,689) (1,689)
Transfers 1,898 (1,898) – 
At 31 December 2015 124,817 12,857 2,050 139,724
At 1 January 2016 124,817 12,857 2,050 139,724
Additions 2,054 5,860 518 8,432
Disposals – (2,083) – (2,083)
At 31 December 2016 126,871 16,634 2,568 146,073
Depreciation
At 1 January 2015 13,417 8,369 1,689 23,475
Charge for year 1,891 598 – 2,489
Impairment 8,124 – 2,050 10,174
Disposals –  – (1,689) (1,689)
At 31 December 2015 23,432 8,967 2,050 34,449
At 1 January 2016 23,432 8,967 2,050 34,449
Charge for year 1,894 708 – 2,602
Impairment 2,100 –  – 2,100
Disposals – (1,958) – (1,958)
At 31 December 2016 27,426 7,717 2,050 37,193
Carrying amounts
a t 31 December 2016 99,445 8,917 518 108,880
At 31 December 2015 101,385 3,890 – 105,275
Assets under construction for both the Group and the Company comprises the cost of redevelopment of current sites 
and development of new sites. Strategic report
Corporate governance
Financial statements
49
12. intangible assets
group
Goodwill
£000
Software
development
£000
Total
£000
Deemed cost
At 1 January 2015 5,719 3,642 9,361
Additions – 779 779
At 31 December 2015 5,719 4,421 10,140
At 1 January 2016 5,719 4,421 10,140
Additions – 322 322
Foreign exchange – 16 16
At 31 December 2016 5,719 4,759 10,478
a mortisation
At 1 January 2015 – 1,132 1,132
Amortisation for the year – 199 199
Impairment 3,100 750 3,850
At 31 December 2015 3,100 2,081 5,181
At 1 January 2016 3,100 2,081 5,181
Amortisation for the year – 204 204
Foreign exchange – 4 4
At 31 December 2016 3,100 2,289 5,389
Carrying amount
a t 31 December 2016 2,619 2,470 5,089
At 31 December 2015 2,619 2,340 4,959 50
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
12. intangible assets (continued)
Company
Goodwill
£000
Software
development
£000
Total
£000
Deemed cost
At 1 January 2015 5,719 3,642 9,361
Additions – 723 723
At 31 December 2015 5,719 4,365 10,084
At 1 January 2016 5,719 4,365 10,084
Additions – 311 311
At 31 December 2016 5,719 4,676 10,395
a mortisation
At 1 January 2015 – 1,132 1,132
Amortisation for the year – 199 199
Impairment 3,100 750 3,850
At 31 December 2015 3,100 2,081 5,181
At 1 January 2016 3,100 2,081 5,181
Amortisation for the year – 197 197
At 31 December 2016 3,100 2,278 5,378
Carrying amount
a t 31 December 2016 2,619 2,398 5,017
At 31 December 2015 2,619 2,284 4,903
impairment testing
Goodwill is allocated to the five operating units which the Company acquired in 2001 (£1.8m) and the three operating 
units acquired in 2008 through the acquisition of Pro 5 Soccer (£0.8m) which represents the lowest level within the 
Company at which goodwill is monitored for internal management purposes.
The recoverable amount of the cash-generating units was based on their value in use.
Value in use was determined by discounting the future cash flows generated from the continuing use of individual units 
and was based on the following key assumptions:
 › Cash flows were based on budgeted operating results for the coming year that are then projected forward for a  
30-year period using a constant growth rate of 2%. This growth rate does not exceed the long-term average growth 
rate for the industry. Management believes that this forecast period is justified due to the long-term nature of 
the business.
 › A pre-tax discount rate of 9.5% (2015: 9.5%) was applied in determining the recoverable amount. The discount rate 
was based on a comparable industry average weighted average cost of capital adjusted for relevant risk factors. Strategic report
Corporate governance
Financial statements
51
12. intangible assets (continued)
 › The values assigned to the key assumptions represent management’s estimate of future trading conditions and are 
based on both external and internal sources.
 › The review of the units which the Company acquired in 2001 demonstrated headroom such that the estimated 
carrying value is not significantly sensitive to changes in assumptions. The discount rate would have to increase to 
21.50% before the headroom reached break even.
 › In 2016 the review of the three operating units acquired in 2008 through the acquisition of Pro 5 Soccer resulted in 
a goodwill impairment charge of £nil (2015: £3.1m).
 › In 2016 the value in use of the software development costs was reviewed by assessing whether the software is up to 
date and used by the business on a regular basis. There was no impairment of software in the year (2015: £750k).
 › In 2016 the review of the other operating units resulted in an impairment of the tangible fixed assets of five sites of 
£2.5m (2015: £8.1m) due to a reduction in the profitability of these clubs.
13. investments in subsidiaries
The Company has the following investments in subsidiary companies:
Trading status
Holding of 
ordinary share 
capital
Country of
incorporation
Goals Soccer Centres Inc Trading 100% USA
Glasgow Open Air Leisure Services (GOALS) Limited Dormant 100% UK
Glasgow Open Air Leisure Services (Wembley) Limited Dormant 100% UK
Fortis Leisure Limited Dormant 100% UK
Pro 5 Soccer Limited Dormant 100% UK
Deltavon Limited Dormant 100% UK
investment in subsidiaries
Company £000
Cost
At 1 January 2015 and 31 December 2015 3,155
a t 1 January 2016 and 31 December 2016 3,155
impairment
At 1 January 2015 and 31 December 2015 (464)
a t 1 January 2016 and 31 December 2016 (464)
Carrying value
a t 31 December 2016 2,691
At 31 December 2015 2,691 52
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
14. o ther non-current receivables
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Capital Goods Scheme 708 433 708 433
15. inventories
 group Company
2016
£000
2015
£000
2016
£000
2015
£000
Finished goods 1,441 1,381 1,433 1,373
Inventories to the value of £2,191,000 (2015: £2,623,000) were recognised as an expense in the income statement in 
the year.
16. t rade and other receivables 
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Trade receivables 927 641 917 616
Other receivables 1,849 1,723 1,849 1,723
Prepayments 989 705 608 668
Accrued income 1,956 1,821 1,948 1,820
Amount due from subsidiary undertaking –  – 4,496 1,391
5,721 4,890 9,818 6,218
At 31 December 2016, trade receivables are shown net of allowance for doubtful debts of £135,000 (2015: £125,000) for 
the Group and £135,000 (2015: £125,000) for the Company arising from a review of the expected recoverability of the 
receivables. The charge recognised in the year was £21,000 (2015: £nil).
The Group and Company’s exposure to credit risks and impairment losses on receivables is given in note 21.
17. Cash and cash equivalents 
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Cash 1,929 2,074 1,797 1,994
Cash and cash equivalents 1,929 2,074 1,797 1,994
Bank overdrafts (1,924) (2,031) (1,924) (2,031)
Cash and cash equivalents in statement of cash flows 5 43 (127) (37) Strategic report
Corporate governance
Financial statements
53
18. o ther interest bearing loans and borrowings 
This note provides information about the contractual terms of the Group and Company’s interest-bearing loans and 
borrowings, which are measured initially at fair value and subsequently at amortised cost. For more information about 
the Group and Company’s exposure to interest rate, foreign currency and liquidity risk, see note 22.
group Company
2016
£000
2015
£000
2016
£000
2015
£000
n on-current liabilities
Secured bank loans 23,998 36,691 23,998 36,691
Secured bank loans are stated net of unamortised finance costs of £124,000 (2015: £109,000) of which £33,000 was 
incurred in the year.
t erms and debt repayment schedule
Nominal
interest
rate
year of
maturity
Fair
value
2016
£000
Carrying
amount
2016
£000
Fair
value
2015
£000
Carrying
amount
2015
£000
Secured bank loans
LIBOR 
+1.2% 2019 23,998 23,998 36,691 36,691
The secured bank loans are denominated in GBP.
The bank loans are secured by a fixed charge over the Company’s properties, a floating charge and a composite guarantee.
19. t rade and other payables
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Current liabilities
Trade payables 3,037 2,010 2,989 1,971
Taxation and social security 18 5 18 5
Accruals 1,295 1,024 1,265 993
Other non-trade creditors 166 – 166 – 
4,516 3,039 4,438 2,969
Creditor payment policy
It is the Group’s policy that payments to suppliers are made in accordance with the terms and conditions agreed 
between the Group and its suppliers, provided all trading terms and conditions are met. Normally this results in 
payment in the month after receipt of an invoice.
At the year end, the Group had an average of 57 days purchases outstanding in trade payables (2015: 57 days). 
The corresponding figure for the Company was 59 days (2015: 58 days). 54
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
20. t axation payable
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Current
Corporation tax payable 388 234 475 234
21. Deferred tax liabilities 
group and Company
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
a ssets l iabilities n et
2016
£000
2015
£000
2016
£000
2015
£000
2016
£000
2015
£000
Share based payments 4 11 –  – 4 11
Property, plant and equipment –  – (7,697) (7,510) (7,697) (7,510)
Other temporary differences 23 21 – – 23 21
Net tax assets/(liabilities) 27 32 (7,697) (7,510) (7,670) (7,478)
Movement in deferred tax during the year
a t 1 January 
2016
£000
Recognised 
in income
£000
Recognised 
in equity
£000
a t 31 
December 
2016
£000
Share based payments 11 – (7) 4
Property, plant and equipment (7,510) (187) – (7,697)
Other temporary differences 21 2 – 23
(7,478) (185) (7) (7,670)
Movement in deferred tax during the prior year
At 1 January 
2016
£000
Recognised 
in income
£000
Recognised 
in equity
£000
At 31 
December 
2015
£000
Share based payments 11 (11) 11 11
Property, plant and equipment (8,881) 1,371 – (7,510)
Other temporary differences 114 (93) – 21
(8,756) 1,267 11 (7,478) Strategic report
Corporate governance
Financial statements
55
22. Financial instruments
o verview
The Group and Company have exposure to the following risks from their use of financial instruments:
 › credit risk
 › liquidity risk
 › market risk
This note presents information about the Group and Company’s exposure to each of the above risks, the Group’s 
objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. 
Further quantitative disclosures are included throughout these financial statements.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk 
management framework.
The Audit Committee oversees how management monitors compliance with the Group’s risk management policies and 
procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group.
Credit risk
Credit risk is the risk of financial loss to the Group and Company if a customer or counterparty to a financial instrument 
fails to meet its contractual obligations and arises principally from the Company’s receivables from customers.
t rade receivables
The Group and Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
Customers are generally expected to pay in full prior to using the Group and Company’s facilities. Trade receivables 
only occur in relation to instances where a pitch is booked and not utilised or in relation to a limited number of 
corporate accounts. Customers are contractually obliged to settle such balances and it is the Group and Company’s 
policy not to allow further use of facilities until the debt is settled.
The Group and Company establishes an allowance for impairment that represents its estimate of incurred losses in 
respect of trade and other receivables. The general allowance is determined based on historical data including payment 
statistics for similar financial assets. 56
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
22. Financial instruments (continued)
l iquidity risk
Liquidity risk is the risk that the Group and Company will not be able to meet their financial obligations as they fall due. 
The Group and Company’s approach to managing liquidity is to ensure, as far as possible, that they will always have 
sufficient liquidity to meet their liabilities when due, under both normal and stressed conditions, without incurring 
unacceptable losses or risking damage to the Group and Company’s reputation.
As explained in the Chief Financial Officer’s review on pages 12 to 13 the Group plans to finance payment of its current 
liabilities and planned expansion programme largely from net cash flow from operations. The net current liability 
position arises as the Group and Company finance capital expenditure from operating cash flow. As explained in the 
corporate governance statement on pages 26 to 27 the Directors have reviewed the Group’s forecasts and projections 
which show that the Group and Company should be able to operate within their current facility and meet bank 
covenant requirements for the foreseeable future. The Directors, if required, can manage this position further by 
reviewing planned capital expenditure to provide further headroom should the current economic climate have an 
adverse impact on forecast trading.
market risk
Market risk is the risk that changes in market prices, such as interest rates and exchange rates will affect the Group and 
Company’s income or the value of their holdings of financial instruments. The objective of market risk management is 
to manage and control market risk exposures within acceptable parameters, while optimising the return.
The Group and Company’s foreign exchange risk relates largely to their USA operation. No hedging arrangements are 
in place; management continue to review this US$ exposure.
Credit risk
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk 
at the reporting date was:
group Company
Note
2016
£000
2015
£000
2016
£000
2015
£000
Trade receivables (gross) 16 1,073 766 1,052 741
Cash and cash equivalents 17 1,929 2,074 1,797 1,994
3,002 2,840 2,849 2,735
Credit risk for receivables at the reporting date was in relation to the United Kingdom £2,849,000 and the USA 
£153,000.
The Group and Company’s exposure is spread across a large number of customers. The Group and Company’s 
exposure to credit risk is likely to have increased in the current economic climate but management do not consider this 
to have had a significant impact given the large number of customers involved. Strategic report
Corporate governance
Financial statements
57
22. Financial instruments (continued)
Credit risk (continued)
Impairment losses
The ageing of trade receivables at the reporting date was:
group
2016 2015
gross
£000
impairment
£000
Gross
£000
Impairment
£000
0 – 30 days 307 15 256 – 
31 – 60 days 310 15 207 – 
61 – 90 days 357 71 42 – 
More than 90 days 99 45 261 125
1,073 146 766 125
Company
2016 2015
gross
£000
impairment
£000
Gross
£000
Impairment
£000
0 – 30 days 304 15 250 – 
31 – 60 days 308 15 206 – 
61 – 90 days 355 71 41 – 
More than 90 days 85 34 244 125
1,052 135 741 125
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Balance at 1 January 125 236 125 236
Impairment loss released –  –  –  – 
Additional provision created 21 – 10 – 
Debtors written off (11) (111) – (111)
Balance at 31 December 135 125 135 125
The impairment loss at 31 December 2016 of £135,000 (2015: £125,000) is a provision for receivables due from customers.
The allowance account in respect of trade receivables is used to record impairment losses unless the Group is satisfied 
that no recovery of the amount owing is possible; at that point the amount is considered irrecoverable and is written off 
against the financial asset directly. 58
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
22. Financial instruments (continued)
l iquidity risk
The following are the contractual maturities of financial liabilities at the balance sheet date, including estimated interest 
payments based on the position at the balance sheet date and excluding the impact of netting agreements.
group
31 December 2016
Carrying 
amount
£000
Contractual 
cash flows
£000
6 mths or 
less
£000
6 – 12 mths
£000
1 – 2 yrs
£000
2 – 5 yrs
£000
More 
than 
5 yrs
£000
n on-derivative financial liabilities
Secured bank loans 23,998 25,018 204 204 408 24,202  – 
Trade and other payables 4,516 4,516 4,516 –  –  –  – 
Bank overdraft 1,924 1,924 1,924 –  –  –  – 
30,438 31,458 7,229 204 408 24,202 – 
31 December 2015
Carrying 
amount
£000
Contractual 
cash flows
£000
6 mths or 
less
£000
6 – 12 mths
£000
1 – 2 yrs
£000
2 – 5 yrs
£000
More 
than 
5 yrs
£000
n on-derivative financial liabilities
Secured bank loans 36,691 38,563 312 312 624 37,315 – 
Trade and other payables 2,665 2,665 2,665 –  –  –  – 
Bank overdraft 2,031 2,031 2,031 –  –  –  – 
41,387 43,259 5,008 312 624 37,315 – 
Company
31 December 2016
Carrying 
amount
£000
Contractual 
cash flows
£000
6 mths or 
less
£000
6 – 12 mths
£000
1 – 2 yrs
£000
2 – 5 yrs
£000
More 
than 
5 yrs
£000
n on-derivative financial liabilities
Secured bank loans 23,998 25,018 204 204 408 24,202 – 
Trade and other payables 4,438 4,438 4,438 –  –  –  – 
Bank overdraft 1,924 1,924 1,924 –  –  –  – 
30,360 31,380 6,366 204 408 24,202 – 
31 December 2015
Carrying 
amount
£000
Contractual 
cash flows
£000
6 mths or 
less
£000
6 – 12 mths
£000
1 – 2 yrs
£000
2 – 5 yrs
£000
More 
than 
5 yrs
£000
n on-derivative financial liabilities
Secured bank loans 36,691 38,563 312 312 624 37,315 – 
Trade and other payables 2,969 2,969 2,969 –  –  –  – 
Bank overdraft 2,031 2,031 2,031 –  –  –  – 
41,691 43,563 5,312 312 624 37,315 –  Strategic report
Corporate governance
Financial statements
59
22. Financial instruments (continued)
l iquidity risk (continued)
The following table shows outstanding borrowings, the facilities available to the Group and Company and the undrawn 
amounts at the year end.
2016 2015
Balance 
outstanding
£000
Facility
£000
Undrawn 
amounts
£000
Balance 
outstanding
£000
Facility
£000
Undrawn 
amounts
£000
Bank loans and overdrafts 25,922 44,500 18,578 38,722 44,500 5,778
market risk – interest rate risk
Profile
At the reporting date the interest rate profile of the Group and Company’s interest-bearing financial instruments was:
group
Carrying value
Company
Carrying value
2016
£000
2015
£000
2016
£000
2015
£000
variable rate instruments
Borrowings 23,998 36,691 23,998 36,691
Cash flow sensitivity analysis for variable rate instruments
A change of 100 basis points in interest rates at the reporting date would have increased/(decreased) equity and profit 
or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, 
remain constant. The analysis is performed on the same basis as 2015.
group Profit or loss Equity
100 bp
increase
£000
100 bp
decrease
£000
100 bp
Increase
£000
100 bp
decrease
£000
31 December 2016
Variable rate instruments (240) 240 –  – 
31 December 2015
Variable rate instruments (367) 367 –  – 
Company Profit or loss Equity
100 bp
increase
£000
100 bp
decrease
£000
100 bp
Increase
£000
100 bp
decrease
£000
31 December 2016
Variable rate instruments (240) 240 –  – 
31 December 2015
Variable rate instruments (367) 367 –  –  60
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
22. Financial instruments (continued)
market risk – Foreign currency risk
The Group’s exposure to foreign currency risk is as follows. This is based on the carrying amount for monetary 
financial instruments.
group 2016
Sterling
£000
US dollar
£000
Total
£000
Cash and cash equivalents 1,797 132 1,929
Trade and other receivables 5,322 399 5,721
Borrowings (21,526) (2,472) (23,998)
Bank overdraft (1,924) – (1,924)
Trade and other payables (4,438) (78) (4,516)
Balance sheet exposure (20,769) 2,019 (22,788)
group 2015
Sterling
£000
US dollar
£000
Total
£000
Cash and cash equivalents 1,994 80 2,074
Trade and other receivables 4,827 62 4,889
Borrowings (36,691) – (36,691)
Bank overdraft (2,031) – (2,031)
Trade and other payables (2,491) (122) (2,613)
Balance sheet exposure (34,392) 20 (34,372)
A 1 per cent weakening of the US$ against the pound sterling would have increased equity and profit or loss by the 
amounts shown below. A 1 per cent strengthening of the US$ against the pound sterling would have had the equal but 
opposite effect. This calculation assumes that the change occurred at the balance sheet date and had been applied to 
risk exposures existing at that date.
This analysis assumes that all other variables, in particular other exchange rates and interest rates, remain constant.
equity
2016
£000
profit or loss
2016
£000
Equity
2015
£000
Profit or loss
2015
£000
$ 45 2 32 2
In order to mitigate exchange rate risk, the Company has agreed a US$ loan facility of which $3.1m was drawn down 
during the year. This is part of the UK loan facility of £42.5m and does not have a separate US$ limit. 
Company
In both 2016 and 2015 the Company’s exposure to exchange risk is restricted to a loan balance with its wholly 
owned subsidiary. Strategic report
Corporate governance
Financial statements
61
22. Financial instruments (continued)
Fair values
Fair value hierarchy
The only category of financial instrument carried at fair value is derivative financial liabilities. This has been defined as 
a Level 2 instrument in line with the following definitions:
 › Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
 › Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either 
directly (i.e. as prices) or indirectly (i.e. derived from prices).
 › Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Derivative financial liabilities
Fair values versus carrying amounts
The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet, are 
as follows:
group
 31 December 2016 31 December 2015
Carrying 
amount
£000
Fair
value
£000
Carrying 
amount
£000
Fair
value
£000
Loans and receivables 5,721 5,721 4,890 4,890
Cash and cash equivalents 1,929 1,929 2,074 2,074
Secured bank loans (23,998) (23,998) (36,691) (36,691)
Trade and other payables (4,516) (4,516) (3,039) (3,039)
Bank overdraft (1,924) (1,924) (2,031) (2,031)
(22,788) (22,788) (34,797) (34,797)
Company
 31 December 2016 31 December 2015
Carrying 
amount
£000
Fair
value
£000
Carrying 
amount
£000
Fair
value
£000
Loans and receivables 5,322 5,322 4,827 4,827
Cash and cash equivalents 1,797 1,797 1,994 1,994
Secured bank loans (23,998) (23,998) (36,691) (36,691)
Trade and other payables (4,438) (4,438) (2,969) (2,969)
Bank overdraft (1,924) (1,924) (2,031) (2,031)
(23,241) (23,241) (34,870) (34,870) 62
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
22. Financial instruments (continued)
Fair values (continued)
Estimation of fair values
The following methods and assumptions were used to estimate the fair values shown above:
t rade and other receivables/payables – the fair value of receivables and payables with a remaining life of less than 
one year is deemed to be the same as the book value.
Cash and cash equivalents – the fair value is deemed to be the same as the carrying amount due to the short maturity 
of these instruments.
Secured bank loans and other loans – the fair value is based on the book value as the interest rate charged reflects the 
fair value of the borrowings.
23. Share capital
2016 2015
n umber £000 Number £000
Allotted, called up and fully paid
Ordinary shares of 0.25p (2015: 0.25p) each 75,215,060 188 58,465,060 146
The holders of the ordinary shares are entitled to dividends from time to time and entitled to one vote per share at 
meetings of the Company. 
16.75 million shares were placed at 100 pence per share on 23rd June 2016 to deleverage the balance sheet and provide 
additional finance to invest. This resulted in additional share premium of £15,696,000, having deducted share issue 
costs of £1,054,000.
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and 
to sustain future development of the business. The Board of Directors monitors the return on capital. The Board of 
Directors also monitors the level of dividends to ordinary shareholders. 
The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of 
borrowings and the advantages and security afforded by a sound capital position. The Board considers its borrowings 
and share capital to be the capital base of the Company.
The Company is subject to externally imposed capital requirements through bank covenants which are tested on 
a quarterly basis. The company prepared three year financial forecasts to ensure that there is sufficient ongoing 
headroom against these covenants. Strategic report
Corporate governance
Financial statements
63
24. Commitments 
Capital commitments at the end of the financial year, for which no provision has been made, are as follows:
group Company
2016
£000
2015
£000
2016
£000
2015
£000
Contracted 452 –  –  – 
The terms and characteristics of all new site leases are assessed at inception to determine whether they should be 
categorised as operating leases or finance leases. Non-cancellable operating lease rentals are as follows:
group
Future minimum
 lease payments interest
present value of
minimum lease payment
2016
£000
2015
£000
2016
£000
2015
£000
2016
£000
2015
£000
Less than one year 3,851 3,138 334 272 3,517 2,866
Between one and five years 14,857 12,332 1,289 1,070 13,568 11,262
More than five years 174,745 148,380 15,161 14,215 159,584 135,507
193,453 163,850 16,784 14,215 176,669 149,635
Company
Future minimum
 lease payments interest
present value of
minimum lease payment
2016
£000
2015
£000
2016
£000
2015
£000
2016
£000
2015
£000
Less than one year 3,629 3,032 315 263 3,314 2,769
Between one and five years 13,969 11,905 1,212 1,033 12,757 10,872
More than five years 169,416 145,714 14,698 12,642 154,718 133,072
187,014 160,651 16,225 13,938 170,789 146,713
The Group leases its sites on leases of approximately 50 years. During the year £3,295,000 (2015: £2,866,000) was 
recognised as a charge in the income statement in respect of leases. 64
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
25. Share based payments
The Group operates the following LTIP scheme. The Goals Soccer Centres plc 2016 Long – term Incentive Plan. 
The general terms and conditions of this LTIP scheme are detailed below:
Date of 
Award
At 1 January 
2016
Granted 
during
 the year
Exercised
 during
 the year
a t 31 
December 
2016
Exercisable 
From
t he 2016 ltip 
N Basing
2nd June 
2016 – 1,000,000 – 1,000,000
2nd June 
2019
A charge of £22,000 (2015: £56,000) has been recognised in the current year. The options that were outstanding at 
the end of 2015 have lapsed without being exercised. 
26. n otes to the statements of cash flows
(a) n et debt
group
At beginning
of year
£000
Trading 
cashflow
£000
a t end of
year
£000
Cash at bank and in hand 2,074 (145) 1,929
Overdraft (2,031) 107 (1,924)
43 (38) 5
Borrowings (36,691) 12,693 (23,998)
Net debt (36,648) 12,655 (23,993)
Company
At beginning
of year
£000
Trading 
cashflow
£000
a t end of
year
£000
Cash at bank and in hand 1,994 (197) 1,797
Overdraft (2,031) 107 (1,924)
(37) (90) (127)
Borrowings (36,691) 12,693 (23,998)
(36,728) 12,603 (24,125) Strategic report
Corporate governance
Financial statements
65
26. n otes to the statement of cash flows (continued)
(b) n et debt reconciliation of net cash flow to movement in net debt
group
2016
£000
2015
£000
(Decrease)/increase in cash and cash equivalents in the year (39) 174
Cash inflow from bank and other finance net of finance costs paid 12,678 120
Change in net debt resulting from cash flows 12,639 294
Additional finance costs (prepaid) 47 – 
Amortisation of finance costs (33) – 
movement in net debt in the year 12,654 294
n et debt at the start of the year (36,648) (36,942)
n et debt at the end of the year (23,994) (36,648)
Company
2016
£000
2015
£000
(Decrease)/increase in cash and cash equivalents in the year (90) 114
Cash flow from bank finance net of finance costs paid 12,678 120
Change in net debt resulting from cash flows 12,588 234
Additional finance costs (prepaid) 47 – 
Amortisation of finance costs (33) – 
movement in net debt in the year 12,603 234
n et debt at the start of the year (36,728) (36,962)
n et debt at the end of the year (24,125) (36,728) 66
n ote S to the F inan Cial S tatementS continued
for the year ended 31 December 2016
27. r elated parties and related undertakings
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been 
eliminated on consolidation. Details of transactions between the Company and related parties are as follows:
a mounts owed by 
related parties
2016
£000
2015
£000
Goals Soccer Centres Inc 2,923 1,391
During the period, the Company acquired services from Harwood Capital Management Group for the amount of 
£24,853. Harwood Capital Management is a shareholder of the Company and therefore this has been disclosed as 
a related party transaction. As at 31 December 2016 there were no outstanding amounts due to Harwood Capital 
Management for these services.
The compensation of key management personnel (including the Directors and members of the executive committee) 
is as follows:
2016
£000
2015
£000
Key management remuneration including social security costs 878 601
Company contributions to money purchase pension schemes 75 85
Benefits 76 10
1,029 696
The Company’s related undertakings are its subsidiaries as stated in note 13.
Registered addresses for these parties are noted below:
Goals Soccer Centres Inc
 › 9599 Pinehurst Avenue, South Gate, CA 90280
Glasgow Open Air Leisure Services (GOALS) Limited
 › Orbital House, Peel Park, East Kilbride, South Lanarkshire, G74 5PR
Glasgow Open Air Leisure Services (Wembley) Limited
 › Orbital House, Peel Park, East Kilbride, South Lanarkshire, G74 5PR
Fortis Leisure Limited
 › Orbital House, Peel Park, East Kilbride, South Lanarkshire, G74 5PR
Pro 5 Soccer Limited
 › The Goals Soccer Centre, Broomhill Road, Brislington, Bristol, BS4 5RG
Deltavon Limited 
 › The Goals Soccer Centre, Broomhill Road, Brislington, Bristol, BS4 5RG Strategic report
Corporate governance
Financial statements
67
n ote S 68
n ote S Designed and produced by Instinctif Partners www.creative.instinctif.com Goals Soccer Centres plc
Orbital House
Peel Park
East Kilbride
G74 5PA
Tel: 01355 234 800
www.goalsplc.co.uk