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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
COMPANY INFORMATION
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SPORTING CLUB ST. HELENS LIMITED
CONTENTS
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SPORTING CLUB ST. HELENS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present the strategic report for the year ended 31 October 2024.
Strategic objectives
To continue as one of the world's leading professional rugby league clubs and also to maximise non-rugby related revenue streams available to the club as a result of its ownership of its, wholly-owned, stadium facility.
The 2024 season was our most disappointing since the commencement of the Super League competition in 1996.
A league position of sixth then saw us agonisingly eliminated in the first round of the play offs by Warrington in golden point extra time. There was no doubt that unparalleled injuries throughout the second half of the season contributed to our poor results and that the return of some players at the end of the season was too little too late. However, it also indicated that a gradual refresh and rebuild of our squad and back room staff was necessitated The St Helens women’s team won the Challenge Cup for the fourth season in a row but lost out in the Grand Final. Gate receipts were impacted by both on field performance and also the impact of all games being televised. Super League distribution fell despite all games being televised. Retail sales were down but non match day hospitality and events revenue continued to grow despite not holding a concert in 2024. Total revenues fell 5.6% from £9,095,180 in 2023 to £8,581,390 in 2024. Operating losses increased from £2,205,612 to £3,554,463 in 2024. Costs have increased across all of the teams and the stadium as well as the impact of the national minimum wage. We continually look at ways to control and reduce our costs. Earnings before interest, taxation, depreciation and amortisation increased from a loss of £1,319,278 in 2023 to a loss of £2,559,952 in 2024. Net assets fell from £8,827,790 in 2023 to £6,906,257 in 2024.
The principal risk of the Group is an adverse performance on the pitch, and its subsequent effect on income streams. The Group believe that they have in place the appropriate facilities and staff to ensure that the team continues to challenge in all competitions.
Energy prices are a major concern as there is no way to pass on these increased costs without impacting attendances for both match and non match day activity. Support funding received from the Department of Culture, Media and Sport (DCMS) for the sport of rugby league in 2020 started to be repaid including the interest from July 2023. Credit risk It is the Group's policy that customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and action is taken promptly when payment terms are breached.
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SPORTING CLUB ST. HELENS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Interest rate risk The Group has a fixed rate of interest on its loans from RFL Investments Ltd. All other financial instruments are non-interest bearing. Liquidity risk The Board monitors monthly cash forecasts prepared by management based on historic trading levels and expected future trading levels. Costs are constantly reviewed and capital investment is closely controlled. Foreign currency risk The group trades primarily in the UK and as such the level of foreign currency risk is quite low.
The key performance indicators are operating profit/(loss) and the net assets figure. These indicators are disclosed in the financial statements on pages 12 and 13 respectively and discussed in the business review above.
In line with all rugby league clubs we are subject to IMG Grading of which we are Grade A (2023 - Grade A).
Whilst our average home attendance has fallen slightly to 9,966 from 10,380 our Social Media followers have increased from 261,897 to 277,260 and engagements have increased from 21 million to nearly 32 million. Our non centralised turnover has increased to 82% of total turnover (2023 - 77%).
The mission of St Helens RFC is to be a successful rugby league club regularly competing in, and winning, the competitions in which they participate. The directors have a duty to promote the success of the company for the benefit of its employees and key stakeholders.
Stakeholders The directors actively engage with stakeholders of the group to create positive relationships. Our key stakeholders include our employees who are at the centre of our business, working to achieve our aims. Members and supporters in the wider St Helens community are key to the Group, and ensuring they receive a positive experience whenever they visit the stadium is key to the business. Customers A main focus of St Helens RFC is to achieve excellent customer service. Some of our customers are also sponsors with whom we have developed long standing relationships, built on openness and quality of service. The directors and employees continue to promote these relationships with a view to ensuring the long term success of the business. Suppliers We work closely with our suppliers, many of whom are based within the St Helens community. The directors believe it is important to create positive relationships with local businesses where many employees of such businesses are also supporters. St Helens community The directors recognise that the Group is at the centre of the St Helens community and consideration is given to the effect on the community and the environment of prospective decisions before they are taken. The Group is one of the largest employers in the area and the directors recognise their responsibility to the town.
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SPORTING CLUB ST. HELENS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Decision making
Key decisions are presented to the Board at executive meetings by the management team. Directors are briefed on any possible risks to the business or any of its stakeholders and how they are to be managed. The Directors take these factors into account before making a final decision which they believe to be in the best interests of the Group.
Sustainability
The directors and senior management focus on the long term sustainability of the Group when making business decisions in order to ensure stable returns. The Board annually reviews and approves a three year strategic plan and performance against this is reviewed in the year. The potential impact and risks to individual stakeholders of the plan are highlighted to the Board. This is to ensure that the Group is conducting all business relationships with integrity.
This report was approved by the board on 23 July 2025 and signed on its behalf.
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SPORTING CLUB ST. HELENS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Company continued to be that of a holding company.
The loss for the year, after taxation, amounted to £1,921,533 (2023 - loss £2,046,191).
No ordinary dividends were paid in the current or prior period. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
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SPORTING CLUB ST. HELENS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Given the significant falls in central distributions are likely to pertain during the current cycle of the existing broadcasting cycle, the club will focus on improving operational revenues as well as reviewing and rationalising its costs.
Given the brand of rugby league and the quality of the clubs facilities and stadium, it is relatively well placed to improve its financial performance and position over the longer term. The long term TV deals with Sky and BBC have underpinned the financial performance of Super League and its clubs. Rugby League and Super League announced in May 2022 that they have agreed a 12 year strategic deal with global management company IMG to help reimagine rugby league which should create opportunities for St Helens RFC.
The Group encourages the involvement of its employees in its management through regular meetings for the dissemination of information of particular concern to employees, including the financial and economic factors affecting the performance of the company and for receiving their views on important matters of policy.
The club management team meet monthly and hold meetings with staff both pre and post all games to ensure good communication is maintained. Key messages and policy communications are conducted via team briefings and the club undertakes a staff appraisal system to create an environment where two-way communication is encouraged and good working practices are communicated and reviewed with employees and their managers.
In accordance with section 172 of the Companies Act, the Group has a requirement to report on a need to foster the Group's business relationships with suppliers, customers and others. The relationships are considered in the decision making of the Group, the details of which are included in the strategic report.
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SPORTING CLUB ST. HELENS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The following section highlights the Group's energy consumption and equivalent emissions of CO2 in line with the SECR guidelines.
Quantification and reporting methodology
The Group has followed the 2019 HM Government Environmental Reporting Guidelines. The Group has also used the GHG Reporting Protocol - Corporate Standard and have used the 2022 UK Government's Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ration is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector. Measures taken to improve energy efficiency The Group is reviewing half hour energy usage and changing as many light fittings as possible to LED to reduce energy usage. Options around Solar power and EV points are also being investigated.
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SPORTING CLUB ST. HELENS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
There have been no significant events affecting the Group since the year end.
WR Partners were appointed as auditors in the year. The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SPORTING CLUB ST. HELENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPORTING CLUB ST. HELENS LIMITED
We have audited the financial statements of Sporting Club St. Helens Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SPORTING CLUB ST. HELENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPORTING CLUB ST. HELENS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SPORTING CLUB ST. HELENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPORTING CLUB ST. HELENS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations and UK General Data Protection Regulation. We understood how the Group is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. The audit team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, consideration of management bias in relation to key estimates, and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. We tested a sample of revenue transactions recorded in the year and either side of the year end to determine whether there was any evidence of material mistatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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SPORTING CLUB ST. HELENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPORTING CLUB ST. HELENS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Drake House
Gadbrook Park
Cheshire
CW9 7RA
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SPORTING CLUB ST. HELENS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
REGISTERED NUMBER: 03875497
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
REGISTERED NUMBER: 03875497
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 40 form part of these financial statements.
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SPORTING CLUB ST. HELENS LIMITED
REGISTERED NUMBER: 03875497
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 40 form part of these financial statements.
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SPORTING CLUB ST. HELENS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Sporting Club St. Helens Limited ("the Company") is a private company limited by shares and is registered, domiciled and incorporated in England and Wales. The registered office is St Helens RFC Stadium, McManus Drive, St Helens, Merseyside, WA9 3AL.
The Group consists of Sporting Club St. Helens Limited and its subsidiary. The Company's and the Group's principal activities and nature of its operations are disclosed in the Directors' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Due to the impact of COVID-19 on Rugby League the Group previously received £2.6m of loans provided by the government as specific support to the sport of rugby league. These loans attracted interest from May 2021 and interest and loan repayments commenced in July 2023 over an eight year period. The annual cashflow commitment of servicing these loans is £348,914.
Rugby League as a sport continues to struggle to grow its fan base and increase TV revenues. The hospitality sector has returned and it is forecast that this will continue to improve. The Group has modelled the scenario that fans will remain, hospitality levels will remain consistent and loans will be repaid in line with the above terms but have also sensitised the forecasts to consider severe but plausible downside scenarios in which the level of income falls, such as the fall in TV revenue. The ultimate parent, Crowther Street Holdings Limited has confirmed it will provide financial support to the Group for a period of at least 12 months from the date of signing these financial statements. The directors have satisfied themselves that Crowther Street Holdings Limited are able to provide any support needed, including that required in the downside scenarios mentioned above, as a result of support it has from the main shareholder. As a result, the directors believe it is appropriate to continue to prepare the accounts using the going concern assumption. Gate receipts relate to the proceeds taken at turnstiles for each game and the season ticket sales for the season. Any prepaid season ticket sales are included within deferred income. Future credits against season tickets are recognised as deferred income. The sale of players relates to players sold who were under contract to the club. The income is accounted for when the sale contract is agreed. Television fees relate to the payments for television coverage from Sky and the BBC. It is accounted for on an accrual basis. Sponsorship, advertising, and hospitality is accounted for in the season to which it relate. Any prepaid sales are included within deferred income. Merchandising relates to shop sales and it is accounted for on a receipts basis. All of the above items exclude value-added tax and are recorded at the fair value of the consideration receivable.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
2.Accounting policies (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period, or in the period of the revision and future periods where the revision affects both current and future periods. In the opinion of the directors, there are no material judgments that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. Valuation of land and buildings The main estimates applied in preparing these financial statements concern the carrying value of the company's leasehold land and buildings. The basis on which this has been reflected in these statements is set out in note 11.
Analysis of turnover by country of destination:
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 28
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 29
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
10.Taxation (Group) (continued)
The group has £13,115,454 (2023 - £16,569,557) of trading losses that have not been recognised as the timing of crystallisation is uncertain.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The profit after tax of the parent Company for the year was £0 (2023 - £0).
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
The leasehold land and buildings were valued at 31 October 2023 to a value of £31,760,000 based on a depreciated replacement cost by M.A. King Consulting, a firm of independent Chartered Surveyors, in accordance with the Royal Institution of Chartered Surveyors. M.A. King Consulting are not connected with the Group.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
12.Tangible fixed assets (continued)
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 33
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 34
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Other loans are secured by a charge over all the assets and undertakings of St Helens Rugby Football Club Limited. Other borrowings consist of loans from RFL Investments Limited, which are part of a package of government support measures. The loan attracts interest at 2% with an interest payment holiday of two years to April 2021. The loans are due to be fully repaid by April 2031. Interest and arrangement fees of £46,803 (2023 - £51,301) have been accrued at year end.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 36
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
19.Loans (continued)
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Page 38
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £60,971 (2023 - £50,945) . Contributions totalling £21,082 (2023 - £19,931) were payable to the fund at the balance sheet date and are included in creditors.
There is a secured loan from a company controlled by a director, M Coleman, of £13,758,082 (2023 - £10,749,685). A facility fee of £72,816 (2023 - £63,863) has been charged in the year.
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SPORTING CLUB ST. HELENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
M Coleman is considered to be the ultimate controlling party given his majority shareholding in Crowther Street Holdings Limited, who are incorporated in the British Virgin Islands. Crowther Street Holdings Limited have a holding greater than 50% of the share capital of Sporting Club St. Helens Limited.
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