Registered number:
For the Year Ended
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Super League (Europe) Limited
Company Information
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Super League (Europe) Limited
Contents
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Super League (Europe) Limited
Strategic Report
For the Year Ended 31 December 2022
The Directors present their Strategic Report for the year ended 31 December 2022.
The principal activity of Super League (Europe) Limited (“SLE”) during the year is the management and promotion of Super League, the top tier of rugby league in the UK and France. The Company generates revenue from the sale of broadcasting rights, commercial partnerships, and the competition’s flagship events; the end of season Play-Offs and Grand Final, and the Magic Weekend.
Total revenues received by SLE are attributable to SLE only to the extent that they are required to meet its operating costs. All surplus revenues over and above amounts needed to meet SLE’s operating costs are received in SLE’s capacity as agents of the clubs that compete in the Super League competition. Those surplus revenues are distributed to the clubs as beneficial owners of those revenues, and SLE retains only those revenues which result in it making nil profit after tax. As a consequence, the statutory profit and loss account does not reflect the total income flows which pass through the Company. Total broadcasting income received by the Company was £25.0m (2021: £28.0m representing total income of £34.1m received on its behalf by the Rugby Football League less amounts of £6.1m retained by it as partial funding of its governing body activities). The decrease in income is as a result of a new broadcasting agreement entered into with our principal broadcasting partner for the 2022 and 2023 seasons. Under the new agreement, the Company receives broadcasting monies directly from the broadcasting partner. As a result of this new agreement, the funding arrangements between the Company and the Rugby Football League were simplified. A total funding amount was agreed to replace the separate amounts that had been received by the Rugby Football League in 2021 and previous years, those amounts being the retention of broadcasting monies, the charge for services provided under a Funding and Management Agreement, and further support to Championship and League One. The total payment in 2022 was £5.2m (2021: £9.3m), the reduction being attributable to the fall in broadcasting income under the new broadcasting agreement entered into by the Company. Total operating revenues generated by SLE and net turnover per the Statement of Comprehensive Income on page 11 are as follows:
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Super League (Europe) Limited
Strategic Report (continued)
For the Year Ended 31 December 2022
The Board of Directors of Super League (Europe) Limited included a representative from each of the 12 Super League clubs, all of whom resigned on 13 October 2022.
Ken Davy resigned as Interim Chief Executive Officer and Executive Chairman of Super League on 22 December 2022. Peter Hutton and Jonathan Murphy were appointed as non-executive Directors on 18 November 2022.
The result for the year is shown on page 11. The Company made neither a profit nor a loss for the year, which reflects the nature of the operations of SLE as described above. The establishment of RL Commercial Limited, which directly receives broadcasting monies in respect of the Company for 2023 onwards, means that the first instalment of 2023 broadcasting fees is held by RL Commercial Limited rather than by the Company, resulting in a significant reduction in the Company’s cash and creditor balance at 31 December 2022 in comparison to 31 December 2021.
The 2022 season started in dramatic fashion at the Totally Wicked Stadium, with a Grand Final rematch between the three-time successive champions St Helens and beaten finalists from 2021, Catalans Dragons. The game was fierce and physical, played in typically English February conditions, with the champions coming out convincing winners. Would this set the tone for the rest of the season? On the same weekend, Super League began a new dawn – the first time the competition had been played on a free-to-air channel. In new broadcast partners Channel 4, the game between Leeds Rhinos and Warrington Wolves did not disappoint, with a 90m spectacular team try by the Wolves and an early red card. A record TV audience was set for a Super League match with a peak audience of 755,000 and an average audience of 564,000 viewers tuning in. The first round also saw a first ever Super League game being played in Toulouse, who overcame Huddersfield Giants to mark a memorable first evening in the competition for the French club. Rivals Round over the Easter Weekend began with the first ever French Super League derby with the Dragons hosting Toulouse, with Good Friday seeing two sell outs at St Helens and Hull Kingston Rovers. Magic Weekend, in partnership with Sky Zero, once again descended on Newcastle for Super League’s festival of Rugby League, with 62,154 in attendance. The 2022 season broke more new ground with the inclusion of Women’s Super League matches played as part of double headers at Leeds Rhinos and St Helens, showcasing the very best of our women’s game, live for the Sky Sports cameras. SLE continued to benefit from the support of its commercial and broadcast partners, in particular Sky Sports, Betfred, Northern Rail, Batchelors, Loch Lomond Group, Channel 4, and BBC Sport. St Helens were unrelenting in their pursuit for a fourth successive title, and claimed the League Leaders shield six points ahead of Wigan Warriors, who had claimed their first Challenge Cup title since 2013 at Tottenham in May. Huddersfield Giants and Catalans Dragons secured home Eliminator matches, and it was left to the last play of the regular season at Headingley to determine who finished in fifth and sixth, with Leeds Rhinos scoring a try in the dying moments against Castleford Tigers. That meant the Rhinos jumped from seventh to fifth, and with Salford Red Devils securing sixth the Tigers missed out. Week One of the Play-Offs saw potential disruption to the schedule due to the recent passing of Queen Elizabeth II. Liaising with the relevant authorities, we were able to play both match that weekend, with God Save the King heard for the first time at a public event in Perpignan, followed by an exemplary minute’s silence the following day at the John Smith’s Stadium. The two matches themselves saw two away wins for Leeds Rhinos and Salford Red Devils, setting up two mouth-watering semi-finals the following week. Leeds once again travelled, this time to Wigan, and put in a dominant display, to set up a Grand Final showdown with St Helens, who overcame the Red Devils. Over 60,000 attended Old Trafford to see St Helens make history, by winning their fourth successive Super League title.
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Super League (Europe) Limited
Strategic Report (continued)
For the Year Ended 31 December 2022
In 2022, Super League Directors and Executive worked together with the RFL to deliver the governance realignment of the sport, creating a new commercial entity and playing a key role in the delivery of the Sport’s new strategic partner, IMG. It cannot be underestimated how much time and work was invested into delivering these two significant projects, which will shape the future of the sport moving forward.
On the back of these projects and negotiations the Company entered into a Joint Venture with the RFL. RL Commercial has been assigned the rights of all the commercial properties of the professional Sport and is charged with selling those properties as well as staging the Sport’s central events. Ownership of those rights still remains with the RFL and SLE respectively. This Joint Venture began trading in January 2023.
Broadcast income has been the major income stream for SLE, and this will continue to be the case for RL Commercial from which SLE will be the main benefactor. The current broadcasting agreement with Sky Sports is up to the end of the 2023 season and negotiations are ongoing with Sky Sports and other potential broadcast partners to secure a considerable broadcasting agreement, which would provide stability for RL Commercial, SLE and the member clubs.
Given the commercial properties have been assigned to RL Commercial, it is anticipated, with the help of its strategic partner, to drive commercial partnerships and ultimately income. However, the commercial landscape remains challenging, and the Board is aware that commercial partnerships always present a degree of risk. RL Commercial will continue to seek opportunities for further partnerships whilst maintaining its focus on the renewal of existing partnerships.
The Board monitors executive performance by measuring key performance indicators (''KPI's''). The KPI's of SLE are reviewed by the executive team at its regular meetings and by the Directors at each Board meeting. These KPI's have been chosen as they allow the directors to closely monitor the performance of SLE against the targets set in the Company's Strategic Plan.
This report was approved by the board and signed on its behalf.
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Super League (Europe) Limited
Directors' Report
For the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙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 to 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.
The profit for the year, after taxation, amounted to £NIL (2021 -£NIL).
The company does not recommend the payment of a dividend (2021 - £nil).
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Super League (Europe) Limited
Directors' Report (continued)
For the Year Ended 31 December 2022
The directors who served during the year were:
An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report on page 1.
In January 2023, RL Commercial Limited, a joint venture with the RFL, was assigned the rights of all the commercial properties of Super League (Europe) Limited and is now charged with selling those properties as well as staging central events. Ownership of those rights still remains with Super League (Europe) Limited. This Joint Venture began trading in January 2023 and all SLE employees had their employment contracts transferred to RL Commercial Limited from this date.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Super League (Europe) Limited
Directors' Report (continued)
For the Year Ended 31 December 2022
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited
We have audited the financial statements of Super League (Europe) Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited (continued)
In our opinion, based on the work undertaken in the course of the 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.
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 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:
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited (continued)
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 application of the Coronavirus Job Retention Scheme, Employment Agencies Act 1973, Agency Workers Regulations 2010, Working Time Regulations 1998, Conduct of Employment Agencies and Regulations 2003, 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 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. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • 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. 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.
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited (continued)
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
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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Super League (Europe) Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Registered number: 03238540
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 16 to 28 form part of these financial statements.
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Super League (Europe) Limited
Statement of Changes in Equity
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Statement of Cash Flows
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Analysis of Net Debt
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
Super League (Europe) Limited is a private company limited by share capital and incorporated in England and Wales, company number 03238540. The address of the registered office and principal place of business is Gate 13, Rowsley Street, Etihad Campus, Manchester, M11 3FF.
The Company's principal activity is that of the management and promotion of the competition known as the Super League. The Company acts as an agent for the 12 rugby league clubs who participate in Super League each season.
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 Section 1A of 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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Income is generated from the Broadcast contract which is in place until 2023. Commercial contracts with sponsors expire at intervals over the next two years and income generated from the staging of matches is generated on an annual basis. All turnover is accounted for on an accruals basis and is recognised when the amount of turnover can be measured reliably and it is probable that the Company will receive the consideration due under the contract. Revenue recognised under broadcasting and sponsorship contracts is recognised on a straight line basis over the contract term. Revenue associated with Ticket and Hospitality sales is recognised in line with the associated event being delivered.
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimates and assumptions, and judgements are provided below. a) Recoverable value of trade debtors The recoverable values of trade and other debtors are reviewed regularly in light of available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. At 31 December 2022, the carrying amount of trade debtors totalled £110,109 (2021: £440,147).
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
10.Taxation (continued)
The government has announced an increase to the corporation tax rate from 1 April 2023. From this date, the Corporation Tax main rate for non-ring-fenced profits will be increased to 25% applying to profits over £250,000. A small profits rate (SPR) will also be introduced for companies with profits of £50,000 or less so that they will continue to pay Corporation Tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,141 (2021: £21,708). Contributions totalling £nil (2021: £nil) were payable to the fund at the balance sheet date and are included in creditors.
Pension contributions of £nil (2021: £2,500) were made to a separate plan not operated by the Company.
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2022
There is no overall controlling party of Super League (Europe) Limited.
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