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REGISTERED NUMBER: 00174692 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

WIGAN RUGBY LEAGUE CLUB LIMITED

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


WIGAN RUGBY LEAGUE CLUB LIMITED

COMPANY INFORMATION
for the Year Ended 30 November 2023







DIRECTORS: Dr C Brookes (Chairman)
K J Radlinski M.B.E
D J Moore
B J Goodburn



SECRETARY: D J Moore



REGISTERED OFFICE: Robin Park Arena
Loire Drive
Wigan
Lancashire
WN5 0UH



REGISTERED NUMBER: 00174692 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Barclays Bank PLC
1st Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STRATEGIC REPORT
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

The Company recorded an operating loss of £1,637k (2022: £1,154k) for the year. Overall turnover remained steady at £6.6m (2022: £6.6m). The composition of turnover in 2023 has also remained similar to 2022, with a slight fall in central distributions and sponsorship revenue offset by increases in matchday revenue.


Revenue category 2023 (%) 2022 (%) 2021 (%)
Matchday 38 35 9
Broadcasting revenues & prize money 29 29 34
Sponsorship 13 14 14
Retail 18 20 12
Other 2 2 31

Total 100 100 100

Salary costs increased by a reasonable 6.2% to £5.1m (2022: £4.8m) due to inflationary pay increases and the club's continued investment in the playing and coaching staff.

The Board's medium-term goal for the company continues to be to achieve a break-even performance to both ensure the financial sustainability of the club and to provide the best opportunity for continued success in Rugby League.

The operating loss for the year in 2023 is not materially outside expectations given market conditions.

Change of Control
On 1 December 2023, Mike Danson completed the acquisition of the remaining 51% of share capital in Wigan Sporting Club Limited (formerly Lenagan Investments Limited) from the Lenagan family, and at the same time replaced Ian Lenagan as the ultimate controlling party of the company.

This completed a process that began in July 2020 when Mike initially invested in Wigan Rugby.

The Board would like to take this opportunity to formally record their gratitude to Ian for his sixteen years as owner of the company and as custodian of the club. The accolades and honours accumulated by the club during Ian's time are well documented, and the tributes he received from former players, coaches, colleagues, peers, and supporters at the time he announced his departure were a true testament to his legacy.

Future Financial Strategy
Under the direction of new ownership, the Board strongly believe that the most appropriate path to financial sustainability is to target revenue growth in all areas whilst continuing to invest in the playing squads to maximise performance and provide an exciting product to Wigan Warriors and Rugby League supporters, in general. The Board is pleased to report that the early execution of this strategy will lead to a significant increase in turnover in 2024 to a level in excess of £7.5m, with particularly encouraging growth in matchday receipts, sponsorship and retail.

Conversely, central distributions from Super League (largely from broadcasting revenues) remain 20% - 25% lower than in 2019 as a result of the reduced Sky Television agreement. Whilst there is no immediate improvement forecasted in 2024, the partnership with leading sports brand consultants IMG, which commenced in 2022, to lead on increasing the awareness and value of Super League still has the objective of securing increased centralised revenue in the years to come.

The Board have continued to further invest in the playing squad and the rugby infrastructure during 2024, with the aim of continuing to grow matchday and other commercial revenue in the future.

The Board continues to utilise available loan funding from the parent company, Wigan Sporting Club Limited (formerly Lenagan Investments Limited), to give the company the best chance to be able to continue to progress with the joint strategies of successful rugby league performance and financial sustainability.

This funding is provided by way of interest-free, unsecured loans from ownership, with no fixed repayment terms.
There has been no further draw down of loan funding made available by the UK Government during the Covid-19 pandemic. Repayment of this loan commenced during the year in July 2023.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STRATEGIC REPORT
for the Year Ended 30 November 2023


Facilities
In June 2023, Mike Danson also acquired a controlling interest in Wigan Athletic Football Club, including ownership of the now-named Brick Community Stadium.

This brought the town's rugby club and football club under common control for the first time since 2007, solidifying the foundations of both club's and allowing an equal say in the future operations of the stadium.

In May 2024, Wigan Warriors and Wigan Athletic jointly announced that there would be investment in the club's former training facility in Orrell to develop it into a Women & Girls Elite Training Centre for the use of both the rugby and football clubs. This is the first step in emphasising the Board's approach to long-term investment in facilities and infrastructure.

Rugby Performance
On the pitch, 2023 saw continued success for the men's team, building on 2022's Challenge Cup win, by winning the League Leaders Shield and the Super League Grand Final for a sixth time, and for the first time since 2018.

The team continued this success into 2024 by winning the 2024 World Club Challenge and Challenge Cup, becoming the first men's team since 2006 to hold all four major trophies at the same time.

The women's team continued their development in 2023, earning a creditable semi-final berth in Super League before losing to eventual Grand Final winning York City Knights. The club is committed to building the women's team organically under the same performance team structure as the men's team, including at academy level. This approach, along with the appointment of Dennis Betts as head coach for the 2024 season, has contributed to the women's team demonstrably closing the gap to the more established team's during 2024.


WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STRATEGIC REPORT
for the Year Ended 30 November 2023

KEY PERFORMANCE INDICATORS
Key performance indicators are used by the directors to measure and evaluate the company's performance and to monitor its various activities. The principal key performance indicators employed in the company are:-

2023 2022
£m £m
Turnover 6.6 6.6

Staff costs (5.1) (4.8)

Earnings before interest, taxation, depreciation,
amortisation, impairment and profit/(loss) on sales of
players registrations




(1.5)


(1.0)

Operating loss (1.6) (1.2)

Net loss after taxation (1.7) (1.2)

Level of external debt (2.2) (2.5)

2023 2022
Average league attendance 13,586 12,280

Final league position 1st 2nd

Play off position (Grand Final) Winners Semi-final

Challenge Cup Semi-final Winners

In addition there are various non-financial KPI's which the Board consider to be important in the development of the Club; especially participation in the community, encouraging young, old and disadvantaged people to engage in a variety of activities.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board are responsible for continually assessing the risks applicable to the business. Material risks and uncertainties by a combination of their scale and likelihood are as follows:

- Like all Super League clubs, the company is reliant on the broadcast contract (currently with British Sky Broadcasting Group plc ("Sky")) for a material part of its income. The current contract expires at the conclusion of the 2026 season.

- In respect of other significant aspects of revenue recognition the company faces the risks and uncertainties inherent in all businesses engaged in professional sport, where financial outcome is directly linked to a team's on-field performance and the level of salaries paid to the players, coaching staff and management, albeit restricted by Salary Cap commitments.

ON BEHALF OF THE BOARD:





D J Moore - Director


28 August 2024

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a professional Rugby League club, known as Wigan Warriors.

DIVIDENDS
The results for the year and financial position of the company are as shown in the annexed financial statements. The company made an operating loss for the year of £1,637k (2022 - £1,154k). After deducting interest payable and similar charges, the company's loss for the year after taxation was £1,681k (2022 - £1,216k). This amount is to be transferred to reserves and no dividend can be paid (2022 - £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Dr C Brookes (Chairman)
K J Radlinski M.B.E
D J Moore

Other changes in directors holding office are as follows:

W Higham - resigned 23 March 2023
D C Eales - resigned 25 January 2023
B J Goodburn - appointed 16 May 2023

I F Lenagan ceased to be a director after 30 November 2023 but prior to the date of this report.

GOING CONCERN
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This includes the continued financial support from the shareholder of the parent company, Wigan Sporting Club Limited. On this basis, along with recent trading results and forecasts, the directors consider it appropriate to prepare the financial statements on the going concern basis.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

REPORT OF THE DIRECTORS
for the Year Ended 30 November 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D J Moore - Director


28 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN RUGBY LEAGUE CLUB LIMITED

Opinion
We have audited the financial statements of Wigan Rugby League Club Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern
We draw your attention to note 2 in the financial statements, which details the measures that have been taken to alleviate the operating losses and address the working capital requirements of the company in 2023/24 and 2024/25. Whilst the directors believe the company has adequate resources to continue in operational existence for the foreseeable future, it remains reliant upon the continued financial support of its parent company, Wigan Sporting Club Limited.The existence of operating losses, working capital requirements and reliance upon parent company loans indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN RUGBY LEAGUE CLUB LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN RUGBY LEAGUE CLUB LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, Health and Safety regulations and Super League sustainability financial regulations including the operation of Salary Caps.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WIGAN RUGBY LEAGUE CLUB LIMITED


Use of our report
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 a Report of the Auditors 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.




John B S Fairhurst BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

28 August 2024

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 6,589,786 6,633,231

Cost of sales 1,635,513 1,671,126
GROSS PROFIT 4,954,273 4,962,105

Administrative expenses 7,052,037 6,549,110
(2,097,764 ) (1,587,005 )

Other operating income 460,450 433,361
OPERATING LOSS (1,637,314 ) (1,153,644 )


Interest payable and similar expenses 5 91,508 61,871
LOSS BEFORE TAXATION 6 (1,728,822 ) (1,215,515 )

Tax on loss 7 (48,197 ) -
LOSS FOR THE FINANCIAL YEAR (1,680,625 ) (1,215,515 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,680,625

)

(1,215,515

)

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STATEMENT OF FINANCIAL POSITION
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 212,795 14,838
Tangible assets 9 2,322,553 2,299,146
Investments 10 1 1
2,535,349 2,313,985

CURRENT ASSETS
Stocks 11 365,164 173,642
Debtors 12 1,722,661 1,647,343
Cash at bank and in hand 296,603 166,895
2,384,428 1,987,880
CREDITORS
Amounts falling due within one year 13 13,815,512 11,244,401
NET CURRENT LIABILITIES (11,431,084 ) (9,256,521 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(8,895,735

)

(6,942,536

)

CREDITORS
Amounts falling due after more than one
year

14

1,672,627

1,945,201
NET LIABILITIES (10,568,362 ) (8,887,737 )

CAPITAL AND RESERVES
Called up share capital 17 128,000 128,000
Revaluation reserve 18 1,363,618 1,363,618
Retained earnings 18 (12,059,980 ) (10,379,355 )
SHAREHOLDERS' FUNDS (10,568,362 ) (8,887,737 )

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





D J Moore - Director


WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 November 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 128,000 (9,163,840 ) 1,363,618 (7,672,222 )

Changes in equity
Total comprehensive income - (1,215,515 ) - (1,215,515 )
Balance at 30 November 2022 128,000 (10,379,355 ) 1,363,618 (8,887,737 )

Changes in equity
Total comprehensive income - (1,680,625 ) - (1,680,625 )
Balance at 30 November 2023 128,000 (12,059,980 ) 1,363,618 (10,568,362 )

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

STATEMENT OF CASH FLOWS
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,396,578 ) (1,016,582 )
Interest paid (91,508 ) (61,871 )
Tax paid (145 ) -
Taxation refund 48,342 -
Net cash from operating activities (1,439,889 ) (1,078,453 )

Cash flows from investing activities
Purchase of intangible fixed assets (214,642 ) (15,000 )
Purchase of tangible fixed assets (78,881 ) (81,915 )
Net cash from investing activities (293,523 ) (96,915 )

Cash flows from financing activities
Loan repayments in year (153,333 ) -
Amounts received from parent company 1,992,709 1,446,004
Amounts repaid to parent company - (193,436 )
Amounts repaid by related undertakings - 33,000
Amounts paid to related undertakings - (73,555 )
Net cash from financing activities 1,839,376 1,212,013

Increase in cash and cash equivalents 105,964 36,645
Cash and cash equivalents at beginning of
year

2

(442,930

)

(479,575

)

Cash and cash equivalents at end of year 2 (336,966 ) (442,930 )

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 30 November 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (1,728,822 ) (1,215,515 )
Depreciation charges 55,474 55,156
Loss on disposal of fixed assets - 6,250
Amortisation of intangible fixed assets 16,685 22,293
Finance costs 91,508 61,871
(1,565,155 ) (1,069,945 )
(Increase)/decrease in stocks (191,522 ) 44,836
Increase in trade and other debtors (75,318 ) (563,782 )
Increase in trade and other creditors 435,417 572,309
Cash generated from operations (1,396,578 ) (1,016,582 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 296,603 166,895
Bank overdrafts (633,569 ) (609,825 )
(336,966 ) (442,930 )
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 166,895 82,989
Bank overdrafts (609,825 ) (562,564 )
(442,930 ) (479,575 )


WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 30 November 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank and in hand 166,895 129,708 296,603
Bank overdrafts (609,825 ) (23,744 ) (633,569 )
(442,930 ) 105,964 (336,966 )
Debt
Debts falling due within 1 year (116,123 ) (119,241 ) (235,364 )
Debts falling due after 1 year (1,945,201 ) 272,574 (1,672,627 )
(2,061,324 ) 153,333 (1,907,991 )
Total (2,504,254 ) 259,297 (2,244,957 )

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Wigan Rugby League Club 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has reported an operating loss for the year of £1,637k and has net liabilities of £10,568k.

The company remains reliant upon the continued financial support of its parent company, Wigan Sporting Club Limited, which has provided loan monies amounting to £9,495k, included within current liabilities. However, whilst these loans are technically repayable on demand, written assurances have been given that these monies will not become repayable within the foreseeable future.

The following decisions and actions have been taken by the directors to manage the working capital requirements of the company:

The Senior Management team are targeting revenue growth in all areas and are looking to control costs and overheads, where possible, whilst continuing to achieve a level of sporting excellence.

Profit and loss and cashflow forecasts have been prepared for 2023/24 and 2024/25, which indicate that, whilst operating losses may continue, working capital requirements will be met by additional loan financing from the shareholder of the parent company, Wigan Sporting Club Limited.

On this basis, the directors believe the company has adequate resources to continue in operational existence for the foreseeable future and that it is therefore appropriate to prepare the financial statements on the going concern basis.

The financial statements include the results of the company's principal activity described in the Report of the Directors, which is continuing.

Turnover
Turnover represents income receivable from the company's principal activity of operating a professional rugby league club and is net of Value Added Tax. Match day revenue is recognised over the period of the rugby league season as games are played. Sponsorship and similar commercial income is recognised over the duration of the respective contracts.The fixed element of broadcasting revenues is recognised over the duration of the rugby league season whilst facility fees for live coverage or highlights are recognised as games are played.

Player registrations
Transfer fees for player registrations are capitalised as intangible fixed assets and are amortised on a straight line basis over the period of the respective players' contracts.

Transfer fees receivable are included in profit or loss in the period to which they relate.

Player registrations are assessed on an annual basis and impairment losses arising are charged to profit or loss in the period in which they arise. Any surpluses arising are not accounted for.

Intangible assets
Intangible assets comprising trademarks are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of 10 years.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and impairment. Depreciation of tangible fixed assets has been calculated so as to write off the cost or revalued amount less estimated residual value of each asset over its estimated useful life as follows:

Freehold property- 2% per annum on straight line basis
Long leasehold property- 2% per annum on straight line basis
Improvements to leasehold property- 4% - 20% per annum on straight line basis
Fixtures and fittings- 20% per annum on straight line basis
Computer equipment- 33% per annum on straight line basis

Depreciation on freehold property
It is the company's policy to provide depreciation on freehold property on a straight line basis of 2%. However the directors consider the life of this asset and its residual value is such that depreciation in the current year would be immaterial, and hence no depreciation has been charged.

Impairment of tangible fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Stocks
Stocks are measured at the lower of cost and selling price. Cost is measured at the most recent purchase price and other costs incurred in bringing the stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leases
Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee 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.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

Financial instruments
Short term financial assets, including trade debtors are measured at transaction price less any impairment.

Short term financial liabilities, including trade creditors, are measured at transaction price. Group loans and associated undertaking loans (being repayable on demand) are measured at the undiscounted amount due.

Financial assets and liabilities payable after one year are initially measured at fair value and are measured subsequently at amortised cost using the effective interest rate method.

Fixed asset investments
Fixed asset investments are stated at cost less impairment.

3. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include:

(a) Valuation of freehold property
The carrying amount of the company's assets are reviewed annually to determine whether there is any indication of impairment. During the course of this review the Directors have concluded that the carrying value of the company's freehold property has not been impaired.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

4. EMPLOYEES AND DIRECTORS

20232022
££
Wages and salaries4,610,1314,328,780
Social security costs424,776432,457
Pension costs55,63254,681
5,090,5394,815,918

The average monthly number of employees during the year was as follows:
20232022

Playing and coaching staff8879
Administration3133
119112

2023 2022
£    £   
Directors' remuneration 161,077 148,357
Directors' pension contributions to money purchase schemes 15,236 3,821

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

In addition, Dr Chris Brookes, a Director, invoiced for his services as Club doctor.

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 48,286 24,554
Loan interest 41,535 36,470
Other interest 1,687 847
91,508 61,871

6. LOSS BEFORE TAXATION

The loss before tax is stated after charging/(crediting):

20232022
££
Depreciation - owned assets55,47455,157
Loss on player transfers-6,250
Amortisation of trademarks618618
Player registration fees amortisation 16,06721,674
Auditor's remuneration - audit fees12,50012,000
Loan and transfer fees received (257,643)(86,703)

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
R & D tax credit in prior year (48,197 ) -
Tax on loss (48,197 ) -

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (1,728,822 ) (1,215,515 )
Loss multiplied by the standard rate of corporation tax in the UK of
23.010% (2022 - 19%)

(397,802

)

(230,948

)

Effects of:
Expenses not deductible for tax purposes 29,060 892
Income not taxable for tax purposes (32,530 ) (30,448 )
Adjustments to tax charge in respect of previous periods (48,197 ) -
Fixed asset differences (215 ) (4,750 )
Remeasurement of deferred tax for changes in tax rates (34,722 ) (83,765 )
Deferred tax not recognised 436,209 349,019
Total tax credit (48,197 ) -

A deferred tax asset of £4,926,644 (2022 - £4,511,418) has not been provided within the financial statements, due to the uncertainty of when or if the asset will crystallise.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

8. INTANGIBLE FIXED ASSETS
Player
registration Trade
fees marks Totals
£    £    £   
COST
At 1 December 2022 46,275 6,175 52,450
Additions 214,642 - 214,642
Disposals (31,275 ) - (31,275 )
At 30 November 2023 229,642 6,175 235,817
AMORTISATION
At 1 December 2022 36,274 1,338 37,612
Amortisation for year 16,067 618 16,685
Eliminated on disposal (31,275 ) - (31,275 )
At 30 November 2023 21,066 1,956 23,022
NET BOOK VALUE
At 30 November 2023 208,576 4,219 212,795
At 30 November 2022 10,001 4,837 14,838

9. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
Freehold leasehold and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 December 2022 2,200,000 6,580 377,436 75,477 2,659,493
Additions - 511 70,848 7,522 78,881
At 30 November 2023 2,200,000 7,091 448,284 82,999 2,738,374
DEPRECIATION
At 1 December 2022 - 6,580 293,950 59,817 360,347
Charge for year - 14 46,979 8,481 55,474
At 30 November 2023 - 6,594 340,929 68,298 415,821
NET BOOK VALUE
At 30 November 2023 2,200,000 497 107,355 14,701 2,322,553
At 30 November 2022 2,200,000 - 83,486 15,660 2,299,146

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

9. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 November 2023 is represented by:

Improvements
to Fixtures
Freehold leasehold and Computer
property property fittings equipment Totals
£    £    £    £    £   
Valuation in 2010 505,671 - - - 505,671
Valuation in 2011 300,000 - - - 300,000
Valuation in 2016 2,100,000 - - - 2,100,000
Valuation in 2018 (1,400,000 ) - - - (1,400,000 )
Cost 694,329 7,091 448,284 82,999 1,232,703
2,200,000 7,091 448,284 82,999 2,738,374

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 694,329 694,329
Aggregate depreciation 260,882 246,996

Value of land in freehold land and buildings 488,993 488,993

The directors consider the estimated fair market value of the freehold property, being the training facilities at Edge Hall Road, Orrell, of £2.2 million as reasonable as at 30 November 2023, taking into account current economic factors and market conditions.

10. FIXED ASSET INVESTMENTS
Participating
interests
£   
COST
At 1 December 2022
and 30 November 2023 1
NET BOOK VALUE
At 30 November 2023 1
At 30 November 2022 1

The company holds 1 £1 ordinary share in Super League (Europe) Limited which represents 8.3% of the issued share capital. The financial statements of Super League (Europe) Ltd disclose that its activities are to act as agents of each participating club in the promotion of Rugby League. The company receives a distribution each year from Super League (Europe) Limited based on the results of that company for the year, and that income is included within turnover.

11. STOCKS
2023 2022
£    £   
Goods for resale 365,164 173,642

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 907,379 1,208,759
Other debtors 739,974 285,666
Accrued income 23,975 7,483
Prepayments 51,333 145,435
1,722,661 1,647,343

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 633,569 609,825
Other loans (see note 15) 235,364 116,123
Trade creditors 1,140,186 729,564
Social security and other taxes 621,897 613,373
Other creditors 71,434 199,123
Amounts owed to group undertakings 9,495,469 7,502,760
Deferred income 1,126,213 1,255,129
Accrued expenses 491,380 218,504
13,815,512 11,244,401

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 15) 1,672,627 1,945,201

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 633,569 609,825
Other loans 235,364 116,123
868,933 725,948

Amounts falling due between one and two years:
Other loans 238,865 235,757

Amounts falling due between two and five years:
Other loans 751,068 736,208

Amounts falling due in more than five years:

Repayable by instalments
Other loans 682,694 973,236

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

15. LOANS - continued

Other loans comprise monies provided by the RFL, under a government approved funding scheme for Super League clubs, which attract a modest interest rate and have favourable repayment terms.

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 633,569 609,825
Amounts owed to parent company 9,495,469 7,502,760
10,129,038 8,112,585

Banking facilities are reviewed periodically and repayable on demand, subject to such reviews. Barclays Bank PLC has a fixed and floating charge over the assets of the company. Mr I F Lenagan, a Director of the Company, has provided personal guarantees to the Bank on behalf of the company.

The loan from the parent company is secured by a debenture, has no fixed repayment date and any interest accruing for the period has been waived.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
128,000 Ordinary £1 128,000 128,000

18. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 December 2022 (10,379,355 ) 1,363,618 (9,015,737 )
Deficit for the year (1,680,625 ) - (1,680,625 )
At 30 November 2023 (12,059,980 ) 1,363,618 (10,696,362 )

Retained earnings includes all current and prior retained profits and losses.

The revaluation reserve relates to the freehold property.

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain staff members. The scheme is managed by independent fund managers and its assets/liabilities are held separately from that of the company.

The pension charge represents the amount paid by the company and amounted to £55,632 (2022 - £54,681).

20. ULTIMATE PARENT COMPANY

During the year the company was an 89% owned subsidiary of Lenagan Investments Limited, a company under the control of Mr I F Lenagan and his immediate family. On the 1 December 2023, Lenagan Investments Limited changed its name to Wigan Sporting Club Limited, and control of the company transferred to Mr M Danson.

WIGAN RUGBY LEAGUE CLUB LIMITED (REGISTERED NUMBER: 00174692)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 November 2023

21. RELATED PARTY DISCLOSURES

Loans from group undertakings
During the year the company had loan transactions with Wigan Sporting Club Limited as follows: loans received of £2,126,170 (2022 - £1,446,004) and repaid of £133,461 (2022 - £193,436). At 30 November 2023 an amount of £9,495,469 (2022 - £7,502,760) was owed to Wigan Sporting Club Limited.

Loans to/(from) associated undertakings
During the year the company had loan transactions with associated companies as follows: loans paid of £640,762 (2022 - £73,555) and repaid of £142,189 (2022 - £33,000). At 30 November 2023 there is an amount of £707,633 (2022 - £209,060) owed by associated undertakings.

Transactions withassociated undertakings
During the year the company has recharged wages and certain expenses totalling £416,921 (2022 - £203,613) and have paid rent and associated costs totalling £98,583 (2022 - £142,948) to associated undertakings. At 30 November 2023 an amount of £175,520 (2022 - £273,807) was owed to the company.