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

On-Field Progress

The 2025 Super League season proved challenging for Castleford Tigers, with the club finishing 11th in the competition. Results fell below the ambitions established for the playing group and reinforced the need for further change and investment within the rugby operation.

The season began under Head Coach Danny McGuire before a change in leadership during July, with Director of Rugby Chris Chester assuming responsibility on an interim basis for the remainder of the campaign. Castleford recorded six league victories and average home attendance was approximately 6,844. The club also exited the Challenge Cup in the third round.

While the on-field outcome was disappointing, it provided greater clarity around the scale of change required. Poor performance also had consequences beyond league position, negatively influencing attendances, supporter engagement, commercial momentum and the club's IMG grading. The season therefore reinforced the need to strengthen the first-team environment while continuing to invest in the player pathway and long-term rugby strategy.

Governance, Ownership & Leadership Transition

FY2025 represented one of the most significant periods of structural and leadership change at Castleford Tigers in recent history.

On 30 April 2025, Martin Jepson formally exercised his option to become majority shareholder, providing greater certainty around the ownership, investment and long-term direction of the club. Steve Vause was appointed Vice Chairman during 2025, providing additional support to the Chairman and continuity within the senior governance structure.

The Board was further strengthened on 9 July 2025 with the appointments of Martin Brown, Danny Wilson and Phil Alexander as directors, adding significant business, sporting and leadership experience.

These changes formed part of a deliberate transition from an organisation historically focused primarily on survival toward one with clearer governance, stronger accountability, increased ambition and a defined strategy for sustainable growth.

“Through the strength of our community, we will place Castleford amongst the powerful and the elite.”

Supporting this vision were the behaviours of Humility, Hard Work and Accountability, designed to establish consistent expectations across the rugby, commercial and operational areas of the club.

As with most businesses the company operates in an increasingly complex and competitive business environment and as such is potentially vulnerable to normal business risks such as market competition, pressures on cash-flow and the effects of the current economic climate, including bad and doubtful debts.

Financial Performance & Transition

The financial results for FY2025 reflect the scale and difficulty of the transition. Turnover remained broadly consistent at £4.302m, compared with £4.274m in FY2024. However, increased expenditure resulted in a loss before taxation of £2.025m, compared with £1.167m in the previous year. The loss after taxation was £1.596m.

These figures represent a significant loss and are not a sustainable long-term position. They should, however, be considered within the context of a club beginning to address years of underinvestment and structural weakness. New ownership and leadership recognised that maintaining the historic operating model would not provide a route to sustainable growth.

Investment and organisational change were required across people, facilities, infrastructure, rugby operations and commercial capability. FY2025 therefore carried significant short-term financial pressure while the club began creating the assets, systems and capability intended to support stronger future revenues and a more sustainable operating model.

The company uses a range of performance measures as a means to monitor and manage the business.

The key financial performance indicators for the company are those of turnover, gross profit and net profit before tax with the KPI’s for the year ended 30 November 2025 with comparatives for 2024 being:

2025         2024

Turnover                         4,302,388         4,274,241

Gross (Loss)                          (833,011)         (167,377)

Net (Loss) After Tax                  (1,596,441)         (891,691)

Infrastructure, Facilities & Future Revenue

Perhaps the most visible evidence of the transition came through the development of the club's physical infrastructure. Years of limited investment had left facilities that restricted supporter experience, player development and the ability to generate meaningful income beyond first-team matchdays.

During the latter stages of FY2025, significant structural improvements were made at the stadium, including the development of a new 3G pitch and Fanzone. The 3G was conceived as a year-round asset supporting first-team and pathway performance, Foundation and community activity, and external commercial hire. The Fanzone enhanced the matchday environment while expanding the club's food, beverage and event capability.

These projects represented a fundamental change in philosophy: moving the Castleford Tigers estate away from facilities principally activated on first-team matchdays toward a year-round sports, entertainment and community destination. This directly supported the strategic objective of diversifying revenue through events, hospitality and facility hire.

The timing of the investment is important when assessing FY2025. The year carried much of the cost and disruption associated with transformation, while a significant proportion of the commercial benefit from the new infrastructure would be realised in subsequent financial periods.

IMG Grading, Supporters & Media Development

IMG grading remained an important strategic measure throughout FY2025. Castleford entered the year having achieved Grade A status with a score of 15.02 in the grading announced in October 2024.

The grading criteria evolved for the 2025 assessment, with changes to a number of measures, thresholds and methods within the existing structure. The movement in headline score should therefore not be treated as a completely like-for-like comparison between the two years.

Nevertheless, Castleford's 2025 assessment resulted in a score of 14.66 and a return to Grade B, below the 15-point Grade A threshold. This was disappointing and, irrespective of the methodology changes, provided useful evidence of areas requiring further investment.

Lower attendances, influenced by difficult on-field performance, adversely affected the club's grading. The playing result also affected the performance pillar. In addition, the club lost ground through digital and social-media engagement during a period in which its media operation was working with limited resource.

The grading therefore became an important strategic diagnostic rather than simply a headline score. It reinforced the need for investment in first-team performance, attendance growth, media and digital capability, revenue generation, facilities and supporter experience. These areas were interconnected: stronger rugby performance could support crowds; stronger media and marketing could improve engagement and ticket sales; better facilities could enhance experience and commercial income; and increased non-centralised revenues could improve financial sustainability.

The objective moving forward was not simply to regain Grade A status, but to build an organisation whose underlying performance would allow that status to be maintained consistently.

Organisational & Strategic Development

Alongside the visible changes to ownership and infrastructure, significant work began behind the scenes to establish a more professional organisational model. The 2025-2028 strategy identified years of neglect, outdated facilities, limited revenue streams and insufficient investment as weaknesses, while recognising opportunities through new ownership, stronger staffing, regeneration funding, commercial partnerships and digital engagement.

The strategy established priorities across first-team performance, academy and scholarship development, women's rugby, community engagement, facilities, revenue growth, supporter experience, communications, financial investment and organisational standards.

Central to this was the recognition that sustainable improvement required better people, clearer responsibilities and greater accountability throughout the organisation. The intention was not simply to improve individual departments, but to establish a single Castleford Tigers identity and operating philosophy across the club.

Narrative Summary

FY2025 was a difficult but defining year in the transformation of Castleford Tigers.

The headline outcomes demonstrate the pain of transition. The club finished 11th in Super League, returned to Grade B under the revised IMG assessment and recorded a significant financial loss. These were not the standards or long-term outcomes Castleford Tigers was seeking.

However, those figures alone do not describe the strategic significance of the year. Castleford entered FY2025 after years of limited investment, ageing infrastructure, restricted revenue opportunities and an operating model largely focused on maintaining its position. During the year, that began to change.

Martin Jepson completed his move to majority ownership. Steve Vause became Vice Chairman. The Board was significantly strengthened. A new strategic direction was established. Investment began addressing longstanding infrastructure deficiencies, with the new Fanzone and 3G development changing the physical footprint and future commercial potential of the stadium. Greater emphasis was placed on people, accountability, media capability, supporter experience, revenue diversification and creating a professional operating environment.

The difficult on-field season and IMG result also exposed where further investment was required. Rather than obscuring those weaknesses, the year made them measurable and allowed the new leadership to prioritise the next stage of change.

If 2024 was about stabilising Castleford Tigers and protecting its future, 2025 was about beginning the difficult process of rebuilding the club beneath the surface.

The objective was no longer simply to survive. It was to create the infrastructure, leadership, culture and commercial platform required for Castleford Tigers to become a sustainable, ambitious and successful modern sporting organisation.

The physical and organisational foundations established during FY2025 provided the platform for a significantly accelerated programme of investment, professionalisation and growth during FY2026.

On behalf of the board

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

The principal activity of the company during the year continued to be a professional Rugby League club.

The results for the year are set out on page 10.

No ordinary dividends were paid. 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:

In accordance with the company's articles, a resolution proposing that Henton & Co LLP be reappointed as auditor of the company will be put at a 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.

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; 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 Castleford Rugby League Football Club Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 November 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.

Material Uncertainty Related to Going Concern

We draw attention to Note 1.2 in the financial statements, which indicates that the company had net current liabilities of £715,277 at 30 November 2025 and is dependent upon the continued support of its directors, former directors and other funding providers. As stated in Note 1.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statement we have concluded that the directors' use of the going concern basis of accounting in preparation of the financial statements is appropriate. We have nothing to report in respect of the following matters in relation which ISAs (UK) require us to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
  

• the directors have not disclosed in the financial statements any identified material uncertainty that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• The laws and regulations identified as significant were those produced by the Rugby Football League. Enquiries were made by the auditor to find any instances of non-compliance. No items were found.

• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with laws and regulations.

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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 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 income statement has been prepared on the basis that all operations are continuing operations.

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

Castleford Rugby League Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Jungle, Wheldon Road, Castleford, West Yorkshire, WF10 2SD.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The balance sheet as at 30 November 2025 shows that the company has net current liabilities of £715,277. In addition, liabilities falling due after more than one year include loans from directors and former directors of £2,873,255.

During the year amounts due to former directors and shareholders were restructured as part of a share option transaction. As a result, loan balances of £1,163,375 were waived and recognised as capital contributions within equity. The remaining loan balance of £1,200,000 has been recognised at amortised cost in accordance with FRS 102.

The directors have prepared cash flow forecasts for a period of at least twelve months from the date of approval of the financial statements. These forecasts indicate that the company will continue to require the ongoing support of its directors, former directors, bankers and other funding providers in order to meet its liabilities as they fall due.

The directors have confirmed that they will continue to provide financial support to the company and will not seek repayment of amounts due where this would adversely affect the company's ability to meet its obligations to third-party creditors. On the basis of this support and the forecasts prepared, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Nevertheless, the company remains dependent upon the continued support of its directors, former directors, bankers and other funding providers. These circumstances indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.

Turnover comprises the value of income from Rugby League games, sponsorship deals, merchandise sales, bar and restaurant sales and other ancillary activities excluding Value Added Tax and trade discounts.

Merchandise income from shop and internet sales is accounted for on a receivable basis.

Gate receipts relate to the proceeds taken at the turnstiles for each game and the season ticket sales for the season they relate to.

Sponsorship, advertising, hospitality and executive box sales are accounted for the in the season to which they relate.

Lottery income is accounted for on a receipts basis.

Income received prior to the year end in respect of future seasons is treated as deferred income.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Player registrations are assessed on an annual basis and impairment losses arising are charged to the profit and loss account in the period in which they arise.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold land is not depreciated.

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.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 statement of financial position 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 income statement 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 income statement, 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.

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.

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.

The company has recognised a long-term shareholder loan at amortised cost. Determination of the appropriate discount rate and resulting present value required significant management judgement.

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 2 (2024 - 2).

Included within other interest is £19,311 (2024: £nil) arising from the unwinding of the discount on a shareholder loan recognised as amortised cost under FRS 102.

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:

Players' transfer fees are capitalised as intangible fixed assets and amortised over the period of the player's contract.

Amortisation has been accelerated where players have left the club before their contract term expired.

Included in the cost or valuation of land and buildings is freehold land of £4,820,000 (2024: £4,820,000) which is not depreciated.

Land and buildings were revalued at 30 November 2023 based on valuations prepared by Michael Steel & Co, RICS Chartered Surveyor.

If land and buildings were measured using the cost model, the carrying amounts would have been approximately £90,310 (2024 - £91,320), being cost £251,864 (2024 - £251,864) and depreciation £161,554 (2024 - £160,544).

Included in other creditors in the prior year were loans from former directors and shareholders totalling £2,363,375. During the year, following a share option transaction, loan balances of £1,163,375 were waived and recognised as capital contributions within equity. The remaining shareholder loan of £1,200,000 has been recognised at amortised cost in accordance with FRS 102 and is included within creditors falling due after more than one year at a carrying value of £511,569 at the balance sheet date.

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current year. Loans from current directors previously included within creditors falling due within one year have been reclassified to creditors falling due after more than one year where the directors have confirmed that repayment will not be sought within twelve months of the balance sheet date. The reclassification has no impact on the reported loss, net assets or shareholders' funds.

Included in other creditors are loans from Directors totalling £2,361,687 (2024: £1,181,687), the liability is secured by a fixed and floating charge over the company's assets.

Other borrowings included a loan received from RFL Investments 2020 Limited. The loan is unsecured and interest is charged at 0.2% per annum. The loan is repayable by monthly instalments between December 2023 and November 2031.

Included in other borrowings are loans from former directors and shareholders with a nominal value of £1,200,000 (2024: £Nil). The loans are secured by fixed and floating charges over the assets of the company. No interest is payable on the outstanding balance. The loans are carried in the financial statements at amortised cost of £511,568 (2024: £Nil).

Other loans included a loan received from RFL Investments 2020 Limited. The loan is unsecured and interest is charged at 0.2% per annum. The loan is repayable by monthly instalments between December 2023 and November 2031.

Included in other loans is a loan from former directors and shareholders, details of which are disclosed in Note 15.

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

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.

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

This reserve represents contributions received from shareholders in their capacity as owners of the company. During the year £1,163,375 was recognised in respect of the waiver of shareholder loans and £707,743 was recognised in respect of the initial recognition of a shareholder loan at amortised cost. Total capital contributions recognised during the year amounted to £1,871,118.

Profit and loss reserves

This reserve records retained earnings and accumulated losses.

Revaluation reserve

This reserve records unrealised gains arising from the revaluation of fixed assets.

Share premium

This reserve represents the amount received by the company over and above the nominal value of its shares.

At the balance sheet date, the company owed £2,361,687 (2024: £1,181,687) to directors. No interest is being accrued and the loan is secured by a fixed and floating charge over the company's assets.

The company also owed £150,000 to company controlled by one of the directors. No interest is being accrued and the balance is repayable on demand.

The company also owed £1,200,000 (2024: £2,363,375) to former directors and shareholders. During the year amounts due to shareholders were restructured as part of a share option transaction. Loan balances totalling £1,163,375 were waived and recognised as capital contributions within equity. The remaining shareholder loan of £1,200,000 was recognised at amortised cost, resulting in a further capital contribution of £707,743. Finance costs of £19,311 were recognised in the year in respect of the unwinding of the discount on the loan. The carrying value of the loan at 30 November 2025 was £511,568 (2024: £2,363,375). No interest is payable on the outstanding balance and the loan is secured by a fixed and floating charge over the company's assets.

During the year the company received sponsorship and related income of £269,002 (2024: £nil) from entities controlled by directors of the company. No amounts were outstanding at the year end.

The directors consider that Martin Clive Jepson is the company's ultimate controlling party by virtue of his majority shareholding in the company.