London Irish Rugby Football Ground Limited - Period Ending 2021-06-30
London Irish Rugby Football Ground Limited - Period Ending 2021-06-30
Registration number:
London Irish Rugby Football Ground Limited
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Brebners
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London Irish Rugby Football Ground Limited
Contents
Company Information |
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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 Rugby Football Ground Limited
Company Information
Directors |
M L Bensted M R Crossan |
Company secretary |
A Alli |
Registered office |
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Auditor |
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London Irish Rugby Football Ground Limited
Statement of Financial Position as at 30 June 2021
Note |
2021 |
2020 |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
250,000 |
250,000 |
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Share premium reserve |
7,798 |
7,798 |
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Profit and loss account |
23,025,569 |
23,025,569 |
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Shareholders' funds |
23,283,367 |
23,283,367 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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M R Crossan
Director
Company registration number: 00225815
London Irish Rugby Football Ground Limited
Statement of Changes in Equity for the Year Ended 30 June 2021
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 July 2019 |
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At 30 June 2020 |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 July 2020 |
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At 30 June 2021 |
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London Irish Rugby Football Ground Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal activity of the company was property investment. The company did not trade in the year.
Audit Report |
Accounting policies |
Statement of compliance
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the Group management to exercise judgement in applying the Company's accounting policies.
Basis of preparation
London Irish Rugby Football Ground Limited is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activities are set out in the report of the directors.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 Section 1A - small entities, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the entity.
London Irish Rugby Football Ground Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Whilst the company has net current assets and assets, this position is based upon the recoverability of £23,290,613 due from the parent undertaking.
The London Irish Holdings group remains dependent on the continued financial support of London Irish Consortium (2013) Limited and its ultimate controlling party Powerday plc. The directors of these entities remain committed to restoring London lrish rugby club to a profitable professional rugby club, well established within the elite levels of the Gallagher Premiership. To date the shareholder investors of London lrish Consortium (2013) Limited have provided additional working capital as and when required. No formal arrangements are in place with regard to levels of committed future funding. As part of their commitment to restore the trading and playing fortunes of London lrish rugby club, the investors continue to seek additional external investment.
The Gallagher Premiership matches for the season were played predominately behind closed doors due to the Covid-19 pandemic, with just 3 home matches being attended and subject to a restricted attendance. For the 2021/22 season, the Club has had two games cancelled due to Covid-19 at the halfway stage of the season and currently sits 5th in the league table. The situation is under constant review by the directors in respect of Covid-19 to ensure cash flow is positively managed and the impact to the company's operations is mitigated as far as practicably possible.
This situation indicates that a material uncertainty exists that may cast a significant doubt on the company’s ability to continue as a going concern due to the uncertainty on the timing of cash flows which creates a risk the company may be unable to pay its liabilities as they fall due. However, the directors are confident that funding will be secured to meet the day to day working capital requirements of the company and to also continue to invest in the long-term future of the company.
Having made appropriate enquiries of the directors of London lrish Holdings Limited with regard to its cash flow forecasts and ongoing financial support from London lrish Consortium (2013) Limited and its ultimate controlling party, Powerday plc, the Board is confident that taking into account the group's current trading performance, cash requirements, potential additional investors joining the Consortium and confirmation regarding the ongoing intention to provide support from the majority shareholders, 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.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Trade creditors
Short term creditors are measured at transaction price.
Judgments in applying accounting policies and sources of estimation uncertainty |
In preparing these financial statements, the directors have made the following judgements:
• The recoverability of amounts due from group undertakings has been determined by reference to the available net assets of the group undertakings counterparty to the loans.
Staff numbers |
The average number of persons employed by the company during the year, was
London Irish Rugby Football Ground Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Debtors |
2021 |
2020 |
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Amounts owed by group undertakings |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Trade creditors |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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250,000 |
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250,000 |
Reserves |
Share capital
This reserve represents the nominal value of equity capital issued.
Share premium account
This reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account
This reserve represents cumulative profits and losses of the group, net of dividends paid and other adjustments.
London Irish Rugby Football Ground Limited
Notes to the Financial Statements for the Year Ended 30 June 2021
Ultimate parent company |
The company's immediate parent is London Irish Holdings Limited, incorporated in England and Wales.
The parent of the smallest group preparing group accounts including the results of the company is headed by
The registered address of London Irish Holdings Limited is
Hazelwood
Hazelwood Drive
Sunbury-on-Thames
Middlesex
TW16 6QU
The parent of the largest group preparing group accounts including the results of the company is Powerday plc.
The address of Powerday plc is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU
The ultimate parent is Powerday plc, incorporated in England and Wales.
These consolidated financial statements are available from Companies House at Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is M R Crossan.
Contingent liabilities |
During the year, the London Irish Holdings group secured external loan finance amounting to £8,187,000 from The English Sports Council. The loan finance is secured by a floating charge over the assets of the London Irish Holdings group and its immediate parent London Irish Consortium (2013) Limited, including London Irish Rugby Football Ground Limited. This funding increased by £2,972,000 subsequent to the year end.