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REGISTERED NUMBER: 12170300 (England and Wales)















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: N I Chambers
Ms M Birkinshaw
G Hetherington
Ms M Pexton
Ms M C Tomlinson
D Busfield



SECRETARY: N I Chambers



REGISTERED OFFICE: Headingley Stadium
St. Michaels Lane
Leeds
West Yorkshire
LS6 3BR



REGISTERED NUMBER: 12170300 (England and Wales)



SENIOR STATUTORY AUDITOR: Diccon Thornely



AUDITORS: Sedulo Audit Limited
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 32,642 172
Cash at bank 33,464 19,483
66,106 19,655
CREDITORS
Amounts falling due within one year 5 272,105 205,210
NET CURRENT LIABILITIES (205,999 ) (185,555 )
TOTAL ASSETS LESS CURRENT LIABILITIES (205,999 ) (185,555 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (206,099 ) (185,655 )
(205,999 ) (185,555 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 31 July 2024 and were signed on its behalf by:





N I Chambers - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 13 (2022 - 25 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 3,279 -
Other debtors 29,363 172
32,642 172

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 49,126 17,976
Amounts owed to group undertakings 130,019 173,226
Taxation and social security 9,969 4,464
Other creditors 82,991 9,544
272,105 205,210

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Diccon Thornely (Senior Statutory Auditor)
for and on behalf of Sedulo Audit Limited

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.