Labosport Limited 05185905 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the testing of artificial surfaces for sporting institutions. Digita Accounts Production Advanced 6.30.9574.0 true true true 05185905 2024-01-01 2024-12-31 05185905 2024-12-31 05185905 core:CurrentFinancialInstruments 2024-12-31 05185905 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05185905 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 05185905 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 05185905 core:LandBuildings 2024-12-31 05185905 core:OtherPropertyPlantEquipment 2024-12-31 05185905 bus:SmallEntities 2024-01-01 2024-12-31 05185905 bus:Audited 2024-01-01 2024-12-31 05185905 bus:FilletedAccounts 2024-01-01 2024-12-31 05185905 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05185905 bus:RegisteredOffice 2024-01-01 2024-12-31 05185905 bus:Director1 2024-01-01 2024-12-31 05185905 bus:Director2 2024-01-01 2024-12-31 05185905 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05185905 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 05185905 core:LandBuildings 2024-01-01 2024-12-31 05185905 core:MotorVehicles 2024-01-01 2024-12-31 05185905 core:OfficeEquipment 2024-01-01 2024-12-31 05185905 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 05185905 1 2024-01-01 2024-12-31 05185905 1 2024-01-01 2024-12-31 05185905 countries:EnglandWales 2024-01-01 2024-12-31 05185905 2023-12-31 05185905 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05185905 core:LandBuildings 2023-12-31 05185905 core:OtherPropertyPlantEquipment 2023-12-31 05185905 2023-01-01 2023-12-31 05185905 2023-12-31 05185905 core:CurrentFinancialInstruments 2023-12-31 05185905 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05185905 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05185905 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05185905 core:LandBuildings 2023-12-31 05185905 core:OtherPropertyPlantEquipment 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 05185905

Labosport Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Labosport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Labosport Limited

Company Information

Directors

Prof D M James

Mr D A Rigby

Registered office

Unit 3 Aerial Way
Hucknall
Nottingham
NG15 6DW

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Auditors

Just Audit Limited
Chartered Accountants & Statutory Auditors
Strelley Hall
Main Street
Strelley
Nottingham
NG8 6PE

 

Labosport Limited

(Registration number: 05185905)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

70,151

81,013

Tangible assets

5

285,322

297,162

 

355,473

378,175

Current assets

 

Stocks

8,669

7,770

Debtors

6

627,493

518,601

Cash at bank and in hand

 

256,208

331,966

 

892,370

858,337

Creditors: Amounts falling due within one year

7

(245,411)

(243,182)

Net current assets

 

646,959

615,155

Total assets less current liabilities

 

1,002,432

993,330

Creditors: Amounts falling due after more than one year

7

(4,733)

-

Provisions for liabilities

(67,300)

(69,600)

Net assets

 

930,399

923,730

Capital and reserves

 

Called up share capital

1,100

1,100

Retained earnings

929,299

922,630

Shareholders' funds

 

930,399

923,730


 

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Statement of Retained Earnings has not been delivered.




 

 

Labosport Limited

(Registration number: 05185905)
Balance Sheet as at 31 December 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and FRS102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

Approved and authorised by the Board on 14 February 2025 and signed on its behalf by:
 

.........................................
Prof D M James
Director

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by shares, incorporated in England and Wales. Registration number: 05185905.

The address of its registered office is:
Unit 3 Aerial Way
Hucknall
Nottingham
NG15 6DW

These financial statements were authorised for issue by the Board on 14 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Income is recognised in full on contracts which have been completed in the year. Those contracts completed after the year end for which the value of the sale can be determined with reasonable certainty are included in proportion to the stage of completion.

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded in sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other property, plant and equipment

15% reducing balance basis

Office equipment

33.33% straight line basis

Motor vehicles

25% reducing balance basis

Land and buildings

over the lease term

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Research and development costs

Research expenditure is written off as incurred.

Development costs are capitalised and treated as Intangible Assets on the Balance Sheet, as the entity can demonstrate that all of the points in FRS 102 18.8H are met, and those costs are written off on a straight line basis over a period of 10 years, which is estimated to be the useful life of the development costs.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value and less any impairment losses, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

10 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Amounts recoverable on long-term contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 21).

4

Intangible assets

Internally generated development costs
 £

Total
£

Cost

Additions internally developed

108,620

108,620

At 31 December 2024

108,620

108,620

Amortisation

At 1 January 2024

27,607

27,607

Amortisation charge

10,862

10,862

At 31 December 2024

38,469

38,469

Carrying amount

At 31 December 2024

70,151

70,151

At 31 December 2023

81,013

81,013

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost

At 1 January 2024

4,823

835,768

840,591

Additions

-

49,031

49,031

Disposals

-

(27,745)

(27,745)

At 31 December 2024

4,823

857,054

861,877

Depreciation

At 1 January 2024

887

542,542

543,429

Charge for the year

96

54,701

54,797

Eliminated on disposal

-

(21,671)

(21,671)

At 31 December 2024

983

575,572

576,555

Carrying amount

At 31 December 2024

3,840

281,482

285,322

At 31 December 2023

3,936

293,226

297,162

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

510,149

422,512

Amounts owed by related parties

46,361

25,413

Prepayments

 

53,572

47,299

Other debtors

 

17,411

23,377

   

627,493

518,601

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Obligations under hire purchase contracts

3,177

-

Trade creditors

 

106,315

117,104

Amounts owed to group undertakings and undertakings in which the company has a participating interest

15,593

10,381

Taxation and social security

 

74,594

68,442

Other creditors

 

45,732

47,255

 

245,411

243,182

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £3,177 (2023 - £Nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Obligations under hire purchase contracts

4,733

-

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £4,733 (2023 - £Nil).

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £367,522 (2023 - £127,795). The financial commitments relate to operating lease payments due within one year of £97,778 (2023: £77,397) and £269,744 due between two and five years (2023: £50,398).

 

Labosport Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

9

Parent company

The parent company of the smallest group that draws up consolidated financial statements which included the results for Labosport Limited is Labosport International, whose registered office is at Technoparc du circuit des 24 heures, Chemin aux Boeufs, 72100 Le Mans, France.

A debenture is held by Global Loan Agency Services GmbH over all assets and undertaking of Labosport Limited as security for a facilities agreement in the name of Certania Beteilugungen GmbH, an intermediate parent company.


 

10

Non adjusting events after the financial period

On 1st January 2025, the staff of a fellow subsidiary company in the UK were transferred to Labosport Limited. During the course of the year ending 31st December 2025, the trade and assets will gradually be transferred to Labosport Limited. The provisional results of the fellow subsidiary for the year ended 31st December 2024, at the date of this report was turnover of £1.2m, and EBITDA of £-36K.

11

Disclosure under section 444(5B) of the Companies Act 2006

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 February 2025 was David Fletcher BA BFP FCA, who signed for and on behalf of Just Audit Limited.