Silverfin false 30/04/2023 01/05/2022 30/04/2023 L Bogaert 22/10/2020 G Gunn 06/12/2018 N A Robinson 04/12/2015 O S Robinson 04/12/2015 A W Tipping 04/12/2015 13 February 2024 The principal activity of the Company during the financial year was the provision of IT-related sporting activities. 09903593 2023-04-30 09903593 bus:Director1 2023-04-30 09903593 bus:Director2 2023-04-30 09903593 bus:Director3 2023-04-30 09903593 bus:Director4 2023-04-30 09903593 bus:Director5 2023-04-30 09903593 2022-04-30 09903593 core:CurrentFinancialInstruments 2023-04-30 09903593 core:CurrentFinancialInstruments 2022-04-30 09903593 core:Non-currentFinancialInstruments 2023-04-30 09903593 core:Non-currentFinancialInstruments 2022-04-30 09903593 core:ShareCapital 2023-04-30 09903593 core:ShareCapital 2022-04-30 09903593 core:SharePremium 2023-04-30 09903593 core:SharePremium 2022-04-30 09903593 core:OtherCapitalReserve 2023-04-30 09903593 core:OtherCapitalReserve 2022-04-30 09903593 core:RetainedEarningsAccumulatedLosses 2023-04-30 09903593 core:RetainedEarningsAccumulatedLosses 2022-04-30 09903593 core:OfficeEquipment 2022-04-30 09903593 core:ComputerEquipment 2022-04-30 09903593 core:OfficeEquipment 2023-04-30 09903593 core:ComputerEquipment 2023-04-30 09903593 core:CostValuation 2022-04-30 09903593 core:AdditionsToInvestments 2023-04-30 09903593 core:CostValuation 2023-04-30 09903593 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-04-30 09903593 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-04-30 09903593 bus:OrdinaryShareClass1 2023-04-30 09903593 bus:OrdinaryShareClass2 2023-04-30 09903593 2022-05-01 2023-04-30 09903593 bus:FullAccounts 2022-05-01 2023-04-30 09903593 bus:SmallEntities 2022-05-01 2023-04-30 09903593 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 09903593 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 09903593 bus:Director1 2022-05-01 2023-04-30 09903593 bus:Director2 2022-05-01 2023-04-30 09903593 bus:Director3 2022-05-01 2023-04-30 09903593 bus:Director4 2022-05-01 2023-04-30 09903593 bus:Director5 2022-05-01 2023-04-30 09903593 core:OfficeEquipment core:TopRangeValue 2022-05-01 2023-04-30 09903593 core:ComputerEquipment core:TopRangeValue 2022-05-01 2023-04-30 09903593 2021-05-01 2022-04-30 09903593 core:OfficeEquipment 2022-05-01 2023-04-30 09903593 core:ComputerEquipment 2022-05-01 2023-04-30 09903593 core:CurrentFinancialInstruments 2022-05-01 2023-04-30 09903593 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 09903593 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 09903593 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 09903593 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 09903593 bus:OrdinaryShareClass2 2021-05-01 2022-04-30 09903593 1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09903593 (England and Wales)

SPORT MAISON LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH THE REGISTRAR

SPORT MAISON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023

Contents

SPORT MAISON LIMITED

BALANCE SHEET

AS AT 30 APRIL 2023
SPORT MAISON LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 15,742 14,832
Investments 4 2,010,015 0
2,025,757 14,832
Current assets
Debtors 5 34,665 179,831
Cash at bank and in hand 5,896 116,989
40,561 296,820
Creditors: amounts falling due within one year 6 ( 1,156,366) ( 121,367)
Net current (liabilities)/assets (1,115,805) 175,453
Total assets less current liabilities 909,952 190,285
Creditors: amounts falling due after more than one year 7 ( 261,441) ( 244,039)
Net assets/(liabilities) 648,511 ( 53,754)
Capital and reserves
Called-up share capital 8 600 502
Share premium account 3,883,652 2,333,749
Other reserves 200,000 0
Profit and loss account ( 3,435,741 ) ( 2,388,005 )
Total shareholders' funds/(deficit) 648,511 ( 53,754)

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sport Maison Limited (registered number: 09903593) were approved and authorised for issue by the Director on 13 February 2024. They were signed on its behalf by:

A W Tipping
Director
SPORT MAISON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
SPORT MAISON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sport Maison Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Second Floor, 29 Charlotte Road, London, EC2A 3PF, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has made a loss for the year which is in accordance with the company's plan to invest in the company's product and wider infrastructure to create a scalable platform for future growth. The company experienced increasing levels of bookings in the financial year and expect increased revenue growth in FY2024.

The directors continually assess the funding needs of the business providing funding where required and work closely with existing shareholders and group companies who continue to support the company. The directors are also engaging with prospective new investors about a growth fundraise in FY2024.

Based on the increased revenues expected for FY2024 and the continued support of the shareholders, the directors consider that the company will have adequate resources for the foreseeable future and the financial statements should be prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The turnover represents the net consideration receivable which includes trade discounts, settlement discounts, and instructor commissions payable.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow shareholders, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Convertible loan notes
The component parts of compound instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition, the financial liability component is recorded at its fair value. At the date of issue, in the case of a convertible bond denominated in the functional currency of the issuer that may be converted into a fixed number of equity shares, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in the equity reserve within equity and is not subsequently remeasured.

Transaction costs are apportioned between the liability and equity components of the convertible instrument based on their relative fair values at the date of issue. The portion relating to the equity component is charged directly against equity.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 14

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 May 2022 10,603 23,758 34,361
Additions 0 8,705 8,705
At 30 April 2023 10,603 32,463 43,066
Accumulated depreciation
At 01 May 2022 6,239 13,290 19,529
Charge for the financial year 2,111 5,684 7,795
At 30 April 2023 8,350 18,974 27,324
Net book value
At 30 April 2023 2,253 13,489 15,742
At 30 April 2022 4,364 10,468 14,832

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 2,010,015 0

Investments in subsidiaries

2023
£
Cost
At 01 May 2022 0
Additions 2,010,015
At 30 April 2023 2,010,015
Carrying value at 30 April 2023 2,010,015
Carrying value at 30 April 2022 0

During the year ended 30 April 2023, the company acquired its subsidiary, Supreme Ski School Limited for £2m. This was done on an open market basis and the directors are confident the subsidiary will contribute towards the group's ambitions.

5. Debtors

2023 2022
£ £
Corporation tax 0 151,065
Other debtors 34,665 28,766
34,665 179,831

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,001 8,006
Trade creditors 0 13,922
Amounts owed to own subsidiaries 242,236 0
Other taxation and social security 153,092 56,572
Other creditors 752,037 42,867
1,156,366 121,367

Within other creditors is a loan which is secured by a fixed charge over any future freehold property owned by the business and a floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 35,074 41,672
Other creditors 226,367 202,367
261,441 244,039

Within other creditors is a loan which is secured by a fixed charge over any future freehold property owned by the business and a floating charge over the company's assets.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
22,800 Deferred ordinary shares of £ 0.001 each 23 23
576,718 Ordinary shares of £ 0.001 each (2022: 479,025 shares of £ 0.001 each) 577 479
600 502

In the financial year 2023 Ordinary shares were allotted with an aggregate nominal value of £97.69 and consideration of £1,549,411 was received.

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 0 25,000

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed to subsidiaries 242,236 0

The loan is interest free and repayable on demand.

Other related party transactions

2023 2022
£ £
Amounts due to related parties 226,367 202,367

The loan charges interest at 12% per annum and is repayable in full on 01 April 2025.

11. Events after the Balance Sheet date

The directors were delighted to announce in November 2023 that the company had successfully raised over £3m in equity funding. The raise will allow the company to advance the platform's technical capability and continue to solidify its position as the leading platform for ski instructors and winter sports enthusiasts.