Company Registration No. 03555364 (England and Wales)
HULL SUPER LEAGUE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
74 Lairgate
Beverley
East Yorkshire
United Kingdom
HU17 8EU
HULL SUPER LEAGUE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 13
HULL SUPER LEAGUE LIMITED
COMPANY INFORMATION
- 1 -
Directors
A F Pearson
J S Clark
R A Zoing
G J Sewell
Company number
03555364
Registered office
Hull FC Office
MKM Stadium
Anlaby Road
Hull
East Yorkshire
England
HU3 6JU
Accountants
TC Group
74 Lairgate
Beverley
East Yorkshire
United Kingdom
HU17 8EU
HULL SUPER LEAGUE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,512,500
1,503,500
Tangible assets
4
111,424
111,401
Investments
5
1
1
1,623,925
1,614,902
Current assets
Stocks
485,594
538,607
Debtors
6
627,534
690,888
Cash at bank and in hand
436,245
804,533
1,549,373
2,034,028
Creditors: amounts falling due within one year
7
(2,182,708)
(2,373,636)
Net current liabilities
(633,335)
(339,608)
Total assets less current liabilities
990,590
1,275,294
Creditors: amounts falling due after more than one year
8
(2,847,673)
(2,493,210)
Net liabilities
(1,857,083)
(1,217,916)
Capital and reserves
Called up share capital
820,400
820,400
Share premium account
52,600
52,600
Revaluation reserve
1,500,000
1,500,000
Profit and loss reserves
(4,230,083)
(3,590,916)
Total equity
(1,857,083)
(1,217,916)
HULL SUPER LEAGUE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2022
30 November 2022
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 April 2023 and are signed on its behalf by:
A F Pearson
Director
Company Registration No. 03555364
The notes on pages 4 to 13 form part of these financial statements
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Hull Super League Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hull FC Office, MKM Stadium, Anlaby Road, Hull, East Yorkshire, England, HU3 6JU.
1.1
Accounting convention
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
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.
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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 recognised in the profit and loss account.
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:
Website costs
Evenly over its useful economic life of 5 years
Player valuations
Not provided
Player registration fees
Evenly over the length of player contracts
1.4
Tangible fixed assets
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:
Leasehold improvements
Straight line over the life of the lease
Plant and equipment
25% on cost, 20% on cost and 10% on cost
Motor vehicles
25% on reducing balance
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 6 -
1.6
Impairment of fixed assets
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.8
Cash and cash equivalents
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.
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 7 -
1.9
Financial instruments
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 balance sheet 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
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial 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.
1.10
Equity instruments
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 8 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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
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 profit and loss account, 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.
1.12
Employee benefits
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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.
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 9 -
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2022
2021
Number
Number
Total
113
106
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 10 -
3
Intangible fixed assets
Player valuations
Player registration fees
Total
£
£
£
Cost or valuation
At 1 December 2021
1,500,000
130,500
1,630,500
Additions
25,000
25,000
At 30 November 2022
1,500,000
155,500
1,655,500
Amortisation and impairment
At 1 December 2021
127,000
127,000
Amortisation charged for the Year
16,000
16,000
At 30 November 2022
143,000
143,000
Carrying amount
At 30 November 2022
1,500,000
12,500
1,512,500
At 30 November 2021
1,500,000
3,500
1,503,500
The directors have determined that the value of players should be recognised as intangible assets and have accordingly placed values on eligible players. At 30 November 2022 these valuations amounted to £1,500,000 (2021 - £1,500,000).
Players were valued on a compensation value basis on 30 November 2022 by the directors.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2022
2021
£
£
Cost
155,500
135,300
Accumulated amortisation
143,000
131,800
Carrying value
12,500
3,500
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 11 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2021
173,303
411,479
23,650
608,432
Additions
17,524
17,524
At 30 November 2022
173,303
429,003
23,650
625,956
Depreciation and impairment
At 1 December 2021
90,297
390,567
16,167
497,031
Depreciation charged in the Year
8,158
7,472
1,871
17,501
At 30 November 2022
98,455
398,039
18,038
514,532
Carrying amount
At 30 November 2022
74,848
30,964
5,612
111,424
At 30 November 2021
83,006
20,912
7,483
111,401
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1
1
The company holds one £1 ordinary share in Super League (Europe) Limited.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 December 2021 & 30 November 2022
1
Carrying amount
At 30 November 2022
1
At 30 November 2021
1
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 12 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
50,570
202,762
Other debtors
477,011
477,929
Prepayments and accrued income
99,953
10,197
627,534
690,888
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
6,600
6,600
Other borrowings
107,431
222,006
Trade creditors
894,689
972,408
Taxation and social security
223,346
154,720
Deferred income
826,063
623,359
Other creditors
43,620
8,793
Accruals
80,959
385,750
2,182,708
2,373,636
8
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
35,522
41,076
Other borrowings
2,812,151
2,452,134
2,847,673
2,493,210
9
Secured debts
A F Pearson, a director of the company, has provided a limited guarantee to Barclays Bank for £125,000 created on 4 April 2012.
HULL SUPER LEAGUE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 13 -
10
Operating lease commitments
Lessee
The company is committed to pay contractual obligations, relating to players and coaches contracts as follows:
2022
2021
£
£
3,944,914
4,612,000
2022-11-302021-12-01false06 April 2023CCH SoftwareCCH Accounts Production 2022.300No description of principal activityA F PearsonJ S ClarkMr Ralph A ZoingMr Gordon J Sewell035553642021-12-012022-11-3003555364bus:Director12021-12-012022-11-3003555364bus:Director22021-12-012022-11-3003555364bus:Director52021-12-012022-11-3003555364bus:Director62021-12-012022-11-3003555364bus:Director32021-12-012022-11-3003555364bus:Director42021-12-012022-11-3003555364bus:RegisteredOffice2021-12-012022-11-30035553642022-11-30035553642021-11-3003555364core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-11-3003555364core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-11-3003555364core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-11-3003555364core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2021-11-3003555364core:LeaseholdImprovements2022-11-3003555364core:PlantMachinery2022-11-3003555364core:MotorVehicles2022-11-3003555364core:LeaseholdImprovements2021-11-3003555364core:PlantMachinery2021-11-3003555364core:MotorVehicles2021-11-3003555364core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3003555364core:CurrentFinancialInstrumentscore:WithinOneYear2021-11-3003555364core:Non-currentFinancialInstrumentscore:AfterOneYear2022-11-3003555364core:Non-currentFinancialInstrumentscore:AfterOneYear2021-11-3003555364core:ShareCapital2022-11-3003555364core:ShareCapital2021-11-3003555364core:SharePremium2022-11-3003555364core:SharePremium2021-11-3003555364core:RevaluationReserve2022-11-3003555364core:RevaluationReserve2021-11-3003555364core:RetainedEarningsAccumulatedLosses2022-11-3003555364core:RetainedEarningsAccumulatedLosses2021-11-3003555364core:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003555364core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-12-012022-11-3003555364core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003555364core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003555364core:LeaseholdImprovements2021-12-012022-11-3003555364core:PlantMachinery2021-12-012022-11-3003555364core:MotorVehicles2021-12-012022-11-30035553642020-12-012021-11-3003555364core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-11-3003555364core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2021-11-30035553642021-11-3003555364core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2021-12-012022-11-3003555364core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2021-12-012022-11-3003555364core:ExternallyAcquiredIntangibleAssets2021-12-012022-11-3003555364core:LeaseholdImprovements2021-11-3003555364core:PlantMachinery2021-11-3003555364core:MotorVehicles2021-11-3003555364core:CurrentFinancialInstruments2022-11-3003555364core:CurrentFinancialInstruments2021-11-3003555364core:Non-currentFinancialInstruments2022-11-3003555364core:Non-currentFinancialInstruments2021-11-3003555364bus:PrivateLimitedCompanyLtd2021-12-012022-11-3003555364bus:SmallCompaniesRegimeForAccounts2021-12-012022-11-3003555364bus:FRS1022021-12-012022-11-3003555364bus:AuditExemptWithAccountantsReport2021-12-012022-11-3003555364bus:FullAccounts2021-12-012022-11-30xbrli:purexbrli:sharesiso4217:GBP