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Company No: 05619229 (England and Wales)

SERIOUS SPORT GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

SERIOUS SPORT GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

SERIOUS SPORT GROUP LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2024
SERIOUS SPORT GROUP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2024
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 2024
SERIOUS SPORT GROUP LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 109,068 157,469
Tangible assets 4 189,238 135,402
298,306 292,871
Current assets
Stocks 5 625,858 656,000
Debtors 6 53,730 60,479
Cash at bank and in hand 210,234 300,184
889,822 1,016,663
Creditors: amounts falling due within one year 7 ( 276,069) ( 324,712)
Net current assets 613,753 691,951
Total assets less current liabilities 912,059 984,822
Net assets 912,059 984,822
Capital and reserves
Called-up share capital 8 290 386
Share premium account 63,204 63,204
Other reserves ( 171,111 ) 0
Profit and loss account 1,019,676 921,232
Total shareholders' funds 912,059 984,822

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Serious Sport Group Limited (registered number: 05619229) were approved and authorised for issue by the Board of Directors on 27 February 2025. 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 2024
SERIOUS SPORT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 26

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 December 2023 75,000 289,687 364,687
At 30 November 2024 75,000 289,687 364,687
Accumulated amortisation
At 01 December 2023 50,625 156,593 207,218
Charge for the financial year 7,500 40,901 48,401
At 30 November 2024 58,125 197,494 255,619
Net book value
At 30 November 2024 16,875 92,193 109,068
At 30 November 2023 24,375 133,094 157,469

4. Tangible assets

Leasehold improve-
ments
Vehicles Tools and equipment Office equipment Total
£ £ £ £ £
Cost
At 01 December 2023 3,017 4,999 244,612 57,107 309,735
Additions 6,623 0 74,528 1,765 82,916
At 30 November 2024 9,640 4,999 319,140 58,872 392,651
Accumulated depreciation
At 01 December 2023 3,017 3,160 130,587 37,569 174,333
Charge for the financial year 481 277 25,398 2,924 29,080
At 30 November 2024 3,498 3,437 155,985 40,493 203,413
Net book value
At 30 November 2024 6,142 1,562 163,155 18,379 189,238
At 30 November 2023 0 1,839 114,025 19,538 135,402

5. Stocks

2024 2023
£ £
Stocks 595,858 626,000
Work in progress 30,000 30,000
625,858 656,000

6. Debtors

2024 2023
£ £
Trade debtors 23,176 51,115
Corporation tax 20,447 0
Other debtors 10,107 9,364
53,730 60,479

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 111,475 240,246
Taxation and social security 64,951 78,389
Other creditors 99,643 6,077
276,069 324,712

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2,895 Ordinary shares of £ 0.10 each (2023: 3,862 shares of £ 0.10 each) 290 386