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Abbreviated Unaudited Accounts |
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for the Year Ended 31st October 2015 |
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for |
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Hull Super League Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts |
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for the Year Ended 31st October 2015 |
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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 Abbreviated Accounts |
for the year ended 31st October 2015 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
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Chartered Accountants' Report | 7 |
Hull Super League Limited |
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Company Information |
for the year ended 31st October 2015 |
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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 |
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Hull Super League Limited (Registered number: 03555364) |
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Abbreviated Balance Sheet |
31st October 2015 |
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31/10/15 | 31/10/14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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Investments | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Share premium |
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Revaluation reserve |
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Profit and loss account | ( |
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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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Abbreviated Balance Sheet - continued |
31st October 2015 |
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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 Abbreviated Accounts |
for the year ended 31st October 2015 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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Accounting convention |
The financial statements have been under the historical cost convention as modified by the revaluation of certain |
assets, however they are not in accordance with the Financial Reporting Standard for Smaller Entities (effective |
April 2008) due to the intangible fixed assets being included in the financial statements. |
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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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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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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
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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 the profit and loss account in the period to which they relate. |
Hull Super League Limited (Registered number: 03555364) |
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Notes to the Abbreviated Accounts - continued |
for the year ended 31st October 2015 |
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1. | ACCOUNTING POLICIES - continued |
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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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2. | INTANGIBLE FIXED ASSETS |
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Player valuations |
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Player
registration fees |
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Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 November 2014 | 1,847,500 | 233,925 | 2,081,425 |
Players joining | 140,000 | 35,000 | 175,000 |
Players leaving | (462,500 | ) | (167,925 | ) | (630,425 | ) |
Revaluation adjustment | 325,000 | - | 325,000 |
At 31 October 2015 | 1,850,000 | 101,000 | 1,951,000 |
AMORTISATION |
At 1 November 2014 | - | 173,320 | 173,320 |
Charge for the year | - | 50,605 | 50,605 |
Eliminated on leavers | - | (167,925 | ) | (167,925 | ) |
At 31 October 2014 | - | 56,000 | 56,000 |
NET BOOK VALUE |
At 31 October 2015 | 1,850,000 | 45,000 | 1,895,000 |
At 31 October 2014 | 1,847,500 | 60,605 | 1,908,105 |
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 2015 these valuations amounted to £1,850,000 |
(2014 - £1,847,500). |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1st November 2014 |
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Additions |
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At 31st October 2015 |
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DEPRECIATION |
At 1st November 2014 |
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Charge for year |
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At 31st October 2015 |
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NET BOOK VALUE |
At 31st October 2015 |
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At 31st October 2014 |
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Hull Super League Limited (Registered number: 03555364) |
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Notes to the Abbreviated Accounts - continued |
for the year ended 31st October 2015 |
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4. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
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COST |
At 1st November 2014 |
and 31st October 2015 | 1 |
NET BOOK VALUE |
At 31st October 2015 |
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At 31st October 2014 |
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5. | CREDITORS |
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Creditors include an amount of £
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/10/15 | 31/10/14 |
value: | £ | £ |
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'A' Ordinary | £1 |
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'C' Ordinary | £1 |
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820,400 | 820,400 |
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The 'A' Ordinary shares carry full voting and dividend rights. |
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The 'C' Ordinary shares have no voting rights and no entitlement to dividends. On winding up or capital |
reduction the 'C' Ordinary shares are only entitled to an amount, not exceeding, £12,500. |
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7. | ULTIMATE PARENT COMPANY |
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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, from which the unaudited abbreviated accounts (set out on pages two to six) have |
been prepared. |
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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 2015 which comprise the Profit and |
Loss Account, the 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 at icaew.com/membershandbook. |
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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 AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company 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 loss 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 |
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6th June 2016 |