Company Registration No. 03096937 (England and Wales)
Premier Rugby Limited
Annual report and financial statements
for the year ended 30 June 2025
Premier Rugby Limited
Company information
Directors
Martin St Quinton
Christopher Booy
Nicholas Clarry
Gemma Wright
Thomas Visser
(Appointed 14 February 2025)
N Golding
(Appointed 22 July 2025)
Company number
03096937
Registered office
Thomas House
84 Eccleston Square
London
SW1V 1PX
Independent auditor
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Premier Rugby Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 25
Premier Rugby Limited
Strategic report
For the year ended 30 June 2025
1

The directors present the strategic report for the year ended 30 June 2025.

Fair review of the business

2025 Overview

In 2025, the organisation rebranded from Premiership Rugby to PREM Rugby, marking a significant evolution in the league's identity and reinforcing a renewed focus on marketing the intensity, physicality, and athleticism that define the sport at its best.

PREM Rugby remains committed to innovating and delivering world-class sporting entertainment. The 2025 season delivered outstanding results both on and off the field, with the competition continuing to offer a uniquely competitive, compelling, and unpredictable experience.

On the pitch, Bath Rugby secured the Gallagher Premiership title in a thrilling, back-and-forth final against Leicester Tigers at Allianz Stadium, Twickenham – becoming the sixth different champion in as many seasons. Bath also claimed the Premiership Rugby Cup, completing a remarkable domestic double.

The league maintained its position as the most competitive and unpredictable in professional club rugby. The average number of tries per match rose to eight – a new high – with try bonus points awarded at record levels.

In European competition, Northampton Saints reached the Investec Champions Cup Final, narrowly missing out in a dramatic contest against Bordeaux Bègles. In the EPCR Challenge Cup, Bath Rugby triumphed over Lyon, securing a third trophy in a historic season.

Player development and visibility remain strategic priorities. The 2025/26 season will see increased investment in player-led content, supporting the emergence of a new generation of international talent alongside a roster of established stars.

For the first time, English rugby’s two flagship awards ceremonies – the Premiership Rugby Awards and the Rugby Players Association (RPA) Awards – joined forces to create The Rugby Awards. This inaugural event united major governing bodies including the RFU and Premiership Women’s Rugby (PWR) in celebrating excellence across the game.

Gloucester, Wales, and British & Irish Lions scrum-half Tomos Williams was named PREM Rugby Player of the Season, while Henry Pollock of Northampton Saints earned the Breakthrough Player of the Season award.

The Gallagher Premiership Final 2025 sold out in record time for the second consecutive year, with an official attendance of 81,708 at Allianz Stadium, Twickenham. The final also became the most-watched match in Premiership history, drawing a combined average viewership of 973,000 across TNT Sports and ITV1 – a 16% audience share across all UK television.

Overall, cumulative audiences on TNT Sports rose 28% year-on-year, with average match audiences up 10%.

In-stadium attendance also reflected strong growth. The season featured 33 sell-outs, up from 18 the previous year, and average stadium occupancy remained above 80%. Total attendance across the season exceeded 1.2 million, including 225,000 at four marquee fixtures held at Allianz Stadium, Principality Stadium, and Tottenham Hotspur Stadium.

PREM Rugby’s digital presence also reached new heights. Social media followers increased by over 100,000, with more than 20 million engagements – the highest levels ever recorded.

Among new innovations, Bristol Bears successfully launched the Big Day Out at the Principality Stadium, a fixture which remains on the calendar for 2025/26. Gloucester Rugby will introduce a new marquee match this season with the Slater Cup against Leicester Tigers to be held at Villa Park, the iconic home of Premier League club Aston Villa.

Premier Rugby Limited
Strategic report (continued)
For the year ended 30 June 2025
2
Fair review of business (continued)

Commercial progress

PREM Rugby and TNT Sports signed a new landmark five-year broadcast agreement running until the end of the 2030/31 season. As long-term partners, both organisations are firmly committed to innovation and investment to continue to grow the sport.

PREM Rugby’s title partnership with Gallagher extending into its eighth year, with the global insurance brokerage launching the Gallagher Touchline Academy - an accessible rugby teaching programme designed to upskill 2,000 teachers by 2028.

US-based bourbon brand Buffalo Trace began a new partnership with Premiership Rugby for the 2024/25 season, joining existing sponsors Gallagher, London Pride, Funding Circle, eToro, Christopher Ward, Ticketmaster, Gilbert, Ocean Outdoor and TNT Sports.

Governance

The 24/25 Season saw the introduction of the new financial monitoring regulations and clubs being required to make submissions to demonstrate that they had sufficient financial resources to complete the season. All clubs complied with these requirements, and the independent financial monitoring panel approved the submissions.

Financial performance

Revenue at £59.9m (2024- £66.3m) and profit before tax of £12.4m (2024 - £10.1m).

Community and Corporate Social Responsibility

PREM Rugby is committed to ensuring that the Gallagher PREM and PREM Rugby is a diverse, welcoming, and inclusive environment both on and off the field for our players, staff and fans. We work in collaboration with a wide variety of partners (including our clubs, their charitable foundations, our investors and our commercial partners) to deliver a range of initiatives.

Project Rugby continued for its 8 th season with up to 12,000 young people from a range of backgrounds taking part in rugby activities across all of our PREM Rugby clubs. Away from the pitch, after 16 successful years of supporting young people from disadvantaged backgrounds, the HITZ programme ran for its final season developing crucial personal, employability and life skills. The programme will now be gifted to our charitable foundations to continue its legacy by taking it deeper into their local communities.

The Elite Game Action plan is a collaborative, strategic programme with the RFU, RPA and Premiership Women’s Rugby delivering initiatives that help tackle the systemic issues facing elite rugby union in England, whilst also celebrating progress towards a more inclusive sport. We continue to support the plan and play our part by equipping our clubs with the tools to further progress their own D&I priorities. In addition, we delivered a dedicated LGBTQ+ Pride Round to showcase the welcoming nature of our matchdays, and raising awareness of how to report incidents of discrimination if you see or experience it. Our ‘Rugby against Racism’ messaging continued to feature on the sleeves of every match playing shirt.

Premier Rugby Limited
Strategic report (continued)
For the year ended 30 June 2025
3
Energy & Carbon reporting

For the second season in a row we have engaged a third party to measure greenhouse gas emissions from the PREM Rugby Clubs

Premiership Rugby (PRL) share office space with 6Nations (6N) and United Rugby Championship (URC), located in London Victoria. Office space is rented from The Office Group who have confirmed to us that they report for the entire building, including PRL’s shared office space. For this reason we have not included this energy consumption in our estimated total for PRL.

Using GHG Protocol prescribed methods, we have estimated our Scope 1 emissions associated with fuel consumption for (owned) transport at 36,933 kWh, or 9,339 kg / co2e. This was calculated using a distance-based approach, with data accessed from 01/07/2024 – 30/06/2025, and converted using 2023 UK Government greenhouse gas conversion factors.

2025
2024
Energy Consumption
kWh
kWh
Aggreate of energy consumption in the year
- Fuel Consumption for (owned) transport
36,934
53,855
Emissions of CO2 equivalent (kgCO2e)
kgCO2e
kgCO2e
Scope 1 - direct emissions
- Fuel consumed for owned transport
9,339
13,618
Total gross emissions
9,339
13,618
Intensity ratio
Kg CO2e per employee per year
252
303
Risks and uncertainties

During the season the Professional Game Partnership, which sets the terms of the relationship between the RFU, Premiership Rugby and Premiership Clubs, was signed. The agreement provides clarity of a significant portion of each premiership Club’s income until season 31/32. In addition, significant long-term agreements were signed securing the TV broadcast rights until 2031 and Title Sponsorship rights until 2028. This growth provides further confirmation of the underlying strength of the league going forward.

The company maintains a full Risk Register which is regularly reviewed with the Audit, Risk & Ethics Committee and shared with the PRL Board.

Other information

The company's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests, including the strategy, development and performance of the company. Information about matters of concern to employees is given through relevant information channels with seek to achieve a common awareness on the part of all employees of all factors that affect the company's growth and development. All employees share a responsibility for the culture of the company.

The company is committed to promoting equal opportunities in employment and embraces the moral, ethical, legal and business case for equality and diversity.

Fostering the relationships with all of Premiership Rugby's stakeholders, as evidenced through the examples above (whether in terms of completing the season with only minimal cancellations or the many initiatives undertaken with clubs to support local communities) has been a critical part of mitigating the impact that the Covid pandemic has had and continues to have on professional rugby.

Premier Rugby Limited
Strategic report (continued)
For the year ended 30 June 2025
4
Going Concern statement

These accounts have been prepared on a going concern basis as the directors confirm that the entity is a going concern when considering the financial position, liquidity and solvency of the company.

Section 172 statement

The directors have had due regard for their duties under section 172 of the UK Companies Act 2006 and consider the interests of the company's main stake holders, suppliers, customers and local community in their decisions. Regular dialogue is held with these parties to understand their needs and all decisions are taken with the view that they will result in long term benefits.

On behalf of the board

Gemma Wright
Director
24 October 2025
Premier Rugby Limited
Directors' report
For the year ended 30 June 2025
5

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

Principal activities

The c ompany's principal activity is to promote and develop professional club rugby by pursuing the collective interests of its shareholders in accordance with the Shareholders' Agreement and in line with other policies approved by the Board from time to time.

Results and dividends

The results for the year are set out on page 11.

Contractual Ordinary dividends of £11,081,950 were payable at the period end. The directors do not recommend payment of a further dividend.

Directors

No director had any direct interest in the shares of the company. The Board of Directors represents the clubs and other shareholders who own and receive distributions from Premier Rugby Limited. The interests of directors in the clubs and other shareholders can be found in the financial statements of the individual clubs concerned.

Martin St Quinton
Christopher Booy
Nicholas Clarry
Robin Hooper
(Resigned 14 February 2025)
Gemma Wright
Ismail Kurdi
(Resigned 29 August 2024)
John White
(Appointed 29 August 2024 and resigned 30 June 2025)
Thomas Visser
(Appointed 14 February 2025)
N Golding
(Appointed 22 July 2025)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Supplier payment policy
The company's current policy concerning the payment of trade creditors is to:
- settle the terms of payment with suppliers when agreeing the terms of each transaction;
- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
- pay in accordance with the company's contractual and other legal obligations.
Auditor

Saffery LLP have expressed their willingness to continue in office.

Premier Rugby Limited
Directors' report (continued)
For the year ended 30 June 2025
6
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its fair review of the business, details of the group's risks and uncertainties and also its' future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Gemma Wright
Director
24 October 2025
Premier Rugby Limited
Independent auditor's report
To the members of Premier Rugby Limited
7
Opinion

We have audited the financial statements of Premier Rugby Limited (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

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.

Premier Rugby Limited
Independent auditor's report (continued)
To the members of Premier Rugby Limited
8

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Premier Rugby Limited
Independent auditor's report (continued)
To the members of Premier Rugby Limited
9

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Premier Rugby Limited
Independent auditor's report (continued)
To the members of Premier Rugby Limited
10

Use of our report

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

Neil Davies (Senior Statutory Auditor)
For and on behalf of Saffery LLP
3 November 2025
Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Premier Rugby Limited
Statement of comprehensive income
For the year ended 30 June 2025
11
2025
2024
Notes
£
£
Turnover
3
59,949,304
66,326,468
Cost of sales
(33,584,820)
(40,952,035)
Gross profit
26,364,484
25,374,433
Administrative expenses
(10,509,343)
(11,830,487)
Operating profit
4
15,855,141
13,543,946
Interest receivable and similar income
7
874,179
1,049,590
Interest payable and similar expenses
8
(4,305,178)
(4,492,856)
Profit before taxation
12,424,142
10,100,680
Tax on profit
9
(779,353)
(563,045)
Profit for the financial year
11,644,789
9,537,635

The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

Premier Rugby Limited
Balance sheet
As at 30 June 2025
30 June 2025
12
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
1
1
Current assets
Debtors falling due after one year
12
32,471,005
32,491,478
Debtors falling due within one year
12
37,884,078
27,378,023
Cash at bank and in hand
13,758,770
17,764,364
84,113,853
77,633,865
Creditors: amounts falling due within one year
13
(34,818,900)
(77,901,751)
Net current assets/(liabilities)
49,294,953
(267,886)
Total assets less current liabilities
49,294,954
(267,885)
Creditors: amounts falling due after more than one year
14
(49,000,000)
-
0
Net assets/(liabilities)
294,954
(267,885)
Capital and reserves
Called up share capital
17
2,010
2,010
Capital redemption reserve
25
25
Profit and loss reserves
292,919
(269,920)
Total equity
294,954
(267,885)
The financial statements were approved by the board of directors and authorised for issue on 24 October 2025 and are signed on its behalf by:
Gemma Wright
Director
Company Registration No. 03096937
Premier Rugby Limited
Statement of changes in equity
For the year ended 30 June 2025
13
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
2,000,020
25
3,370,435
5,370,480
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
9,537,635
9,537,635
Dividends
10
-
-
(15,176,000)
(15,176,000)
Reduction of shares
17
(1,998,010)
-
1,998,010
-
0
Balance at 30 June 2024
2,010
25
(269,920)
(267,885)
Year ended 30 June 2025:
Profit and total comprehensive income for the year
-
-
11,644,789
11,644,789
Dividends
10
-
-
(11,081,950)
(11,081,950)
Balance at 30 June 2025
2,010
25
292,919
294,954
Premier Rugby Limited
Statement of cash flows
For the year ended 30 June 2025
14
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
15,267,199
14,339,280
Interest paid
(4,305,178)
(4,492,856)
Income taxes paid
(826,580)
-
0
Net cash inflow from operating activities
10,135,441
9,846,424
Investing activities
Interest received
874,179
1,049,590
Net cash generated from investing activities
874,179
1,049,590
Financing activities
Dividends paid
(15,015,214)
(14,118,860)
Net cash used in financing activities
(15,015,214)
(14,118,860)
Net decrease in cash and cash equivalents
(4,005,594)
(3,222,846)
Cash and cash equivalents at beginning of year
17,764,364
20,987,210
Cash and cash equivalents at end of year
13,758,770
17,764,364
Premier Rugby Limited
Notes to the financial statements
For the year ended 30 June 2025
15
1
Accounting policies
Company information

Premier Rugby Limited is a company limited by shares incorporated in England and Wales. The registered office is Thomas House, 84 Eccleston Square, London, SW1V 1PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

The financial statements of the company are consolidated in the financial statements of Premier Rugby Holdings LLP. These consolidated financial statements are available from its registered office, Thomas House, 84 Eccleston Square, London, SW1V 1PX .

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents sponsorship and broadcast monies, recharged services and licensing income received net of value added tax. Turnover on long term contracts is assessed with reference to contracted revenues for the year.

Turnover is based on completed number of game weeks of a season (for rugby related revenue) and by reference to the contract for other revenue streams such as community work.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
1
Accounting policies (continued)
16
1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company appl ies 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 balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
1
Accounting policies (continued)
17
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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Other financial liabilities

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
1
Accounting policies (continued)
18
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are not considered to be any key sources of estimation uncertainty or critical judgements.

Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
19
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Turnover
59,949,304
66,326,468
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
59,949,304
66,326,468
2025
2024
£
£
Other revenue
Interest income
874,179
1,049,590
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
453,040
49,224
Operating lease charges
408,339
354,296

5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Administration
37
45
Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
5
Employees (continued)
20

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,809,042
3,984,131
Social security costs
484,854
583,599
Pension costs
175,206
183,357
4,469,102
4,751,087

The aggregate compensation of key management personnel during the year was £756,147 (2024: 705,775).

6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
16,750
16,250
For other services
Taxation compliance services
2,750
2,750
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
874,179
1,049,590
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
4,305,178
4,492,856
Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
21
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
776,604
563,045
Adjustments in respect of prior periods
2,749
-
0
Total current tax
779,353
563,045

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
12,424,142
10,100,680
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
3,106,036
2,525,170
Tax effect of expenses that are not deductible in determining taxable profit
27,591
520
Tax effect of income not taxable in determining taxable profit
-
0
(365)
Change in unrecognised deferred tax assets
(2,026,741)
(1,813,211)
Adjustments in respect of prior years
2,749
-
0
Group relief
(330,282)
(149,069)
Taxation charge for the year
779,353
563,045
10
Dividends
2025
2024
£
£
Contractual dividend payable
11,081,950
15,176,000

A contractual dividend has been accrued in the Financial Statements at year end. The dividend will be paid once distributable reserves are sufficient.

11
Fixed asset investments
2025
2024
£
£
Unlisted investments
1
1
Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
11
Fixed asset investments (continued)
22

Premier Rugby Limited owns 100% of the issued share capital of Premiership Rugby Limited. This company was dormant throughout the year

12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
12,743,497
3,125,772
Amounts owed by group undertakings
19,578,341
19,738,008
Other debtors
-
0
1,337,427
Prepayments and accrued income
5,562,240
3,176,816
37,884,078
27,378,023
2025
2024
Amounts falling due after more than one year:
£
£
Debt raise prepayment
28,405,067
28,405,067
Prepayment of distribution to clubs
4,065,938
4,086,411
32,471,005
32,491,478
Total debtors
70,355,083
59,869,501
13
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
15
-
0
49,000,000
Trade creditors
790,029
839,207
Amounts owed to group undertakings
172,500
172,500
Corporation tax
676,604
563,045
Other taxation and social security
926,273
240,758
Dividends payable
11,081,950
15,176,000
Other creditors
67,712
226,973
Accruals and deferred income
21,103,832
11,683,268
34,818,900
77,901,751
Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
23
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
15
49,000,000
-
0
During the year, the £49m loan facility was re-financed for a further two-year term. Consequently, the repayment date has been extended to December 2026.
15
Loans and overdrafts
2025
2024
£
£
Bank loans
49,000,000
49,000,000
Payable within one year
-
0
49,000,000
Payable after one year
49,000,000
-
0

The company has an overdraft facility which is secured by way of debenture on the bank's standard form, dated 27 July 2005. It is repayable on demand.

The bank loan is secured by a fixed and floating charge over all assets of the company. During the year, the loan facility was re-financed for a further two-years meaning the loan is due to end in December 2026.

Prior to the extension, interest on the initial £29,000,000 is charged at 2.25% plus SONIA and interest on the £20,000,000 extension to the loan is charged at 4% plus SONIA. Following the extension, interest is charged on the full loan at 3.5% plus SONIA.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
175,206
183,357

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
24
17
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
201,005 Ordinary shares of 1p each
2,010
2,010

The company made a capital reduction in the prior year to reduce the number of issued Ordinary shares to 201,005 and transferred the released funds to the profit and loss reserves.

18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
675,800
777,600
Between two and five years
496,000
-
0
1,171,800
777,600
19
Related party transactions

No director had any direct interest in the shares of the company. The Board of Directors represent the Premiership rugby clubs who own, and receive distributions from, Premier Rugby Limited. The interests of the directors in the Premiership clubs can be found in the financial statements of the individual clubs concerned.

At the balance sheet date, an amount of £11,030 (2024: £10,803) was owed by PRL Investor Limited, an associated company.

At the balance sheet date, an amount of £19,394,186 (2024: £19,554,505) was owed by Premier Rugby Holdco Limited, the parent company.

At the balance sheet date, an aggregate amount of £1,208 (2024: £1,002) was owed by Premier Rugby Holdings LLP, the ultimate parent company.

20
Ultimate controlling party

The parent company of the entity is Premier Rugby Holdco Limited. The ultimate controlling party is Premier Rugby Holdings LLP, the accounts of which are publicly available at its registered office Thomas House, 84 Eccleston Square, London, SW1V 1PX.

Premier Rugby Limited
Notes to the financial statements (continued)
For the year ended 30 June 2025
25
21
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
11,644,789
9,537,635
Adjustments for:
Taxation charged
779,353
563,045
Finance costs
4,305,178
4,492,856
Investment income
(874,179)
(1,049,590)
Movements in working capital:
(Increase)/decrease in debtors
(10,485,582)
9,836,187
Increase/(decrease) in creditors
9,897,640
(9,040,853)
Cash generated from operations
15,267,199
14,339,280
22
Analysis of changes in net debt
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
17,764,364
(4,005,594)
13,758,770
Borrowings excluding overdrafts
(49,000,000)
-
(49,000,000)
(31,235,636)
(4,005,594)
(35,241,230)
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