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Registered number: 04730479










OSPREYS RUGBY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
OSPREYS RUGBY LIMITED
 
 
COMPANY INFORMATION


Directors
William Roger Blyth 
James Davies-Yandle (resigned 28 January 2025)
Robert Davies 
Nicolas Angio-Morneau 
Lance Bradley (appointed 24 April 2024)




Registered number
04730479



Registered office
Swansea.Com Stadium

Landore

Swansea

Wales

SA1 2FA




Auditor
MHA

MHA House

Swansea

SA7 9FS





 
OSPREYS RUGBY LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28


 
OSPREYS RUGBY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present the strategic report for the year ended 30 June 2024.

Business review
 
The 2023/24 season was, in the context of some significant challenges, a successful one.
The season had a very exciting climax, as we went into the final day with an estimated 2% chance of finishing in the top eight of the URC, and therefore becoming the first Welsh team to qualify for the knockouts. With other results going our way, we needed a bonus point victory away at Cardiff, which we achieved with a 33-29 win.
We also qualified for the knockout stages of the EPCR Challenge Cup, defeating Sale, before succumbing to Gloucester Rugby in the quarter final. The win against Sale was Ospreys’ first ever win in European knockout rugby.
We retained the Welsh Shield, but a change in qualification criteria meant that it did not automatically ensure qualification for the EPCR Champions Cup. We would have qualified through our 8th place finish had Sharks, who finished 13th in the URC, not won the Challenge Cup.
During the season, the club provided 8 players to the Wales Senior Men’s team as well as 3 players to the Wales Men’s U20’s team and 3 to the U18s. The club continues to invest resources in its academy programme in order to develop a strong pathway for our young players to develop and progress into the first team. 
This investment is paying dividends, and 7 academy players made their first team debuts this season.
Off the field we appointed a new Chief Executive Officer in January. Lance Bradley spent 30 years in the automotive industry, most recently as Managing Director of Mitsubishi Motors in the UK. He came to us having spent five years at Gloucester Rugby as CEO.
One of his first announcements was that we would be moving out of the Swansea.com Stadium and into a home of our own. After an extensive process St. Helen’s in Swansea was selected as the preferred option. We expect to move into the new stadium at the end of 2025.
Swansea Council have committed to invest in the new stadium, and will retain the freehold of the site. Ospreys will take out a long-term lease.
The move to our own stadium will significantly increase our revenue opportunities, especially in the areas of sponsorship, ticketing, hospitality and non-match day activities. This will drive us closer to our aim of financial sustainability.

Page 1

 
OSPREYS RUGBY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
Financial risk management objectives and policies
The company operates a number of risk management policies designed to minimise its exposure to financial risk.
Liquidity and cash flow risk
The company produces detailed management accounts and forecasts, which enable the directors to monitor the cash position and to ensure that there is sufficient liquidity and cash flow to minimise the risk of the company being unable to pay its debts as they fall due.
The company utilises loans to finance its operations. The continued availability of these debt facilities is crucial to the future prospects of the company.
Borrowings at variable rates expose the company to interest rate risk, however the directors actively manage this risk by  monitoring cash-flow to ensure such borrowings are minimised.
Credit risk
Given the nature of the business, the company does not consider that it faces any significant credit risk.
Price risk
The company actively manages price risk by agreeing terms with suppliers prior to entering into any transactions with customers.

Financial key performance indicators
 

2023/24
2022/23

£
£
WRU Income
5,543,388 
6,995,705 
Competition income
1,938,400 
2,308,750 
Net (loss) / profit
(2,185,639)
(2,152,046)

Other key performance indicators
 
The business also monitors its performance through a number of non-financial KPIs including:
- URC league position
- Performance in European competition
- Match attendances
- Fan engagement
- Social media impressions


This report was approved by the board on 27 March 2025 and signed on its behalf.


Nicolas Angio-Morneau
Director

Page 2

 
OSPREYS RUGBY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company in the year under review was that of the operation of a professional rugby regional team, together with associated activities.

Results and dividends

The loss for the year, after taxation, amounted to £2,185,639 (2023 - loss £2,152,035).

The directors do not recommend the payment of a dividend (2023: £nil).

Directors

The directors who served during the year were:

William Roger Blyth 
James Davies-Yandle (resigned 28 January 2025)
Robert Davies 
Nicolas Angio-Morneau 
Lance Bradley (appointed 24 April 2024)

Page 3

 
OSPREYS RUGBY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Going concern

At the year ended 30 June 2024, the Company suffered a loss of £2,300,639 (2023: £2,152,035) and a net current liability position of £522,154 (2023: £155,997). The Company remains reliant upon the support of the WRU, its various funders and the ongoing support and goodwill of fans, commercial sponsors, Directors & shareholders. The Directors have reviewed the current financial position and projected future cashflows and have a reasonable expectation that the company will have sufficient resources to operate for a period of at least 12 months from the approval of the accounts, due to the continued support of its investors. On this basis, the accounts are prepared on a going concern basis.

Matters covered in the strategic report

Included in the company's strategic report is a review of the business and a description of the principal risks and uncertainties facing the company.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors



The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 March 2025 and signed on its behalf.
 


Nicolas Angio-Morneau
Director

Page 4

 
OSPREYS RUGBY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREYS RUGBY LIMITED
 

Opinion
We have audited the financial statements of Ospreys Rugby Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and 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 June 2024 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.


 

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
OSPREYS RUGBY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREYS RUGBY LIMITED (CONTINUED)


 

Other information
The directors are responsible for the other information. The other information comprises the information in the Annual Report other than 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.
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 3, 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.
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.
 
Page 6

 
OSPREYS RUGBY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREYS RUGBY LIMITED (CONTINUED)


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. 
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
- Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness;  
- An assessment of the methodologies used in order to calculate the estimated fair value of investment properties at the year end for evidence of bias. 
- The accounting policy was checked to the financial reporting standards where necessary and confirmed to be appropriate;
-  Reviewing accounting estimates for bias;
- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
- Discussions with management over any potential or suspected fraud.
- Performing substantive tests of detail over the completeness/existence of income within the financial system;
- Performing substantive analytical review procedures reconciling expected income from corroborating evidence to that which had been recorded in the financial statements to ensure that income was complete.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.



Page 7

 
OSPREYS RUGBY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OSPREYS RUGBY LIMITED (CONTINUED)


 

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.
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.


 

 

Brian Garland BA ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Swansea
United Kingdom

27 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 8

 
OSPREYS RUGBY LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023
Note
£
£

  

Turnover
 4 
9,784,286
11,594,582

Cost of sales
  
(8,813,000)
(10,975,963)

Gross profit
  
971,286
618,619

Administrative expenses
  
(2,763,042)
(3,027,064)

Other operating income
 5 
-
500,992

Operating loss
  
(1,791,756)
(1,907,453)

Interest payable and similar expenses
 9 
(508,883)
(395,218)

Loss before tax
  
(2,300,639)
(2,302,671)

Tax on loss
 10 
115,000
150,636

Loss for the financial year
  
(2,185,639)
(2,152,035)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
OSPREYS RUGBY LIMITED
REGISTERED NUMBER: 04730479

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
186,486
242,306

Investments
 12 
1
1

  
186,487
242,307

Current assets
  

Stocks
 13 
39,075
42,414

Debtors: amounts falling due within one year
 14 
695,111
703,554

Cash at bank and in hand
 15 
1,033,725
1,572,784

  
1,767,911
2,318,752

Creditors: amounts falling due within one year
 16 
(2,175,065)
(2,474,749)

Net current liabilities
  
 
 
(407,154)
 
 
(155,997)

Total assets less current liabilities
  
(220,667)
86,310

Creditors: amounts falling due after more than one year
 17 
(3,088,165)
(3,292,638)

  

Deferred income
  
(1,374,870)
(1,541,737)

Net liabilities
  
(4,683,702)
(4,748,065)


Capital and reserves
  

Called up share capital 
  
2,185,396
2,185,396

Share premium account
 22 
514,706
514,706

Other reserves
 22 
7,074,900
4,824,898

Profit and loss account
 22 
(14,458,704)
(12,273,065)

  
(4,683,702)
(4,748,065)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.

Nicolas Angio-Morneau
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
OSPREYS RUGBY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
2,185,396
514,706
2,799,950
(10,121,030)
(4,620,978)



Loss for the year
-
-
-
(2,152,035)
(2,152,035)

Capital contribution
-
-
2,024,948
-
2,024,948



At 1 July 2023
2,185,396
514,706
4,824,898
(12,273,065)
(4,748,065)



Loss for the year
-
-
-
(2,185,639)
(2,185,639)


Contributions by and distributions to owners

Capital contribution
-
-
2,250,002
-
2,250,002


At 30 June 2024
2,185,396
514,706
7,074,900
(14,458,704)
(4,683,702)


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
OSPREYS RUGBY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(2,185,639)
(2,152,035)

Adjustments for:

Depreciation of tangible assets
76,119
78,028

Interest charged
372,945
243,068

Taxation credit
(115,000)
(150,636)

Decrease in stocks
3,339
87,230

Decrease in debtors
123,443
180,893

(Increase)/decrease in amounts owed by groups
(166,867)
-

(Decrease)/increase in creditors
(141,655)
1,393,225

Net fair value losses/(gains) recognised in P&L
-
(334,842)

Net cash generated from operating activities

(2,033,315)
(655,069)


Cash flows from investing activities

Purchase of tangible fixed assets
(20,300)
(32,519)

Net cash from investing activities

(20,300)
(32,519)

Cash flows from financing activities

Repayment of loans
(362,500)
(376,935)

Interest paid
(372,945)
(243,068)

Capital contribution
2,250,000
2,024,950

Net cash used in financing activities
1,514,555
1,404,947

Net (decrease)/increase in cash and cash equivalents
(539,060)
717,359

Cash and cash equivalents at beginning of year
1,572,784
855,425

Cash and cash equivalents at the end of year
1,033,724
1,572,784


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,033,724
1,572,784

1,033,724
1,572,784


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
OSPREYS RUGBY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

1,572,782

(539,058)

1,033,724

Debt due after 1 year

(3,292,638)

204,473

(3,088,165)

Debt due within 1 year

(234,548)

4,344

(230,204)

Finance leases

(1,464)

1,464

-


(1,955,868)
(328,777)
(2,284,645)

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Ospreys Rugby 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 presentation currency of the financial statements is the Pound Sterling (£).


2.


Statement of compliance

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.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 following principal accounting policies have been applied:

  
3.2

Judgements in applying accounting policies 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 amounts 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 which are considered to be relevant. Actual results may differ from these estimates.
The 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 if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the
company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Provisions and contingent liabilities
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless the transfer of economic benefits is remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.
Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
 

Page 14

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.Accounting policies (continued)

 
3.3

Going concern

The financial position of the Company and its liquidity position is set out in the financial statements. Like many other businesses in the sector, the Company has been through a period of unprecedented challenges over recent years along with the cost of living crisis more recently. Match day crowds have remained low as a direct result of many customers reluctant to risk physical attendance on top of increased inflation rates hitting disposable income of supporters and corporate spending budgets. However, the newly introduced Project Light scheme will increase income in FY24 which will aid cashflow and performance to mitigate the impact of potential loss of income.
At the year ended 30 June 2024, the Company suffered a loss of £1,996,101 (2023: £2,152,035) and a net current liability position of £386,152 (2023: £155,997). The Company remains reliant upon the support of the WRU, its various funders and the ongoing support and goodwill of fans, commercial sponsors, Directors & shareholders. The Directors have reviewed the current financial position and projected future cashflows and have a reasonable expectation that the company will have sufficient resources to operate for a period of at least 12 months from the approval of the accounts, due to the continued support of its investors. On this basis, the accounts are prepared on a going concern basis.

  
3.4

Turnover

Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales taxes and net of VAT. Turnover in relation to the provision of services is recognised evenly over the period to which it relates. Turnover in relation to sale of goods is recognised when goods are dispatched. Turnover in relation to player transfer is recognised on the transfer date.
Contra arrangements
Where arrangements are entered into to provide services in exchange for goods or services from the same party, the company recognises the income and related expenditure, where a commercial value can be attached to the transaction. Where services are exchanged for similar services, such as advertising, no income nor expenditure is recognised.

 
3.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.Accounting policies (continued)


3.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Straight Line basis at 10% and 15%
Plant and machinery
-
Straight Line basis at various rates between 12.5% and 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
3.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
3.7

Stock

Stocks are stated at the lower of cost and net realisable value. Cost includes purchase price less discounts where applicable. Net realisable value is based on estimated selling price. Provision is made for obsolete and slow moving items where appropriate.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
3.8

Joint Ventures

Entities in which the company holds an interest and which are jointly controlled by the company and one or more other ventures under a contractual agreement are treated as joint ventures. Investments in joint ventures are stated at cost less impairment.

  
3.9

Equity Instruments

Equity instruments issued by the company are recorded at fair value of cash or other resources received, or receivable, net of direct issue costs.

Page 16

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.Accounting policies (continued)

  
3.10

Financial Instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.
Financial assets & 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.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at the fair value (normally transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Financial assets are derecognised when, and only when, the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all the risks and rewards of the ownership of the financial asset, or company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 17

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.Accounting policies (continued)

  
3.11

Taxation

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

 
3.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 18

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.Accounting policies (continued)

  
3.13

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is shorter.
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

  
3.14

Government grants

Government grants are recognised as assets at such time that there is a reasonable assurance that the company will comply with the conditions attached to the grant and that the grant will be received.
Grants are measured at the fair value of the asset receivable.
Grants are recognised as income once any performance related conditions are met. Where grants are received in advance of the revenue recognition criteria being met, they are recognised as deferred income.


4.


Turnover

2024
2023
£
£

WRU receipts
5,543,388
6,955,705

Competition income
1,938,400
2,308,750

Sponsorship
1,194,841
1,009,403

Gate receipts
564,640
616,989

Other income
543,017
703,735

9,784,286
11,594,582


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
-
500,992

-
500,992


Page 19

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,650
13,600

Fees payable for non audit services - tax compliance
1,250
1,200

Fees payable for non audit services - other
1,150
1,100


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,749,258
8,751,779

Social security costs
771,053
1,012,321

Cost of defined contribution scheme
104,563
109,065

7,624,874
9,873,165


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Coaching and playing staff
100
104



Operations and administrative staff
19
27

119
131

Page 20

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
63,618
55,000

Company contributions to defined contribution pension schemes
330
660

63,948
55,660


During the year retirement benefits were accruing to one director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
372,945
243,068

Other interest payable
135,938
152,150

508,883
395,218


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(115,000)
(150,647)

Adjustments in respect of previous periods
-
11


(115,000)
(150,636)


Total current tax
(115,000)
(150,636)

Deferred tax

Total deferred tax
-
-


Tax on loss
(115,000)
(150,636)
Page 21

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(2,300,639)
(2,302,671)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
(575,160)
(569,336)

Effects of:


Fixed asset differences
9,381
6,497

Expenses not deductible for tax purposes
33,985
32,930

Capital allowances for year in excess of depreciation
-
(919,054)

Movement in deferred tax not recognised
511,794
1,448,963

Other permanent differences
20,000
-

Research and development credit
(115,000)
(150,636)

Total tax charge for the year
(115,000)
(150,636)



There is an unprovided deferred tax asset at 30 June 2024 of £4.25m (2023: £3.89m) which relates to fixed asset timing differences and losses carried forward. This deferred tax asset has not been recognised as there is uncertainty as to its recoverability.
An increase in the UK Corporation Tax rate for profits arising on or after 1 April 2023 as set out in the Finance Bill 2021 was substantively enacted on 24 May 2021. The calculation of the unrecognised deferred tax asset as at 30 June 2024 reflects this rate.

Page 22

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
43,907
323,504
66,128
106,257
539,796


Additions
-
4,481
4,910
10,909
20,300



At 30 June 2024

43,907
327,985
71,038
117,166
560,096



Depreciation


At 1 July 2023
31,038
150,851
36,843
78,759
297,491


Charge for the year on owned assets
5,291
51,073
10,811
8,944
76,119



At 30 June 2024

36,329
201,924
47,654
87,703
373,610



Net book value



At 30 June 2024
7,578
126,061
23,384
29,463
186,486



At 30 June 2023
12,869
172,653
29,286
27,498
242,306


12.


Fixed asset investments





Investment in joint ventures

£



Cost or valuation


At 1 July 2023
1



At 30 June 2024
1




Page 23

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Stocks

2024
2023
£
£

Finished goods and goods for resale
39,075
42,414

39,075
42,414



14.


Debtors

2024
2023
£
£


Trade debtors
194,714
334,589

Other debtors
39,124
39,400

Prepayments and accrued income
346,273
178,929

Tax recoverable
115,000
150,636

695,111
703,554



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,033,725
1,572,784

1,033,725
1,572,784



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
230,204
234,548

Trade creditors
499,453
421,178

Other taxation and social security
1,018,159
1,348,104

Hire purchase contracts
-
1,463

Other creditors
22,966
6,885

Accruals
404,283
462,571

2,175,065
2,474,749


Page 24

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
3,088,165
3,292,638

3,088,165
3,292,638









18.

Secured debts

2024
2023
        £
        £
Hire purchase contracts

-

1,464
 
Other loans

108,641

203,401
 

108,641

204,865
 

Other loans are secured by:
- A personal guarantee limited to £108,641 from a company director;
- A debenture over the assets of the company;


19.


Financial instruments

The company has received loans which are not subject to interest, or are subject to interest at below market rates. Adjustments have been made to reflect the fair value of these loans based on the estimated rate of interest that would be expected to be charged if the loans were on commercial terms.
Other operating income includes 2024 £nil (2023 - £486,992) relating to these fair value adjustments, interest payable also includes 2024 £135,938 (2023 - £152,152) relating to notional interest.
The company's borrowings are recognised at their fair value of £3,318,369 in accordance with FRS102. (2023: £3,527,186).
The historical cost of the company's borrowings is £4,483,000 (2023: £4,829,000).
 

Page 25

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
230,204
234,548

Amounts falling due 1-2 years

Other loans
129,063
253,342

Amounts falling due 2-5 years

Other loans
432,188
551,485

Amounts falling due after more than 5 years

Other loans
2,526,914
2,487,811

3,318,369
3,527,186


The loan balance consists of two loans. The first loan is secured by a personal guarantee from one of the directors and a debenture over the assets of the company. This interest-fee loan is being repaid by instalments over 8 years. The second loan is unsecured and is being repaid by instalments over 19 years. This loan is charged interest at 3.25% over base rate to 30 June 2029 and 3% over base rate after this.

Page 26

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


21.


Called up share capital

Allotted, issued and fully paid

Number
Class
Nominal Value
2024
2023
        £
        £
        £

1,450,101

Ordinary

1
 
1,450,101
 
1,450,101



7,352,941

A Ordinary

0.10
 
735,295
 
735,295

Total

8,803,042


 
2,185,396
 
2,185,396


The ordinary shares carry an entitlement to one vote in any circumstances. The A ordinary shares carry full rights in the company with respect to voting, dividends and distributions.




 


22.


Reserves

Capital contribution reserve
2023
        £
        £
At 1 July 2023

4,824,898

2,799,950
 
Parent company capital contribution

2,250,002

2,024,950
 
At 30 June 2024

7,074,900

4,824,900
 

The transfer to the capital contribution reserve is a capital contribution received from the parent company during the year. 


23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company,  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £104,563 (2023 £109,065) .Contributions totaling £15,852 (2023 £16,394) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

 
OSPREYS RUGBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
228,757
228,757

Later than 1 year and not later than 5 years
450,000
450,000

Later than 5 years
425,000
575,000

1,103,757
1,253,757


25.


Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned companies within the group.
A director has provided a personal guarantee in relation to other loans as shown in note 18. Certain directors have also provided personal guarantees in relation to the company's bank overdraft facility.


26.


Controlling Party

Ospreys International Group Limited is the controlling party.






 
Page 28