REGISTERED NUMBER: 01002965 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

HARLEQUIN ESTATES (TWICKENHAM) LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

J G P Campling

D J Morgan

S J Pope

L E Dalrymple

REGISTERED OFFICE:

Twickenham Stoop Stadium

Langhorn Drive

Twickenham

Middlesex

TW2 7SX

REGISTERED NUMBER:

01002965 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property management. The company owned the Twickenham Stoop Stadium and rented the property to Harlequin Football Club Limited for the whole year.

DIVIDENDS

There were no dividend distributions during the year or the previous year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

J G P Campling

D J Morgan

S J Pope

L E Dalrymple

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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

ON BEHALF OF THE BOARD:

S J Pope - Director

17 December 2025

Opinion

We have audited the financial statements of Harlequin Estates (Twickenham) Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Balance Sheet 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 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 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 Auditors' 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 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.

Other information

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.

Opinions on other matters 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 Report of the Directors.

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' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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;

-

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 legislation such as the Companies Act 2006 and taxation 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 set out in the accounting policies 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;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, where applicable.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

17 December 2025

TURNOVER

500,000

500,000

Administrative expenses

1,387,581

1,388,382

OPERATING LOSS

4

(887,581

)

(888,382

)

Interest receivable and similar income

50,281

47,084

(837,300

)

(841,298

)

Interest payable and similar expenses

5

1,123,560

1,126,507

LOSS BEFORE TAXATION

(1,960,860

)

(1,967,805

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(1,960,860

)

(1,967,805

)

FIXED ASSETS

Tangible assets

7

28,614,456

29,795,199

Investment property

8

1,000,000

1,000,000

29,614,456

30,795,199

CURRENT ASSETS

Debtors: amounts falling due within one year

9

86,287

-

Debtors: amounts falling due after more than one year

9

1,035,516

1,121,649

1,121,803

1,121,649

CREDITORS

Amounts falling due within one year

10

351,295

321,606

NET CURRENT ASSETS

770,508

800,043

TOTAL ASSETS LESS CURRENT LIABILITIES

30,384,964

31,595,242

CREDITORS

Amounts falling due after more than one year

11

25,540,333

24,789,751

NET ASSETS

4,844,631

6,805,491

CAPITAL AND RESERVES

Called up share capital

3

3

Revaluation reserve

22,694,317

22,694,317

Retained earnings

(17,849,689

)

(15,888,829

)

SHAREHOLDER FUNDS

4,844,631

6,805,491

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

D J Morgan - Director

1.	STATUTORY INFORMATION

Harlequin Estates (Twickenham) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and 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 pound.

The financial statements have been prepared on 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.

Harlequin Estates (Twickenham) Limited is a wholly owned subsidiary of Harlequin FC Holdings Limited and the results of Harlequin Estates (Twickenham) Limited are included in the consolidated financial statements of Harlequin FC Holdings Limited which are available from Twickenham Stoop Stadium, Langhorn Drive, Twickenham, Middlesex, United Kingdom, TW2 7SX.

Going concern

At the year end, the company reported net assets of £4,844,631 (2024: £6,805,491) which includes balances due to/from other group companies.

The group companies rely on support from the group's principal shareholder which has confirmed that the loans owed to it are not due for repayment until at least 30 June 2027. The group, as a whole, faces net current liabilities and overall net liabilities, including a significant amount due to Blue Sky Holdings Limited.

Blue Sky Holdings Limited has confirmed it intends to continue to provide financial support to enable the group to meet its obligations as they fall due, at least until 30 June 2027. The directors are confident that Blue Sky Holdings Limited has sufficient resources to provide a sufficient level of support, and based on this, the provision of a letter of support, as well as previous support provided, they consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment that would arise if the going concern assumption was found to be inappropriate.

In approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. In forming their expectation, the directors have considered the additional future funding requirements as outlined in the budgets and cash flow forecasts up to 30 June 2027. These forecasts are based on prudent estimates and assessments of uncertainties, alongside the availability of financial support from the group's principal shareholder. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated at cost, or valuation, less depreciation. Depreciation is provided at the following annual rates in order to write off the cost, or valuation, less estimated residual value of each asset over its estimated useful life.

Freehold property

-

at varying rates on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Assets under construction are not depreciated until they are brought into use.

Freehold land is not depreciated.

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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 the 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 the 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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss.

Rentals payable under operating leases, including any lease incentives received, are charged to the 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 lease asset are consumed.

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 a party to the contractual provisions of the instrument.

Financial instruments and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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 rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest.

Impairment of financial instruments

Financial assets, other than those held at fair value through profit or 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 estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the 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 the profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flow 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.

Basic financial liabilities, including trade and other payables, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Significant judgements and estimates

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.

Critical judgements and estimation uncertainty

The following judgements and estimates have had the most significant effect on the amounts recognised in the financial statements:

Valuation of stadium

The value of the stadium is made by the directors on the basis of a valuation from Vail Williams. The directors have assumed that all fixed assets physically connected to the stadium form part of that valuation.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs or directors' remuneration for the year ended 30 June 2025 nor for the period ended 30 June 2024.

The average number of employees and directors during the year ended 30 June 2025 was 4 (2024: 4).

4.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

£

£

Depreciation - owned assets

1,243,127

1,243,928

Depreciation - assets on finance leases

65,454

65,454

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest payable

1,099,823

1,052,462

Finance lease interest

23,737

74,045

1,123,560

1,126,507

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 June 2025 nor for the year ended 30 June 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(1,960,860

)

(1,967,805

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(490,215

)

(491,951

)

Effects of:

Movement in deferred tax asset not recognised

417,050

491,951

Restriction in indexation allowance on estimated capital gain

73,165

-

Total tax charge

-

-

No deferred tax asset has been recognised on tax losses carried forward because, at present, it is not certain there will be future taxable profit from which reversal of underlying losses can be deducted.

7.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2024

40,222,248

856,349

694,924

41,773,521

Additions

38,990

63,628

25,220

127,838

At 30 June 2025

40,261,238

919,977

720,144

41,901,359

DEPRECIATION

At 1 July 2024

10,708,320

785,159

484,843

11,978,322

Charge for year

1,211,831

28,262

68,488

1,308,581

At 30 June 2025

11,920,151

813,421

553,331

13,286,903

NET BOOK VALUE

At 30 June 2025

28,341,087

106,556

166,813

28,614,456

At 30 June 2024

29,513,928

71,190

210,081

29,795,199

On 30 June 2017 the land and buildings were valued by external agents, Vail Williams, on the basis of depreciated replacement cost in accordance with the appraisal and valuation manual of the Royal Institute of Chartered Surveyors, at £39,000,000. This valuation encompasses the land and buildings, investment property and certain fixtures and fittings and plant and machinery. It also includes assets of £352,716 held by the fellow subsidiary Harlequin Football Club Ltd. The agents consider that the property falls under the definition of "specialised" and accordingly consider that depreciated replacement cost is an appropriate method of valuation. The cost of land and buildings includes £343,611 (2024: £343,611) of finance costs capitalised during the development of the West Stand.

The value of land and buildings includes land with a value of £10,500,000 (2024: £10,500,000) which is not depreciated.

The original cost of the revalued assets amounts to £21,858,627 (2024: £21,819,637).

Fixed assets, included in the above, which are held under finance leases are as follows:

Freehold

property

£

COST OR VALUATION

At 1 July 2024

and 30 June 2025

1,440,000

DEPRECIATION

At 1 July 2024

196,364

Charge for year

65,454

At 30 June 2025

261,818

NET BOOK VALUE

At 30 June 2025

1,178,182

At 30 June 2024

1,243,636

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2024

and 30 June 2025

1,000,000

NET BOOK VALUE

At 30 June 2025

1,000,000

At 30 June 2024

1,000,000

9.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Other debtors

86,287

-

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,035,516

1,121,649

Aggregate amounts

1,121,803

1,121,649

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Finance leases (see note 12)

347,294

317,607

Other creditors

4,001

3,999

351,295

321,606

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Finance leases (see note 12)

-

349,241

Amounts owed to group undertakings

25,540,333

24,440,510

25,540,333

24,789,751

12.	LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases

2025

2024

£

£

Net obligations repayable:

Within one year

347,294

317,607

Between one and five years

-

349,241

347,294

666,848

Finance lease payments represent rentals payable by the company for certain items of land and buildings and plant and machinery. No restrictions are placed on the use of the assets. The total lease term is 5 years. No arrangements have been entered into for contingent rental payments. Finance leases are secured on the related assets.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in section 33 of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group on the grounds that Harlequin FC Holdings Limited publishes consolidated financial statements.

Group company

98% subsidiary of the immediate parent entity

Rental income of £500,000 (2024: £500,000) was received relating to use by a group company of the stadium owned by Harlequin Estates (Twickenham) Limited.

Management charges of £75,000 (2024: £75,000) were paid relating to management of the stadium by a group company.

At the year end, £1,035,516 (2024: £1,121,649) was owed by a group company, bearing interest at 4.5% per annum, with a term of not less than 12 months notice for repayment.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Ltd.

The ultimate parent company of Harlequin Estates (Twickenham) Limited is Prime Life Common Fund Limited, a company domiciled in Bermuda.

The results of Harlequin Estates (Twickenham) Limited are consolidated into their immediate parent, Harlequin FC Holdings Limited, a company registered and domiciled in England and Wales. Consolidated financial statements are available from Harlequin FC Holdings Limited, Twickenham Stoop Stadium, Langhorn Drive, Twickenham, Middlesex, TW2 7SX.