The directors present the strategic report for the year ended 31 October 2025.

Turnover increased to £13.0m (2024: £11.9m), reflecting growth across several income streams, most notably tickets and memberships, commercial revenue, catering, and event income. Central funding also increased modestly year-on-year. This growth was achieved against a backdrop of continued economic uncertainty and competitive pressure across the professional rugby league landscape.

Gross profit increased to £5.24m (2024: £5.08m), although the gross margin reduced slightly because of higher direct rugby and matchday-related costs, including increased staffing, medical, and catering expenditure. Administrative expenses increased to £7.42m (2024: £6.93m), reflecting increase salary costs, inflationary pressures, and higher property, insurance, and compliance-related costs.

The company reported a loss before taxation of £2.18m (2024: £1.87m) and a loss after tax of £1.84m (2024: £1.44m). While the financial result represents a deterioration compared with the prior year, the directors consider this to be consistent with the club’s strategic objective of maintaining competitive on-field performance while continuing to invest in long-term commercial and operational sustainability.

At 31 October 2025, the company had net current liabilities of £4.91m (2024: £3.82m) and net assets of £8.17m (2024: £10.01m). Cash flow and working capital remain a key area of focus, supported by ongoing backing from the parent group.

The Board recognises that the company operates in a challenging and volatile environment. Key risks include:

• Matchday attendance volatility and its impact on gate receipts and ancillary revenues.

• Player salary costs and competitive wage inflation, particularly from overseas competitions.

• Reliance on on-field performance to drive commercial income and supporter engagement.

• Broader economic conditions affecting discretionary consumer and corporate spend.

These risks are mitigated through diversified revenue streams, long-term commercial partnerships, disciplined cost control, and continued investment in homegrown talent pathways. Robust crowd safety, stadium maintenance, and regulatory compliance procedures remain in place and are reviewed regularly.

The directors use a range of financial key performance indicators to monitor performance, supported by detailed monthly management accounts and cash flow forecasting. The financial key performance indicators are discussed in the review of the business section above.

Budgetary control, variance analysis, working capital metrics and other non - financial key performance indictors (detailed below) form the basis of performance monitoring and are reviewed regularly by management and the Board.

The key performance indicators highlight the company's significant financial risks, including the threat of reduced attendance and occupancy levels. This is mitigated by the company comprehensively reviewing its membership pricing strategy and striving to produce a compelling and best-in-class entertainment offering to retain customers.

The diversity of its income streams and engaging with leading catering and retail operators has also helped to reduce risk through certainty of revenue and cash flow.

The success of the NRL competition in Australia is an ongoing threat to Super League due to overseas player wage inflation and the attractiveness of UK players to play in Australia. The club continues to develop a significant number of homegrown players through its pathway programmes to help alleviate some of these pressures.

Non – Financial Key Performance Indicators

League position, attendance and hospitality occupancy are considered non-financial key performance indicators:

League Position

Leeds Rhinos Men‘s first team showed greater consistency and significant improvement in 2025, finishing fourth in Super League and returning to the play offs for the first time since 2022. They were narrowly beaten by St Helens in the last second off the play off elimination in what was widely viewed as a year of progress. Jake Connor was also named Man of Steel in his debut season for the Rhinos

The women’s team maintained a highly competitive standard but did not match the consistency and league position achieved the previous year, finishing fourth in the league and losing in the semi final of the Challenge Cup

Attendance

Average attendance increased compared with 2024 (14,721 vs 14,021), supported by improved and targeted marketing initiatives, and continued engagement with schools, community clubs, and local businesses, alongside improved on field performance.

Hospitality Occupancy

Hospitality revenues reduced marginally year-on-year, with average covers falling from 810 in 2024 to 771 in 2025.

Environmental, social and governance (ESG)

The club continues to embed its ‘One Team Rhinos’ philosophy, which underpins its approach to environmental sustainability, community engagement, and governance. This approach supports long-term brand strength, attracts commercial partners, and strengthens links with the club’s Foundation and the wider Leeds community.

Future Developments

The directors expect the general level of activity in 2026 to remain consistent with 2025. While the short-term financial outlook remains challenging, the Board believes that the club’s long-term rugby strategy, commercial partnerships, and continued focus on fan engagement provide a strong platform for future improvement.

The club secured an Ashes Rugby League Test match at Headingley in November 2025 and is again hosting the Leeds Rob Burrow Marathon. It has also secured a long term medical imaging partner to be based at the stadium and is in active discussions to bring additional events to the stadium.

There are no events outside the company’s control expected to have a significant negative impact on performance in the forthcoming year.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 October 2025.

The principal activity of the company continued to be that of staging of professional Rugby League Football.

The results for the year are set out on page 9.

No ordinary dividends were paid in the current or previous year. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

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

To ensure financial stability, the Board monitors management's monthly cash flow forecasts, which are based on past and future trading. Management also actively reviews costs and maintains tight control over capital investment

Due to the fixed interest rate applied to the majority of its interest-bearing loans, which are held with group companies, the company's interest rate exposure is stable.

As the company primarily operates in the UK, its foreign currency risk is minimal.

The diversification of its revenue streams, coupled with strategic partnerships with prominent catering and retail operators, has proven advantageous in mitigating the risk of cash flow fluctuations.

The club continues to engage with Leeds Beckett University, researching Player Load and Neuromuscular monitoring on player training for injury prevention. Additionally, the club participates in game-wide research into concussion monitoring through the use of instrumented mouthguards.

Details of significant events since the balance sheet date are contained in the notes to the financial statements.

Future developments are considered in the Strategic Report.

Sedulo Audit Limited were retained as auditors during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the director's 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), including Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''. 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; and

• 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.

We have audited the financial statements of Leeds Cricket Football and Athletic Company Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 31 October 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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.

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' report 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.

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

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.

As explained more fully in the directors' responsibilities statement set out on page 5, 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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:

• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sport and hospitality sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries selected on a risk criteria basis to identify unusual transactions; and

• investigated the rationale behind significant or unusual transactions; and

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 any actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 29 form part of these financial statements.

The notes on pages 13 to 29 form part of these financial statements.

The notes on pages 13 to 29 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 13 to 29 form part of these financial statements.

Leeds Cricket Football and Athletic Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Headingley Stadium, St. Michaels Lane, Leeds, West Yorkshire, United Kingdom, LS6 3BR.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of freehold land and property. 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. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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;

• Section 33 ‘Related Party Disclosures’: the company has taken advantage of the exemption under FRS 102 paragraph 33.1A and has therefore not disclosed transactions or balances with wholly owned members of the group, nor key management personnel compensation.

The financial statements of the company are consolidated in the financial statements of Caddick Group Limited. These consolidated financial statements are available from its registered office, Castlegarth Grange, Scott Lane, Wetherby, West Yorkshire, LS22 6LH.

The directors have considered the company’s financial position and forecasts, taking into account the principal risks and uncertainties described in the Strategic Report, including ongoing economic uncertainty, pressures on discretionary consumer spending, and the competitive cost environment within professional rugby league. true

For the year ended 31 October 2025, the company reported a loss before taxation of £2.18m (2024: £1.87m) and, at the balance sheet date, had net current liabilities of £4.91m (2024: £3.82m). Notwithstanding this position, the company continues to trade with the support of its parent undertaking and has maintained positive operational cash inflows during the year.

The directors have prepared detailed cash flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts reflect the company’s expected trading performance, including assumptions around matchday attendances, hospitality income, commercial and sponsorship revenues (which are predominantly under multi‑year contractual arrangements), and continued cost management. The forecasts also reflect the directors’ expectation that activity levels in the forthcoming year will remain broadly consistent with those experienced in 2025.

In assessing the appropriateness of the going concern basis, the directors have also considered the continued financial support provided by the parent company, Caddick Group Limited. The parent company has confirmed that it will continue to provide financial support to the company for a period of at least twelve months from the date of approval of these financial statements, sufficient to enable the company to meet its liabilities as they fall due.

After taking account of the company’s forecasts, the availability of parent company support, and the mitigating actions available to management, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing these financial statements.

Turnover represents income receivable net of VAT from rugby league and related commercial activities. Gate, match and other event day revenues and commission are recognised as games are played and events are staged. Sponsorship and similar commercial income are recognised over the duration of the respective contracts. Distributions from the Super League are recognised over the duration of the season. All revenue from lotteries is shown net of related expenses and is accounted for on a received basis in the year. Revenues including commission from non match day commercial activities such as that from Headingley Experience and Headingley Lodge are recognised in the period to which they relate. Income for providing stadium facilities is recognised on a receivable basis for the period they are made available. Income for rents and service charges are recognised on a receivable basis for the year.

Income received in respect of memberships, including season ticket renewals, is recognised over the period of the season to which they relate and deferred where it has been received in advance for the following season.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

The cost of purchased players' registrations are capitalised and amortised over the period of the respective player's contract.

Profits or losses on the sale of players represent the transfer fee receivable, net of any transaction costs, less unamortised cost of the players' original registration.

Where the transfer contract specifies that additional fees are due, contingent on a player achieving a specified number of appearances for his new club, or some other contingent event set out in the transfer contract, these additional amounts are accounted for in the year they fall due.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Tangible assets are initially recognised at historic cost, which includes expenditure incurred in bringing the asset to its present location and condition.

Ground improvements of structural significance are capitalised under the appropriate category; other improvements are charged to the profit and loss.

The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

They are assessed at each reporting date for evidence of impairment. Impairment losses are recognised for the amount by which the carrying amount exceeds recoverable amount. Assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that previously recognised impairment losses may no longer exist or be reduced, and any reversal recognised in the accounts.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest 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, 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.

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.

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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including 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 payments 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through 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.

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

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

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

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

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 the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the plan are held separately from the company in independently administered funds.

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 leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue from ticket sales received in the current year, relating to the following season is required to be deferred to the following financial year. Management therefore applies judgement to identify these sales and correctly defer the revenue recognition.

Intangible assets relate to member of the playing staff. Initial value is based on transfer fees paid and are written off over that player's contract term. Whilst it can't be guaranteed that those players will remain with the club throughout their contract term this is the expectation of the Directors. Tangible assets include property. plant and equipment. Factors taken into consideration in include estimating their value include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a heightened risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

The company depreciates tangible assets, over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied.

Judgement is also applied, when determining the residual values for fixed assets. When determining the residual value, the directors have assessed the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.

All turnover relates to the UK.

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 6).

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

During the year the company amassed a total taxable loss of £1,962,167 of which £410,549 was utilised against property income profits. The remaining £1,551,618 has been surrendered to group companies on a paid basis.

Preference dividends in arrears total £80,080 (2024 - £80,080).

The cost of player registrations are historic cost amounts for purchased players only. Accordingly, the net book value of player registrations will not reflect, nor is indented to reflect the current market value of these players nor does it take into any account of the players developed through the company's youth system.

There are no probable outstanding amounts payable regarding future appearances or other contingent events.

Included in cost or valuation of land and buildings is freehold land of £182,500 (2024 - £182,500) which is not depreciated.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

The unlisted investment relates to £1 invested in Super League Europe Limited.

The joint venture relates to a 50% interest in Headingley North-South Stand Limited. That company made a profit of £2 for the year ended 31 October 2025 (2024 - £1,530) and had net assets of £6,325 (2024 - £6,323).

Details of the company's joint ventures at 31 October 2025 are as follows:

Amounts owed by group undertakings are interest free. During the year the group loan with Leeds Rhinos Netball Limited was formalised into a loan to be repaid after 5 years.

Amounts owed to group undertakings are interest free and repayable on demand.

Other loans represent the balance of a loan received from RFL Investments 2020 Limited. The loan is unsecured and bears interest at the rate of 0.2% per annum. Repayments are by equal instalments from October 2021 to September 2025.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Government grants relates to historic grants received towards the cost of improvements to the freehold land and buildings and are released over the life of those improvements.

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.

Preference shares are non voting and do not participate in any distribution on wind up other than the nominal value. They are due a fixed dividend of 4.2% per annum.

There are no events after the reporting date to disclose.

During the year, the company made purchases of £6,085 (2024 - £NIL) from Headingley North-South Stand Limited, a joint venture owned 50% by the company. The amount owing at the year end on the purchase ledger was £5,982 (2024 - £3,835).

During the year, the company was charged licence fees of £820,000 (2024 - £800,000) by Headingley North-South Stand (Rugby) Limited, a subsidiary of the above joint venture. The amount owing at the year end on the purchase ledger was £Nil (2024 - £Nil).

During the year the company made sales of £1,300,000 (2024 - £NIL) to Super League (Europe) Limited, a company with common directors. The amount due to the company at the year end on the sales ledger was £Nil (2024- £Nil)

During the year, the company recharged costs of £8,627 (2024- £64,951) to Leeds Rugby Foundation, a charity. Mr G Hetherington, a director of the company, is also a trustee of this charity. The amount due to the company at the year end on the sales ledger was £Nil (2024- £Nil) .

During the year the company made purchases of £42,000 (2024: £117,350) from, and settled expenses of £9,462 (2024- £17,997) on behalf of, Leeds Rhinos Netball Limited, a fellow subsidiary. The amount due to the company at the year end on the sales ledger was £Nil (2024- £Nil) and owing on purchase ledger was £Nil (2024- £Nil). At 31 October 2025 the company had advanced funds of £102,014 (2024- £195,000) to Leeds Rhinos Netball Limited.

During the year the company made sales of £45,507 (2024- £19,699) to Leeds Rugby Union Football Club Limited, a company with a common Director. The company made purchases from Leeds Rugby Union Football Club Limited of £6,380 (2024: £2,745). The amount due to the company at the year end on the sales ledger was £Nil (2024- £NIL) and owing on the purchase ledger was £Nil (2024: £Nil).

During the year the company made sales of £638,600 (2024 - £620,000) to AMT Global Investments Limited and its subsidiaries, a Group with a common Director. The company made purchases from AMT Global Investments Limited and its subsidiaries of £Nil (2024 - £31,611). The amount due to the company at the year end on sales ledger was £127,720 (2024 - £124,000) and owing on purchase ledger was £Nil (2024 - £139).

During the year the company made sales of £2,010 (2024: £8,203) to Ram Films Limited, a company with a common director. The company made purchases from Ram Films Limited of £94,450 (2024: £50,600). The amount due to the company at the year end on the sales ledger was £Nil (2024 - £Nil) and owing on purchase ledger was £4,800 (2024 - £Nil).

The company's immediate parent company is Leeds Rugby Limited, a company incorporated in England and Wales and registered at The Pavilion, St Michaels Lane, Headingley, Leeds, West Yorkshire, LS6 3BR.

The parent of the largest and smallest group of which the company is a member for which consolidated accounts are prepared is Caddick Group Limited, a company incorporated in England and Wales. Consolidated accounts are available from the registered office of Caddick Group Limited at Castlegarth Grange, Scott Lane, Wetherby, West Yorkshire, LS22 6LH.

In the opinion of the directors Caddick Group Limited is the company's ultimate parent company.

The ultimate controlling party is P Caddick in his capacity as principal Trustee of the Paul Caddick Accumulation and Maintenance Settlement Trust.