2023-02-012024-01-312024-01-31false05299368SPORTS & LEISURE BRANDS LTD2024-05-09iso4217:GBPxbrli:pure052993682023-02-01052993682024-01-31052993682023-02-012024-01-31052993682022-02-01052993682023-01-31052993682022-02-012023-01-3105299368bus:SmallEntities2023-02-012024-01-3105299368bus:AuditExempt-NoAccountantsReport2023-02-012024-01-3105299368bus:FullAccounts2023-02-012024-01-3105299368bus:PrivateLimitedCompanyLtd2023-02-012024-01-3105299368core:WithinOneYear2024-01-3105299368core:AfterOneYear2024-01-3105299368core:WithinOneYear2023-01-3105299368core:AfterOneYear2023-01-3105299368core:ShareCapital2024-01-3105299368core:SharePremium2024-01-3105299368core:RevaluationReserve2024-01-3105299368core:OtherReservesSubtotal2024-01-3105299368core:RetainedEarningsAccumulatedLosses2024-01-3105299368core:ShareCapital2023-01-3105299368core:SharePremium2023-01-3105299368core:RevaluationReserve2023-01-3105299368core:OtherReservesSubtotal2023-01-3105299368core:RetainedEarningsAccumulatedLosses2023-01-3105299368core:LandBuildings2024-01-3105299368core:PlantMachinery2024-01-3105299368core:Vehicles2024-01-3105299368core:FurnitureFittings2024-01-3105299368core:OfficeEquipment2024-01-3105299368core:NetGoodwill2024-01-3105299368core:IntangibleAssetsOtherThanGoodwill2024-01-3105299368core:ListedExchangeTraded2024-01-3105299368core:UnlistedNon-exchangeTraded2024-01-3105299368core:LandBuildings2023-01-3105299368core:PlantMachinery2023-01-3105299368core:Vehicles2023-01-3105299368core:FurnitureFittings2023-01-3105299368core:OfficeEquipment2023-01-3105299368core:NetGoodwill2023-01-3105299368core:IntangibleAssetsOtherThanGoodwill2023-01-3105299368core:ListedExchangeTraded2023-01-3105299368core:UnlistedNon-exchangeTraded2023-01-3105299368core:LandBuildings2023-02-012024-01-3105299368core:PlantMachinery2023-02-012024-01-3105299368core:Vehicles2023-02-012024-01-3105299368core:FurnitureFittings2023-02-012024-01-3105299368core:OfficeEquipment2023-02-012024-01-3105299368core:NetGoodwill2023-02-012024-01-3105299368core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3105299368core:ListedExchangeTraded2023-02-012024-01-3105299368core:UnlistedNon-exchangeTraded2023-02-012024-01-3105299368core:MoreThanFiveYears2023-02-012024-01-3105299368core:Non-currentFinancialInstruments2024-01-3105299368core:Non-currentFinancialInstruments2023-01-3105299368dpl:CostSales2023-02-012024-01-3105299368dpl:DistributionCosts2023-02-012024-01-3105299368core:LandBuildings2023-02-012024-01-3105299368core:PlantMachinery2023-02-012024-01-3105299368core:Vehicles2023-02-012024-01-3105299368core:FurnitureFittings2023-02-012024-01-3105299368core:OfficeEquipment2023-02-012024-01-3105299368dpl:AdministrativeExpenses2023-02-012024-01-3105299368core:NetGoodwill2023-02-012024-01-3105299368core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3105299368dpl:GroupUndertakings2023-02-012024-01-3105299368dpl:ParticipatingInterests2023-02-012024-01-3105299368dpl:GroupUndertakingscore:ListedExchangeTraded2023-02-012024-01-3105299368core:ListedExchangeTraded2023-02-012024-01-3105299368dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-02-012024-01-3105299368core:UnlistedNon-exchangeTraded2023-02-012024-01-3105299368dpl:CostSales2022-02-012023-01-3105299368dpl:DistributionCosts2022-02-012023-01-3105299368core:LandBuildings2022-02-012023-01-3105299368core:PlantMachinery2022-02-012023-01-3105299368core:Vehicles2022-02-012023-01-3105299368core:FurnitureFittings2022-02-012023-01-3105299368core:OfficeEquipment2022-02-012023-01-3105299368dpl:AdministrativeExpenses2022-02-012023-01-3105299368core:NetGoodwill2022-02-012023-01-3105299368core:IntangibleAssetsOtherThanGoodwill2022-02-012023-01-3105299368dpl:GroupUndertakings2022-02-012023-01-3105299368dpl:ParticipatingInterests2022-02-012023-01-3105299368dpl:GroupUndertakingscore:ListedExchangeTraded2022-02-012023-01-3105299368core:ListedExchangeTraded2022-02-012023-01-3105299368dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-02-012023-01-3105299368core:UnlistedNon-exchangeTraded2022-02-012023-01-3105299368core:NetGoodwill2024-01-3105299368core:IntangibleAssetsOtherThanGoodwill2024-01-3105299368core:LandBuildings2024-01-3105299368core:PlantMachinery2024-01-3105299368core:Vehicles2024-01-3105299368core:FurnitureFittings2024-01-3105299368core:OfficeEquipment2024-01-3105299368core:AfterOneYear2024-01-3105299368core:WithinOneYear2024-01-3105299368core:ListedExchangeTraded2024-01-3105299368core:UnlistedNon-exchangeTraded2024-01-3105299368core:ShareCapital2024-01-3105299368core:SharePremium2024-01-3105299368core:RevaluationReserve2024-01-3105299368core:OtherReservesSubtotal2024-01-3105299368core:RetainedEarningsAccumulatedLosses2024-01-3105299368core:NetGoodwill2023-01-3105299368core:IntangibleAssetsOtherThanGoodwill2023-01-3105299368core:LandBuildings2023-01-3105299368core:PlantMachinery2023-01-3105299368core:Vehicles2023-01-3105299368core:FurnitureFittings2023-01-3105299368core:OfficeEquipment2023-01-3105299368core:AfterOneYear2023-01-3105299368core:WithinOneYear2023-01-3105299368core:ListedExchange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SPORTS & LEISURE BRANDS LTD

Registered Number
05299368
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

SPORTS & LEISURE BRANDS LTD
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mr PJB Merrick
Mr TM Pearce

Company Secretary

Mrs AT Merrick

Registered Address

Unit 9
Lincoln Enterprise Park, Newark Road, Aubourn
Lincoln
LN5 9FP

Registered Number

05299368 (England and Wales)
SPORTS & LEISURE BRANDS LTD
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets442,21449,720
Investments5-60
42,21449,780
Current assets
Stocks6183,935200,566
Debtors773,63966,070
Cash at bank and on hand8,378538
265,952267,174
Creditors amounts falling due within one year8(264,786)(251,349)
Net current assets (liabilities)1,16615,825
Total assets less current liabilities43,38065,605
Creditors amounts falling due after one year9(112,104)(135,723)
Provisions for liabilities11(8,020)(8,530)
Net assets(76,744)(78,648)
Capital and reserves
Called up share capital66
Profit and loss account(76,750)(78,654)
Shareholders' funds(76,744)(78,648)
The financial statements were approved and authorised for issue by the Board of Directors on 9 May 2024, and are signed on its behalf by:
Mr PJB Merrick
Director
Mr TM Pearce
Director

Registered Company No. 05299368
SPORTS & LEISURE BRANDS LTD
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have conducted cost cutting exercises and introduced personal funds to support the company going forward. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year1114
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 February 23205,500205,500
At 31 January 24205,500205,500
Amortisation and impairment
At 01 February 23205,500205,500
At 31 January 24205,500205,500
Net book value
At 31 January 24--
At 31 January 23--
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 February 23244,5883,30041,37132,000321,259
At 31 January 24244,5883,30041,37132,000321,259
Depreciation and impairment
At 01 February 23205,2952,76237,71125,771271,539
Charge for year5,8871355499357,506
At 31 January 24211,1822,89738,26026,706279,045
Net book value
At 31 January 2433,4064033,1115,29442,214
At 31 January 2339,2935383,6606,22949,720
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 February 236060
Disposals(60)(60)
Net book value
At 31 January 24--
At 31 January 236060

Notes

1Investments in group undertakings and participating interests
6.Stocks

2024

2023

££
Other stocks183,935200,566
Total183,935200,566
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables68,83759,706
Prepayments and accrued income4,8026,364
Total73,63966,070
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables65,14463,823
Bank borrowings and overdrafts22,684118,430
Amounts owed to related parties-60
Taxation and social security26,60731,407
Finance lease and HP contracts5,4995,998
Other creditors144,85231,631
Total264,786251,349
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts112,104130,225
Other creditors-5,498
Total112,104135,723
Bank Borrowings The bank loans which were present in both 2023 and 2024 are denominated in £ with nominal interest rates of market rate. The carrying amount at year end is £Nil (2023 - £10,877). The bank loans were secured by a fixed and floating charge over the assets of the company. The final instalment of the bank loan was paid on 31st October 2023. The bounce back loan are denominated in sterling with nominal interest rates of 2.50%. The carrying amount at year end is £38,168 (2023 - £41,841). The loan is a bounce back loan guaranteed by the government as part of the Covid 19 relief measures brought in by the UK. The term period is 72 months with nothing repayable and no interest accruing in the first 12 months. The final instalment of the loan is due by 31st May 2026 if an extension period is not taken up. Bank overdraft are denominated in £ with nominal interest rates of market rate. The carrying amount at year end is £Nil (2023 - £79,286). The bank overdraft was secured by fixed and floating charges of the assets of the company. IWOCA loan are denominated in £ with nominal interest rates of 5.12%. The carrying amount at year end is £Nil (2023 - £9,645). The final instalment of the loan was paid on 30th June 2023. Funding Circle loan are denominated in £ with nominal interest rates of 13.9%. The carrying amount at year end is £93,939 (2023 - £107,006). The final instalment of the loan is due on 31st October 2028 based on current repayments and interest accrued. Other borrowings Hire purchase contract is denominated in £ with a nominal interest rate of market rate, and the final instalment is due on 3 January 2025. The carrying amount at year end is £5,499 (2023 - £11,497). The hire purchase liability is secured on the related asset.
10.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-5,498
11.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8,0208,530
Total8,0208,530