Registered number:
For the Year Ended
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Super League (Europe) Limited
Company Information
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Super League (Europe) Limited
Contents
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Super League (Europe) Limited
Chairman's Statement
For the Year Ended 31 December 2021
The chairman presents his statement for the period.
I am delighted to say, that despite the significant challenges of Covid-19, Super League Europe (SLE) has emerged stronger, and more optimistic about the future, than we could have possibly imagined just 12 months ago.
The start of 2021 saw the resignation of Robert Elstone as SLE Executive Chairman. A couple of months later the Super League clubs elected me as Interim Chairman and CEO, accordingly I stood down as Chairman of the Huddersfield Giants. It is fair to say that at the time I visualised ‘interim’ being of the order of six months or so, however the challenges and the opportunities ahead for Super League, have somewhat extended this timescale. Indeed, as a result of the progress which has been made, I believe that Super League in particular, and the game of Rugby League in general, now stands on the cusp of a golden era. An era which will bring real benefits for our partners, our supporters, and the clubs themselves. The key to this progress and optimism, is the realignment of Super League and the Rugby Football League (RFL). A coming together, that has united the whole of rugby league, and received the unanimous support of the game at every level. Coupled with this critically important realignment has been an equally unanimous agreement on two hugely significant developments. Firstly, the creation of a joint venture to represent all the current and future commercial interests and competitions of both Super League and the RFL. This structure ensures that every pound of surplus, however generated, will be distributed across the whole game, giving every club and every supporter a vested interest in the success of every aspect of rugby league. Secondly, the appointment of a long-term strategic partner, putting their external expertise and commercial skills to work for the greater good of the game. In respect of the second, an extensive search and a detailed selection process, involving many months of work, the joint SLE/RFL strategic working group, recommended the appointment of the highly experienced, respected and world renowned, IMG. A recommendation which again, has been unanimously supported by the game of rugby league at every level. Whilst all of this has been progressing, the Betfred Super League clubs and their magnificent players have been continuing to perform on the field. Delivering, week in and week out, scintillating sporting entertainment of the highest order, for the fans, broadcasters, and our partners. Sky, in particular, as our main broadcast partner, are delivering the excitement of Super League across the UK and it is encouraging to note that the audiences for Super League continue to grow. On the financial front, after the difficulties and challenges of Covid-19, which forced changes to the 2021 season and meant that most matches were played without spectators, we have been able to report a satisfactory outcome to the year. Super League, like the clubs who have suffered so much financially, will never be able to recover the lost income, however thanks to our Management Accountant, Phil Corcoran, and the Finance Working Group, under Michael Carter, we have come through the challenges in a strong position to take advantage of the opportunities ahead. Finally, neither myself nor Super League, would have been able function without the tremendous support of our small, but highly dedicated staff. It has been a very difficult time for them, however they have continued to do a superb job, led in particular by our Chief Commercial Officer, Rhodri Jones. Rhodri has done an outstanding job of leading the team. It is pleasure to be able to thank him publicly for his support. I believe that as we enter this new era of exciting opportunity, Super League and the great game of rugby league, are now well placed to take advantage of, and benefit from, the opportunities ahead.
Name
K Davy
Interim Chairman
Date
29 July 2022
Page 1
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Super League (Europe) Limited
Strategic Report
For the Year Ended 31 December 2021
The Directors present their Strategic Report for the year ended 31 December 2021.
The principal activity of Super League (Europe) Limited (“SLE”) is the management and promotion of Super League, the top tier of rugby league in the UK and France. The company generates revenue from the sale of broadcasting rights, commercial partnerships, and the competition’s flagship events; the end of season Play-Offs and Grand Final, and the Magic Weekend.
Total revenues received by SLE are attributable to SLE only to the extent that they are required to meet its operating costs. All surplus revenues over and above amounts needed to meet SLE’s operating costs are received in SLE’s capacity as agents of the clubs that compete in the Super League competition. Those surplus revenues are distributed to the clubs as beneficial owners of those revenues, and SLE retains only those revenues which result in it making nil profit after tax. As a consequence, the statutory profit and loss account does not reflect the total income flows which pass through the company. Total broadcasting income receivable by the Company and The Rugby Football League Limited (“the RFL”) in respect of Super League properties was £34.1m (2020: £30.2m). The increase in broadcast income has arisen following last year's agreement reached with our broadcast partner following the devastating impact of Covid on the broadcast schedule and the resulting impact on broadcast fees that year. Of this amount, and in accordance with an agreement made between the RFL and SLE, £6.1m (2020: £5.5m) was retained by the RFL as partial funding of its governing body activities resulting in broadcasting income of £28.0m (2020: £24.8m) attributable to the Company. From that broadcasting income, further amounts are retained by the RFL in respect of charges of £1.5m (2020: £1.5m) payable for services provided to SLE under a Funding and Management Agreement, and payments of £1.73m (2020: £1.53m) made to the RFL as a contribution to the funding of the Championship and League One. In addition to that contribution, other payments of £0.29m (2020: £0.75m) are made to Championship clubs and academies. Total operating revenues generated by SLE and net turnover per the Statement of Comprehensive Income on page 11 are as follows:
Page 2
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Super League (Europe) Limited
Strategic Report (continued)
For the Year Ended 31 December 2021
The Board of Directors of Super League (Europe) Limited includes a representative from each of the 12 Super League clubs.
Robert Elstone, who held the position of Chief Executive Officer and Executive Chairman, resigned from the Company on 5 March 2021. Ken Davy was appointed as Interim Chief Executive Officer and Executive Chairman of Super League on 24 March 2021.
The result for the year is shown on page 11. The Company made neither a profit nor a loss for the year, which reflects the nature of the operations of SLE as described above. As reflected in the balance sheet on page 12, the Company ended the year with a healthy cash balance, mainly due to agreeing more favourable payment terms in relation to the main broadcasting agreement but also as a result of a strong focus on cash management (including securing available finance to assist the Company through the uncertainties caused by the pandemic in the previous 2 years).
The 2021 season started under continued Covid restrictions which meant playing behind closed doors. The season shifted from its normal February start date to the end of March to allow as many games as possible to be played later in the season, when it was hoped the dark Covid cloud would slowly begin to disappear and the return of our fans become possible. Whilst there were signs of optimism with the emergence of the vaccination, Covid would continue to affect Super League, both on and off the field, in 2021. A ray of sunshine shone brightly on the evening of 28th July in front of the Sky Sports cameras when Warrington Wolves ran out against Wigan Warriors in front of an unlimited attendance for the first time in 18 months. This felt like a seminal moment for the competition, a feeling of normality, and this was heightened a few weeks later when over 60,000 fans descended into Newcastle for a memorable Dacia Magic Weekend – not least as fans were treated to two golden point endings on the Saturday evening, with Catalans Dragons overcoming St Helens and Leeds Rhinos defeating Hull FC. SLE continued to benefit from the support of its commercial and broadcast partners, in particular Sky Sports, Betfred, Dacia, Northern Rail, Batchelors, Loch Lomond Group and BBC Sport. It cannot be underestimated how much support Super League received from its partners throughout the pandemic, who were all appreciative of the efforts from players, coaches and administrators in getting the competition back up and running. On the pitch the players never took a backward step, and continued to amaze the now returning fans, with their skill, athleticism and physicality. At the end of the season, a new name appeared on the League Leaders Shield in Catalans Dragons; we saw a first semi-final appearance for Hull Kingston Rovers on a memorable night in Perpignan, before the top two ranked teams, St Helens and Catalans Dragons, qualified for our showpiece event – the Grand Final. In a tense game, with very little to split the two sides, St Helens made it a three-peat of titles, capping off a hugely successful year for the whole club that also saw them lift the Challenge Cup and their women’s side complete its own clean sweep of trophies. 2022 will see the start of new two-year agreements with our long-standing broadcast partner, Sky Sports, and with our title sponsors in Betfred. The competition will also benefit from its first ever live free to air coverage, with 10 games being shown live on Channel 4. Additionally a new team has entered the competition with Toulouse Olympique achieving promotion from the Championship, as Super League wished Leigh Centurions their very best after being relegated. Off the field, much work has been done to realign the sport, which will see the commercial assets of Super League and the RFL move into one operating company. In addition, work continues on a possible strategic partnership with an external agency which will have the purpose of reimagining the sport of Rugby League and its competitions in the UK over a long-term period.
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Super League (Europe) Limited
Strategic Report (continued)
For the Year Ended 31 December 2021
Broadcast income is the major income stream for Super League and, as noted above, we have agreed with Sky Sports to extend our broadcasting agreement through until the end of 2023. This provides stability both for SLE and the member clubs.
The Board is mindful that SLE derives other commercial income from a relatively narrow spectrum of commercial partners. The commercial landscape remains challenging and the Board is aware that commercial partnerships always present a degree of risk. The company continues to seek opportunities for further partnerships whilst maintaining its focus on the renewal of existing partnerships.
The Board monitors executive performance by measuring key performance indicators (''KPI's''). The KPI's of SLE are reviewed by the executive team at its regular meetings and by the Directors at each Board meeting. These KPI's have been chosen as they allow the directors to closely monitor the performance of SLE against the targets set in the Company's Strategic Plan.
This report was approved by the board
and signed on its behalf.
Page 4
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Super League (Europe) Limited
Directors' Report
For the Year Ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.
The profit for the year, after taxation, amounted to £
NIL
(2020 -
£
NIL
)
.
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Super League (Europe) Limited
Directors' Report (continued)
For the Year Ended 31 December 2021
The directors who served during the year were:
An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report on page 1.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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Super League (Europe) Limited
Directors' Report (continued)
For the Year Ended 31 December 2021
This report was approved by the board and signed on its behalf.
Page 7
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited
We have audited the financial statements of Super League (Europe) Limited (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
Page 9
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited (continued)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙
The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙
Enquiring of local management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
−
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
−
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud;
−
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙
Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and corruption policy, and the Coronavirus government support schemes.
Page 10
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Super League (Europe) Limited
Independent Auditors' Report to the Members of Super League (Europe) Limited (continued)
Audit response to risks identified
Our procedures to respond to risk identified included the following:
∙
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙
Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities;
∙
Enquiring of management concerning actual and potential litigation and claims; and
∙
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
∙
Testing the appropriateness of journal entries and other adjustments which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 Auditors' 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
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
Page 11
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Super League (Europe) Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2021
Page 12
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Super League (Europe) Limited
Registered number:
03238540
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 17 to 28 form part of these financial statements.
Page 13
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Super League (Europe) Limited
Statement of Changes in Equity
For the Year Ended
31 December 2021
Page 14
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Super League (Europe) Limited
Statement of Cash Flows
For the Year Ended 31 December 2021
Page 15
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Super League (Europe) Limited
Analysis of Net Debt
For the Year Ended 31 December 2021
Page 16
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
Super League (Europe) Limited is a private company limited by share capital and incorporated in England and Wales, company number 03238540. The address of the registered office and principal place of business is Quay West, Trafford Wharf Road, Trafford Park, Manchester, M17 1HH.
The Company's principal activity is that of the management and promotion of the competition known as the Super League. The Company acts as an agent for the 12 rugby league clubs who participate in Super League each season.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
Page 17
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.
Accounting policies (continued)
Income is generated from the Broadcast contract which is in place until 2023. Commercial contracts with sponsors expire at intervals over the next two years and income generated from the staging of matches is generated on an annual basis. All turnover is accounted for on an accruals basis and is recognised when the amount of turnover can be measured reliably and it is probable that the Company will receive the consideration due under the contract. Revenue recognised under broadcasting and sponsorship contracts is recognised on a straight line basis over the contract term. Revenue associated with Ticket and Hospitality sales is recognised in line with the associated event being delivered.
Page 18
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 19
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 20
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
2.
Accounting policies (continued)
Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimates and assumptions, and judgements are provided below. a ) Recoverable value of trade debtors The recoverable values of trade and other debtors are reviewed regularly in light of available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. At 31 December 2021, the carrying amount of trade debtors totalled £440,147 (2020: £6,077,823) .
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
10.
Taxation (continued)
The government has announced an increase to the corporation tax rate from 1 April 2023. From this date, the Corporation Tax main rate for non-ring-fenced profits will be increased to 25% applying to profits over £250,000. A small profits rate (SPR) will also be introduced for companies with profits of £50,000 or less so that they will continue to pay Corporation Tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate.
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
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Super League (Europe) Limited
Notes to the Financial Statements
For the Year Ended 31 December 2021
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £21,708
(2020: £23,995)
. Contributions totalling £nil
(2020: £4,072)
were payable to the fund at the balance sheet date and are included in creditors.
Pension contributions of £2,500 (2020: £10,000) were made to a separate plan not operated by the Company.
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