Company registration number 10750813 (England and Wales)
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
18,180,000
18,560,000
Current assets
Debtors
5
1
1
Cash at bank and in hand
45,526
33,003
45,527
33,004
Creditors: amounts falling due within one year
6
(927,117)
(918,072)
Net current liabilities
(881,590)
(885,068)
Total assets less current liabilities
17,298,410
17,674,932
Creditors: amounts falling due after more than one year
7
(17,276,405)
(17,656,703)
Net assets
22,005
18,229
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
22,004
18,228
Total equity
22,005
18,229
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr PA Bullers
Director
Company registration number 10750813 (England and Wales)
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Headingley North-South Stand (Rugby) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Headingley Stadium, St. Michaels Lane, Leeds, West Yorkshire, United Kingdom, LS6 3BR.
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 company is entirely dependent on its sole customer, Leeds Cricket Football and Athletic Company Limited, being able to meet it's own commitment under the annual operating license agreed for the use of the North-South Stand to enable it to meet it's own commitments to Leeds City Council. The directors have assessed the financial position of Leeds Cricket Football and Athletic Company Limited and concluded that it will be able to meet those commitments.
At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable and therefore these Financial Statements have been prepared on the Going Concern Basis.
1.2
Turnover
Revenue represents the amount of lease income due for the period under the terms of the operating license.
1.3
Investment property
The investment property represents a right of use asset which is leased by the company.
The investment property is carried at a fair value derived from the current market rents. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
Investment property is assessed at each reporting date for evidence of impairment. Impairment losses are recognised in the statement of comprehensive income for the amount by which the carrying amount exceeds its estimated recoverable amount.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer 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 profit and loss account, 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
These financial statements directors have made the following judgements:
Determine whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether risk and rewards of ownership have been transformed from the lessor to the lessee on a lease by lease basis.
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include that economic viability and expected future financial performance of the asset and where it is a component of a larger cash - generating unit, the viability and expected feature performance of that unit.
The directors do not believe there are any other key sources of estimation uncertainties.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Investment property
2024
£
Fair value
At 1 November 2023
18,560,000
Impairment
(380,000)
At 31 October 2024
18,180,000
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Investment property
(Continued)
- 6 -
Investment property represents a Right of use asset which is leased by the company. An impairment charge of £380,000 (2023: £370,000) was recognised in the year to write down the leased asset to its recoverable amounts based on the future cash flows arising thereon.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
6
Creditors: amounts falling due within one year
2024
2023
£
£
Hire purchase contracts
8
684,633
684,633
Trade creditors
600
Corporation tax
847
2,802
Other taxation and social security
16,537
14,437
Accruals and deferred income
225,100
215,600
927,117
918,072
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Hire purchase contracts
8
17,276,405
17,656,703
Obligations under hire purchase contacts represent the future minimum lease payments arising on the right of use asset.
Amounts included above which fall due after five years are as follows:
Payable by instalments
(14,537,873)
(14,918,171)
HEADINGLEY NORTH-SOUTH STAND (RUGBY) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
8
Leasing Agreements
2024
2023
Future minimum lease payments due under hire purchase:
£
£
Within one year
684,633
684,633
In two to five years
2,738,532
2,738,532
In over five years
14,537,873
14,918,171
17,961,038
18,341,336
9
Related party transactions
The company is a subsidiary of Headingley North-South Stand Limited which is a joint venture between Leeds Cricket Football and Athletic Company Limited and Yorkshire County Cricket Club Limited.
During the period the company sales of £800,000 (2023: £760.000) to Leeds Cricket Football and Athletic Company Limited.
Included in amounts owed by group undertakings is £1 (2023: £1) due from Headingly North-South Stand Limited.
10
Ultimate Controlling Party
The company is wholly owned by Headingley North-South Stand Limited. Headingley North-South Stand Limited is a joint venture between Leeds Cricket Football and Athletic Company Limited and Yorkshire County Cricket Club Limited.