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Registration number: 14613862

Rams Rugby Football Club Limited
Annual Report and Financial Statements
for the Year Ended 30 June 2025

Rams Rugby Football Club Limited

Contents

Company Information | 1
Directors' Report | 2 to 3
Independent Auditor's Report | 4 to 7
Profit and Loss Account | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 to 17

Rams Rugby Football Club Limited

Company Information

Directors | J M Fleming A T Lynch H C Lynch C Reynolds G D Reynolds S P Reynolds S N Sheppard M M Tewkesbury M E Noye C J Stillman O J Espley

Registered office | Rams Rugby Football Club Old Bath Road Sonning Reading Berkshire RG4 6TQ

Rams Rugby Football Club Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Principal activity

The principal activity of the company is provision of rugby facilities and coaching for its members.

Review of business

The club had a successful season with the first team finishing near the top of National League 1 in season 2024-5. The aim of the club is to obtain promotion to the Championship.
The club continued with its community activities and had over 500 junior members.
The club continued various outreach activities to promote rugby in schools and universities.

Future developments

The club has set up an associated Charitable Foundation which will enable the club to increase the outreach activities the club is currently undertaking with schools and other organisations. The Foundation will start activities in the latter half of 2025.
Costs relating to the outreach activities will be the absorbed by the Foundation in 2025-26. In the financial year 2024-25 these costs were part of the cost structure of the club.

Directors of the company

The directors who held office during the year were as follows:

J M Fleming

A T Lynch

H C Lynch

J Raspin (Resigned 10 February 2025)

C Reynolds

G D Reynolds

S P Reynolds

S N Sheppard

M M Tewkesbury

M E Noye (appointed 24 July 2024)

C J Stillman (appointed 24 July 2024)

W R W Gornall-King (Resigned 24 July 2024)

I B Duncan (Resigned 24 July 2024)

O J Espley (appointed 16 November 2024)

Rams Rugby Football Club Limited

Directors' Report for the Year Ended 30 June 2025 (continued)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• 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.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Vale & West Accountancy Services Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 21 November 2025 and signed on its behalf by:

O J Espley Director |  |

Rams Rugby Football Club Limited

Independent Auditor's Report to the Members of Rams Rugby Football Club Limited

Opinion

We have audited the financial statements of Rams Rugby Football Club Limited (the 'company') for the year ended 30 June 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its loss for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Rams Rugby Football Club Limited

Independent Auditor's Report to the Members of Rams Rugby Football Club Limited (continued)

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit; or
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' report , 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 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.

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.

| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

Rams Rugby Football Club Limited

Independent Auditor's Report to the Members of Rams Rugby Football Club Limited (continued)

• | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation;
• | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
| We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
| To address the risk of fraud through management bias and override of controls, we:
• | performed analytical procedures to identify any unusual or unexpected relationships;
• | tested journal entries to identify unusual transactions;
• | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• | investigated the rationale behind significant or unusual transactions.
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• | agreeing financial statement disclosures to underlying supporting documentation;
• | reading the minutes of meetings of those charged with governance; and
• | enquiring of management as to actual and potential litigation and claims.
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Rams Rugby Football Club Limited

Independent Auditor's Report to the Members of Rams Rugby Football Club Limited (continued)

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jason Pyke FCA (Senior Statutory Auditor)
For and on behalf of Vale & West Accountancy Services Limited
Chartered Accountants
Statutory AuditorsVictoria House
26 Queen Victoria Street
Reading
Berkshire
RG1 1TG

21 November 2025

Rams Rugby Football Club Limited

Profit and Loss Account for the Year Ended 30 June 2025

| Note | 2025 £ | 2024 £
Turnover |  | 1,071,676 | 1,120,910
Cost of sales |  | (1,082,503) | (1,150,012)
Gross loss |  | (10,827) | (29,102)
Administrative expenses |  | (233,484) | (234,793)
Other operating income |  | 14,149 | -
Operating loss |  | (230,162) | (263,895)
Loss before tax |  | (230,162) | (263,895)
Loss for the financial year |  | (230,162) | (263,895)

Rams Rugby Football Club Limited

(Registration number: 14613862)
Balance Sheet as at 30 June 2025

| Note | 30 June 2025 £ | 30 June 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 800,790 | 935,539
Current assets |  |  |
Stocks |  | 11,892 | 20,327
Debtors | 6 | 38,758 | 33,316
Cash at bank and in hand |  | 22,925 | 38,786
|  | 73,575 | 92,429
Creditors: Amounts falling due within one year | 7 | (124,885) | (248,077)
Net current liabilities |  | (51,310) | (155,648)
Total assets less current liabilities |  | 749,480 | 779,891
Creditors: Amounts falling due after more than one year | 7 | (92,341) | (88,141)
Net assets |  | 657,139 | 691,750
Capital and reserves |  |  |
Called up share capital | 9 | 1,502,557 | 1,307,006
Retained earnings |  | (845,418) | (615,256)
Shareholders' funds |  | 657,139 | 691,750

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 21 November 2025 and signed on its behalf by:

J M Fleming Director | G D Reynolds Director | O J Espley Director

Rams Rugby Football Club Limited

Statement of Changes in Equity for the Year Ended 30 June 2025

| Share capital £ | Retained earnings £ | Total £
At 1 July 2023 | 1,010,006 | (351,361) | 658,645
Loss for the year | - | (263,895) | (263,895)
New share capital subscribed | 297,000 | - | 297,000
At 30 June 2024 | 1,307,006 | (615,256) | 691,750

| Share capital £ | Retained earnings £ | Total £
At 1 July 2024 | 1,307,006 | (615,256) | 691,750
Loss for the year | - | (230,162) | (230,162)
New share capital subscribed | 195,551 | - | 195,551
At 30 June 2025 | 1,502,557 | (845,418) | 657,139

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is Rams Rugby Football Club, Old Bath Road, Sonning, Reading, Berkshire, RG4 6TQ.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 financial statements are presented in sterling, which is the functional currency of the company.

Going concern

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future as the shareholders have provided written confirmation to the directors that for a period of at least 12 months from the date of approval of these financial statements, they will continue to make available funds as needed by the company to ensure its liabilities are met as they fall due.

Revenue recognition

Revenue is measured at the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates, and discounts.
The company recognises revenue when the amount can be reliably measured, it is probable that future economic will flow to the entity and specific criteria have been met for each of the company activities, as follows:
- Revenue from membership subscriptions, sponsorship agreements and season tickets is recognised in the relevant period and where received in advance is deferred to the relevant future period.
- Match-day income, match-day tickets, hospitality packages and other match-day income, is recognised when the relevant match takes place.
- Trading income from bar, catering and shop sales are recognised at the point of sale.
- Voluntary income such as fund raising and donations is recognised on receipt.

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

2 | Accounting policies (continued)

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted but the end of the reporting period.

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Clubhouse improvements | 50 years straight line
Clubhouse equipment | 5 years straight line
Ground and exercise equipment | 5 years straight line
Scrummage and gym equipment | 5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

2 | Accounting policies (continued)

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the tease term, unless another systematic basis is representative of the time pattern of the lessee’s benefit from the use of the leased asset.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Leased assets
Assets obtained under finance leases are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Defined contribution pension obligation

The obligation for contributions to defined contribution schemes are recognised as an expense as incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 61 (2024 - 62).

4 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 8,350 | 4,500
Other fees to auditors |  |
All other non-audit services | 5,143 | 2,013

5 | Tangible assets

| Clubhouse improvement £ | Clubhouse equipment £ | Ground and exercise equipment £ | Scrummage and gym equipment £ | Total £
Cost or valuation
At 1 July 2024 | 753,746 | 190,544 | 659,303 | 26,291 | 1,629,884
Additions | - | 1,036 | - | - | 1,036
At 30 June 2025 | 753,746 | 191,580 | 659,303 | 26,291 | 1,630,920
Depreciation
At 1 July 2024 | 124,103 | 137,472 | 410,653 | 22,117 | 694,345
Charge for the year | 15,075 | 19,841 | 97,105 | 3,764 | 135,785
At 30 June 2025 | 139,178 | 157,313 | 507,758 | 25,881 | 830,130
Carrying amount
At 30 June 2025 | 614,568 | 34,267 | 151,545 | 410 | 800,790
At 30 June 2024 | 629,643 | 53,072 | 248,650 | 4,174 | 935,539

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

6 | Debtors

Current | 30 June 2025 £ | 30 June 2024 £
Trade debtors | 10,324 | 6,860
Prepayments | 14,285 | 26,456
Other debtors | 14,149 | -
| 38,758 | 33,316

7 | Creditors

Creditors: amounts falling due within one year

| 30 June 2025 £ | 30 June 2024 £
Due within one year |  |
Loans and borrowings | 23,800 | 31,001
Trade creditors | 40,863 | 94,161
Taxation and social security | 16,187 | 10,483
Accruals and deferred income | 44,035 | 112,432
| 124,885 | 248,077

Creditors: amounts falling due after more than one year

| 30 June 2025 £ | 30 June 2024 £
Due after one year |  |
Loans and borrowings | 92,341 | 88,141

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

8 | Loans and borrowings

Current loans and borrowings

| 30 June 2025 £ | 30 June 2024 £
Bank borrowings | 9,167 | 10,000
Other borrowings | 14,633 | 21,001
| 23,800 | 31,001

Non-current loans and borrowings

| 30 June 2025 £ | 30 June 2024 £
Bank borrowings | - | 9,167
Other borrowings | 92,341 | 78,974
| 92,341 | 88,141

Bank borrowings comprise:

- Covid 19 Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £9,917 (2024 - £19,167).

Other borrowings comprise:

- Rugby Football Foundation Loan denominated in GBP with a nominal interest rate of 5%. The final instalment is due on 30 September 2029. The carrying amount at year end is £28,319 (2024 - £36,654). Secured by way of the personal guarantee of the directors.
- Berkshire RFU Trust Fund Loan denominated in GBP with a nominal interest rate of 0%. The final instalment is due on 30 September 2029. The carrying amount at year end is £5,000 (2024 - £15,000). Secured by way of the personal guarantee of two directors.
- Directors' Loan denominated in GBP with a nominal interest rate of 0%. The carrying amount at year end is £51,321 (2024 - £23,321). Unsecured.

Rams Rugby Football Club Limited

Notes to the Financial Statements for the Year Ended 30 June 2025 (continued)

9 | Share capital

Allotted, called up and fully paid shares

| 30 June 2025 | 30 June 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 1,502,557 | 1,502,557 | 1,307,006 | 1,307,006

195,551 Ordinary shares shares of £1 each were allotted and fully paid for in cash at par during the year.

10 | Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

| 30 June 2025 £ | 30 June 2024 £
Not later than one year | 40,836 | 40,836
Later than one year and not later than five years | 114,484 | 146,320
Later than five years | 306,000 | 315,000
| 461,320 | 502,156

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,836 (2024 - £40,836).

11 | Related party transactions

Related party transactions and balances for the year comprised:
- Two directors made donations of £120,011 (2024: £140,500) and made share subscriptions of £195,551 (2024: £297,000).
- Sponsorship of £346,000 (2024: £300,000) was received from unconnected companies in which two directors have a financial interest.
- A director advanced a further loan of £28,000 (2024: £22,000) and was owed £51,321 (2024: 23,321) as at the balance sheet date.