The directors present the strategic report for the year ended 30 November 2025.
The Board of Directors' long term strategy is to continue developing Warrington Wolves Rugby League club as a leading organisation within Super League, with the ambition of competing at the highest level in all competitions.
The 2025 financial year remained challenging. Nevertheless, turnover increased to £8.3 million, compared with £6.5 million in 2024, and has now returned to a level broadly consistent with the pre pandemic turnover. As anticipated, the loss before tax reduced to £1.9 million, supported by a number of mitigating factors:
the financial effects of the Covid 19 pandemic and the unprecedented challenges experienced during that period continue to affect the business. In particular, the impact of reduced sales and increased costs during 2020 and 2021 continue to be felt. Repayments of the Department for Culture, Media and Sport business survival loan are now being made.
Revenue from central distributions and broadcast rights were lower in 2025 as a result of the current broadcast agreement. The current level of broadcast revenue is set to continue into 2026. Discussions are taking place with the relevant parties regarding an improved broadcast agreement from 2027 onwards.
The business also continued to experience increased wage and energy costs, together with significant inflationary increases in the cost of goods and services purchased.
The team's performance during the 2025 season was below expectations, with the club failing to qualify for the Super League play-offs. However, the club reached its second consecutive Challenge Cup final. The team was also affected by a number of serious injuries during the year.
Future developments
Expenditure continues to be managed through tight and prudent budgetary controls. These controls are balanced with the need to operate an efficient and progressive business that is positioned for future growth and sporting success. A comprehensive review of all areas of the business is continuing, with the objectives of increasing turnover and reducing losses.
A key part of the club's strategy is the development of home grown players through its scholarship, academy and reserve grade programme. During the season, 11 players aged 21 and under represented the first team. The academy completed an unbeaten season and won its Grand Final before concluding the year with a successful tour of Australia. The reserve side also reached its Grand Final.
The club continues to be dependent upon financial support from directors and parent company.
The Board is responsible for continually assessing the principal risks applicable to the business and for ensuring that appropriate measures are taken to manage the risks.
As with all Betfred Super League clubs, the Group is reliant upon the broadcaster agreement for a significant proportion of its income. The Group is therefore exposed to the risks associated with changes to central distributions and broadcast arrangements.
In relation to its other significant income streams, the Group is exposed to risks and uncertainties inherent in professional sport. Financial performance is directly influenced by the team's on field performance, which can affect commercial income, competition related revenues, attendances and wider stakeholder engagement.
A significant proportion of the Group's income is generated through match-day attendance at Warrington Wolves home fixtures. Attendances may increase or decrease depending upon a range of factors, including team performances and the affordability of admission in a challenging economic environment.
Warrington Wolves have been given notice to leave its Padgate Campus training base at the end of the 2026 season. An agreement to relocate to Victoria Park has yet to be finalised, and any relocation is expected to incur significant costs. The proposed move also presents an opportunity to create a first class facility for the club and the wider community.
The Group's turnover has increased in the year (£8.4m in 2025 vs £6.5m in 2024), along with the level of gross profit earned (£7.0m in 2025 vs £6.0m in 2024). These financial indicators, along with the controlling of administrative expenses, which have increased in the year as the group has invested in the club's playing and coaching staff, are seen as key to the Group's financial management. The increased gross profit earned has outweighed the increased expenditure and has resulted in the Group reporting an decreased loss before taxation for the financial year (£1,926k loss in 2025 vs a loss of £2,000k in 2024).
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 November 2025.
The results for the year are set out on page 8.
No interim ordinary dividend was paid in the year. The directors do not recommend the 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 group aims to mitigate liquidity risk by closely managing cash generation by is operating business and monitoring performance. Capital investment is closely controlled with authorisation up to director level.
The group's exposure to changes in market interest rates relate primarily to the group's overdraft and loan facilities with variable interest rates. The group monitors potential changes in market interest rates and will take appropriate action as necessary to mitigate any perceived significant risk.
The group trades primarily in the UK and as such the level of foreign currency risk is quite low.
It is the group's policy that customers who wish to trade on credit terms are subject to credit verification procedures. The group only offers terms to recognised creditworthy third parties. In addition, receivables balances are monitored on an ongoing basis, along with debtor days, and action is taken promptly when payment terms are breached.
The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Warrington Sports Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Material uncertainty relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the Directors' Responsibilities Statement included within the Directors' Report, 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 group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Irregularities and fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below.
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and Super League regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as UK Financial Reporting Standards and the Companies Act 2006.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraudulent revenue recognition.
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management about actual and potential litigation and claims, their policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £209,996 (2024 - £86,798 loss).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Warrington Sports Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Halliwell Jones Stadium, Mike Gregory Way, Warrington, Cheshire, WA2 7NE.
The group consists of Warrington Sports Holdings Limited and all of its subsidiaries.
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. The principal accounting policies adopted are set out below.
The 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 for parent company information presented within the consolidated financial statements:
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’ – Carrying amounts, 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;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Warrington Sports Holdings Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The group remains reliant upon the continued financial support of its parent company, SJM Holdings North Limited, which has provided working capital loans throughout the year and post year end and for which written assurances have been given that repayment of these monies will not be sought which would result in the group being unable to meet its liabilities as they fall due.
The directors have prepared profit and loss and cash flow forecasts for the next two financial years which indicate that, whilst operating losses may continue, working capital requirements will be met by financial support of the ultimate parent company for the foreseeable future. The directors are targeting revenue growth in all areas and continue to look to control costs and overheads.
On this basis the directors believe the group has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing these financial statements and it is therefore appropriate to adopt the going concern basis in preparing these financial statement.
Turnover represents amounts receivable for goods sold and services provided by the balance sheet date net of VAT, and comprises:
Income receivable from all match day activities from Warrington Wolves games held at The Halliwell Jones Stadium, including catering and hospitality income, together with the Club's share of gate receipts from cup matches played elsewhere;
Income receivable from media contracts, including contracts centrally negotiated by the Rugby Super League;
Income receivable from the exploitation of the Warrington Wolves brand through sponsorship and commercial agreements; and
Income receivable via donations from directors of the club during the year.
Income is recognised at the point of delivery of the service, e.g. match performance, provision of catering and hospitality services, on the sale of merchandise when the risk and rewards have been transferred to the customer and in relation to broadcasting revenue evenly over the course of the Super League season if not received for specific matches broadcast.
Income received prior to the year end in respect of future seasons is treated as deferred income.
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 recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
At each reporting period end date, the group 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. 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 group 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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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 receipts 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The company operates a defined contribution scheme. Contributions payable are charged to the profit and loss account in the year they are payable.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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 leased 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 group’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 critical estimates made by the directors in preparing these financial statements relate to the useful economic life of goodwill which is 20 years and the useful economic life of the long leasehold property included in Note 12, which is deemed to be the length of related leases, as well as their assessment of the required level of stock and debtor provisions to ensure that the group's assets are included at the correct carrying amounts at the balance sheet date.
An analysis of the group's turnover is as follows:
The average monthly number of persons (including directors) employed by the group during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2024 - 1).
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:
The group has estimated losses of £5,588,325 (2024: £5,904,128) available for carry forward against future trading profits. A deferred tax asset has not been recognised in respect of these losses in view of the uncertainty of the timing and extent of their utilisation.
Details of the company's subsidiaries at 30 November 2025 are as follows:
The bank overdraft is secured by a debenture over the group's assets, including a legal charge over the company's leasehold property. In addition, a loan of £25,755 (2024: £55,062) is also secured by a debenture over the group's assets, of which £25,755 (2024: £30,000) is due within one year.
Included in loans above is a loan for £1,509,552 (2024: £1,747,515) being repayable by monthly instalments over the next 8 years at an interest rate of 1.0% above the base rate, along with a loan for £7,498 (2024: £17,500) being repayable by consecutive monthly instalments over the next year at an interest rate of 2.0% per annum above the base rate.
Included in bank loans is a loan for £Nil (2024: £17,964) which was repayable by monthly instalments at an interest rate of 1.75% above the base rate with a loan for £Nil (2024: £20,691) being repayable by consecutive monthly instalments at an interest rate of 3.0% per annum above the base rate.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Includes all current and prior period retained profits and losses, net of distributions to shareholders.
Share premium account
Represents the amount received for the sale of shares in the company above their nominal value.
Other reserves
Represents the reserve created to reflect the value of the long leasehold land and buildings transferred to the group in prior years. An amount equivalent to the annual depreciation charge on the long leasehold land and building transferred to the group is transferred to the profit and loss reserve each year.
Capital contribution reserve
The capital contribution reserve represents the introduction of funds by the ultimate parent company that does not constitute share capital or debt.
Warrington Sports Holdings Limited and The Warrington Football Club Limited are subject to a cross guarantee in favour of the group's bankers. At 30 November 2025 the company had a contingent liability under this agreement amounting to £Nil (2024: £Nil).
Operating lease payments represent rentals payable by the company for certain items of plant and equipment. Leases are negotiated for an average of 3 to 4 years.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
A director had a loan account balance with the group of £185,300 (2024: £185,300) payable to him at the year-end, which is disclosed within other borrowings in Note 18.
At the balance sheet date the group owed £186,260 (2024: £1,861,854) to SJM Holdings North Limited, its ultimate parent company, following advances of short term loans to the group.