Company registration number 00214373 (England and Wales)
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
COMPANY INFORMATION
Directors
S Vause
M C Jepson
M J Brown
(Appointed 9 July 2025)
D J Wilson
(Appointed 9 July 2025)
P J Alexander
(Appointed 9 July 2025)
Secretary
R Clarkson
Company number
00214373
Registered office
The Mend A Hose Jungle
Wheldon Road
Castleford
West Yorkshire
WF10 2SD
Auditor
Henton & Co LLP
124 Acomb Road
York
YO24 4EY
Bankers
Barclays Bank
25/27 Church Street
Barnsley
S70 2AJ
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
On-Field Progress
Throughout the 2024 Super League season, Castleford Tigers demonstrated modest improvement on the field. Under head coach Craig Lingard, in his first full campaign in charge, the Tigers secured a 10th-place finish—one spot up from their relegation scrap in 2023—thanks in part to a season marked by determination and transitional rebuilding.
This progress was underpinned by a deliberate shift toward youth, with the club undergoing a significant turnover of senior squad members. Long-serving players moved on, enabling a fresh, leaner roster while allowing the club to reinvest in infrastructure and long-term sustainability. This fell one position short of their anticipated 9th place finish during year one of the year build.
Notably, the club also reached the quarter-finals of the Challenge Cup, offering fans some memorable moments of cup competition optimism amid the wider league campaign.
Off-Field Performance: Commercial & Financial Update
Governance & Ownership TransitionA defining off-field development came in late 2024 when lifelong supporter and existing board member Martin Jepson moved rapidly to reshape the club’s future. First, he struck an agreement to purchase the Fulton family’s shareholding bringing him into the boardroom and assuming the role of chairman and later, on the 30th of April, formally exercising his option to become majority shareholder.
Martin Jepson’s vision centered on rebuilding Castleford Tigers as a sustainable and community based institution. From the onset, he has pledged to attract new investment and reshape and refresh governance, highlighting both his own financial contributions and his commitment to stewardship of the club.
Principal risks and uncertainties
As with most businesses the company operates in an increasingly complex and competitive business environment and as such is potentially vulnerable to normal business risks such as market competition, pressures on cash-flow and the effects of the current economic climate, including bad and doubtful debts.
Development and performance
Financial Performance & Stability
Castleford Tigers posted a pre‑tax loss of £1,167,347, a figure closely aligned with league-wide median performance.
To put this into context, it was achieved alongside debt reduction trends across clubs, indicating a broader move within Super League to improve financial discipline. The payment of the DCMS loan continues to reduce revenue from the Centre during this period
These indicators suggest that Castleford’s 2024 results—while not ideal —were consistent with sector norms and may reflect strategic reinvestment rather than unchecked financial deterioration.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Key performance indicators
The company uses a range of performance measures as a means to monitor and manage the business.
The key financial performance indicators for the company are those of turnover, gross profit and net profit before tax with the KPI’s for the year ended 30 November 2024, with comparatives for 2023 being:
2024 2023
Turnover 4,274,241 4,394,769
Gross (Loss) (167,377) (1,424,741)
Net (Loss) After Tax (891,691) (653,361)
Other information and explanations
Infrastructure, IMG Grading & Commercial Initiatives
Off-field efforts centered heavily on infrastructure enhancement and IMG grading compliance. The club deliberately operated with a restricted playing budget, reallocating resources toward stadium improvements and securing a Grade A IMG license, a critical milestone for long-term Super League participation.
These investments included plans for new stands and facilities upgrades, underpinned by Martin Jepson’s capital injection and local partnership initiatives such as the S106 Axiom agreement and support from Wakefield Council’s Rugby League Resilience Fund.
By prioritising off-field resilience, Castleford positioned itself for stronger commercial foundations—greater match-day appeal, upgraded spectator facilities, and enhanced compliance with league licensing standards.
M C Jepson
Director
18 August 2025
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company during the year continued to be a professional Rugby League club.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J I Fulton
(Resigned 17 October 2024)
M Grattan
(Resigned 27 March 2025)
S Vause
D Lowe
(Resigned 17 October 2024)
M C Jepson
M J Brown
(Appointed 9 July 2025)
D J Wilson
(Appointed 9 July 2025)
P J Alexander
(Appointed 9 July 2025)
Auditor
In accordance with the company's articles, a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a General Meeting.
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 company’s auditor 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 company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
M C Jepson
Director
18 August 2025
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
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 company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
- 5 -
Opinion
We have audited the financial statements of Castleford Rugby League Football Club Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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:
give a true and fair view of the state of the company's affairs as at 30 November 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.
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 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.
We have considered the adequacy of the disclosures made in the accounting policies on page 8 concerning the continuation of the support of the company's directors, its bankers and other providers of finance. In view of the significance of this uncertainty, we consider that it should be drawn to your attention but our opinion is not qualified in this respect.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The laws and regulations identified as significant were those produced by the Rugby Football League. Enquiries were made by the auditor to find any instances of non-compliance. No items were found.
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
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.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED (CONTINUED)
- 7 -
Brett Davis (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
124 Acomb Road
York
YO24 4EY
18 August 2025
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
4,274,241
4,394,769
Cost of sales
(4,441,618)
(4,616,866)
Gross loss
(167,377)
(222,097)
Administrative expenses
(979,811)
(866,213)
Other operating income
5,166
8,701
Operating loss
4
(1,142,022)
(1,079,609)
Interest receivable and similar income
7
1,449
1,567
Interest payable and similar expenses
8
(26,774)
398,152
Loss before taxation
(1,167,347)
(679,890)
Tax on loss
9
275,656
26,529
Loss for the financial year
(891,691)
(653,361)
Other comprehensive income
Revaluation of tangible fixed assets
5,817,261
Tax relating to other comprehensive income
(623,281)
Total comprehensive income for the year
(891,691)
4,540,619
The income statement has been prepared on the basis that all operations are continuing operations.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
8,148,384
8,249,836
Current assets
Stocks
11
8,819
2,000
Debtors
12
859,491
566,642
Cash at bank and in hand
86,576
634,224
954,886
1,202,866
Creditors: amounts falling due within one year
13
(4,344,845)
(3,382,955)
Net current liabilities
(3,389,959)
(2,180,089)
Total assets less current liabilities
4,758,425
6,069,747
Creditors: amounts falling due after more than one year
14
(1,147,887)
(1,329,637)
Provisions for liabilities
Deferred tax liability
16
385,400
623,281
(385,400)
(623,281)
Net assets
3,225,138
4,116,829
Capital and reserves
Called up share capital
19
50,000
50,000
Share premium account
20
130,396
130,396
Revaluation reserve
20
7,626,709
7,324,855
Profit and loss reserves
20
(4,581,967)
(3,388,422)
Total equity
3,225,138
4,116,829
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 18 August 2025 and are signed on its behalf by:
M C Jepson
Director
Company registration number 00214373 (England and Wales)
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 December 2022
50,000
130,396
2,268,809
(2,872,995)
(423,790)
Year ended 30 November 2023:
Loss
-
-
-
(653,361)
(653,361)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
5,817,261
-
5,817,261
Tax relating to other comprehensive income
-
-
(623,281)
(623,281)
Total comprehensive income
-
-
5,193,980
(653,361)
4,540,619
Transfers
-
-
(137,934)
137,934
-
Balance at 30 November 2023
50,000
130,396
7,324,855
(3,388,422)
4,116,829
Year ended 30 November 2024:
Loss and total comprehensive income
-
-
-
(891,691)
(891,691)
Transfers
-
-
301,854
(301,854)
-
Balance at 30 November 2024
50,000
130,396
7,626,709
(4,581,967)
3,225,138
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(332,243)
(722,045)
Interest paid
(26,774)
(948)
Income taxes refunded
37,775
26,529
Net cash outflow from operating activities
(321,242)
(696,464)
Investing activities
Purchase of tangible fixed assets
(9,049)
(6,454)
Proceeds from disposal of tangible fixed assets
2,292
Interest received
1,449
1,567
Net cash used in investing activities
(7,600)
(2,595)
Financing activities
Repayment of borrowings
(208,806)
Repayment of bank loans
(10,000)
(10,000)
Net cash used in financing activities
(218,806)
(10,000)
Net decrease in cash and cash equivalents
(547,648)
(709,059)
Cash and cash equivalents at beginning of year
634,224
1,343,283
Cash and cash equivalents at end of year
86,576
634,224
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Company information
Castleford Rugby League Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Mend A Hose Jungle, Wheldon Road, Castleford, West Yorkshire, WF10 2SD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The balance sheet as at 30 November 2024 shows that the company has net current liabilities of £3,389,959, which include loans from directors and former directors which amounted to £3,548,062.
The directors have confirmed that they will continue to support the company and will not withdraw their support to the detriment of the third party creditors.
On this basis, the directors concluded it appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover comprises the value of income from Rugby League games, sponsorship deals, merchandise sales, bar and restaurant sales and other ancillary activities excluding Value Added Tax and trade discounts.
Merchandise income from shop and internet sales is accounted for on a receivable basis.
Gate receipts relate to the proceeds taken at the turnstiles for each game and the season ticket sales for the season they relate to.
Sponsorship, advertising, hospitality and executive box sales are accounted for the in the season to which they relate.
Lottery income is accounted for on a receipts basis.
Income received prior to the year end in respect of future seasons is treated as deferred income.
Player registrations are assessed on an annual basis and impairment losses arising are charged to the profit and loss account in the period in which they arise.
1.4
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.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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:
Freehold buildings
35 years straight line
Plant and equipment
20% and 25% reducing balance
Freehold land is not depreciated.
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 credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
1.7
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.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
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 company 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 company after deducting all of its liabilities.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rugby related income
4,274,241
4,394,769
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other revenue
Interest income
1,449
1,567
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,100
7,550
Depreciation of owned tangible fixed assets
110,501
19,775
Profit on disposal of tangible fixed assets
-
(292)
Operating lease charges
13,048
15,372
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Players and coaching staff
54
62
Directors
2
4
General staff
47
45
Total
103
111
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,033,324
3,474,927
Social security costs
703,743
366,120
Pension costs
2,152
2,118
3,739,219
3,843,165
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
117,804
115,852
Company pension contributions to defined contribution schemes
2,152
2,118
119,956
117,970
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,449
1,567
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,449
1,567
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
573
822
Other interest on financial liabilities
(428,373)
573
(427,551)
Other finance costs:
Other interest
26,201
29,399
26,774
(398,152)
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(37,776)
(26,529)
Deferred tax
Origination and reversal of timing differences
(237,880)
Total tax credit
(275,656)
(26,529)
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Taxation
(Continued)
- 19 -
The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting period when the timing differences reverse.
The actual 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
(1,167,347)
(679,890)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
(291,837)
(156,375)
Tax effect of expenses that are not deductible in determining taxable profit
(98,497)
Tax effect of income not taxable in determining taxable profit
(6,135)
(3,248)
Unutilised tax losses carried forward
273,788
256,442
Permanent capital allowances in excess of depreciation
24,184
1,678
Research and development tax credit
(37,776)
(26,529)
Deferred tax adjustment
(237,880)
Taxation credit for the year
(275,656)
(26,529)
In addition to the amount credited to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
623,281
10
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 December 2023
8,200,000
562,682
8,762,682
Additions
9,049
9,049
At 30 November 2024
8,200,000
571,731
8,771,731
Depreciation and impairment
At 1 December 2023
512,846
512,846
Depreciation charged in the year
96,571
13,930
110,501
At 30 November 2024
96,571
526,776
623,347
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£
£
£
(Continued)
- 20 -
Carrying amount
At 30 November 2024
8,103,429
44,955
8,148,384
At 30 November 2023
8,200,000
49,836
8,249,836
Included in the cost or valuation of land and buildings is freehold land of £4,820,000 (2023: £4,820,000) which is not depreciated.
Land and buildings were revalued at 30 November 2023 based on valuations prepared by Michael Steel & Co, RICS Chartered Surveyor.
If land and buildings were measured using the cost model, the carrying amounts would have been approximately £91,320 (2023 - £92,330), being cost £251,864 (2023 - £251,864) and depreciation £160,544 (2023 - £159,534).
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
8,819
2,000
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
617,130
431,417
Other debtors
126,108
92,364
Prepayments and accrued income
116,253
42,861
859,491
566,642
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
15
10,000
10,000
Other borrowings
15
170,275
224,081
Trade creditors
149,387
55,750
Taxation and social security
123,249
129,066
Deferred income
17
316,855
269,778
Other creditors
3,560,767
2,680,456
Accruals and deferred income
14,312
13,824
4,344,845
3,382,955
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
13
Creditors: amounts falling due within one year
(Continued)
- 21 -
Included in other creditors are loans from current and former Directors totalling £3,548,062 (2023: £2,660,375), the liability is secured by a fixed and floating charge over the company's assets.
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
7,500
17,500
Other borrowings
15
1,110,804
1,265,804
Other creditors
29,583
46,333
1,147,887
1,329,637
Creditors which fall due after five years are payable as follows:
Payable by instalments
395,388
564,080
15
Loans and overdrafts
2024
2023
£
£
Bank loans
17,500
27,500
Other loans
1,281,079
1,489,885
1,298,579
1,517,385
Payable within one year
180,275
234,081
Payable after one year
1,118,304
1,283,304
Other borrowings included a loan received from RFL Investments 2020 Limited. The loan is unsecured and interest is charged at 0.2% per annum. The loan is repayable by monthly instalments from December 2023 and November 2031.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,743
4,785
Tax losses
(1,582,234)
(1,368,538)
Revaluations
1,962,891
1,987,034
385,400
623,281
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
16
Deferred taxation
(Continued)
- 22 -
2024
Movements in the year:
£
Liability at 1 December 2023
623,281
Credit to profit or loss
(237,881)
Liability at 30 November 2024
385,400
The reversal of deferred tax in the year commencing 1 December 2024 is not expected to be material.
17
Deferred income
2024
2023
£
£
Other deferred income
316,855
269,778
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,152
2,118
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
500,000
500,000
50,000
50,000
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.
20
Reserves
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
20
Reserves
(Continued)
- 23 -
Profit and loss reserves
This reserve records retained earnings and accumulated losses.
Revaluation reserve
This reserve records unrealised gains arising from the revaluation of fixed assets.
Share premium
This reserve represents the amount received by the company over and above the nominal value of its shares.
21
Directors' transactions
The directors and their families made available loans to the company which are repayable on demand. No interest is being accrued. The loans are secured by a fixed and floating charge over the company's assets. At the balance sheet date the total balance owed to the directors was £3,548,062 (2023: £2,660,375).
22
Ultimate controlling party
The directors consider that the company does not have an ultimate controlling party.
23
Cash absorbed by operations
2024
2023
£
£
Loss after taxation
(891,691)
(653,361)
Adjustments for:
Taxation credited
(275,656)
(26,529)
Finance costs
26,774
(398,152)
Investment income
(1,449)
(1,567)
Gain on disposal of tangible fixed assets
-
(292)
Depreciation and impairment of tangible fixed assets
110,501
19,775
Movements in working capital:
(Increase)/decrease in stocks
(6,819)
10,000
Increase in debtors
(292,849)
(39,281)
Increase in creditors
951,869
348,617
Increase in deferred income
47,077
18,745
Cash absorbed by operations
(332,243)
(722,045)
CASTLEFORD RUGBY LEAGUE FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
24
Analysis of changes in net debt
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
634,224
(547,648)
86,576
Borrowings excluding overdrafts
(1,517,385)
218,806
(1,298,579)
(883,161)
(328,842)
(1,212,003)
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