London Irish Consortium (2013) Ltd - Period Ending 2020-06-30
London Irish Consortium (2013) Ltd - Period Ending 2020-06-30
Registration number:
London Irish Consortium (2013) Ltd
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Brebners
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London Irish Consortium (2013) Ltd
Contents
Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
London Irish Consortium (2013) Ltd
Company Information
Directors |
M R Crossan M L Bensted W G Kearney |
Registered office |
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Auditor |
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London Irish Consortium (2013) Ltd
Strategic Report for the Year Ended 30 June 2020
The directors present their strategic report for the year ended 30 June 2020.
Principal activity
The principal activity of the company is that of an investment holding company for a professional rugby club.
Fair review of the business
The directors are satisfied with the levels of activity and the result generated during the year. Whilst no further investments or additional working capital loans have been made in the company's subsidiary undertakings, the company continues to support those subsidiaries in what continues to be an extremely challenging economic environment for professional rugby clubs to operate within.
Covid-19:
On the 11th March 2020 the World Health Organisation officially declared Covid-19, the disease caused by the novel Coronavirus a global pandemic. The impact of Covid and Governmental responses to it has had a significant impact upon both society and the economy as a whole - impacting upon professional sport particularly hard.
With the now well documented introduction of a series of lockdowns from March 2020 onwards supporters have been prevented from attending matches, and this has impacted significantly upon revenues and the underlying cash generating model of London Irish Rugby Club. At this present time and despite the publication of a “Roadmap” out of the current restrictions by the UK Government, there can be no certainty as to when professional sport and the attendance of spectators in particular will return to a pre-pandemic norm.
Overview:
The directors are aware of the performance of London Irish Rugby club and despite the impact of Covid-19 across the professional sport industry remain committed to re-establishing it as a financially sound, self-sustaining entity. The Rugby club was promoted to the premiership in May 2019 and is guaranteed to remain in the Premiership until at least the conclusion of the 2021/22 season. Assuming that society as a whole emerges from lockdown, then this will provide a boost to both match day attendance and commercial income.
The club was also delighted to have now moved into the Brentford Community Stadium for the commencement of the delayed 2020/21 season, under the recently negotiated license agreement. Following a competitive on-field performance the club finished 9th in the final Gallagher Premiership league table, with its position in the Premiership now confirmed for the 2021/22 season.
On 29th March 2019 Premier Rugby Limited ("PRL") completed a new partnership with a leading private equity and investment advisory firm to invest in a minority shareholding in the league. This investment together with subsequent investment transactions concluded within the European Rugby market, is a major indication of the ongoing interest, strength and potential of Professional Rugby in the economic marketplace. The investment in Premier Rugby within London Irish’s financial statements is carried at its fair value of £13,865,148.
Not withstanding this, the Directors continue to seek additional external investment within the company with which to further secure their ultimate goal for London Irish Rugby club.
London Irish Consortium (2013) Ltd
Strategic Report for the Year Ended 30 June 2020
Performance:
The company's key financial and other performance indicators during the year were as follows:
Unit |
2020 |
2019 |
|
Profit before tax |
£ |
857,514 |
695,863 |
Total Equity |
£ |
7,409,238 |
6,551,724 |
The company seeks to ensure that responsible business practice is fully integrated into the management of all of its operations and into the culture of all parts of its business. The directors believe that the consistent adoption of responsible business practice is essential for operational excellence, which in turn ensures the delivery of its key objectives of re-establishing London Irish Rugby club as a financially sound, self-sustaining entity.
In a company this size the directors consider there are collectively numerous non-financial performance indicators but none individually are key.
Principal risks and uncertainties
The directors consider the following risks and uncertainties to be key in managing and maintaining the future success of the group.
Economic Outlook:
The economic environment continues to be challenging with continuing pressure on the performance of London Irish Rugby Club and maintaining match day revenues at London Irish Rugby Club. Furthermore, whilst the Rugby Clubs position within the Premiership is secure for the 2021/22 season, adverse performance on the pitch could lead to future relegation to the Championship, placing further pressure on match day incomes and impacting upon the financial performance at the Brentford Community Stadium in future seasons.
Covid-19:
With the now well documented introduction of a series of lockdowns from March 2020 onwards supporters have been prevented from attending matches, and this has impacted significantly upon revenues and the underlying cash generating model of London Irish Rugby Club. At this present time and despite the publication of a “Roadmap” out of the current restrictions by the UK Government, there can be no certainty as to when professional sport and the attendance of spectators in particular will return to a pre-pandemic norm. This unpredictable nature of the pandemic and the UK Government’s response is a significant risk to the ongoing economic viability of professional rugby as a whole.
Brexit:
The directors remain vigilant to the ongoing uncertainties and risk associated with Brexit - particularly the potential negative impact upon levels of disposable income available to potential supporters.
London Irish Consortium (2013) Ltd
Strategic Report for the Year Ended 30 June 2020
London Irish Rugby Club:
The group has stated its intention to support London Irish Rugby Club however, playing performance on the field is a fundamental ingredient to the financial success of the club. In particular the financial importance of maintaining its place in The Premiership has been prioritised by the directors.
Maintaining sponsorship partners and match day revenues at London Irish Rugby Club remains challenging in the current economic environment and continued success in this area will be closely linked to both the club's on-field performance and the economy’s emergence from the Covid-19 pandemic. The Directors believe that maximising the benefits brought by the recent move to the Brentford Community Stadium is key to maximising future revenues in this area.
Further investment made in the playing and coaching squad ahead of the delayed 2020/21 season reaffirmed the club's intent to prioritise success on the pitch and gives the club every chance of maximising revenue opportunities across all income streams.
Player and coaching staff retention is key to the future success of the club, though the group is confident in the club's ability to recruit and develop players as it continues to develop its reputation as a family club with a welcoming atmosphere, a new home stadium at Brentford and a state of the art training facility. The benefits of this have been seen in the quality of players and coaching staff joining the club and solid player retention.
In the short term with the announced one year ring-fencing from relegation the club’s position within The Premiership for the 2021/22 season is confirmed - with the longer term goal being to maintain this status. Strong performances as a whole will impact upon Board's ability to attract not only key players but also external investment with which to fund the Rugby Club and achieve the aim of establishing it as a financially sound self-sustaining entity.
Future developments
With the club’s place in the 2021/22 Premiership already guaranteed, the directors remain hopeful that the London Irish Rugby Club can maintain its place in the Premiership for the start of the 2022/23 season.
The club is delighted to have moved into the Brentford Community Stadium where it will play its home games from the start of the 2020/21 season onwards under the terms of the recently negotiated licence agreement.
Approved by the
.........................................
Director
London Irish Consortium (2013) Ltd
Directors' Report for the Year Ended 30 June 2020
The directors present their report and the financial statements for the year ended 30 June 2020.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Approved by the Board on
.........................................
M R Crossan
Director
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Disclosure of information in the Strategic Report
The company has chosen in accordance with S.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
London Irish Consortium (2013) Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
London Irish Consortium (2013) Ltd
Independent Auditor's Report to the Members of
London Irish Consortium (2013) Ltd
for the Year Ended 30 June 2020
Opinion
We have audited the financial statements of London Irish Consortium (2013) Ltd (the 'company') for the year ended 30 June 2020, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 2020 and of its profit 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 Auditor’s 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:
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the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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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 included in the annual report, other than the financial statements and our auditor’s report 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.
London Irish Consortium (2013) Ltd
Independent Auditor's Report to the Members of
London Irish Consortium (2013) Ltd
for the Year Ended 30 June 2020
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), 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 is 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.
Auditor’s 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 an auditor’s 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.
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 auditor's report.
London Irish Consortium (2013) Ltd
Independent Auditor's Report to the Members of
London Irish Consortium (2013) Ltd
for the Year Ended 30 June 2020
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 an auditor’s 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
130 Shaftesbury Avenue
W1D 5AR
London Irish Consortium (2013) Ltd
Statement of Income and Retained Earnings for the Year Ended 30 June 2020
Note |
2020 |
2019 |
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Turnover |
- |
- |
|
Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Other interest receivable and similar income |
|
|
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Interest payable and similar charges |
( |
( |
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875,602 |
727,569 |
||
Profit before tax |
|
|
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Profit for the financial year |
|
|
|
Retained earnings brought forward |
1,914,194 |
1,218,331 |
|
Retained earnings carried forward |
2,771,708 |
1,914,194 |
London Irish Consortium (2013) Ltd
Statement of Financial Position as at 30 June 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
4,637,530 |
4,637,530 |
|
Profit and loss account |
2,771,708 |
1,914,194 |
|
Shareholders' funds |
7,409,238 |
6,551,724 |
Approved and authorised by the
......................................................................
M R Crossan
Director
Company registration number: 08800984
London Irish Consortium (2013) Ltd
Statement of Changes in Equity for the Year Ended 30 June 2020
Share capital |
Profit and loss account |
Total |
|
At 1 July 2018 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
New share capital subscribed |
|
- |
|
At 30 June 2019 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 July 2019 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 June 2020 |
|
|
|
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal activity of the company is that of an investment holding company for a professional rugby club.
The address of its registered office is:
The address of the company's principal place of business is:
Hazelwood
Hazelwood Drive
Sunbury-On-Thames
Middlesex
TW16 6QU
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statement of Powerday Plc. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company
(b) Disclosure in respect of financial instruments have not been presented
(c) Disclosure in respect of the aggregate remuneration of key management personnel has not been presented.
Group accounts not prepared
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In assessing the reasonableness of this assumption the directors have taken into account current trading performance and cash flow forecast of the company for not less than 12 months from the date of approval of these financial statements.
The company remains dependent on the continued financial support of Powerday PLC its ultimate controlling party for the provision of the necessary working capital to continue being able to provide funding to its subsidiaries and as a going concern for not less than 12 months from the date of the audit report. To date the shareholders of Powerday PLC have provided additional working capital as and when required including an additional £2.5m injected during last year pursuant to a rights issue. No formal agreements are in place with regard to levels of committed future funding.
Having made appropriate enquiries of its ultimate controlling party, the Board is confident that taking into account our current trading performance, cash requirements and confirmation regarding the ongoing intention to provide support from the parent company, adequate funding will be made available and that the company will be a going concern for not less than 12 months from the approval of these financial statements. The directors therefore continue to adopt the going concern basis of preparation for these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectation of future events, that are believed to be reasonable under the circumstances.
Other than those involving estimations there are no judgements that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are as follows:
Unlisted investments are held at fair value as estimated by the group.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
The company was, at the end of the year, a subsidiary of another company incorporated in the EEA and in accordance with Section 400 of the Companies Act 2006, is not required to produce, and has not published, consolidated accounts. The accounts therefore disclose details of the company as an individual undertaking and not its group.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Other interest receivable and similar income |
2020 |
2019 |
|
Other finance income |
|
|
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
Interest payable and similar expenses |
2020 |
2019 |
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2020 |
2019 |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2020 |
2019 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Auditor's remuneration |
2020 |
2019 |
|
Audit of the financial statements |
|
|
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
Taxation |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2019 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2020 |
2019 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Allowable interest |
- |
( |
Utilisation of group relief |
( |
( |
Total tax charge/(credit) |
- |
- |
Investments |
2020 |
2019 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2019 |
|
Provision |
|
Carrying amount |
|
At 30 June 2020 |
|
At 30 June 2019 |
|
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
Subsidiary undertakings |
Registered office |
Holding |
Proportion of voting rights and shares |
|
2020 |
2019 |
|||
London Irish Holdings Limited |
Hazelwood, Hazelwood Drive, Sunbury on Thames, Middlesex, TW16 6QU |
Ordinary Shares |
92% |
92% |
London Irish Scottish Richmond Limited * |
Hazelwood, Hazelwood Drive, Sunbury on Thames, Middlesex, TW16 6QU |
Ordinary Shares |
92% |
92% |
London Irish Rugby Football Ground Limited * |
Hazelwood, Hazelwood Drive, Sunbury on Thames, Middlesex, TW16 6QU |
Ordinary Shares |
92% |
92% |
* Shares held by London Irish Holdings Limited.
In addition London Irish Consortium (2013) Ltd holds a 84% holding of deferred ordinary shares in London Irish Holdings Limited. These shares are non-voting and only participate in an exit event in excess of £100m.
INVESTMENT IN ASSOCIATES AND JOINT VENTURES
Hazelwood Centre LLP |
Hazelwood, Hazelwood Drive, Sunbury on Thames, Middlesex, TW16 6QU |
Ordinary Shares |
32% |
32% |
Debtors |
2020 |
2019 |
|
Amounts owed by group entities |
|
|
Other debtors |
|
|
|
|
The recoverability of the amounts owed by group undertakings is secured upon the interest in Premier Rugby and freehold property held in the undertakings concerned.
Cash and cash equivalents |
2020 |
2019 |
|
Cash on hand |
|
|
London Irish Consortium (2013) Ltd
Notes to the Financial Statements for the Year Ended 30 June 2020
Creditors |
Note |
2020 |
2019 |
|
Due within one year |
|||
Amounts due to group entities |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,637,530 |
|
4,637,530 |
During the previous year pursuant to a rights issue 50,000,000 ordinary shares of 5p each were issued at par.
Related party transactions |
Included within debtors due within one year are amounts due of £17,067,386 (2019: £15,986,796) advanced by the company to London Irish Scottish Richmond Limited. Interest amounting to £1,098,590 (2019: £963,234) was charged on these amounts and no set repayment terms are in place.
Included within debtors due within one year are amounts of £86,247 (2019: £86,247) due from Powerday Plc, the ultimate parent undertaking. No interest was charged on these amounts and no set repayment terms are in place.
Included within creditors due within one year are amounts of £11,297,916 (2019: £11,078,937) advanced to the company by Powerday Plc, the ultimate parent undertaking. Interest has been charged at 1% above LIBOR on these amounts, and no set repayment terms are in place.
Included within other creditors due within one year is a balance of £2,116,533 (2019: £2,082,550) advanced to the company by P.F Cusack (Tool Supplies) Limited, who have a participating interest in the company. Interest has been charged at 1% above LIBOR on these amounts, and no set repayment terms are in place.
Relationship between entity and parents |
The directors consider the ultimate parent and ultimate controlling undertaking to be Powerday Plc, which is the parent of the largest group of which the company is a member, and for which group financial statements are prepared. The consolidated financial statements of Powerday Plc are available from Companies House, and its registered office is located at 130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU.
Non adjusting events after the financial period |
|