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Company No: 05619229 (England and Wales)

SERIOUS SPORT GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

SERIOUS SPORT GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

SERIOUS SPORT GROUP LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
SERIOUS SPORT GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Neil David Rider
Christopher John Russell
SECRETARY Deborah Kay Rider
REGISTERED OFFICE Gascoyne House Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
IP28 6JY
United Kingdom
COMPANY NUMBER 05619229 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
SERIOUS SPORT GROUP LIMITED

BALANCE SHEET

As at 30 November 2023
SERIOUS SPORT GROUP LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 157,469 159,597
Tangible assets 4 135,402 143,110
292,871 302,707
Current assets
Stocks 5 656,000 585,346
Debtors 6 60,479 60,222
Cash at bank and in hand 300,184 258,303
1,016,663 903,871
Creditors: amounts falling due within one year 7 ( 324,712) ( 263,014)
Net current assets 691,951 640,857
Total assets less current liabilities 984,822 943,564
Net assets 984,822 943,564
Capital and reserves
Called-up share capital 8 386 386
Share premium account 63,204 63,204
Profit and loss account 921,232 879,974
Total shareholders' funds 984,822 943,564

For the financial year ending 30 November 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 Serious Sport Group Limited (registered number: 05619229) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Neil David Rider
Director
SERIOUS SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
SERIOUS SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

Serious Sport Group 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 Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 5 years straight line
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:

Leasehold improvements 10 years straight line
Vehicles 15 % reducing balance
Tools and equipment 15 % reducing balance
Office equipment 15 % reducing balance

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.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 22

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 December 2022 75,000 238,804 313,804
Additions 0 50,883 50,883
At 30 November 2023 75,000 289,687 364,687
Accumulated amortisation
At 01 December 2022 43,125 111,082 154,207
Charge for the financial year 7,500 45,511 53,011
At 30 November 2023 50,625 156,593 207,218
Net book value
At 30 November 2023 24,375 133,094 157,469
At 30 November 2022 31,875 127,722 159,597

4. Tangible assets

Leasehold improve-
ments
Vehicles Tools and equipment Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 3,017 4,999 231,059 55,655 294,730
Additions 0 0 13,553 1,452 15,005
At 30 November 2023 3,017 4,999 244,612 57,107 309,735
Accumulated depreciation
At 01 December 2022 2,962 2,837 111,452 34,369 151,620
Charge for the financial year 55 323 19,135 3,200 22,713
At 30 November 2023 3,017 3,160 130,587 37,569 174,333
Net book value
At 30 November 2023 0 1,839 114,025 19,538 135,402
At 30 November 2022 55 2,162 119,607 21,286 143,110

5. Stocks

2023 2022
£ £
Stocks 626,000 575,346
Work in progress 30,000 10,000
656,000 585,346

6. Debtors

2023 2022
£ £
Trade debtors 51,115 50,246
Other debtors 9,364 9,976
60,479 60,222

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 240,246 216,951
Taxation and social security 78,389 40,226
Other creditors 6,077 5,837
324,712 263,014

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
3,862 Ordinary shares shares of £ 0.10 each 386 386