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REGISTERED NUMBER: 05709072 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2022 TO 30 DECEMBER 2022

FOR

THE SPORTS OFFICE UK LIMITED

THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 January 2022 to 30 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


THE SPORTS OFFICE UK LIMITED

COMPANY INFORMATION
for the Period 1 January 2022 to 30 December 2022







DIRECTORS: S Smith
J A Malloy
K McLaughlin





SECRETARY: K McLaughlin





REGISTERED OFFICE: Suite 5.09
Department Bonded Warehouse
18 Lower Byrom Street
Manchester
Greater Manchester
M3 4AP





REGISTERED NUMBER: 05709072 (England and Wales)





AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)

STATEMENT OF FINANCIAL POSITION
30 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,469 6,897

CURRENT ASSETS
Debtors 5 309,948 347,590
Cash at bank 488,708 164,096
798,656 511,686
CREDITORS
Amounts falling due within one year 6 2,296,833 679,330
NET CURRENT LIABILITIES (1,498,177 ) (167,644 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,466,708

)

(160,747

)

CAPITAL AND RESERVES
Called up share capital 8 2,497 2,497
Share premium 9 5,096 5,096
Retained earnings 9 (1,474,301 ) (168,340 )
SHAREHOLDERS' FUNDS (1,466,708 ) (160,747 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:




S Smith - Director



K McLaughlin - Director


THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 January 2022 to 30 December 2022

1. STATUTORY INFORMATION

The Sports Office UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


During the current and preceding year the company was a wholly owned subsidiary of Kitman Labs Limited and these financial statements cover the company as an individual entity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The disclosure requirements of section 1a of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Going concern
The company is reliant on the ongoing financial support of its parent company to support working capital requirements. When assessing the appropriateness of going concern the directors have considered the company's current trading performance together with sales projections and the ability of the company's parent to provide support as required. In making this assessment the directors have considered a period of at least twelve months from the date of approval of the financial statements. Financial projections prepared at group level include some key assumptions which are subject to material uncertainty. Despite these uncertainties the directors are still of the opinion that sufficient support can be provided to ensure that the company can meet its liabilities as they fall due and therefore it is appropriate to continue to prepare the financial statements on a going concern basis.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for subscription and maintenance services provided and is shown net of VAT.

Turnover is recognised in accordance with the period that the customer has subscribed for.

Tangible fixed assets
Tangible fixed assets are stated cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc. - 24 to 80 months on cost.

THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 December 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments.

The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, trade creditors and accruals.

Financial instruments that are payable or receivable within one year, typically bank accounts, trade debtors trade creditors and accruals, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received.

Financial instruments repayable in more than one year are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company is reliant on the parent company to provide financial support to funding working capital requirements. The parent company has been unable to provide evidence that it has sufficient secured funding to provide this support for a period of at least twelve months from the date of approving the accounts. To deal with this risk management have identified sources of additional debt and equity funding and are currently going through the application and due diligence process. This uncertainty casts significant doubt on the entity's ability to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 45 (2021 - 25 ) .

THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 December 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 57,809
Additions 39,403
At 30 December 2022 97,212
DEPRECIATION
At 1 January 2022 50,912
Charge for period 14,831
At 30 December 2022 65,743
NET BOOK VALUE
At 30 December 2022 31,469
At 31 December 2021 6,897

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 265,756 323,086
Other debtors 44,192 24,504
309,948 347,590

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 154,385 79,356
Amounts owed to group undertakings 1,456,275 21,618
Taxation and social security 133,058 86,763
Other creditors 553,115 491,593
2,296,833 679,330

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 121,050 -
Between one and five years 31,350 -
152,400 -

THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 December 2022

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100,125 Ordinary A (new) 1p 1,001 1,001
49,875 Ordinary B (new) 1p 499 499
75,000 Ordinary C (new) 1p 750 750
2,250 2,250

Allotted and issued:
Number: Class: Nominal 2022 2021
value: £    £   
24,739 Ordinary D 1p 247 247

9. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2022 (168,340 ) 5,096 (163,244 )
Deficit for the period (1,305,961 ) (1,305,961 )
At 30 December 2022 (1,474,301 ) 5,096 (1,469,205 )

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Edgerton FCA Cert PFS (Senior Statutory Auditor)
for and on behalf of Fairhurst

11. RELATED PARTY DISCLOSURES

Kitman Labs Limited
Parent company

During the reporting period the company received £1,777,411 from Kitman Labs Limited.

During the reporting period management fees totalling £342,654 were charged to Kitman Labs Limited.

Included in creditors is £1,456,275 (2021: £21,518) due to Kitman Labs Limited. This balance is unsecured and there are no fixed repayment terms.

12. POST BALANCE SHEET EVENTS

Since the reporting date up to the date of approving the financial statements the company has received loans totalling £5,531,122 from its parent company Kitman Labs Limited. The amounts advanced are unsecured and there are no fixed repayment terms.

THE SPORTS OFFICE UK LIMITED (REGISTERED NUMBER: 05709072)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 January 2022 to 30 December 2022

13. ULTIMATE CONTROLLING PARTY

The controlling party is Kitman Labs Limited, a company registered in the Republic of Ireland.

Consolidated group financial statements accounts are prepared by Kitman Labs Limited and are available from the company's registered office 4th Floor Block B, Joyce's Court, Talbot Street, D01 C861, Ireland.