Company registration number 07058302 (England and Wales)
THUNDER RUGBY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THUNDER RUGBY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THUNDER RUGBY LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,180
915
Current assets
Stocks
-
22,706
Debtors
4
3,603
20,575
Cash at bank and in hand
4,242
6,194
7,845
49,475
Creditors: amounts falling due within one year
5
(42,003)
(62,700)
Net current liabilities
(34,158)
(13,225)
Total assets less current liabilities
(31,978)
(12,310)
Creditors: amounts falling due after more than one year
6
(3,996,424)
(3,426,625)
Net liabilities
(4,028,402)
(3,438,935)
Capital and reserves
Called up share capital
7
125
125
Profit and loss reserves
(4,028,527)
(3,439,060)
Total equity
(4,028,402)
(3,438,935)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
I Kurdi
Director
Company registration number 07058302 (England and Wales)
THUNDER RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Thunder Rugby Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newcastle Falcons, Kingston Park Stadium, Brunton Road, Kenton Bank Foot, Newcastle Upon Tyne, NE13 8AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Newcastle Rugby Limited, the ultimate parent company. These consolidated financial statements are available from its registered office, Newcastle Falcons RFU, Kingston Park, Brunton Road, Newcastle upon Tyne, NE13 8AF.
1.2
Going concern
The company ceased trading on 1 December 2023 and is completely reliant on its parent company, Newcastle Rugby Limited ("NRL"), to meet any liabilities as they fall due. The directors are confident NRL is in a position to support the company and as such the financial statements have been prepared on a going concern basis.true
At the balance sheet date, NRL is owed £3.8m but has confirmed their willingness not to call the debt in. However the audit report of NRL, dated 22 April 2024, noted a material uncertainty to going concern due to uncertainty on cash flows and profitability and therefore this represents a risk to the parent company's ability to provide support to the company and as such there is a material uncertainty on the going concern of Thunder Rugby Ltd.
1.3
Turnover
Turnover represents income receivable from the company's principal activities and is exclusive of value added tax. Match day receipts are recognised on the day of the game, with season ticket and hospitality box income being spread over the course of the season. Sponsorship and similar income is recognised over the duration of the respective contracts. Centrally distributed income arising from broadcasting revenue is recognised over the duration of the playing season. Commercial income is recognised as goods and services are supplied. Amounts relating to future accounting periods are carried forward within accruals and deferred income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.3% straight line and 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
THUNDER RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
THUNDER RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
41
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 December 2022
15,951
Additions
1,310
At 30 November 2023
17,261
Depreciation and impairment
At 1 December 2022
15,036
Depreciation charged in the year
45
At 30 November 2023
15,081
Carrying amount
At 30 November 2023
2,180
At 30 November 2022
915
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,283
15,476
Other debtors
2,320
5,099
3,603
20,575
THUNDER RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
20,230
13,712
Trade creditors
13,489
4,833
Taxation and social security
6,361
21,017
Other creditors
1,923
23,138
42,003
62,700
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
147,211
160,446
Other creditors
3,849,213
3,266,179
3,996,424
3,426,625
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
61,682
76,145
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125
125
125
125
8
Related party transactions
The company has taken advantage of the exemption available in Section 33: Related Party Disclosures not to disclose transactions entered into between two or more wholly owned members of a group.
9
Parent company
The company's ultimate parent undertaking is Newcastle Rugby Limited, a company incorporated in England and Wales.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
THUNDER RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Audit report information
(Continued)
- 6 -
Material uncertainty related to a going concern
In forming our opinion on the company financial statements, which are not modified, we have considered the
adequacy of the disclosure made in note 1.2 to the financial statements concerning the company’s ability to
continue as a going concern. The company is dependent on the continuing support of the parent company in order to meet their day to day working capital commitments. The uncertainties surrounding operating profitability and cashflows of the parent company, as explained in note 1.2, indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern. The company financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Maxine Pott.
The auditor was Sumer Auditco Limited.