|
Registered number: 14824862
PREMIER WOMEN'S RUGBY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
PREMIER WOMEN'S RUGBY LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PREMIER WOMEN'S RUGBY LIMITED
FOR THE YEAR ENDED 30 JUNE 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premier Women's Rugby Limited for the year ended 30 June 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given to us.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales (ICAEW) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
It is your duty to ensure that Premier Women's Rugby Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and loss. You consider that Premier Women's Rugby Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Premier Women's Rugby Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Use of our report
This report is made solely to the board of directors of Premier Women's Rugby Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Women's Rugby Limited and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Women's Rugby Limited and its board of directors, as a body, for our work or for this report.
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH
30 September 2025
|
|
|
|
REGISTERED NUMBER:14824862
|
PREMIER WOMEN'S RUGBY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A - Small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
|
|
|
|
REGISTERED NUMBER:14824862
|
PREMIER WOMEN'S RUGBY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
The notes on pages 5 to 13 form part of these financial statements.
|
|
PREMIER WOMEN'S RUGBY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 5 to 13 form part of these financial statements.
|
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Premier Women's Rugby Limited (the "Company") is a private company limited by shares incorporated, domiciled and registered in England and Wales. The registered number is 14824862 and the registered office is 25ep, 25 Eccleston Place, London, England, SW1W 9NF.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis.
The current economic conditions present increased risks for all businesses. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.
The directors have carefully considered these risks including an assessment on the uncertainty of future trading for a period of at least 12 months from the date of signing of the financial statements, and the extent to which those conditions might affect the preparation of financial statements on a going concern basis.
On the basis of their assessment of the financial position and resources, the directors have concluded that the company has sufficient financial resources to meet its liabilities as they fall due. The directors have reviewed the company’s cash flow projections which incorporate reasonable sensitivities and contingencies around potential impacts on the company’s business activities. The company has secured a funding commitment for a period of 10 years from incorporation from the Rugby Football Union which provides additional financial stability and support for ongoing operations, therefore the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Revenue is shown net of sales value added tax, returns, rebates and discounts.
Revenue is recognised when the following conditions are satisfied:
a) the amount of revenue can be measured reliably;
b) it is probable that the economic benefits associated with the transaction will flow to the entity;
c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Revenue recognition policies for specific revenue streams are as follows:
∙Broadcast revenue is recognised on a match by match basis when a signed contract by both parties has been delivered or cash has been received, and the company’s obligations under the terms of that agreement have been met.
∙Sponsorship revenue is recognised in the season to which it relates when a signed contract by both parties has been delivered or cash has been received, and the company’s obligations under the terms of that agreement have been met. Revenue is recognised on a straight line basis over the course of the season, or in accordance with the terms of the contract when specific delivery milestones are set out.
∙Revenue from barter transactions/VIK is recognised at the gross fair value based on the goods and services provided. The offsetting cost of the goods or services is recognised in the cost of goods sold.
∙Ticket revenue and the sale of hospitality packages is recognised when the relevant event is staged.
∙The fee for the staging of events is recognised once the event has been staged.
|
|
|
Foreign currency transactions and balances
|
Transactions in foreign currency are translated to the functional currency of the company at exchange rates at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate at that date. Foreign currency differences arising on translation are recognised in the profit and loss account, together with other fair value changes arising from the asset or liability.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Interest income is recognised in profit or loss using the effective interest method.
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.
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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
|
|
|
Financial instruments (continued)
|
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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 intial measurement is on a present value basis.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
The average monthly number of employees, including the directors, during the year was as follows:
|
|
|
During the prior period, the company had no employees. All expenses relating to services rendered by employees of the Rugby Football Union were recharged to the company.
On 1 September 2024, all employees were transferred to the company.
|
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to related party
|
|
|
|
|
|
|
|
|
|
Amounts owed to related party includes a long-term loan of £3.86 million from the Rugby Football Union, plus interest accrued at a rate of 3.75%, to be repaid in quarterly instalments of 4.17% of the total amount. The repayment period commences on 1 July 2033, and continues until the full amount is repaid. The loan is secured by a debenture over the company's assets. Subsequent to the year end, the Rugby Football Union confirmed that all interest accrued or to be accrued under the Facility Agreements up to 30 June 2028 is irrevocably waived.
|
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
|
Allotted, issued and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
11 (2024-1) RFU Share of £0.01
|
|
|
|
|
|
177,000 (2024 -100,000) ordinary shares of £0.001 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Called up share capital represents the nominal value of shares subscribed for.
On 27 August 2024, the company issued 12,500 ordinary shares of nominal value £0.001 for a total consideration of £2,875,000, including a premium of £2,874,987.50.
On 27 August 2024, the company issued 37,500 ordinary shares of nominal value £0.001 for a total of consideration £37.50.
On 20 November 2024, the company issued 2,250 ordinary shares of nominal value £0.001 for a total consideration of £575,000, including a premium of £574.997.75.
On 20 November 2024, the company issued 6,750 ordinary shares of nominal value £0.001 for a total consideration of £6.75.
On 19 February 2025, the company issued 2,250 ordinary shares of nominal value £0.001 for a total consideration of £575,000, including a premium of £574.997.75.
On 19 February 2025, the company issued 6,750 ordinary shares of nominal value £0.001 for a total consideration of £6.75.
On 11 April 2025, the company issued 2,250 ordinary shares of nominal value £0.001 for a total consideration of £575,000, including a premium of £574.997.75.
On 11 April 2025, the company issued 6,750 ordinary shares of nominal value £0.001 for a total consideration of £6.75.
Share premium account
The share premium reserve contains the premium arising on the issue of equity shares, net of issue
expenses.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other
adjustments.
|
|
PREMIER WOMEN'S RUGBY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
|
|
Related party transactions
|
|
|
Rugby Football Union (RFU)
During the year, the Rugby Football Union has provided equity and debt funding of £4.23m. Of this, £2.3m was provided as equity funding. The remaining £1.93m is in the form of a long-term loan. In addition, the RFU has been reimbursed for services provided to the company under a Transitional Services Agreement for total amount £322,809.
Club Shareholders
During the year, all clubs entered in the Premiership Women's Rugby League (PWR) received fees relating to their participation. The clubs participating in competitions organised by the company also held shares in the company.
|
The company does not have a parent company, however was a wholly owned subsidiary of the Rugby Football Union until January 2024. The Rugby Football Union is a society registered under the Cooperative and Community Benefits Societies Act 2014 in England under number IP27981R, the registered office of which is at Rugby House, Twickenham Stadium, 200 Whitton Road, Twickenham, England TW2 7BA.
The company no longer has a controlling party or individual with significant control.
|