Company registration number 13231271 (England and Wales)
SARACENS GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SARACENS GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
V Luck
P J O'Shea
J F Pienaar
N A Golding
M Alphonsi
Company number
13231271
Registered office
StoneX Stadium
Greenlands Lane
Hendon
London
United Kingdom
NW4 1RL
Auditor
Azets Audit Services
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
SARACENS GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12 - 13
Group balance sheet
14 - 15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 43
SARACENS GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Principal activities

The principal activities of Saracens Group Holdings Limited (‘the Company’) is that of a holding company. The Company is the parent company of the wider Saracens Group ('Group') comprising Saracens Limited, a professional rugby union football club including entertainment, ticket sales, hospitality, catering, stadium events and merchandise; Saracens Copthall LLP which holds the stadium assets and business; MBN Events Group Limited which stages entertainment and business events; UK Investor Show Limited which hosts UK investor events, and Saracens Mavericks Limited which is part of the Netball Super League.

 

Additionally, affiliated to the Group are The Saracens Foundation which is the club’s charitable arm and the Saracens Multi-Academy Trust which operates the Saracens High School.

 

Post the 2024 year end the Group made the decision to cease the events and netball activities, in order to concentrate on growing and improving our core business activities within Rugby and the Community. Also post year end, the Saracens Multi-Academy Trust took on a primary school, Saracens Bell Lane.

 

Fair review of the business

We assess progress towards our long-term goals with a series of KPI’s, which in this reporting year focused on:

 

 

We have made good progress on all fronts as detailed below.

 

Group financial position

This section of our report relates to the Group as a whole, including the Company and its subsidiaries.

 

Group revenues decreased from £27.5m to £25.3m in the year ended 30 June 2024. Revenue increased however by £0.1m on a like-for-like basis when removing the impact of CVC income in Saracens Limited, which increased revenue by £2.3m in the prior year. CVC income related to the sale of shares in PRL Investor Limited to CVC, which finished being released into the income statement in March 2023.

 

The Group operating loss increased from £4.9m to £6.6m in the year ended 30 June 2024. When removing the impact of CVC income from the prior year, the operating loss reduced by £0.6m on a like-for-like basis.

 

The Group had a consolidated net asset position of £7.3m at 30 June 2024 (£13.6m at 30 June 2023), including £4.2m of cash in bank (£4.2m at 30 June 2023). When the Directors are assessing the strength of the Group, we consider the underlying nature of the liabilities. Included within the Saracens Limited liabilities falling due within one year and provisions for liabilities which flow through to the Group short term creditors of £19.1m (2023: £13.2m) and provisions of £3.1m (2023: £3.1m), the following should be taken into account:

 

SARACENS GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Group financial position (continued)

The only other third-party debt (aside from the Shareholder loans) is with:

 

 

The Group has sufficient funds for working capital purposes as well as functioning its third-party debt and none of the Group entities has overdue payables to HMRC.

 

Saracens Limited

Revenues decreased from £24.0m to £22.8m in the year ended June 2024. Revenue increased however by £1.1m on a like-for-like basis when removing the impact of CVC income (as discussed above). Saracens Limited saw increased revenues across many of its commercial activities, including £0.5m growth in ticketing and hospitality revenues from home games and a £0.3m increase in Showdown revenues. The small increase in revenues from PRL Investor Limited (PRL) was offset by reduced income from the RFU in the last year of the Professional Game Agreement.

 

Operating losses (before depreciation, amortisation, finance costs, intercompany rents and other income) reduced by £0.4m to £5.9m in year ended June 2024. Management continues to work hard to manage its cost base amidst ever increasing inflationary rises.

 

Saracens Limited made a net loss of £7.5m in the year compared to £5.3m in the prior year. This reflects a small improvement of £0.1m, when excluding CVC income. Given the difficult economic climate which is impacting our consumer fan base as well as our escalating supplier costs, we are pleased with the overall performance.

 

The Balance Sheet showed a positive net asset position of £5.3m compared to a net liability position of £6.4m in the prior year. During the year, Saracens Limited capitalised the loans from Saracens Group Holdings Limited. This capitalisation is eliminated on consolidation so did not flow through to the Group’s balance sheet position.

 

The past year has been another incredibly exciting one for Saracens Limited. The club continues to try to set standards as a purpose-driven sports organisation, enriching people’s lives through sport and entertainment, for the present and the future. For this, enormous thanks go to their staff, pioneers and partners.

 

During the course of the year, the Group conducted a review of our business to ensure it is best positioned for future growth. Moving forward we will be aligning our immediate activities around our primary focus areas of Rugby and Community.

 

Our Saracens Men’s Rugby team competed again at the top end of domestic and continental rugby. Retaining our Gallagher Premiership title eluded us; but we were proud of our 13th semi-final appearance since 2010, a sustained period of consistency without peer. There has been a lot of conversation over the current Gallagher Premiership and what it will look like moving forward, but we are proud to play a role in what is an amazing product – the quality and competitiveness has never been higher.

 

Our Saracens Women’s Rugby team enjoyed another year of progress. We suffered a semi-final loss in Premiership Women’s Rugby (‘PWR’) but were victorious in the Allianz Cup to make it another season with silverware. We continue to support the growth of the women’s game, notably this year by achieving a record crowd at StoneX Stadium for The Duel and creating a compelling pitch to PWR which resulted in our being chosen to host the 2024/25 PWR Final at StoneX Stadium for the first time. We want to create the best player-first model out there, innovate via broadcasting and take a leadership role in the sport. Many of our athletes will be representing their countries in the Women’s Rugby World Cup 2025 in England which is an enormous opportunity for the sport to take off even further.

SARACENS GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Saracens Limited (continued)

We have made notable strides in Business Operations. Attendances were significantly up on 2022/23 as shown by a 12% improvement in average occupancy year on year which was the highest across the Gallagher Premiership clubs. We achieved four Gallagher Premiership sell-outs, up from two in 2022/23 with the regular season finale versus Sale Sharks our fastest selling match of all time. We also made exceptional strides in bringing more U16’s to the ground, our future core fans. At the end of the season, we came out on top of the matchday experience league which again highlights the hard work put in to improving our standards.

 

We saw a record attendance of over 61,000 fans at The Showdown 4, and it was also the most watched Premiership match in history with over 900,000 tuning in on ITV and TNT. An extended long-term contract was secured for the future of this fixture at Tottenham Hotspur Stadium until 2028 and the 2024/25 match is currently the quickest selling to date by some distance.

 

We have secured commercial growth in the short and medium term with the renewal of several key partners. The support of our partners is invaluable but also adds so much to our business and community on top of resources.

 

Saracens Copthall LLP

The West Stand facilities continue to have a positive impact on the spectator experience and local community especially when hosting sports days and events. It is such a pleasure that the wider community benefit from the facilities at StoneX Stadium. Over the summer months the stadium hosted 33 school sports days, the vast majority being for schools in the state sector.

 

The hospitality areas within the West Stand have broadened our hospitality offering to customers as well as providing canteen facilities for staff and Middlesex University students. Also, there has been a positive impact on many other stakeholders, including but not limited to, participants in the Saracens Foundation programmes, players, coaches, officials, medical, and media to name a few.

 

Middlesex University occupy a significant proportion of the floor space within the West Stand building. There is an excellent partnership between the Saracens Group and Middlesex University.

 

We also work closely with Barnet Council to ensure that StoneX Stadium and its surrounding areas continue to evolve as a hub, for not just Saracens matchdays, but as a catalyst for health and well-being benefits in the community all year-round.

 

We are extremely thankful for the continued support and positive partnership approach of both Barnet Council and Middlesex University and look forward to developing these relationships further in the years to come.

 

Saracens Foundation

In the Community, we continue to expand and support the amazing work done by those affiliated to the Group and in particular the Saracens Foundation. There are so many incredible participators bringing invaluable services to the Community and, to over 95,000 people whose lives are touched by the crucial work they do. The Saracens Foundation delivers thousands of hours of community projects from StoneX Stadium. Every week, over 150 disabled young people aged 8-30 attend dance, rugby and multi- skills sessions at the stadium. We offer our profound thanks and bring our commitment to grow activities as much as possible in the coming years.

 

Saracens has always been prided itself on being much more than a rugby club and having a genuine impact in North London. Our culture was highlighted as Andy Onyeama-Christie became the second consecutive winner from Saracens of the PRL Community Player of the Year for his engagement with Saracens Foundation.

 

Saracens Multi-Academy Trust

The unique Saracens Multi-Academy Trust is set to embark on an exciting period as it increases its activities. Saracens High School, now exceeding 1,000 pupils from the ages of 11-18, secured record GCSE results this year which is a huge credit to the work of the students, their families and support structures and their educators. Saracens High School was joined in the Trust this year by Saracens Bell Lane. With a Saracens Primary School planned in 2026, we are so very proud of the progress being made to support young people in the local area and to bring the values upon which this Club was founded to the young decision makers of tomorrow. Independent analysis has demonstrated how we have positively touched the lives of literally many hundreds of thousands of people and we intend to keep going and doing as much as we can in this important area where so much of the Saracens Family’s heartbeat comes from.

SARACENS GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Discontinued operations

In amongst our review of areas of strategic focus, we made the decision to exit three areas of operations. The first was ending our affiliation with netball. We did not complete an application for Netball Super League revamp in 2025 and as a result Saracens Mavericks discontinued operations at the conclusion of the 2024 season. We did however support a bid under new ownership to continue the Mavericks name which was successful and will compete in NSL in 2025. In addition, we completed outstanding commitments delivered via MBN Events through to the end of the 2023/24 season but that will continue under new ownership. The UK Investor Show business also ceased trading due to disappointing attendances in recent years.

 

Principal risks and uncertainties

The Directors consider that the principal risks to the Group are any further changes to the Premiership competition structure and number of teams in the league, the ability for Premiership Rugby and the RFU to grow rugby audiences and increase revenue distributions to the Premiership clubs, the impact of inflation and increase in taxes as a result of the change in government. These factors increase uncertainty amongst our consumer base with the higher cost of living negatively impacting ticket, hospitality and events sales, as well as impacting the business directly from rising staff costs and supplier prices.

 

Governance

One of our board goals is to maintain leading governance processes. These include risk management, ensuring no breaches in regulatory requirements, optimised business processes and systems, regular meetings of the risk and audit committee and having a clear strategy outlined within the three-year financial plan. Our Audit and Risk Committee as well as our Salary Cap Committee meet three to four times a year and are well established. Our Board review our Safeguarding policies and processes to ensure they are reflective of the most recent legislation and fit for purpose.

 

In accordance with the new Financial Monitoring Regulations established by Premier Rugby Limited in May 2024, all clubs are required to submit their financial projections to PRL to ensure all participants in the league have confirmed their ability and access to finance to complete the following season without running into financial difficulty. The directors consider this alongside their assessment of going concern.

 

The Board and shareholders continue to have a deep commitment to diversity, community, and sustainability. Furthermore, we will continue to maximise Saracens socio-economic impact, caring for our people and community, as well as maintain the stadium’s sector leading environmental standards.

On behalf of the board

N A Golding
Director
28 April 2025
SARACENS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

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

Results and dividends

The results for the year are set out on pages 12 to 13.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

V Luck
P J O'Shea
M Thompson
(Appointed 13 March 2024 and resigned 25 November 2024)
J F Pienaar
N A Golding
M Alphonsi
N Leslau
(Resigned 16 September 2024)
L Mercey
(Resigned 31 January 2024)
D Silvester
(Resigned 5 February 2024)
T Mercey
(Resigned 31 January 2024)
Future developments

The rugby landscape and broadcast market continue to be challenging and the 24/25 season sees us faced with reducing central funding from PRL due to a two-year lower broadcast deal with TNT Sports than the previous deal. The new Professional Game Partnership with RFU has helped in alleviating some of this decline in central funding in cash terms, with an emphasis on academy funding paving the way for development of our stars of the future. We continue to concentrate on commercial acceleration from selling out more home games at StoneX Stadium, whilst also delivering a fantastic match day experience. Our partners remain key stakeholders, so building new and enhancing existing relationships is core to our business operations. Careful cost management alongside risk mitigation and sound governance will remain important prioritises as we navigate through the challenges facing the wider economic environment.

 

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

As at 30 June 2024, Saracens Group Holdings Limited had net assets of £7.3m (2023: net assets of £13.6m). The owners of Saracens Group Holdings Limited (Kimono House Limited and Euroblue Investments Limited) have confirmed their willingness to continue lending to Saracens Group Holdings Limited to facilitate the continued operation of the companies within the Group over the period to 30 June 2026 to meet the cash requirements as outlined in its business plan.

 

The business plan assumes conservative growth in revenues from match day operations and partnerships but were these assumptions not to materialise, then the directors have contingency plans to reduce the impact on cash flow. Whilst there is some uncertainty over the future structure of the Premiership and there is a challenging general economic environment, both of which could impact the incoming cash flows for the Group, the directors are not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity's ability to continue as a going concern.

Auditor

Azets Audit Services were appointed as auditor to the Group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

SARACENS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the Group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the Group is aware of that information.

On behalf of the board
N A Golding
Director
28 April 2025
SARACENS GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 Group and Company, and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SARACENS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SARACENS GROUP HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of Saracens Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for the period to 30 June 2026.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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 course of 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.

 

 

SARACENS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SARACENS GROUP HOLDINGS LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

SARACENS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SARACENS GROUP HOLDINGS LIMITED
- 10 -
Auditor's 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 an auditor's report 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

SARACENS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SARACENS GROUP HOLDINGS LIMITED
- 11 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Alistair Campbell
Senior Statutory Auditor
For and on behalf of Azets Audit Services
28 April 2025
Chartered Accountants
Statutory Auditor
5 Yeomans Court
Ware Road
Hertford
Hertfordshire
United Kingdom
SG13 7HJ
SARACENS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
as restated
as restated
as restated
Notes
£
£
£
£
£
£
Turnover
3
23,734,640
1,611,604
25,346,244
24,854,281
2,627,491
27,481,772
Cost of sales
(21,212,380)
(1,652,196)
(22,864,576)
(20,185,267)
(2,127,017)
(22,312,284)
Gross profit
2,522,260
(40,592)
2,481,668
4,669,014
500,474
5,169,488
Administrative expenses
(8,669,559)
(463,425)
(9,132,984)
(9,451,227)
(675,434)
(10,126,661)
Other operating income
(5,656)
50,520
44,864
34,202
64,005
98,207
Operating loss
4
(6,152,955)
(453,497)
(6,606,452)
(4,748,011)
(110,955)
(4,858,966)
Interest receivable and similar income
8
(12,212)
3,417
(8,795)
169,113
1,424
170,537
Interest payable and similar expenses
9
(1,743,029)
(3,092)
(1,746,121)
(1,701,951)
(7,950)
(1,709,901)
Amounts written off investments
-
-
-
-
(8,790)
(8,790)
Loss before taxation
(7,908,196)
(453,172)
(8,361,368)
(6,280,849)
(126,271)
(6,407,120)
Tax on loss
10
-
-
-
-
2,076
2,076
Loss for the financial year
(7,908,196)
(453,172)
(8,361,368)
(6,280,849)
(124,195)
(6,405,044)
SARACENS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
as restated
as restated
as restated
Notes
£
£
£
£
£
£
- 13 -
Loss for the financial year is attributable to:
- Owners of the parent company
(7,593,957)
(960,732)
(8,142,770)
(6,070,741)
(188,062)
(6,258,803)
- Non-controlling interests
(116,090)
(102,508)
(218,598)
(81,548)
(64,693)
(146,241)
(7,710,047)
(1,063,240)
(8,361,368)
(6,152,289)
(252,755)
(6,405,044)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(7,593,957)
(960,732)
(8,142,770)
(6,070,741)
(188,062)
(6,258,803)
- Non-controlling interests
(116,090)
(102,508)
(218,598)
(81,548)
(64,693)
(146,241)
(7,710,047)
(1,063,240)
(8,361,368)
(6,152,289)
(252,755)
(6,405,044)
SARACENS GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
-
0
280,670
Negative goodwill
12
(2,210,958)
(2,774,615)
Net goodwill
(2,210,958)
(2,493,945)
Other intangible assets
12
6,122
24,489
Total intangible assets
(2,204,836)
(2,469,456)
Tangible assets
13
36,460,996
37,311,528
Investments
14
19,534,867
19,684,787
53,791,027
54,526,859
Current assets
Stocks
16
50,010
154,441
Debtors
17
3,477,384
4,699,286
Investments
18
641
11,402
Cash at bank and in hand
4,198,773
4,152,750
7,726,808
9,017,879
Creditors: amounts falling due within one year
19
(19,092,802)
(13,154,296)
Net current liabilities
(11,365,994)
(4,136,417)
Total assets less current liabilities
42,425,033
50,390,442
Creditors: amounts falling due after more than one year
20
(31,970,549)
(33,488,745)
Provisions for liabilities
Provisions
22
-
0
116,344
Deferred tax liability
23
3,137,945
3,137,945
(3,137,945)
(3,254,289)
Net assets
7,316,539
13,647,408
Capital and reserves
Called up share capital
25
7,100,000
7,100,000
Share premium account
273,902
273,902
Capital contribution reserve
15,884,105
13,853,606
Profit and loss reserves
(15,564,242)
(7,421,472)
Equity attributable to owners of the parent company
7,693,765
13,806,036
Non-controlling interests
(377,226)
(158,628)
7,316,539
13,647,408
SARACENS GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 15 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
N A Golding
Director
Company registration number 13231271 (England and Wales)
SARACENS GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 16 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
14
10,891,059
10,911,060
Current assets
Debtors
17
245,000
245,000
Cash at bank and in hand
1,559,627
1,295,306
1,804,627
1,540,306
Creditors: amounts falling due within one year
19
(6,600,000)
(787,500)
Net current (liabilities)/assets
(4,795,373)
752,806
Total assets less current liabilities
6,095,686
11,663,866
Creditors: amounts falling due after more than one year
20
(3,645,644)
(3,152,567)
Net assets
2,450,042
8,511,299
Capital and reserves
Called up share capital
25
7,100,000
7,100,000
Share premium account
273,902
273,902
Other reserves
15,884,105
13,853,606
Profit and loss reserves
(20,807,965)
(12,716,209)
Total equity
2,450,042
8,511,299

As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s loss for the year was £8,091,756 (2023 as restated - £6,918,378 loss).

The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
28 April 2025
N A Golding
Director
Company registration number 13231271 (England and Wales)
SARACENS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
Share capital
Share premium account
Capital contribution
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
7,100,000
273,902
8,776,274
(1,181,533)
14,968,643
(12,387)
14,956,256
Prior period adjustment
-
-
-
18,864
18,864
-
18,864
As restated
7,100,000
273,902
8,776,274
(1,162,669)
14,987,507
(12,387)
14,975,120
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(6,258,803)
(6,258,803)
(146,241)
(6,405,044)
Capital contribution received
-
-
5,077,332
-
5,077,332
-
5,077,332
Balance at 30 June 2023
7,100,000
273,902
13,853,606
(7,421,472)
13,806,036
(158,628)
13,647,408
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(8,142,770)
(8,142,770)
(218,598)
(8,361,368)
Capital contribution received
-
-
2,030,499
-
2,030,499
-
2,030,499
Balance at 30 June 2024
7,100,000
273,902
15,884,105
(15,564,242)
7,693,765
(377,226)
7,316,539
SARACENS GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
Share capital
Share premium account
Capital contribution
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 July 2022
7,100,000
273,902
8,776,274
(5,816,695)
10,333,481
Prior period adjustment
-
-
-
18,864
18,864
As restated
7,100,000
273,902
8,776,274
(5,797,831)
10,352,345
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
-
(6,918,378)
(6,918,378)
Capital contribution received
-
-
5,077,332
-
5,077,332
Balance at 30 June 2023
7,100,000
273,902
13,853,606
(12,716,209)
8,511,299
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
(8,091,756)
(8,091,756)
Capital contribution received
-
-
2,030,499
-
2,030,499
Balance at 30 June 2024
7,100,000
273,902
15,884,105
(20,807,965)
2,450,042
SARACENS GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
31
(5,919,817)
(5,928,607)
Interest paid
(1,395,056)
(1,407,881)
Net cash outflow from operating activities
(7,314,873)
(7,336,488)
Investing activities
Purchase of tangible fixed assets
(485,318)
(2,311,937)
Purchase of subsidiaries
-
(20,000)
Proceeds from disposal of associates
-
1
Interest received
3,417
1,424
Other income received from investments
137,715
169,113
Net cash used in investing activities
(344,186)
(2,161,399)
Financing activities
Issue of loan notes
7,312,500
6,972,500
Capital contribution
812,000
-
0
Repayment of borrowings
(419,418)
(374,641)
Net cash generated from financing activities
7,705,082
6,597,859
Net increase/(decrease) in cash and cash equivalents
46,023
(2,900,028)
Cash and cash equivalents at beginning of year
4,152,750
7,046,731
Cash and cash equivalents acquired on business combinations
-
0
6,047
Cash and cash equivalents at end of year
4,198,773
4,152,750
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
1
Accounting policies
Company information

Saracens Group Holdings Limited ('the Company') is a private limited company domiciled and incorporated in England and Wales. The registered office is StoneX Stadium, Greenlands Lane, Hendon, London, United Kingdom, NW4 1RL.

 

The Group consists of Saracens Group Holdings Limited and all of its subsidiaries ('the Group').

1.1
Accounting convention

These financial statements have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Group and Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group. The Company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the Group financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment in the Company financial statements.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.3
Basis of consolidation

The consolidated Group financial statements consist of the financial statements of the Company together with the Group and the Group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the Group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the Group holds an interest and which are jointly controlled by the Group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the Group has a participating interest and over whose operating and financial policies the Group exercises a significant influence, are treated as associates.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

As at 30 June 2024, Saracens Group Holdings Limited had net assets of £7.3m (2023: net assets of £13.6m). The owners of Saracens Group Holdings Limited (Kimono House Limited and Euroblue Investments Limited) have confirmed their willingness to continue lending to Saracens Group Holdings Limited to facilitate the continued operation of the companies within the Group over the period to 30 June 2026 to meet the cash requirements as outlined in its business plan.

 

The business plan assumes conservative growth in revenues from match day operations and partnerships but were these assumptions not to materialise, then the directors have contingency plans to reduce the impact on cash flow. Whilst there is some uncertainty over the future structure of the Premiership and there is a challenging general economic environment, both of which could impact the incoming cash flows for the Group, the directors are not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity's ability to continue as a going concern.

1.5
Turnover

Turnover represents the amounts derived from ticketing and hospitality sales, merchandise, catering, stadium rental, executive boxes, sponsorship, Premier Rugby central income, RFU funding, non-matchday revenue arising from the sale of eventing and stadium space and other events incom, net of value added tax. Turnover is recognised in the period to which it relates, and future income which has been received in advance is shown in the balance sheet as deferred income.

 

At the balance sheet date, if completion of contractual obligations is dependent on external factors (and thus outside the control of the Group), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
1.6
Intangible fixed assets - goodwill

Negative goodwill represents the amounts arising on the bargain purchase of subsidiaries being the excess of the fair value of underlying net assets acquired over the cost paid for the entities. The negative goodwill is amortised evenly over the period in which the value of the non-monetary assets is expected to be realised beginning in the year of acquisition, ranging from being fully amortised immediately to being amortised over 5 years. In the opinion of the directors, this represents the period over which the negative goodwill is effective.

 

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives:

Software
4 years

Amortisation is included in administrative expenses in the statement of comprehensive income.

1.8
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:

Stadium asset
99 or 50 years
Fixtures and fittings
3 to 5 years
Motor vehicles
4 years
Car park
25 years
Stadium equipment
3 to 10 years

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 recognised in the statement of comprehensive income.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.9
Fixed asset investments

Equity investments are measured at fair value through the statement of comprehensive income, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the Company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The Group is entitled to income from three classes of shares owned in PRL Investor Limited: permanent 'P' shares, 'A' and 'B' shares. As a founding member of the Premiership, these shares were acquired at nominal value.

 

The Group also holds an additional minority shareholding in Premier Rugby Limited via its partnership in Cobalto Co-Investment LP.

 

These investments are initially measured at cost and then subsequently measured at fair value, where the valuation method can be measured reliably, with changes in fair value recognised in profit or loss. Further details of the basis of valuation of 'P' shares is given in the fixed asset investment note in the financial statements.

 

The Group holds an investment in Premier Women's Rugby Limited, which was acquired at a nominal value. The investment is recorded at cost less any impairment. The carrying amount is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

1.10
Impairment of fixed assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stock represents branded merchandise, catering stock and goods held for sale at auctions during events, all of which is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

 

Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
Financial instruments

The Group 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 Group's balance sheet when the Group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 25 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 Group 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 Group 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the Group 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 Group.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 26 -
1.15
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 statement of comprehensive income 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 Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.Tax credits in relation to research and development expenditure are recognised when received.

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 statement of comprehensive income, 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 if, and only if, there is 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.

1.16
Provisions

Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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.

 

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Differences between contributions payable in the year and contributions actually paid are shown as either

accruals or prepayments.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 27 -
1.19
Leases

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 leased asset are consumed.

Rental income from operating leases are recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the Group’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.

 

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 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Deferred taxation

The Group recognises a provision for deferred tax in respect of timing differences which arise when gains and losses are recognised in profit or loss in a different period than when they are recognised in the tax computation and fair value adjustments, which is not strictly a timing difference. Where the investment in PRL Investor Limited is measured at fair value through profit or loss, the resulting gains or losses may be taxed when they are recognised in the financial statements, or they may be taxed on settlement or sale of the financial instrument. Where investments are only taxed on sale or settlement of the financial instrument, a timing difference will arise and deferred tax will need to be recorded as a result.

 

Deferred tax is determined using rates and laws that have been enacted or subsequently enacted by the reporting date. Refer to note 23 for further details on deferred tax.

Treatment of the stadium assets

The valuation of the stadium is subjective as there is no open market value due to no market of comparable

stadiums. Because of this a fair value cannot be measured reliably and as such the asset is held under the

historical cost model. The full amount is recognised under tangible fixed assets rather than investment

property as it is held for the purpose of earning income through the provision of services rather than rental

income, as defined by FRS 102.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 28 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of 'P' shares

The company holds an investment in ‘P’ shares in PRL Investor Limited entitling the holder to future income streams. In line with other shareholding clubs, the Company holds this investment at the most recent market transaction for the sale of PRL shares to CVC, which was conducted in 2019. The Directors consider this the most reliable valuation for these shares, as there is insufficient information to provide a more up to date reliable fair value assessment. Each year the investment is considered for impairment using a discounted cash flow method on the anticipated future cashflows provided by PRL and extrapolated out into the future, adjusting for any expected variances on a conservative basis.

Amortisation of negative goodwill

Negative goodwill is amortised over the same period assigned to the non-monetary assets it relates to, beginning in the year of acquisition. In the opinion of the directors, this represents the period over which the negative goodwill is effective.

3
Turnover
2024
2023
As restated
£
£
Turnover analysed by class of business
Sport related activities
21,282,232
22,779,336
Events activities
1,103,550
2,341,229
Stadium activities
2,960,462
2,361,207
25,346,244
27,481,772

The directors consider there to be only one material geographical market, the United Kingdom.

 

See note 30 for details regarding the restatement.

4
Operating loss
2024
2023
As restated
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses
70
-
Depreciation of owned tangible fixed assets
1,272,956
1,174,225
Amortisation of intangible assets
(512,727)
(32,103)
Impairment of intangible assets
248,107
354,779
Cost of stocks recognised as an expense
1,445,893
1,150,343
Operating lease charges
766,814
739,254

In the current year, the directors identified that the operating lease charges was incorrectly disclosed at £1,739,254 which included intercompany rent which has been corrected in the comparative amounts included in these financial statements. This being a disclosure error, there was no impact on the Group's loss for the financial period or net assets as a result of this restatement.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
5
Auditor's remuneration
2024
2023
Fees payable to the Group's auditor and associates:
£
£
For audit services
Audit of the financial statements of the Group and Company
15,000
22,900
Audit of the financial statements of the Group's subsidiaries
52,500
83,670
67,500
106,570
For other services
Taxation compliance services
5,500
7,600
All other non-audit services
10,000
-
15,500
7,600
6
Employees

The average monthly number of persons (including directors) employed by the Group and Company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Players and coaching staff
153
146
-
-
Administration
77
89
-
-
Total
230
235
-
0
-
0
The average monthly number of full-time equivalent employees during the year was made up as follows:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Players and coaching staff
128
119
-
-
Administration
68
84
-
-
Total
196
203
-
-
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 30 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,766,790
13,843,641
-
0
-
0
Social security costs
1,713,825
1,665,974
-
-
Pension costs
214,244
237,143
-
0
-
0
16,694,859
15,746,758
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
325,643
306,672
Group pension contributions to defined contribution schemes
1,321
1,211
326,964
307,883
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
150,057
227,080
Group pension contributions to defined contribution schemes
550
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023: 1).

 

Key management personnel are the same as the directors.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,417
1,424
Income from fixed asset investments
Income from other fixed asset investments
(12,212)
169,113
Total income
(8,795)
170,537
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Interest receivable and similar income
(Continued)
- 31 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,417
1,424
9
Interest payable and similar expenses
2024
2023
As restated
£
£
Interest on financial liabilities measured at amortised cost:
Interest on loans
1,506,510
1,527,347
Other interest on financial liabilities
211,651
168,367
1,718,161
1,695,714
Other finance costs:
Other interest
27,960
14,187
Total finance costs
1,746,121
1,709,901

See note 30 for details regarding the restatement.

10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
-
0
(2,076)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(8,361,368)
(6,407,120)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(2,090,342)
(1,313,460)
Tax effect of expenses that are not deductible in determining taxable profit
55,857
25,454
Unutilised tax losses carried forward
2,105,231
1,348,313
Goodwill amortisation and impairment
(70,746)
(62,383)
Taxation charge/(credit)
-
(2,076)
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
11
Discontinued operations

As part of the Group’s strategy to concentrate resources on higher margin and more profitable service lines, the Group has sold the trade and assets in MBN Events Group Limited and ceased trade in Saracens Mavericks Limited and UK Investor Show Limited. The directors consider there to be no significant assets/liabilities in these entities as at the date of disposal, therefore no assets/liabilities held for sale have been recognised.

 

Saracens Mavericks Limited

 

During the year, the entity contributed post-tax losses of £346,327 (2023: £234,053).

 

UK Investor Show Limited

 

During the year, the entity contributed post-tax losses of £1,623 (2023: £41,566).

 

MBN Events Group Limited

 

During the year, the entity contributed post-tax losses of £105,222 (2023: post tax profit of £151,424). The Group received cash consideration of £30,000 for this entity, resulting in an accumulated profit on disposal of £5,000 which has been recognised in the statement of comprehensive income.

12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
749,086
(3,190,880)
57,504
(2,384,290)
Amortisation and impairment
At 1 July 2023
468,416
(416,265)
33,015
85,166
Amortisation charged for the year
32,563
(563,657)
18,367
(512,727)
Impairment losses
248,107
-
0
-
0
248,107
At 30 June 2024
749,086
(979,922)
51,382
(179,454)
Carrying amount
At 30 June 2024
-
0
(2,210,958)
6,122
(2,204,836)
At 30 June 2023
280,670
(2,774,615)
24,489
(2,469,456)
The Company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
13
Tangible fixed assets
Group
Stadium asset
Fixtures and fittings
Motor vehicles
Car park
Stadium equipment
Total
£
£
£
£
£
£
Cost
At 1 July 2023
35,678,884
215,536
24,852
518,143
2,295,215
38,732,630
Additions
8,875
-
0
-
0
-
0
413,549
422,424
At 30 June 2024
35,687,759
215,536
24,852
518,143
2,708,764
39,155,054
Depreciation and impairment
At 1 July 2023
916,264
43,107
10,059
36,769
414,903
1,421,102
Depreciation charged in the year
727,425
43,107
7,101
27,126
468,197
1,272,956
At 30 June 2024
1,643,689
86,214
17,160
63,895
883,100
2,694,058
Carrying amount
At 30 June 2024
34,044,070
129,322
7,692
454,248
1,825,664
36,460,996
At 30 June 2023
34,762,620
172,429
14,793
481,374
1,880,312
37,311,528
The Company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
10,891,059
10,911,060
Unlisted investments
19,534,867
19,684,787
-
0
-
0
19,534,867
19,684,787
10,891,059
10,911,060

Unlisted investments of £17,551,780 (2023: £17,551,780) relates to an investment in PRL Investor Limited. In line with other shareholding clubs, the Group holds this investment at the most recent market transaction for the sale of PRL shares to CVC, which was conducted in 2019. The Directors consider this the most reliable valuation for these shares, as there is insufficient information to provide a more up to date reliable fair value assessment. The investment has been considered for impairment using a discounted cash flow method applied to short term future cashflows provided by PRL and extrapolated out into the future, adjusting for any expected variances on a conservative basis. No impairment is deemed necessary at the Balance Sheet date.

 

The Group also holds an additional minority shareholding in Premier Rugby Limited via Cobalto Co-Investment LP of £1,983,080 (2023: £2,133,007). The investment is held at its fair market value, which is considered to be £1,983,080 (2023: £2,133,007).

During the year the Saracens Limited acquired shares in Premier Women's Rugby Limited amounting to £7. The investment is held at its cost less impairment.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Fixed asset investments
(Continued)
- 34 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 July 2023
19,684,787
Additions
7
Return on Investment
(137,715)
Share of retained loss
(12,212)
At 30 June 2024
19,534,867
Carrying amount
At 30 June 2024
19,534,867
At 30 June 2023
19,684,787
Movements in fixed asset investments
Company
Shares in subsidiaries
Contributions to subsidiaries
Total
£
£
£
Cost or valuation
At 1 July 2023
10,911,060
-
10,911,060
Additions
-
19,310,000
19,310,000
At 30 June 2024
10,911,060
19,310,000
30,221,060
Impairment
At 1 July 2023
-
-
-
Impairment losses
20,001
19,310,000
19,330,001
At 30 June 2024
20,001
19,310,000
19,330,001
Carrying amount
At 30 June 2024
10,891,059
-
10,891,059
At 30 June 2023
10,911,060
-
10,911,060
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
15
Subsidiaries

Details of the Company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Saracens Limited
United Kingdom
Sports club
Ordinary
99.00
-
Saracens Copthall LLP
United Kingdom
Stadium asset
Members capital
99.00
1.00
MBN Events Group Limited*
United Kingdom
Events company
Ordinary
100.00
-
UK Investor Show Limited*
United Kingdom
Events company
Ordinary
100.00
-
Saracens Mavericks Limited*
United Kingdom
Sports club
Ordinary
75.00
-

*The subsidiary has claimed exemption from audit under s479A of the Companies Act 2006 (see note 27).

 

Registered office address:

United Kingdom
StoneX Stadium, Greenlands Lane, Hendon, London, United Kingdom, NW4 1RL

All the above subsidiaries are included in the consolidation.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
50,010
154,441
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,336,412
3,432,971
-
0
-
0
Amounts owed by group undertakings
-
-
245,000
245,000
Other debtors
237,603
65,643
-
0
-
0
Prepayments and accrued income
903,369
1,200,672
-
0
-
0
3,477,384
4,699,286
245,000
245,000
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Listed investments
641
11,402
-
-
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
As restated
As restated
Notes
£
£
£
£
Other borrowings
21
8,067,062
1,208,135
6,600,000
787,500
Trade creditors
1,937,251
2,329,766
-
0
-
0
Other taxation and social security
1,429,673
1,969,119
-
-
Deferred income
5,315,763
5,070,382
-
0
-
0
Other creditors
243,856
459,624
-
0
-
0
Accruals
2,099,197
2,117,270
-
0
-
0
19,092,802
13,154,296
6,600,000
787,500

See note 30 for details regarding the restatement.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
As restated
As restated
Notes
£
£
£
£
Other borrowings
21
31,970,549
32,806,777
3,645,644
3,152,567
Deferred income
-
0
681,968
-
0
-
0
31,970,549
33,488,745
3,645,644
3,152,567

See note 30 for details regarding the restatement.

Amounts included above which fall due after five years are as follows:
Payable by instalments
23,933,634
25,396,704
-
-
Payable other than by instalments
3,645,644
3,152,567
3,645,644
3,152,567
27,579,278
28,549,271
3,645,644
3,152,567
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
As restated
As restated
£
£
£
£
Other loans
40,037,611
34,014,912
10,245,644
3,940,067
Payable within one year
8,067,062
1,208,135
6,600,000
787,500
Payable after one year
31,970,549
32,806,777
3,645,644
3,152,567
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Loans and overdrafts
(Continued)
- 37 -

Included within other loans is £22,542,134 (2023: £22,927,420) in relation to the loan secured by a first and second fixed and floating charges over the land and property at Copthall Playing Fields, Greenlands Lane, London, NW4 1RL and fixed plant and machinery. The loan amount includes the long-term portion of total drawndown amounts as at 30 June 2024, repayable in instalments from 1 July 2024, on which interest is charged and rolled-up into the loan balance at 6.0%.

 

A further £7,225,998 (2023: £7,090,147) relates to a DCMS loan under the government scheme, which attracts interest of 2% per annum. The first repayment date is 30 September 2024 and the last repayment date is 31 March 2038.

 

Additionally included are £10,245,644 (2023: £3,940,067) which relate to loans received from shareholders. Under the initial investment agreement these amounts are initially recognised as repayable in 2026. An interest rate of 6% per annum has been applied to the loans based on the rate charged on other borrowings. On the subsequent completion date these loans are then converted to loan notes payable in 2052 which do not carry an interest charge.

 

The remaining amount of £23,835 relates to bank and other loans.

22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Other provisions
-
116,344
-
-
Movements on provisions:
Other provisions
Group
£
At 1 July 2023
116,344
Additional provisions in the year
5,656
Utilisation of provision
(122,000)
At 30 June 2024
-

Other provisions associated to claims for R&D were settled during the year.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the Group and Company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Valuation of unlisted investments
3,137,945
3,137,945
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Deferred taxation
(Continued)
- 38 -
The Company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.

Of the above deferred tax liability of £3,137,945 is not expected to reverse with 12 months of the reporting date. The deferred tax liability is a provision which would only become payable if the Group was to sell its unlisted investment, which is currently held at £17,551,780, in PRL Investor Limited. Given this investment is intrinsically linked to the existence of the Premiership league, this liability is extremely unlikely to become payable.

 

Unrecognised deferred tax assets, to the extent that they cannot be offset against the unlisted investment noted above, are shown in note 10 to the financial statements.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
214,244
237,143

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Contributions totalling £54,563 (2023: £83,365) were payable to the fund at the year end and are included in creditors.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
7,100,000
7,100,000
7,100,000
7,100,000

All shares hold equal voting rights.

26
Operating lease commitments
Lessee

At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
514,010
816,265
-
-
Between two and five years
1,701,432
1,241,931
-
-
2,215,442
2,058,196
-
-
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 39 -
27
Financial commitments, guarantees and contingent liabilities

As disclosed in note 15, the Company’s subsidiaries listed have taken advantage of the exemption from audit available under section 479A of the Companies Act 2006. As a condition of the exemption, all outstanding liabilities as at the year end for these subsidiaries are guaranteed by the Company until they are settled in full.

28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
872,401
1,101,049
38,294
2,566

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
174,826
165,000
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
28
Related party transactions
(Continued)
- 40 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2024
2024
2023
2023
2023
Balance
Provision
Net
Balance
Provision
Net
£
£
£
£
£
£
Group
Other related parties
138,068
-
138,068
358,117
-
358,117
Company
Saracens Limited
-
-
-
12,360,000
12,360,000
-
Saracens Mavericks Limited
910,105
910,105
-
-
-
-

During the year, the Group entered into transactions with other related parties. These related parties include entities under common control, entities with directors in common and transactions involving directors of the Group. Transactions and balances are consistent with ordinary trading activities of the Group.

 

Within other related parties at year end are debtors due from directors within the group of £65,186 (2023: £248,419).

 

At the year-end, amounts owed to/from these related parties are interest-free and have no fixed repayment terms.

SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 41 -
29
Controlling party

The ultimate parent company is Kimono House Limited, a company incorporated in the UK. The registered office of Kimono House Limited is Ground Floor Marlborough House, 298 Regents Park Road, London, United Kingdom, N3 2SZ.

30
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Creditors due within one year
Loans and overdrafts
(420,635)
(787,500)
(1,208,135)
Creditors due after one year
Loans and overdrafts
(38,891,459)
6,084,682
(32,806,777)
Net assets
8,350,226
5,297,182
13,647,408
Capital and reserves
Other reserves
8,937,526
4,916,080
13,853,606
Profit and loss reserves
(7,802,574)
381,102
(7,421,472)
Total equity
8,508,854
5,297,182
13,647,408
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Turnover
27,047,507
434,265
27,481,772
Cost of sales
(2,127,017)
(20,185,267)
(22,312,284)
Administrative expenses
(30,027,663)
19,901,002
(10,126,661)
Interest payable and similar expenses
(1,922,139)
212,238
(1,709,901)
Loss after taxation
(6,767,282)
362,238
(6,405,044)
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Creditors due within one year
Loans and overdrafts
-
(787,500)
(787,500)
Creditors due after one year
Loans and overdrafts
(9,237,249)
6,084,682
(3,152,567)
Net assets
3,214,117
5,297,182
8,511,299
Capital and reserves
Other reserves
8,937,526
4,916,080
13,853,606
Profit and loss reserves
(13,097,311)
381,102
(12,716,209)
Total equity
3,214,117
5,297,182
8,511,299
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
30
Prior period adjustment
(Continued)
- 42 -
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Administrative expenses
(6,900,000)
150,000
(6,750,000)
Interest payable and similar expenses
(380,616)
212,238
(168,378)
Loss after taxation
(7,280,616)
362,238
(6,918,378)
Notes to reconciliation
Restatement of loan notes

In the current year, the directors identified an error in the recognition of certain loan notes in the prior reporting period for the Group and Company. As a result, a restatement has been processed in the comparative amounts of both the Group and Company included in these financial statements.

Reclassification of administrative expenses

In the current year, the directors decided to separate out costs between cost of sales and administrative expenses. As a result, certain amounts previously included with administrative expenses have been reclassified into cost of sales. Additionally, an amount previously offset within administrative expenses has been reclassified into turnover. As a result, the adjustments detailed above have been restated in the comparative amounts included in these financial statements. There was no impact on the Group’s loss for the financial period or retained earnings as a result of these restatements.

31
Cash absorbed by group operations
2024
2023
£
£
Loss for the year after tax
(8,361,368)
(6,405,044)
Adjustments for:
Taxation charged/(credited)
-
0
(2,076)
Finance costs
1,746,121
1,922,139
Investment income
8,795
(170,537)
Amortisation and impairment of intangible assets
(264,620)
322,676
Depreciation and impairment of tangible fixed assets
1,272,956
1,174,225
Other gains and losses
10,761
8,790
(Decrease)/increase in provisions
(116,344)
116,344
Movements in working capital:
Decrease in stocks
104,431
42,178
Decrease in debtors
1,218,928
51,793
Decrease in creditors
(1,539,477)
(2,989,095)
Cash absorbed by operations
(5,919,817)
(5,928,607)
SARACENS GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 43 -
32
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
4,152,750
46,023
4,198,773
Borrowings excluding overdrafts
(34,014,912)
(6,022,699)
(40,037,611)
(29,862,162)
(5,976,676)
(35,838,838)
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