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Unaudited Financial Statements |
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for the Year Ended 31st October 2018 |
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for |
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Hull Super League Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st October 2018 |
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for |
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Hull Super League Limited |
Hull Super League Limited (Registered number: 03555364) |
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Contents of the Financial Statements |
for the year ended 31st October 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 9 |
Hull Super League Limited |
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Company Information |
for the year ended 31st October 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
Hull Super League Limited (Registered number: 03555364) |
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Balance Sheet |
31st October 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve | 11 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hull Super League Limited (Registered number: 03555364) |
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Balance Sheet - continued |
31st October 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Hull Super League Limited (Registered number: 03555364) |
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Notes to the Financial Statements |
for the year ended 31st October 2018 |
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1. | STATUTORY INFORMATION |
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Hull Super League Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis due to the fact that certain key directors have |
confirmed their willingness to support the company financially for the foreseeable future. |
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With the ongoing financial support of the Company's bankers and ultimate controlling party, Mr A F Pearson, the Company |
can continue to meet its debts as they fall due for a period of at least 12 months from the date of approval of these financial |
statements. On this basis, the directors have prepared the financial statements on the going concern basis. |
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Accordingly, the financial statements do not include any adjustments that would result from a withdrawal of this financial |
support. |
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Turnover |
Turnover comprises the value of income derived from ticket sales, season passes, rugby league games, transfer fees, |
sponsorships, merchandise sales, bar and restaurant sales and other ancillary activities excluding VAT. Income that relates |
to the rugby league season (i.e. season passes, sponsorships etc.) is credited to the profit and loss account over the season to |
which they relate. Income relating to future periods is shown as deferred income. |
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Player valuations |
Players are valued at the end of each year by reference to the Directors evaluation of the compensation recoverable for |
eligible players. Surpluses and deficits on revaluations are taken to a revaluation reserve. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to leasehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Hull Super League Limited (Registered number: 03555364) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
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Player registration fees |
Payments to other clubs for players are written off over the term of the players contracts. Amounts carried forward are |
included within Intangible Fixed Assets. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Hull Super League Limited (Registered number: 03555364) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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4. | INTANGIBLE FIXED ASSETS |
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Player
valuations |
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Player
registration fees |
Website costs |
Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 November 2017 | 1,780,000 | 101,000 | 4,800 | 1,885,800 |
Players joining/additions | - | 62,000 | - | 62,000 |
Players leaving | (20,000 | ) | (36,000 | ) | - | (56,000 | ) |
Revaluation adjustment | (65,000 | ) | - | - | (65,000 | ) |
At 31 October 2018 | 1,695,000 | 127,000 | 4,800 | 1,826,800 |
AMORTISATION |
At 1 November 2017 | - | 86,000 | 960 | 86,960 |
Charge for the year | - | 18,708 | 960 | 19,668 |
Eliminated on leavers | - | (36,000 | ) | - | (36,000 | ) |
At 31 October 2018 | - | 68,708 | 1,920 | 70,628 |
NET BOOK VALUE |
At 31 October 2018 | 1,695,000 | 58,292 | 2,880 | 1,756,172 |
At 31 October 2017 | 1,780,000 | 15,000 | 3,840 | 1,798,840 |
The directors have determined that the value of players should be recognised as intangible assets and have accordingly |
placed values on eligible players. At 31 October 2018 these valuations amounted to £1,695,000 (2017 - £1,780,000). |
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Cost or valuation at 31st October 2018 is represented by: |
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Player | Transfer | Website |
valuations | fees | costs | Totals |
£ | £ | £ | £ |
Valuation in 2018 | 1,695,000 | - | - | 1,695,000 |
Cost | - | 127,000 | 4,800 | 131,800 |
1,695,000 | 127,000 | 4,800 | 1,826,800 |
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Players were valued on a compensation value basis on 31 October 2018 by the directors. |
Hull Super League Limited (Registered number: 03555364) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
to |
leasehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st November 2017 |
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Additions |
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At 31st October 2018 |
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DEPRECIATION |
At 1st November 2017 |
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Charge for year |
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At 31st October 2018 |
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NET BOOK VALUE |
At 31st October 2018 |
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At 31st October 2017 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1st November 2017 |
and 31st October 2018 |
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NET BOOK VALUE |
At 31st October 2018 |
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At 31st October 2017 |
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The company holds one £1 ordinary share in Super League (Europe) Limited. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Accrued income |
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Prepayments |
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Hull Super League Limited (Registered number: 03555364) |
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Notes to the Financial Statements - continued |
for the year ended 31st October 2018 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Other loans | 40,019 | 40,019 |
Deferred income |
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Accrued expenses |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Social security and other taxes |
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Other loans |
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10. | SECURED DEBTS |
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A F Pearson, a director of the company, has provided a limited guarantee to Barclays Bank for £125,000 created on 4 April |
2012. |
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11. | RESERVES |
Revaluation |
reserve |
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At 1st November 2017 |
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Revaluation adjustment | (85,000 | ) |
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At 31st October 2018 |
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12. | OTHER FINANCIAL COMMITMENTS |
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The company is committed to pay the following contractual obligations, relating to players and coaches contracts within the |
next year |
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2018 | 2017 |
£ | £ |
Expiring |
Within one year | - | - |
Between one to five years | 3,468,624 | 4,698,000 |
3,468,624 | 4,698,000 |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Hull Super League Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. |
Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are |
not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Hull Super League Limited for the year ended 31st October 2018 which comprise the Income Statement, Balance |
Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Hull Super League Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hull Super League Limited and state those matters that we have agreed to state to the Board of Directors of Hull Super League Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hull Super League Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Hull Super League Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hull Super League Limited. You consider that Hull Super League Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Hull Super League Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
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