REGISTERED NUMBER: 08822147

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

HARLEQUIN FC HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

11

Consolidated Statement of Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

S J Pope

D P Saville

C D O Jillings

REGISTERED OFFICE:

Twickenham Stoop Stadium

Langhorn Drive

Twickenham

Middlesex

TW2 7SX

REGISTERED NUMBER:

08822147

AUDITORS:

Lewis Brownlee (Chichester) Limited

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

The directors present their strategic report of the company and the group for the year ended 30 June 2025.

PRINCIPAL ACTIVITIES

The principal activity of the group is the operation of Harlequin Football Club (Harlequins, the Club) the professional rugby club. At the Twickenham Stoop stadium, our men's team participates in the Gallagher Premiership, the European Professional Club Rugby tournament (EPCR) and the Premiership Rugby Cup.

Our women's team, Harlequins Womens Football Club, plays in the Allianz Premiership Women's Rugby competition also at the Twickenham Stoop stadium.

Beyond our elite rugby teams, Harlequins also supports The Harlequins Foundation and leads a wide range of outreach initiatives in its local communities.

THE YEAR IN REVIEW

Rugby - Men's Team

The 2024/25 club rugby season followed a year of consolidation in English professional club rugby, with ongoing efforts across the game to promote financial stability and sustainable competition. The Gallagher Premiership remained a ten-team league, and Harlequins continued to work collaboratively with Premiership Rugby Limited (PRL), the Rugby Football Union (RFU), CVC Capital Partners and Government stakeholder to enhance the quality and visibility of the competition. The Club remained committed to promoting distinctive and entertaining 'Quins Way' of rugby - characterised by attacking intent, flair and ambition on the field.

In the Gallagher Premiership, the competition remained extremely close across the league table. Harlequins delivered several notable performances throughout the season but ultimately finished in 7th position, narrowly missing out on the play off places. In the Premiership Rugby Cup, the team performed strongly, topping its pool and progressing to the quarter final stage, reflecting the Club's depth of talent and commitment to developing squad players through competitive match experience.

Harlequins achieved qualification for the EPCR Champions Cup knockout stages, reinforcing the Club's position among Europe's leading clubs. Despite strong performances throughout the pool stages, the team exited the competition in the knock-out stages losing to a strong Leinster side.

Harlequins' representation at international level is pleasing. Several senior players involved in the 2025 Six Nations Championship and England's summer tour underlining the Club's contribution to the national side. In addition, two Academy players earned selection for the England U20 squad at the World Rugby U20 Championships demonstrating the continued strength of the Club's player development pathway.

The Club remains focused on achieving consistent high-level performance across all competitions, while ensuring that its rugby philosophy, player welfare standards and development structures continue to reflect Harlequins' values and long-term ambitions.

Rugby - Women's Team

The 2024/25 season feature the Harlequins Women's team reinforcing their position among the elite of English women's rugby. The squad reached the semi-finals of the Allianz Premiership Women's Rugby league, where they were narrowly eliminated by Saracens Women. This performance underscores the team's continued competitiveness at the highest domestic level and highlights a foundation for success in coming seasons.

Beyond domestic competition, Harlequins players featured prominently on the international stage. The final round of the Guinness Women's Six Nations highlighted the talent within the squad, with several players delivering standout performances. Two Harlequins stars were named in the Red Roses squad for the 2025 Rugby World Cup (RWC), both having been part of the squad that travelled to New Zealand three years ago and now set to compete in a home tournament. Additionally, two players were named in the Red Roses U20 Summer Series squad, with 13 others representing their nations at the 2025 RWC, demonstrating the depth of talent and international recognition emerging from the Harlequins pathway.

Individual performances were recognised through domestic accolades, with four players nominated for the RPA U23 Team of the Season, reflecting their impact throughout the season. Most notably, Ellie Kildunne was awarded the 2024 World Rugby Women's 15 Player of the Year, becoming the first English woman to receive this honour since 2003 - an achievement that highlights both individual excellence and the strength of the club's development environment.

Rugby - Men's Coaching

The 2024/25 season marked Danny Wilson's continuation as Head Coach, providing valuable continuity and a clear vision for on-field performance and player development. During the 2024/25 season, the addition of Jason Gilmore as Defence Coach brought further expertise and international experience to the coaching group, strengthening the Club's technical capability and contributing to a more balanced and cohesive coaching framework.

At the start of the 2025/26 season, Danny Wilson departed the Club, marking the beginning of a new chapter in Harlequin's coaching evolution. His tenure left a strong foundation upon which the next coaching structure will build. The Club is very fortunate that Jason agreed to accept the Head Coaching role. This collaborative approach remains integral to Harlequins' ongoing development, ensuring alignment between the senior squad, the wider performance team, and the Academy pathway. The Club remains committed to fostering an environment where innovation, teamwork and player welfare underpin all aspects of rugby performance.

Rugby Women's Coaching and Player Development

The coaching structure continues to be a cornerstone of the women's programme. Ross Chisholm continued in his role as Head Coach, drawing on his vast experience as a Men's player and building on the learnings from his first season in charge. Chris Laidlaw joined as Assistant Coach ahead of the 2024/25 season, further strengthening the coaching team with complementary expertise. Together, they have enhanced individual player development, team cohesion and tactical execution, laying the groundwork for sustained domestic and international success.

The Club remains committed to fostering a pathway that balances high-performance ambition with player welfare, aligning with the Club's broader rugby philosophy and values. This dual focus ensures that players are supported on and off the pitch, cultivating both elite athletes and well-rounded individuals.

Impact of the 2025 Women's RWC

The 2025 RWC, hosted on home soil, represents a transformative opportunity for women's rugby in England. Harlequin's players' involvement in the tournament not only elevates the profile of the club but also strengthens the domestic game by inspiring future talent and increasing visibility for the sport. Success on the stage can enhance recruitment pathways, attract sponsorship, and foster a broader fanbase, providing momentum that the club can leverage to drive growth across all levels of the women's programme.

Financial Update

The Club is now in its second year of compliance with the Financial Monitoring Panel (FMP) Regulations introduced by Premier Rugby Limited (PRL) in May 2024. These regulations apply to all Premiership Clubs and are designed to enhance financial resilience and operational sustainability across the league. Their objectives include providing greater confidence to current and future stakeholders of Premiership Rugby and ensure that clubs are appropriately capitalised and managed to meet their ongoing financial commitments.

As a condition of Premiership participation, the Club is required to comply with all aspects of the FMP framework. In line with these obligations, the Board of Directors submitted the mandatory pre-season report in May 2025, incorporating the P&L budget and a detailed cash flow forecast through to the end of the 2025/26 season.

Following its review, PRL confirmed that the Club had met all the required criteria, granting permission for participation in the 2025/26 Premiership season. The in-season report will be submitted later in the financial year to demonstrate continued compliance with the regulatory framework.

The Club manages closely a defined set of core financial metrics to track performance against both regulatory requirements and long-term strategic objectives.

KPI- Men's Team

2025

2024

Change

Strategic Commentary

Turnover (£m)

£29.4m

£29.3m

+0.2%

Stable turnover supported by consistent sell-outs, strong season ticket retention and successful renewal and retention of key partners.

Season Ticket Sales (Volume)

9,218

9,280

Flat

Stable volumes despite price adjustments, reflecting strong retention rates.

Season Ticket Revenue (£m)

£5.1m

£4.8m

+7%

Increase supported by pricing strategy and improved customer engagement.

Matchday Attendance (Avg.)

12,274

11,973

+3%

Premiership attendance maintained through enhanced fan engagement and matchday experience initiatives.

Commercial Revenue (£m)

£13.3m

£12.3m

+8%

Growth supported by sponsorship renewals and expanded digital marketing activity.

The Club's Strategic Financial Objectives include:

-

Achieve Sustainable Profitability by progressing towards a minimum break-even EBITDA operation by the 2026/27 season through a balanced approach to revenue diversification and cost control.

-

Enhance Revenue Resilience by continued expansion of non-matchday and commercial revenue streams to reduce dependency on ticketing income.

-

Strengthen Liquidity by building up and maintaining adequate cash reserves to support operational stability and enable investment in strategic initiatives.

-

Maintaining FMP Compliance to ensure full adherence to FMP reporting obligations to maintain eligibility for Premiership participation.

Operational Update

The Club continues to manage the longer-term financial impact of Covid-19 while maintaining a strong focus on achieving operational sustainability across all areas of the Club. The Board and senior management remain committed to ensuring a financially stable and commercially resilient business that supports on-field performance and long-term growth.

Matchday attendances across the 2024/25 season remained exceptional with all men's Gallagher Premiership home fixtures selling out - a testament to the enduring strength of supporter loyalty. The season's Big Game 16 at Twickenham Stadium once again reached full capacity, attracting more than 81,000 fans and reinforcing its status as the premier event in the club rugby calendar.

On the commercial front, the Club welcomed several new partners, including Singapore Airlines, Conrad Energy and Acronis, further enhancing the Club's sponsorship portfolio and broadening its global reach. The Club also strengthened its international collaboration with Mie Honda Heat in Japan, sharing expertise in rugby performance, marketing, and matchday operations to support the development of best practice between the two clubs.

Harlequins continues to benefit from the support of a strong and diverse portfolio of commercial partners, each playing an important role in the Club's ongoing success both on and off the field. Particular emphasis is placed on the contribution of DHL and other principal sponsors, whose commitment and collaboration are fundamental to sustaining growth, delivering exceptional experiences for supporters and reinforcing Harlequins' position as a leading brand within professional rugby.

The Club also recognises the enduring support of its shareholders, fans and wider community, each of whom plays a vital role in its continued success. Their collective commitment underpins the Club's financial stability and provides for future development. This loyalty and engagement remain central to maintaining Harlequins' position as a leading force within the game, ensuring that the values of unity, ambition, and excellence continue to guide every aspect of the Club's operations.

Digital Evolution

Digital engagement continues to form a core pillar of Harlequins' long-term growth and fan engagement strategy. The Club recognises the importance of an innovative and data-driven approach to strengthening connections with supporters, partners and the wider rugby community both domestically and internationally.

During the 2024/25 season, Harlequins consolidated its position as the most-followed Premiership Rugby club across all major social media platforms, achieving significant year-on-year growth in both reach and engagement metrics. Besides ranking number 1 in the United Kingdom, the Club now ranks 9th globally among professional rugby clubs for total digital following , reflecting the continued expansion of the Harlequins brand and the success of its distinctive online presence.

The Club's digital platforms serve as a key channel for engaging fans, driving commercial initiatives and enhancing interaction. Increased content production, match-day live coverage, and behind-the-scenes access have strengthened supporter loyalty and broadened the Club's global reach. Targeted campaigns and collaborative digital partnerships have also supported the growth of merchandise and ticketing sales through online channels.

Investment in digital capability remains a strategic priority. The Club continues to enhance its data infrastructure, CRM systems and digital analytics to deliver personalised experiences, optimise marketing performance and provide value to commercial partners. These initiatives are designed to position Harlequins at the forefront of digital innovation within the professional rugby landscape, ensuring sustainable growth both on and off the field.

Quins in the Community

Harlequins remain committed to inspiring the next generation of players, supporters and volunteers through extensive community engagement across London and the South-East. During the 2024/25 season, the Club continued to work closely with its community rugby clubs and schools, delivering coaching, educational programmes and participation initiatives designed to promote rugby, health and wellbeing.

The Harlequins Cup returned for another highly successful season, attracting over 2,000 fans across four nights of competition. Age-grade club sides competed for the opportunity to play on The Stoop turf, providing young players with a memorable experience and fostering strong connections between the Club and grassroots rugby communities.

During the season the Club has been working with the charity RALPHH supporting the installation of defibrillators at local rugby clubs. Several community clubs have already secured defibrillators or are actively working with the charity to do so, helping to improve safety and emergency readiness across the grassroots game.

Through these initiatives, Harlequins seeks to nurture talent, encourage participation, and promote positive social impact, reflecting the Club's ongoing commitment to its communities both on and off the pitch.

Environmental, Social & Corporate Governance

The Club remains committed to conducting its operations responsibly and sustainably, recognising the importance of environmental stewardship, social inclusion, and strong governance practices in achieving long term success.

During the year, the Club continued to prioritise environmental responsibility, partnering with Lyfecyle for a fourth consecutive year to reduce single-use plastics across its operations. Additional operational measures have been introduced to lower carbon emissions and improve overall sustainability performance. The Club continues to assess and implement initiatives aimed at reducing its environmental footprint and promoting responsible management.

The Club remains fully compliant with the Sport England Code for Sports Governance, reflecting its commitment to maintaining the highest standards of accountability, integrity and transparency. Working in partnership with PwC, the Club continues to embed best practice across its governance framework, including structure, communications, people, standards & conduct, and policies & procedures.

The Club continues to foster inclusivity and community engagement through initiatives such as the Access Day, the annual Pride fixture, and participation in the Hidden Disabilities Sunflower network. These initiatives reflect the Club's ongoing commitment to promoting equality, diversity and accessibility for all supporters, staff and stakeholders.

Employee wellbeing remains a key priority, The Club provides access to mental health support services, fitness facilities and wellbeing initiatives, alongside partnerships such as Just Ask A Question (JAAQ) to encourage open conversations about mental health. Policies are in place to ensure that all employees are treated fairly and to prohibit discrimination on the grounds of age, disability, religion, sex, nationality or ethnic origin.

The Club is committed to creating a supportive and inclusive environment where all employees are valued and respected. Collaboration, teamwork and creativity are encouraged both on and off the field. The Club also provides a range of opportunities for learning and development, supporting staff in achieving their personal and professional goals.

Harlequins Foundation

The Harlequins Foundation continues to grow its reach, aligning closely with the Club to deliver meaningful programmes that make a positive impact across the community. During the 2024/25 season, key initiatives such as Volunteers Week, Kind2Mind, METTLE and Rival Ride expanded their engagement and impact, supporting local communities and fostering inclusion, wellbeing, and participation in sport.

The Foundation's wheelchair rugby team, The Jesters, continued to develop competitively and performed strongly in the 2024 Summer Series.

Strategic partnerships remain central to the Foundation's growth. By collaborating with a range of organisations, the Foundation has scaled its reach and strengthened its programmes, with a particular emphasis on mental health initiatives and support for vulnerable communities. These efforts reflect the Club's ongoing commitment to creating lasting social impact beyond the pitch.

PRINCIPAL RISKS AND UNCERTAINTIES

(i) Elite team performance

The performance of the elite men's team remains the primary risk facing the Club, as on-field success has a direct impact on matchday attendance, commercial revenues and overall brand value. The Club has again achieved record season ticket sales, with home league fixtures essentially selling out throughout the previous season.

Player welfare and their health and safety is a core value of our Club. The physical nature of the sport means that player injuries not only have potentially major consequences for players personally, but also represent a significant ongoing risk to the Club's performance, financial stability, and brand reputation. Injuries can impact the players' wellbeing, team competitiveness, disrupt long-term player development pathways and increase medical and insurance costs. Prolonged absences of key players can also affect matchday revenues, sponsorship value and fan engagement.

Harlequins actively mitigate the risk of player injuries through a range of strategies designed to protect player welfare and maintain team performance. The Club minimises contact of training, implements comprehensive strength and conditioning programmes to reduce the likelihood of injury alongside continuous investment in medical and rehabilitation facilities. Specialist medical staff, physiotherapists and performance analysts support players' health and recovery, while data-driven player load monitoring ensures training intensity and rest periods are carefully managed. The Club also works closely with PRL and the RFU to adhere to best practice welfare protocols. In addition, squad depth management and succession planning provide adequate cover in key positions. Harlequins will always choose to prioritise player welfare as central to its operational and strategic planning.

The Board and senior management team continue to focus on developing a diversified and commercially resilient business model to underpin rugby operations. This includes expanding non-matchday revenue streams and strengthening partnerships to reduce reliance on sporting outcomes. Nevertheless, success on the pitch remains the greatest driver of long-term financial and operational sustainability.

(ii) Failure to comply with competition regulations

There is an ongoing risk that failure to comply with competition rules and regulations could result in significant financial and reputational damage and in severe circumstances, relegation from the Gallagher Premiership, thereby threatening the Club's sustainability.

Harlequins mitigate this risk through the implementation of robust internal controls, ensuring full compliance with all relevant regulations including the Premiership Rugby Salary Cap and those set by the Financial Monitoring Panel. The Club maintains regular dialogue with Premiership Rugby and employs rigorous internal review procedures to ensure transparency and compliance with disclosure requirements.

(iii) Failure to renew key commercial contracts and/or a reduction in central funding

The Club's long-term financial stability depends in part on maintaining and renewing key commercial partnerships, sponsorship agreements and central funding from Premiership Rugby. Any reduction in these income streams could materially affect operations and future investment capability.

To mitigate this risk, Harlequins continues to invest in its commercial infrastructure, including dedicated sales and marketing teams to strengthen the corporate pipeline, manage stakeholder relationships and secure new partnership opportunities.

(iv) Funding

The Club remains reliant on the continued financial support of its shareholders. The Directors acknowledge the importance of its ongoing shareholder support which is critical to operations in the short term, while emphasising the Club's commitment to achieving long-term financial sustainability.

Management continues to pursue operational efficiencies and sustainable revenue growth to reduce dependency on shareholder funding and to enhance financial resilience.

(v) Cyber security breaches causing financial and/or reputational harm

As a professional sports organisation and data controller, Harlequins recognises the increasing threat of cybercrime and the potential for data breaches to cause financial and reputational harm.

The Club deploys advanced cyber protection systems that are dynamically updated to counter emerging threats. Regular security audits, staff training and incident response planning form part of the Club's ongoing commitment to maintaining the highest standards of data protection and cyber security.

(vi) Terrorism

Sporting venues remain potential targets for terrorism. The Club recognises the importance of maintaining vigilance and proactively implements measures to protect players, supporters and staff.

Harlequins works closely with local authorities, law enforcement and event security partners to ensure proportionate and effective security arrangements are in place for all events. Regular reviews and training exercises are undertaken to reinforce the Club's readiness to respond to potential threats.

CONCLUSION

Harlequins remain committed to achieving on-field success supported by a financially sustainable business model. The 2024/25 season demonstrated the Club's strength on and off the pitch, supported by a growing fan base, strong commercial partnerships and strategic financial governance.

The Board thanks our dedicated employees (both commercial and playing staff), our commercial partners, our fans, our shareholders and all supporters of Harlequins. Our future success is dependent upon contributions and support from all our stakeholders.

ON BEHALF OF THE BOARD:

S J Pope - Director

17 December 2025

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

DIVIDENDS

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

RESEARCH AND DEVELOPMENT

R&D has been planned and carried out in three broad R&D project streams. One is in the development of new and improved data collection and analysis methods, processes and tools. The other two project streams are both in the development of new scientific knowledge in the relationships between player physiology and performance, to in-turn develop training regimes proposed to improve player and team performance across speed, strength and health, as well as player availability on match day.

During the year the group recognised R&D Expenditure Credit (RDEC) claims totalling £323,383 (2024: £209,387) relating to R&D in previous years. Qualifying R&D expenditure relating to the year ended 30 June 2025 is under review.

FUTURE DEVELOPMENTS

In accordance with s414C(11) of the Companies Act 2006, the information relating to risk management and future developments is included in the Strategic Report.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

S J Pope

D P Saville

C D O Jillings

FINANCIAL INSTRUMENTS

Liquidity risk

The group is responsible for the management of liquidity risk, which is the risk that the financial obligations cannot be met as they fall due. Working capital and finance charges on borrowings are managed through a combination of operating cash flows and funding from the continued support of the principal shareholder of Harlequin FC Holdings Limited, Blue Sky Holdings Limited. At the balance sheet date, the cash flow forecasts are reviewed by the board and the group is forecast to have sufficient funding facilities to meet the group's obligations as they fall due.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits due to changes in market interest rates.

Credit risk

Credit risk arises from the group's trade debtors, being the risk that the counterparty fails to discharge their obligation in respect of the instrument. All customers who wish to trade on credit terms, allowing for the payment of debt after the delivery of goods or services, are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Risk is mitigated through developing strong relationships with our customers.

DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

DIRECTORS' INSURANCE

The group maintains insurance policies on behalf of all directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.

MARKET VALUE OF LAND AND BUILDINGS

Harlequin Estates (Twickenham) Limited, subsidiary of Harlequin FC Holdings Limited, holds the freehold of the Twickenham Stoop Stadium. On 30 June 2017 the Twickenham Stoop Stadium was valued by external valuers, Vail Williams, on the basis of depreciated replacement cost, at a value of £39,000,000.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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.

ON BEHALF OF THE BOARD:

S J Pope - Director

17 December 2025

Opinion

We have audited the financial statements of Harlequin FC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 30 June 2025 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 set out on page nine, 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 group's and the parent 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 group or the parent 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 group 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 group, including legislation such as the Companies Act 2006, taxation legislation and applicable sporting regulations;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; 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 group 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 group’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

3

29,938,361

29,627,315

Cost of sales

19,013,602

16,552,335

GROSS PROFIT

10,924,759

13,074,980

Administrative expenses

16,267,150

17,562,076

(5,342,391

)

(4,487,096

)

Other operating income

4

323,383

209,387

OPERATING LOSS

6

(5,019,008

)

(4,277,709

)

Income from fixed asset investments

127,000

137,715

Gain/loss on revaluation of investments

(124,113

)

172,703

Interest payable and similar expenses

8

(2,511,273

)

(2,572,596

)

LOSS BEFORE TAXATION

(7,527,394

)

(6,539,887

)

Tax on loss

9

65,332

65,620

LOSS FOR THE FINANCIAL YEAR

(7,592,726

)

(6,605,507

)

OTHER COMPREHENSIVE INCOME

Capital contribution

2,727,954

2,323,265

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

2,727,954

2,323,265

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(4,864,772

)

(4,282,242

)

Loss attributable to:

Owners of the parent

(7,533,681

)

(6,572,851

)

Non-controlling interests

(59,045

)

(32,656

)

(7,592,726

)

(6,605,507

)

Total comprehensive loss attributable to:

Owners of the parent

(4,805,727

)

(4,249,586

)

Non-controlling interests

(59,045

)

(32,656

)

(4,864,772

)

(4,282,242

)

FIXED ASSETS

Intangible assets

11

191,422

133,160

Tangible assets

12

31,538,342

33,089,193

Investments

13

19,451,998

19,617,361

Investment property

14

1,000,000

1,000,000

52,181,762

53,839,714

CURRENT ASSETS

Stocks

15

548,212

-

Debtors: amounts falling due within one year

16

9,043,281

5,226,966

Cash at bank and in hand

879,851

2,479,520

10,471,344

7,706,486

CREDITORS

Amounts falling due within one year

17

16,999,440

19,108,205

NET CURRENT LIABILITIES

(6,528,096

)

(11,401,719

)

TOTAL ASSETS LESS CURRENT LIABILITIES

45,653,666

42,437,995

CREDITORS

Amounts falling due after more than one year

18

(69,371,016

)

(61,275,059

)

PROVISIONS FOR LIABILITIES

21

(1,597,198

)

(1,612,712

)

NET LIABILITIES

(25,314,548

)

(20,449,776

)

CAPITAL AND RESERVES

Called up share capital

22

5,710,100

5,710,100

Share premium

23

6,390,000

6,390,000

Revaluation reserve

23

7,001,698

7,001,698

Capital contribution reserve

23

2,727,954

2,323,265

Retained earnings

23

(46,953,912

)

(41,743,496

)

SHAREHOLDERS' FUNDS

(25,124,160

)

(20,318,433

)

NON-CONTROLLING INTERESTS

(190,388

)

(131,343

)

TOTAL EQUITY

(25,314,548

)

(20,449,776

)

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:

S J Pope - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

27,838,003

27,838,003

Investment property

14

-

-

27,838,003

27,838,003

CURRENT ASSETS

Debtors: amounts falling due after more than one year

16

55,814,548

44,621,367

CREDITORS

Amounts falling due within one year

17

10,000

9,999

NET CURRENT ASSETS

55,804,548

44,611,368

TOTAL ASSETS LESS CURRENT LIABILITIES

83,642,551

72,449,371

CREDITORS

Amounts falling due after more than one year

18

63,196,119

54,331,255

NET ASSETS

20,446,432

18,118,116

CAPITAL AND RESERVES

Called up share capital

22

5,710,100

5,710,100

Share premium

23

6,390,000

6,390,000

Capital contribution reserve

23

2,727,954

2,323,265

Retained earnings

23

5,618,378

3,694,751

SHAREHOLDERS' FUNDS

20,446,432

18,118,116

Company's loss for the financial year

(399,639

)

(564,120

)

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:

S J Pope - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 July 2023

5,710,100

(37,283,584

)

6,390,000

7,001,698

Changes in equity

Imputed interest

-

2,112,939

-

-

Total comprehensive loss

-

(6,572,851

)

-

-

Balance at 30 June 2024

5,710,100

(41,743,496

)

6,390,000

7,001,698

Changes in equity

Imputed interest

-

2,323,265

-

-

Total comprehensive loss

-

(7,533,681

)

-

-

Balance at 30 June 2025

5,710,100

(46,953,912

)

6,390,000

7,001,698

Capital

contribution

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 July 2023

2,112,939

(16,068,847

)

(98,687

)

(16,167,534

)

Changes in equity

Capital contribution

2,323,265

2,323,265

-

2,323,265

Imputed interest

(2,112,939

)

-

-

-

Total comprehensive loss

-

(6,572,851

)

(32,656

)

(6,605,507

)

Balance at 30 June 2024

2,323,265

(20,318,433

)

(131,343

)

(20,449,776

)

Changes in equity

Capital contribution

2,727,954

2,727,954

-

2,727,954

Imputed interest

(2,323,265

)

-

-

-

Total comprehensive loss

-

(7,533,681

)

(59,045

)

(7,592,726

)

Balance at 30 June 2025

2,727,954

(25,124,160

)

(190,388

)

(25,314,548

)

Called up

Capital

share

Retained

Share

contribution

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 July 2023

5,710,100

2,145,932

6,390,000

2,112,939

16,358,971

Changes in equity

Capital contribution

-

-

-

2,323,265

2,323,265

Imputed interest

-

2,112,939

-

(2,112,939

)

-

Total comprehensive loss

-

(564,120

)

-

-

(564,120

)

Balance at 30 June 2024

5,710,100

3,694,751

6,390,000

2,323,265

18,118,116

Changes in equity

Capital contribution

-

-

-

2,727,954

2,727,954

Imputed interest

-

2,323,265

-

(2,323,265

)

-

Total comprehensive loss

-

(399,639

)

-

-

(399,639

)

Balance at 30 June 2025

5,710,100

5,618,377

6,390,000

2,727,954

20,446,431