Silverfin false false 30/04/2024 01/05/2023 30/04/2024 L Bogaert 22/10/2020 G Gunn 06/12/2018 N A Robinson 04/12/2015 O S Robinson 04/12/2015 L Steyn 05/04/2024 A W Tipping 04/12/2015 28 November 2024 The principal activity of the Company during the financial year was the provision of IT-related sporting activities. 09903593 2024-04-30 09903593 bus:Director1 2024-04-30 09903593 bus:Director2 2024-04-30 09903593 bus:Director3 2024-04-30 09903593 bus:Director4 2024-04-30 09903593 bus:Director5 2024-04-30 09903593 bus:Director6 2024-04-30 09903593 2023-04-30 09903593 core:CurrentFinancialInstruments 2024-04-30 09903593 core:CurrentFinancialInstruments 2023-04-30 09903593 core:Non-currentFinancialInstruments 2024-04-30 09903593 core:Non-currentFinancialInstruments 2023-04-30 09903593 core:ShareCapital 2024-04-30 09903593 core:ShareCapital 2023-04-30 09903593 core:SharePremium 2024-04-30 09903593 core:SharePremium 2023-04-30 09903593 core:OtherCapitalReserve 2024-04-30 09903593 core:OtherCapitalReserve 2023-04-30 09903593 core:RetainedEarningsAccumulatedLosses 2024-04-30 09903593 core:RetainedEarningsAccumulatedLosses 2023-04-30 09903593 2022-04-30 09903593 core:OfficeEquipment 2023-04-30 09903593 core:ComputerEquipment 2023-04-30 09903593 core:OfficeEquipment 2024-04-30 09903593 core:ComputerEquipment 2024-04-30 09903593 core:CostValuation 2023-04-30 09903593 core:AdditionsToInvestments 2024-04-30 09903593 core:CostValuation 2024-04-30 09903593 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2024-04-30 09903593 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2023-04-30 09903593 bus:OrdinaryShareClass1 2024-04-30 09903593 bus:OrdinaryShareClass2 2024-04-30 09903593 bus:PreferenceShareClass1 2024-04-30 09903593 2023-05-01 2024-04-30 09903593 bus:FilletedAccounts 2023-05-01 2024-04-30 09903593 bus:SmallEntities 2023-05-01 2024-04-30 09903593 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09903593 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09903593 bus:Director1 2023-05-01 2024-04-30 09903593 bus:Director2 2023-05-01 2024-04-30 09903593 bus:Director3 2023-05-01 2024-04-30 09903593 bus:Director4 2023-05-01 2024-04-30 09903593 bus:Director5 2023-05-01 2024-04-30 09903593 bus:Director6 2023-05-01 2024-04-30 09903593 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 09903593 core:ComputerEquipment core:TopRangeValue 2023-05-01 2024-04-30 09903593 2022-05-01 2023-04-30 09903593 core:OfficeEquipment 2023-05-01 2024-04-30 09903593 core:ComputerEquipment 2023-05-01 2024-04-30 09903593 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 09903593 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 09903593 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 09903593 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 09903593 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 09903593 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 09903593 bus:PreferenceShareClass1 2023-05-01 2024-04-30 09903593 bus:PreferenceShareClass1 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 2024
PAGES FOR FILING WITH THE REGISTRAR

SPORT MAISON LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

SPORT MAISON LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
SPORT MAISON LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 23,450 15,742
Investments 5 2,722,099 2,010,015
2,745,549 2,025,757
Current assets
Debtors 6 514,818 34,665
Cash at bank and in hand 29,871 5,896
544,689 40,561
Creditors: amounts falling due within one year 7 ( 817,382) ( 1,156,366)
Net current liabilities (272,693) (1,115,805)
Total assets less current liabilities 2,472,856 909,952
Creditors: amounts falling due after more than one year 8 ( 28,694) ( 261,441)
Net assets 2,444,162 648,511
Capital and reserves
Called-up share capital 9 765 600
Share premium account 3,008,572 3,883,652
Other reserves 0 200,000
Profit and loss account ( 565,175 ) ( 3,435,741 )
Total shareholders' funds 2,444,162 648,511

For the financial year ending 30 April 2024 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 Board of Directors on 28 November 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 2024
SPORT MAISON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
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 Unit M3 Middle Of The Mill, Staveley Mill Yard, Staveley, LA8 9LR, 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 2025.

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 during 2025.

Based on the increased revenues expected for 2025 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.

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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 15

3. Share-based payments

Equity-settled share-based payment schemes

The Company has a share option scheme for certain employees.

Options are exercisable at nominal price . The average vesting period is three years. Options are potentially forfeited if the employee leaves the Company before the options vest this will be detailed within the good and bad leavers clauses as per the option agreements.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 38,753 0.01 38,253 0.01
Granted during the period 12,324 0.01 0 0
Forfeited during the period 5,109 0.01 500 0.01
Outstanding at the end of the period 56,186 0.01 38,753 0.01
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

4. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 May 2023 10,603 32,463 43,066
Additions 0 18,508 18,508
At 30 April 2024 10,603 50,971 61,574
Accumulated depreciation
At 01 May 2023 8,350 18,974 27,324
Charge for the financial year 1,721 9,079 10,800
At 30 April 2024 10,071 28,053 38,124
Net book value
At 30 April 2024 532 22,918 23,450
At 30 April 2023 2,253 13,489 15,742

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 2,010,015
Additions 712,084
At 30 April 2024 2,722,099
Carrying value at 30 April 2024 2,722,099
Carrying value at 30 April 2023 2,010,015

6. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 165,197 0
Corporation tax 336,664 0
Other debtors 12,957 34,665
514,818 34,665

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,159 9,001
Amounts owed to own subsidiaries 88,374 242,236
Other taxation and social security 106,489 153,092
Other creditors 613,360 752,037
817,382 1,156,366

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. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 28,694 35,074
Other creditors 0 226,367
28,694 261,441

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.

9. Called-up share capital

2024 2023
£ £
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 577 577
600 600
165,256 Preference non-redeemable shares of £ 0.001 each (2023: nil shares) 165 0
765 600

In the financial year 2024, preference shares were allotted with an aggregate nominal value of £165.26 and consideration of £3,008,572 was received.

10. Related party transactions

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

2024 2023
£ £
Amounts owed to subsidiaries 88,374 242,236
Amounts owed by subsidiaries (165,197) 0

The loans are interest free and repayable on demand.

Other related party transactions

2024 2023
£ £
Amounts owed to related parties 250,367 226,367

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