REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
LEEDS RHINOS NETBALL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
LEEDS RHINOS NETBALL LIMITED |
LEEDS RHINOS NETBALL LIMITED (REGISTERED NUMBER: 12170300) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
LEEDS RHINOS NETBALL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
LEEDS RHINOS NETBALL LIMITED (REGISTERED NUMBER: 12170300) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LEEDS RHINOS NETBALL LIMITED (REGISTERED NUMBER: 12170300) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Leeds Rhinos Netball Limited is a |
The principal activity of the company in the year under review was that of a netball team. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1. |
The directors of Leeds Rhinos Netball believe the company can trade as a going concern for a period beyond December 2025, following the preparation of draft forecasts for the year ending 31 August 2025. |
Projections suggest that allowing only for known/guaranteed income, the company would make a modest cash surplus of circa £75,000. A current sponsor has agreed to a new three-year headline sponsorship deal of £125,000 per annum, and one of our directors has agreed to make personal donations of £50,000 per annum for the next three years. Their previous contributions were £45,000 and £35,000 respectively. In addition, there are ongoing discussions with Yorkshire Netball regarding a £45,000 package of funding, and there are three sponsorship marks plus match day and player sponsorships available for 2025. Leeds Rhinos Foundation has employed a specific Women's and community sports sales executive who will assist with targeting the specific Women's sport / Netball market in addition to leveraging the success of the Rhinos OneTeam TeamRhinos concept, which has been well received in the developing ESG investment space. |
Whilst the directors acknowledge that cash flow will require careful monitoring, they consider that as at the date the company will be able to meet its liabilities as and when they fall due and will remain viable for the foreseeable future, and therefore these Financial Statements have been prepared on the Going Concern basis. |
Turnover |
Turnover represents income receivable net of VAT from netball and related commercial activities. Gate, match and other event day revenues and commission are recognised as matches are played and events are staged. Sponsorship and similar commercial income is recognised over the duration of the respective contracts. Revenues from non match day commercial activities are recognised in the period |
to which they relate. |
Income received in respect of memberships is recognised over the period of the season to which they relate, and deferred where it has been received in advance for the following season. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
LEEDS RHINOS NETBALL LIMITED (REGISTERED NUMBER: 12170300) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
LEEDS RHINOS NETBALL LIMITED (REGISTERED NUMBER: 12170300) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
7. | RELATED PARTY DISCLOSURES |
The immediate parent company is Leeds Rugby Limited, a company incorporated in England and Wales |
Included in creditors is a balance owed to Leeds Cricket Football and Athletic Company Limited, a group undertaking, totalling £130,019 (2022: £173,226). No interest is payable on the balance and it is repayable on demand. |
8. | POST BALANCE SHEET EVENTS |
England Netball has developed a strategy for elite netball to become fully professional and invited clubs to apply to be part of Netball Super League 2, due to commence in 2025. It has been confirmed that Leeds Rhinos Netball's bid to compete in this league has been successful. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Caddick Group Limited (formerly Caddick Group plc). |
The ultimate controlling party is P Caddick in his capacity as principal Trustee of the Paul Caddick Accumulation and Maintenance Settlement Trust. |