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Registered number:
For the year ended
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SJM Holdings North Limited
Company Information
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SJM Holdings North Limited
Contents
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SJM Holdings North Limited
Group Strategic Report
For the year ended 31 December 2025
The director presents his Group Strategic Report of the year ended 31 December 2025.
Business review The consolidated financial statements include the results of SJM Limited ('SJM'), Warrington Sports Holdings Limited ('WSH') and The Warrington Football Club Limited ('WFC'). Group summary The majoirty of the Group's activity relates to SJM, whose principal activity continues to be that of live music concert promotion. Group turnover increased from £355m in 2024 to £495m in 2025, after another very successful year of trading in SJM, with 2,135 shows promoted in 2025 compared to 2,154 in 2024. The volume of shows in 2025 was at the expected level. The increased turnover predominantly reflects SJM having a higher number of larger capacity shows in 2025, whilst WFC and WSH's revenues also increased, starting to match the pre-pandemic levels. The reduction in the Group's gross profit margin from 9.6% in 2024 to 7.0% in 2025 reflects a change in the sales mix of SJM and WFC. The Group's gross profit is marginally higher than the prior year at £34.4m (2024: £34.2m). The Group's Administrative expenses increased by £2.1m, mainly in relation to staff costs across SJM and WFC. Other operating income is £1.3m higher, mainly due to SJM insurance claims. WFC and WSH's combined losses before tax decreased by £0.1m to £1.9m. As a result, the Group is reporting a total profit before tax for 2025 of £16.8m (2024: £17.7m), and has consolidated net assets totalling £76.9m at 31 December 2025 (2024: £69.2m). SJM is continuing to observe strong demand for live music events and anticipates another successful year ahead, despite the inflationary pressures still being experienced within the global economy. The Group made charitable donations totalling £521k (2024: £343k).
The principal activity of the Company is that of a holding company, with investments including those in subsidiary undertakings. The Company's net assets totalled £53.9m at 31 December 2025 (2024: £48.8m) after another a profitable period and the payment of dividends to shareholders.
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SJM Holdings North Limited
Group Strategic Report (continued)
For the year ended 31 December 2025
Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the Group. Monitoring exposure to risk and uncertainty is an integral part of the Group's structured management process.
The main risk to SJM is its ability to continue to contract with and promote artists which represent the whole spectrum of the United Kingdom's modern popular culture. However, SJM is well established within its markets and has experienced, knowledgeable employees. SJM, its directors and other key employees consider themselves to have good professional relationships with all the separate facets of the UK live entertainment industry. SJM is therefore confident that it can continue to operate successfully in this competitive market. Other principal risks which SJM faces are operational risk, economic risk, recruitment and retention of staff, and maintenance of reputation. Warrington Sports Holdings Limited is, as with all Betfred Super League clubs, reliant upon British Sky Broadcasting Group for a significant part of its income. In respect of other significant aspects of income, it faces the risks and uncertainties inherent in businesses engaged in professional sports, where financial outcome is directly linked to a team's on-field performance. A significant part of the company's income is generated through match-day attendance at the home fixtures of Warrington Wolves. Attendance may rise or fall depending on a number of factors, including the team's on-field performances and the affordability of admission in a challenging economic climate.
Non-financial key performance indicators include the number of shows promoted by SJM, as referred to above.
The Director considers the Group's key financial performance indicators to be as follows:
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SJM Holdings North Limited
Group Strategic Report (continued)
For the year ended 31 December 2025
The Director of the Company, as those of all UK companies, must act in accordance with a set of general duties.
These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows: "A director of a company must act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: - the likely consequences of any decisions in the long-term; - the interests of the Company's employees; - the need to foster the Company's business relationships with suppliers, customers and others; - the impact of the Company's operations on the community and environment; - the desirability of the Company maintaining a reputation for high standards of the business conduct, and - the need to act fairly as between shareholders of the Company." As part of their induction, directors of group undertakings are briefed on their duties and they can access professional advice on these from an independent advisor. It is important to recognise that in a large organisation such as ours, directors fulfil their duties partly through a governance framework that delegates day-to-day decision making to employees of the Company and group undertakings. The Director of the Company and directors of group undertakings consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the Company and Group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term. Through open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. The Director considers that, during the year ended 31 December 2025, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company in accordance with the matters set out above. Engagement with suppliers, customers and others The Director of the Company and directors of group undertakings consider fostering business relationships with stakeholders, such as customers and suppliers key to the Group's success. The Directors of the Company and directors of group undertakings maintain visibility of these relationships so that they are able to take stakeholders' considerations into account when making decisions. In their decision making, the Director and directors of group undertakings have regard to the impact of the Group's activities not only on the stakeholders, but also the community and environment. SJM promotes and operates a number of live music festivals and events across the whole of the UK. Relationships with artists, suppliers and fans are integral to the success of SJM's business and for the delivery of our strategic plan. We remain focused on connecting artists with their fans and understanding the needs of the fanbase. Building and maintaining productive relationships with artists and suppliers enables us to promote a growing number of shows, enabling us to achieve our objectives of connecting more fans with live events.
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SJM Holdings North Limited
Group Strategic Report (continued)
For the year ended 31 December 2025
Engagement with employees
The Group invests in its employees. We believe that continued investment in our workforce helps employees to develop their careers whilst contributing positively to our business. SJM engages with its workforce in a variety of ways, including: - Information on matters of strategic importance is communicated by the directors directly to our employees to ensure that our staff are always aware of relevant strategic matters. - Provision of training opportunities to help employees develop their professional and personal skills. - In addition to regular informal discussions with employees, formal feedback is taken at our annual conference and via the annual review process every year. We have specifically concentrated on making improvements to employee wellbeing and improvements have been recognised by our employees in their work/life balance and our work-place culture. We continue to provide support to our employees by offering flexible working arrangements and enabling open discussions on their general wellbeing. Statement of corporate governance arrangements The intention of the Director, and directors of group undertakings, is to behave responsibly and ensure that management operates the business in a responsible manner operating with the high standards of business conduct and good governance expected for a business such as ours. Future developments The Group has implemented management policies in recent years which have allowed SJM to compete profitably within its market. The director is confident that this will continue going forward in 2026 and beyond.
This report was approved by the board and signed on its behalf.
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SJM Holdings North Limited
Director's Report
For the year ended 31 December 2025
The director presents his report and the financial statements for the year ended 31 December 2025.
The director is responsible for preparing the group strategic report, the director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £12,735,030 (2024 - £13,461,061).
Dividends paid during the year amounted to £5,000,000 (2024: £8,000,000).
The director does not recommend the payment of a final dividend.
The director who served during the year was:
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SJM Holdings North Limited
Director's Report (continued)
For the year ended 31 December 2025
The Group's principal financial instruments comprise trade debtors, bank balances and trade creditors. The main purpose of these instruments is to finance the Group's operations. The Group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Group by monitoring the factors that affects relevant financial risks.
Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and monitoring of amounts outstanding. The credit risk of liquid funds is assessed to be low because counterparties are banks with high credit ratings assigned by international credit rating agencies. Capital investment is closely controlled with authorisation at director/owner level. The subsidiary, Warrington Sports Holdings Limited, has an 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 recognises that managing cash flow risk is crucial to maintaining financial stability and ensuring the smooth operation of the business. Our cash flow risk policy aims to safeguard the Group and Company against potential liquidity shortages and ensure that we have sufficient cash to meet our obligations as they fall due. Efficient credit control processes are in place to manage receivables and ensure timely collections from customers. We closely monitor our expenditure, maintaining a healthy cash balance and avoiding unnecessary financial strain.
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SJM Holdings North Limited
Director's Report (continued)
For the year ended 31 December 2025
The 2025 disclosures shown above relate to the Group's trading subsidiaries (S.J.M. Limited and The Warrington Football Club Limited).
The Streamlined Energy and Carbon Reporting ('SECR') disclosures present our carbon footprint within the United Kingdom across scope 1 and 2 emissions. We have followed HM Government's Environmental Reporting Guidelines and used the 2025 UK Government's Conversion Factors for Company reporting. The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m turnover.
Measures taken to increase energy efficiency during the reporting period and subsequent to the year end include fitting motion sensors on S.J.M. Limited's office lights and installing more heating controls, attempting to reduce the number of unnecessary journeys and carrying out more meetings online.
The intensity ratio of tonnes CO2e per £m sales revenue is 0.60 (2024: 0.91).
Disclosures regarding Future developments, Engagement with suppliers, customers and others, and Engagement with employees are contained in the Group Strategic Report.
Subsequent to the year end, the Company advanced loans totalling £1,600,000 to the Warrington Football Club Limited.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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SJM Holdings North Limited
Director's Report (continued)
For the year ended 31 December 2025
This report was approved by the board and signed on its behalf.
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SJM Holdings North Limited
Independent Auditors' Report to the Members of SJM Holdings North Limited
We have audited the financial statements of SJM Holdings North Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the consolidated statement of comprehensive income, the consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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SJM Holdings North Limited
Independent Auditors' Report to the Members of SJM Holdings North Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the director's report.
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SJM Holdings North Limited
Independent Auditors' Report to the Members of SJM Holdings North Limited (continued)
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 auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates 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.
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SJM Holdings North Limited
Independent Auditors' Report to the Members of SJM Holdings North Limited (continued)
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 the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' 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 auditors' 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
SK1 3GG
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SJM Holdings North Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
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SJM Holdings North Limited
Registered number: 08765740
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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SJM Holdings North Limited
Registered number: 08765740
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 44 form part of these financial statements.
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SJM Holdings North Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
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SJM Holdings North Limited
Company Statement of Changes in Equity
For the year ended 31 December 2025
Company Statement of Changes in Equity
For the year ended 31 December 2024
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SJM Holdings North Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
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SJM Holdings North Limited
Consolidated Statement of Cash Flows (continued)
For the year ended 31 December 2025
Consolidated Analysis of Net Debt
For the year ended 31 December 2025
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
SJM Holdings North Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 3 Stockport Exchange, Stockport, SK1 3GG.
The nature of the Group's operations and its principal activity continued to be that of live music and concert promotion. The principal activity of the Company is that of a holding company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
Parent disclosure exemptions
In preparing the separate financial statements of the parent, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙No statement of cash flows has been presented for the parent.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. The financial statements of subsidiaries Warrington Sports Holdings Limited and The Warrington Football Club Limited included in the consolidation have been prepared to 30 November 2025. It is the opinion of the directors that the figures for the month of December would not be material and therefore are excluded from the consolidation. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
Company The principal activity of the Company is that of a holding company. The Company's net assets totalled £53.9m at 31 December 2025 (2024: £48.8m). The director believes it is appropriate to prepare the financial statements to 31 December 2025 on a going concern basis Group The Group's main trading subsidiary is the concert promoter, SJM Limited. The other components of the Group are Warrington Sports Holdings Limited and its subsidiary, The Warrington Football Club. SJM Limited SJM Limited had net assets totalling £15.7m at 31 December 2025 (2024: £13.2m) and net current assets totalled £10.9m at 31 December 2025 (2024: £9.6m). Based on the Company's projections for events that are due to take place in 2026 and 2027, the Directors believe the Company has sufficient facilities to trade through the next twelve months. Warrington Sports Holdings Limited and The Warrington Football Club The Warrington Football Club runs Warrington Wolves Rugby League club. The directors, which include the director of the Company, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, despite the company having net liabilities, due to the continued support of its parent company and directors. Group summary The Group has net assets totalling £76.9m at 31 December 2025 (2024: £69.2m) and net current assets totalling £49.5m (2024: £44.8m). Based on the Group's projections for its trading subsidiaries, the director believes the Group has sufficient facilities to trade through the next twelve months. The director believes it is appropriate, therefore, to prepare the consolidated financial statements to 31 December 2025 on a going concern basis and that there will be no adverse effect on solvency in the twelve months after the date of approval of the financial statements.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Concert promotion
Revenue and associated costs from the promotion or production of an event are recognised when the event occurs. Consideration collected in advance of the event is recorded as deferred income until the event occurs. Revenue from booking and service fees charged for our concert and festival events, where our concert promoters control ticketing, is recognised when the event occurs. Fees/charges collected in advance of the event is recorded as deferred revenue until the event occurs. Revenue from booking fees associated with annual deals is recognised over the term of the agreement. Operation of a professional rugby league club Turnover represents amounts receivable for goods sold and services provided by the balance sheet date, and comprises: - Income receivable from match day activities from Warrington Wolves games held at the Halliwell Jones Stadium, together with the Club's share of gate receipts from cup matches played elsewhere; - Income receivable from media contracts, including contracts centrally negotiated by Super League; and - Income receivable from the exploitation of the Warrington Wolves brand through sponsorship and commercial agreements. Income received prior to the year end in respect of future seasons is treated as deferred income. Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Negative goodwill arose on the acquisition of Warrington Sports Holdings Limited and it is written back to the profit and loss account in equal annual instalments over its estimated useful economic life, considered to be 10 years by the director.
The negative goodwill arising from the acquisition of SJM Limited was credited to the profit and loss in full due to the fact that the reserves of the subsidiary are being paid to the holding company via dividends.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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 profit or loss.
The group's policy is to maintain the property of SJM Limited to a high standard through a continual programme of refurbishment and maintenance. In accordance with this practice, depreciation is not provided on freehold properties where, in the opinion of the directors, the residual values (in terms of original cost) are such that any depreciation charge would be immaterial in the period and on a cumulative basis. The asset is periodically tested for impairment by the directors.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. Where material, in the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. Any premium on acquisition is dealt with in accordance with the goodwill policy. Where investments in associates are not material to the group, they are recorded at cost in the consolidated financial statements of the group.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 December 2025 are discussed below: Investments Management assess at each reporting date whether there is an indication that investments are impaired. If any such indication exists, management shall estimate the recoverable amount of the asset and any impairment loss shall be recognised immediately in the Statement of Comprehensive Income. At the year end, the Group's investments in associates, listed and unlisted investments, and other fixed asset investments totalled £14,379,332 (2024: £12,926,010). The Company's investments in subsidiaries, listed investments and other fixed asset investments totalled £14,422,945 (2024: £12,969,623). Tangible fixed assets A key estimate made by management in preparing these financial statements is the useful economic life of the long leasehold property, which is deemed to be the length of related leases (148 and 20 years respectively). Long leasehold property has a carrying value of £12,728,053 (2024: £12,849,765).
Page 28
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Analysis of turnover by country of destination:
Page 29
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 30
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 31
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 32
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
13.Taxation (continued)
The group has estimated tax losses of £3.4m (2024: £4.9m) available to 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.
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 34
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 35
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 36
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 37
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 38
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
The bank overdrafts are secured by a debenture over the assets of the subsidiary, Warrington Sports Holdings Limited, and the indirect subsidiary, The Warrington Football Club Limited.
Page 39
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 40
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 41
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Share premium account
Profit and loss account
The Group operates defined contribution pension schemes for S.J.M. Limited and The Warrington Football Club Limited. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £320,726 (2024: £168,603). Contributions totalling £Nil (2024 - £Nil) were payable to the funds at the balance sheet date and are included in creditors.
Page 42
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 43
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SJM Holdings North Limited
Notes to the Financial Statements
For the year ended 31 December 2025
S J Moran is the ultimate controlling party.
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