Company registration number 12170300 (England and Wales)
LEEDS RHINOS NETBALL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LEEDS RHINOS NETBALL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LEEDS RHINOS NETBALL LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
19,869
32,642
Cash at bank and in hand
13,899
33,464
33,768
66,106
Creditors: amounts falling due within one year
5
(342,576)
(272,105)
Net current liabilities
(308,808)
(205,999)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(308,908)
(206,099)
Total equity
(308,808)
(205,999)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr NI Chambers
Director
Company registration number 12170300 (England and Wales)
LEEDS RHINOS NETBALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Leeds Rhinos Netball Limited is a private company limited by shares incorporated in England and Wales. The registered office is Headingley Stadium, St. Michaels Lane, Leeds, West Yorkshire, United Kingdom, LS6 3BR.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.
1.2
Going concern
Whilst the directors acknowledge that cash flow will require careful monitoring, they consider that as at the datetrue the company will be able to meet its liabilities as and when they fall due and will remain viable for the foreseeable future, and therefore these Financial Statements have been prepared on the Going Concern basis.
Not withstanding the company had net current liabilities at the year end the bulk of this relates to working capital support received from fellow group companies. Subsequent to the year end the company has formalised this into
a term loan repayable over 5 years, and in addition has received confirmation that additional funding will be provided as and when required for a period of at least 12 months from the date of signing these accounts.
The company has prepared budgets up to and including 12 months from the date of these financial statements that forecast a profit, and as of the date of this report, the company's management accounts are reporting a profit. It was also awarded one of eight franchises for the new Super League 2.0 league structure, which has helped the business attract new multi-year sponsorships and provide increased brand exposure. The 2025 season has started positively with the team reaching the final of the inaugural Netball Super Cup and ticket sales have exceeded 2024 for the opening fixture of the Super League. Having considered the company's financial projections and confirmed by Leeds Cricket Football and Athletic Company Limited that continuing support will be provided for at least twelve months from the date of signing these financial statements, the directors have concluded that the company will be able to meet its liabilities as and when they fall due and that preparing the accounts on a going concern basis continues to be appropriate.
1.3
Turnover
Turnover represents income receivable net of VAT from netball and related commercial activities. Gate, match and other event day revenues and commission are recognised as matches are played and events are staged.
Sponsorship and similar commercial income is recognised over the duration of the respective contracts. Revenues from non match day commercial activities are recognised in the period to which they relate.
Income received in respect of memberships is recognised over the period of the season to which they relate, and
deferred where it has been received in advance for the following season.
1.4
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
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.
LEEDS RHINOS NETBALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
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 periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.5
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
The only judgement deemed to have a material impact on the financial statements exercised by the directors is that they are prepared on a going concern basis. This deemed to be appropriate as the company has has prepared budgets up to and including 12 months from the date of these financial statements that forecast a profit, and as of the date of this report, the company's management accounts are reporting a profit.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
13
LEEDS RHINOS NETBALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,279
Other debtors
19,869
29,363
19,869
32,642
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
65,074
49,126
Amounts owed to group undertakings
213,718
130,019
Taxation and social security
1,529
9,969
Other creditors
62,255
82,991
342,576
272,105
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 August 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.
Senior Statutory Auditor:
Sam Perkin
Statutory Auditor:
Sedulo Audit Limited
Date of audit report:
28 May 2025
LEEDS RHINOS NETBALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
7
Related party transactions
The immediate parent company is Leeds Rugby Limited, a company incorporated in England and Wales.
Included in Creditors: Due within one year is a balance of £213,718 (2023 - £130,019) due to Leeds Cricket, Football & Athletic Company Limited, a group undertaking. No interest is payable on this balance and subsequent to the year end this was formalised into a term loan repayable over 5 years.
Mariana Pexton, a director of the company is also the chair of Leeds Rhinos Foundation and a trustee. At 31st August 2025 there was no balance between the two parties.
8
Parent company
The controlling party is Caddick Group Limited.
The ultimate controlling party is P Caddick in his capacity as principal Trustee of the Paul Caddick Accumulation and Maintenance Settlement Trust.