Harlequin Campus Limited - Limited company accounts 18.2

REGISTERED NUMBER: 10984815 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

HARLEQUIN CAMPUS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

S J Pope

C D O Jillings

L Dalrymple

REGISTERED OFFICE:

Twickenham Stoop Stadium

Langhorn Drive

Twickenham

Middlesex

TW2 7SX

REGISTERED NUMBER:

10984815 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

The directors present their report with the financial statements of the company for the year ended 30 June 2019.

CHANGE OF NAME

The company passed a special resolution on 1 October 2019 changing its name from Harlequin Community Limited to Harlequin Campus Limited.

DIVIDENDS

There were no dividend distributions during the year or the previous period.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2018 to the date of this report.

S J Pope

C D O Jillings

Other changes in directors holding office are as follows:

L Dalrymple was appointed as a director after 30 June 2019 but prior to the date of this report.

D A Ellis ceased to be a director after 30 June 2019 but prior to the date of this report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to

have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that

the company's auditors are aware of that information.

AUDITORS

The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual

General Meeting.

ON BEHALF OF THE BOARD:

S J Pope - Director

26 March 2020

Opinion

We have audited the financial statements of Harlequin Campus Limited (the 'company') for the year ended 30 June 2019

which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity

and Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 2019 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 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 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the 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 uncertainties 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 directors are responsible for the other information. The other information comprises the information in the Report of

the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 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.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional

scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our

audit.

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 a Report of the Auditors 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.

William Neville (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

Chartered Accountants

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

27 March 2020

TURNOVER

-

-

Administrative expenses

1,000

1,000

OPERATING LOSS

4

(1,000

)

(1,000

)

Interest receivable and similar income

9,835

-

8,835

(1,000

)

Interest payable and similar expenses

5

296,733

32,553

LOSS BEFORE TAXATION

(287,898

)

(33,553

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(287,898

)

(33,553

)

LOSS FOR THE YEAR

(287,898

)

(33,553

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(287,898

)

(33,553

)

CURRENT ASSETS

Stocks

7

6,251,934

5,559,254

Debtors

8

446,956

-

6,698,890

5,559,254

CREDITORS

Amounts falling due within one year

9

128,312

1,000

NET CURRENT ASSETS

6,570,578

5,558,254

TOTAL ASSETS LESS CURRENT LIABILITIES

6,570,578

5,558,254

CREDITORS

Amounts falling due after more than one year

10

6,892,028

5,591,806

NET LIABILITIES

(321,450

)

(33,552

)

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

14

(321,451

)

(33,553

)

SHAREHOLDERS' FUNDS

(321,450

)

(33,552

)

The financial statements were approved by the Board of Directors on 26 March 2020 and were signed on its behalf by:

D J Morgan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

1

-

1

Total comprehensive loss

-

(33,553

)

(33,553

)

Balance at 30 June 2018

1

(33,553

)

(33,552

)

Changes in equity

Total comprehensive loss

-

(287,898

)

(287,898

)

Balance at 30 June 2019

1

(321,451

)

(321,450

)

1.	STATUTORY INFORMATION

Harlequin Campus Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 pound.

Harlequin Campus Limited is an owned subsidiary of Harlequin FC Holdings Limited and the results of Harlequin

Campus Limited are included in the consolidated financial statements of Harlequin FC Holdings Limited which are

available from Twickenham Stoop Stadium, Langhorn Drive, Twickenham, Middlesex, United Kingdom, TW2 7SX.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

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.

Stocks

Stock and work in progress is valued at the lower of cost and net realisable value.

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 statement of financial position when the company becomes

a party to the contractual provisions of the instrument.

Financial instruments 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 trade and other receivables 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 rate method unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of future receipts discounted at a market rate of interest.

Impairment of financial instruments

Financial assets, other than those held at fair value through the 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 assets, 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

estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in

the 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 loss is

recognised in the profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flow 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.

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, including trade and other payables, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Capital instruments

Shares are included in shareholders' funds. Other instruments are classified as liabilities if they contain an

obligation to transfer economic benefits and are not included in shareholders' funds. The finance cost recognised

in the profit and loss account in respect of capital instruments other than the equity shares is allocated to periods

over the term of the instrument at a constant rate on the carrying amount.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Going concern

At the year end the company had net liabilities of £321,450 (2018: £33,552) which includes a loan of £6,892,028

(2018: £5,592,806) from other group companies.

The other group companies also place reliance on support from the group's principal shareholder which has

confirmed that at the year end loans due to it were not due for repayment until at least 31 March 2021. The

group overall has net current liabilities of £6,580,712 (2018: £280,942) and net assets of £659,496 (2018:

£5,572,898) which includes a loan of £30,442,996 (2018: £32,191,203) due to Blue Sky Holdings Limited. After

the year end Blue Sky Holdings Limited subscribed for £5,000,000 of new share capital in Harlequin FC Holdings

Limited.

Blue Sky Holdings Limited has confirmed that it intends to provide financial support to enable the group to meet

its liabilities as and when they fall due until at least 31 March 2021. The directors believe that Blue Sky Holdings

Limited has adequate resources to continue to provide a sufficient level of support and based on this, the

provision of a letter of support and current and previous actual provision of support, therefore consider it

appropriate to prepare accounts on the going concern basis. The financial statements do not include any

adjustment that would result if the going concern assumption was found to be inappropriate.

At the time of approving the financial statements, the directors have reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs or directors' remuneration for the year ended 30 June 2019 nor the period ended 30

June 2018.

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

27/9/17

Year Ended

to

30/6/19

30/6/18

£

£

Auditors' remuneration

1,000

1,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

27/9/17

Year Ended

to

30/6/19

30/6/18

£

£

Bank loan interest

296,733

-

Other interest paid

-

32,553

296,733

32,553

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 June 2019 nor for the period ended 30 June 2018.

7.

STOCKS

2019

2018

£

£

Work-in-progress

6,251,934

5,559,254

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

446,956

-

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

-

1,000

Accruals and deferred income

128,312

-

128,312

1,000

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Amounts owed to group undertakings

6,892,028

5,591,806

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Other loans

6,892,028

-

Included in the above is a loan that is secured by way of a fixed and floating charge.

12.	FINANCIAL INSTRUMENTS

The company's financial instruments may be analysed as follows:

2019

2018

£

£

Financial assets that are debt instruments measured at amortised cost:

Amounts owed by related undertakings

446,956

-

Financial liabilities measured at amortised cost:

Other loans

6,892,028

-

Other creditors

128,312

Amounts owed to related undertakings

-

5,592,806

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary

£1

1

1

14.

RESERVES

Retained

earnings

£

At 1 July 2018

(33,553

)

Deficit for the year

(287,898

)

At 30 June 2019

(321,451

)

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in section 33 of FRS 102 whereby it has not

disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group

on the grounds that Harlequin FC Holdings Limited publishes consolidated financial statements.

Harlequin Football Club Limited

97% subsidiary of the immediate parent entity

At the year end £446,956 was owed from (2018: £1,000 owed to) Harlequin Football Club Limited.

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors of Somers Isles Private Trust Company Ltd.

The ultimate parent company of Harlequin Campus Limited is Prime Life Common Fund Limited, a company

domiciled in Bermuda.

The results of Harlequin Campus Limited are consolidated into their immediate parent, Harlequin FC Holdings

Limited, a company registered and domiciled in England and Wales. Group accounts are available from Harlequin

FC Holdings Limited, Twickenham Stoop Stadium, Langhorn Drive, Twickenham, Middlesex, TW2 7SX.