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Registered number: 08741678










CATAPULT SPORTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CATAPULT SPORTS LIMITED
 

COMPANY INFORMATION


Directors
Willians Lopes 
Hayden John Stockdale (resigned 31 May 2023)
Robert Michael Cruickshank (appointed 1 June 2023)




Company secretary
J P Garland



Registered number
08741678



Registered office
34 Boar Lane

Leeds

United Kingdom

LS1 5DA




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
CATAPULT SPORTS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 6
Directors' Report
 
 
7 - 8
Independent Auditors' Report
 
 
9 - 13
Statement of Comprehensive Income
 
 
14
Balance Sheet
 
 
15
Statement of Changes in Equity
 
 
16
Statement of Cash Flows
 
 
17
Notes to the Financial Statements
 
 
18 - 31


 
CATAPULT SPORTS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Financial and operating performance
 
Revenue for the year has grown to £12.5m (FY23: £10.4m) and excluding Intercompany Revenues it has grown to £5.4m (FY23: £4.3m). This increase in revenue has allowed the Company to reduce losses in the year to £1.4m (FY23: £1.7m).
The Company is well positioned with a cash balance as at 31 March 2024, £0.7m (FY23: £0.5m). Additionally, the Company is well supported by the cash held at the group level.
The Group continued to focus on reducing variable and fixed costs which, coupled with the revenue increase, were the primary drivers of the Free Cash Flow generated during the year.
The Group launched an enhanced Football Pro Video suite with its new Hub product for American Football clients along with a new scout capabilities solution. The latest update includes new time-saving automation, improved workflows, smarter presentation tools, and faster calculation capabilities.
The Group achieved its objective of positive Free Cash Flow for FY24 with a strong result of US$4,648k, a US$26,196k improvement from the prior year (FY23: negative Free Cash Flow US$21,545k).
The Group finalised an extension to its existing US$20,000k debt facility, with its existing financier, the US-based Western Alliance Bank, which now has a maturity date of 31 May 2027.
The Company continued its commercial growth in the UK and European markets. Growth projections from the close of FY24 show the addition of many new customers as well as renewed contracts including, Watford FC (soccer), Arsenal FC (soccer), Middlesborough FC (soccer), Football Association of Wales (soccer), Scottish Rugby Union (rugby) and Professional Games Match Officials Limited (soccer).

Page 1

 
CATAPULT SPORTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Business strategies and prospects
 
Catapult’s vision is to create the platform of solutions for teams and athletes, to improve the performance of athletes and teams globally.
 
Within this platform Catapult has identified five “verticals” of technology solutions across two customer levels.
During the financial year, the principal activities of the entities within the Group and across the verticals were:
- In the Performance & Health vertical, a range of SaaS tracking technologies that use proprietary algorithms to quantify the load, effort and fatigue levels of athletes enabling them to maximize performance and minimize injury.
- In the Tactics & Coaching vertical, a range of video analysis software that segments game footage, enables instant video manipulation and replay, scouting of upcoming opponents, and more effective tactical and coaching practices and outcomes.
- In the Management vertical, AMS or the ‘athlete management system’, which is a cloud-based repository for wellness information that teams use to better understand athlete welfare, and an administration tool to plan rostering and the like.
- In the Professional Services vertical, a range of services that maximize the productivity of customers’ sports technology, providing them with sports science insights and perspectives to gain a competitive edge.
- In the Media & Engagement vertical, a range of services to manage and monetize the video content assets (i.e., footage) of customers, to drive fan engagement via social media, generate revenue from media licensing, and facilitate talent scouting of athletes.
The Group’s wearable and video solution products are provided to elite clients on both a subscription and upfront capital sales basis, with subscription sales forming the vast majority of all sales to elite clients. Catapult is the global leader in wearable tracking technology and analytics solutions for the sports performance market with more than 4,200 teams (FY23: 3,800 teams). Catapult is also a market leader in providing innovative digital and video analytic software solutions to elite sports teams globally.
With major offices in Australia, the United States and the United Kingdom and over 430 staff in 26 countries (FY23: 460 staff in 28 countries), Catapult is a global technology success story that is committed to advancing the way data is used in elite sports.

Page 2

 
CATAPULT SPORTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Business risk
 
In executing its growth plans, Catapult is subject to the market, operational and acquisition risks, including those outlined below:
Pandemic Risks
The COVID-19 crisis has caused significant disruption in sports globally. Despite the trend returning to normalcy, a pandemic, including COVID-19 remains a risk for the Company. A pandemic or resurgence of COVID-19, including through new variants, may cause the closure or disruption of sporting events, reduce customer demand, adversely affect supply chain management, cause people movement disruptions and financial market volatility (including currency markets) and otherwise adversely affect the business. A pandemic may affect the ability of Catapult’s customers or suppliers to comply with their obligations under their agreements and influence renewal or subsequent contracting decisions. Catapult continues to assess the impact of COVID-19 on the business and continues to consider ways to mitigate any risks to the Company, including monitoring the impact of Government requirements and health measures on relevant markets, and supporting customers and employees to provide a safe working environment as well as supporting hybrid and remote working.
Economic Risk 
Catapult may be affected by general economic conditions. Changes in the broader economic and financial climate may adversely affect the conduct of Catapult’s operations.
In particular, sustained economic downturns in key geographies or sectors (in particular, sports business and consumer sectors), where Catapult is focused may adversely affect its financial performance. Changes in economic factors affecting general business cycles, global health risks such as the pandemic, inflation, legislation, monetary and regulatory policies, the increased level of global uncertainty and volatility associated with the conflict in Ukraine, the imposition of sanctions and export controls, as well as changes to accounting standards, may also affect the performance of Catapult. Additionally, while the US regional banking crisis has not adversely affected Catapult, further US bank or financial institution closures and continued global banking instability may affect Catapult’s ability to access cash, cash equivalents, and short and long-term investments, which could have a material adverse effect on Catapult’s business and financial condition. Such factors, in addition to other macroeconomic conditions, may adversely affect our customers and suppliers, which could also have a material adverse effect on Catapult’s business and financial condition. To help mitigate these risks, Catapult maintains a cash management strategy and continues to monitor its partner financial institutions and key markets. Further, detailed financial oversight allows responsive changes to the business following variations to the economic and financial climate. 
Industry and Competition Risk 
Catapult’s performance could be adversely affected if existing or new competitors reduce Catapult’s market share, or its ability to expand into new market segments. Catapult’s existing or new competitors may have substantially greater resources and access to more markets than Catapult. Competitors may succeed in developing new technologies or alternative products which are more innovative, easier to use or more cost effective than those that have been or may be developed by Catapult. This may place pricing pressure on Catapult’s product offering and may impact on Catapult’s ability to retain existing clients, as well as Catapult’s ability to attract new clients. If Catapult cannot compete successfully, Catapult’s business, operating results and financial position could be adversely impacted. Catapult mitigates these risks by continually striving for product innovation and development, pursuing strategic partnerships or acquisitions where appropriate, and monitoring competitor and industry activity to provide products that customers need.
Technology and Hosting Platforms 
Catapult relies on third-party hosting providers to maintain continuous operation of its technology platforms, servers and hosting services and the cloud-based environment in which Catapult provides its products. There is a risk that these systems may be adversely affected by various factors such as damage, faulting or aging equipment, power surges or failures, computer viruses, or misuse by staff or contractors. Catapult regularly monitors platform performance to attenuate this risk.
Other factors such as hacking, denial of service attacks, or natural disasters may also adversely affect these systems and cause them to become unavailable. Catapult’s development of business continuity and crisis management plans is designed to help mitigate these concerns.
Further, if Catapult’s third-party hosting provider ceased to offer its services to Catapult and Catapult was unable
Page 3

 
CATAPULT SPORTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

to obtain a replacement provider quickly, this could lead to a disruption of service to the Catapult website and cloud infrastructure. This could lead to a loss of revenue while Catapult is unable to provide its services, as well as adversely affecting its reputation. This could have a material adverse effect on Catapult’s financial position and performance.
Cyber Security and Data Breaches
Catapult provides its services through cloud-based and other online platforms. Despite investing in, and developing, our in-house technology capabilities, engaging reputable third-party IT service providers, and educating employees on data security and awareness, hacking or exploitation of any vulnerability on those platforms could lead to loss, theft or corruption of data. This could render Catapult’s services unavailable for a period while data is restored. Catapult’s services frequently involve processing sensitive personal or corporate confidential information. Such sensitive information could be taken, lost or viewed by unauthorized persons, either maliciously or via administrative or user error. Such a data breach or other cyber incident could lead to unauthorized disclosure of users’ data with associated reputational damage, claims by users, regulatory scrutiny and fines. Although Catapult employs strategies and protections to improve the quality of its administrative processes and global cyber security review, including Audit and Risk Committee risk updates, and ongoing external cyber threat assessments to minimize security breaches and to protect data, these strategies and protections might not be entirely successful. In that event, disruption to Catapult’s services could adversely impact on Catapult’s revenue, profitability and growth prospects. The loss of client data could have severe impacts on client service, reputation, and the ability for clients to use the products.
Manufacturing and Product Quality Risks
Catapult currently uses third-party manufacturers to produce components of its products. There is no guarantee that these manufacturers will be able to meet the cost, quality and volume requirements that are required to be met for Catapult to remain competitive. Catapult’s products must also satisfy certain regulatory and compliance requirements, which may include inspection by regulatory authorities. Failure by Catapult or its suppliers to continuously comply with applicable requirements could result in enforcement action being taken against Catapult. Catapult continues to manage these risks by searching for replacement components, placing component orders well in advance, placing larger orders to increase stock on hand levels, and allowing the business sufficient time to respond to shortages and make necessary changes to manufacturers.
As a manufacturer, importer and supplier of products, product liability risk, faulty products and associated recall are key risks of the Catapult business. While Catapult has product liability insurance, not all claims will be covered by this, and any issues arising from product liability faults may be significant and beyond the protection of Catapult’s existing insurance coverage.
Development and Commercialization of Intellectual Property
Catapult relies on its ability to develop and commercialize its intellectual property. A failure to protect, develop and commercialize its intellectual property successfully could lead to a loss of opportunities and adversely impact the operating results and financial position of Catapult. Furthermore, any third party developing superior technology or technology with greater commercial appeal in the fields in which Catapult operates may harm the prospects of Catapult.
Catapult’s success depends, in part, on its ability to obtain, maintain and protect its intellectual property, including its patents. Actions taken by Catapult to protect its intellectual property, including regular trademark searches and strategic protection of the register, may not be adequate, complete or enforceable and may not prevent the misappropriation of its intellectual property and proprietary information or deter independent development of similar technologies by others.
The granting of a patent does not guarantee that Catapult’s intellectual property is protected and that others will not develop similar technologies that circumvent such patents. There can be no assurance that any patents Catapult owns, controls or licenses, whether now or in the future, will give Catapult commercially significant protection of its intellectual property.
While Catapult regularly monitors unauthorized use of its intellectual property rights, this can be difficult and costly. Catapult may not be able to detect unauthorized use of its intellectual property rights. Changes in laws in Australia and other jurisdictions in which Catapult operates may adversely affect Catapult’s intellectual property rights.
 
Page 4

 
CATAPULT SPORTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Other parties may develop and patent substantially similar or substitute products, processes, or technologies to those used by Catapult, and other parties may allege that Catapult’s products incorporate intellectual property rights derived from third parties without their permission. Catapult may be subject to a claim that its current products infringe the intellectual property rights of a third party. Allegations of this kind, if successful, may result in injunctions being granted against Catapult which could materially affect the operation of Catapult and Catapult’s ability to earn revenue, and cause disruption to Catapult’s services. The defence and prosecution of intellectual property rights lawsuits, proceedings, and related legal and administrative proceedings are costly and time-consuming, and their outcome is uncertain. In addition to its patent and licensing activities, Catapult also relies on protecting its trade secrets. Actions taken by Catapult to protect its trade secrets may not be adequate and this could erode its competitive advantage in respect of such trade secrets. Further, others may independently develop similar technologies.
Further Product Development Risk 
Catapult has developed its athlete video and tracking technology and software products and continues to invest in further systems and product development.
Catapult cannot be certain that further development of its video and athlete tracking technology, software products, or online sport learning platform will be successful, that development milestones will be achieved, or that Catapult’s intellectual property will be developed into further products that are commercially exploitable. There are many risks inherent in the development of technologies and related products, particularly where the products are in the early stages of development. Projects can be delayed or fail to demonstrate any benefit or may cease to be viable for a range of reasons, including scientific and commercial reasons. Catapult seeks to alleviate some of these risks by undertaking customer feedback programs to inform future product development priorities.
Brand and Reputation Damage 
The brand and reputation of Catapult and its individual products are important in retaining and increasing the number of clients that utilize Catapult’s technology and products and could prevent Catapult from successfully implementing its business strategy. Any reputational damage or negative publicity surrounding Catapult, or its products could adversely impact on Catapult’s business and its future growth and profitability. Catapult’s policies and procedures, and the training provided to employees, help to manage these risks.
Product Liability
Catapult’s business exposes it to potential product liability claims related to the manufacturing, marketing and sale of its products. Catapult maintains product liability insurance and regularly reviews the level and scope of such cover to ensure it is appropriate. However, to the extent that a claim is brought against Catapult that is not covered or fully covered by insurance, such a claim could have a material adverse effect on the business, financial position and results of Catapult. Claims, regardless of their merit or potential outcome, may adversely impact Catapult’s business and its future growth and profitability.
Litigation 
Catapult may, in the ordinary course of business, be involved in disputes. These disputes could give rise to litigation which may be costly and may adversely affect the operational and financial results of Catapult. Catapult maintains financial oversight to enable responsive changes to spending in the event of such a dispute.
Catapult Sports Inc. is the subject of a patent infringement claim filed by Charles Smith Enterprises, LLC (a non-practising entity) filed before the District Court of Delaware. While the claim involves a current Catapult product, it is not anticipated that this claim will materially affect the operation of Catapult or cause disruption to Catapult’s products and services. Catapult Group International Ltd is the subject of a trademark opposition procedure filed before the United States Trademark Trial and Appeal Board (TTAB) by adidas AG in respect of a pending trademark application in the United States. It is not anticipated that this trademark opposition will materially affect the operation of Catapult or cause disruption to Catapult’s products and services.
Given the above circumstances, no provisions have been recognized at March 31, 2024 in respect of either matter.

Page 5

 
CATAPULT SPORTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The company use a set of key performance indicators, financial and non-financial, to monitor the business linked to the principal risks.
- Turnover has increased 20% from £10.4m in 2023 to £12.5m in 2024. This is driven partly by acquisition of new customers but also a number of contracts novating from SBG Sports Software which was purchased by the Catapult group in 2021.
- The Company's strong control over operating costs mean they have not risen in line with income and this has significantly reduced the Company's operating loss from £1.7m in 2023 to £1.2m in 2024.
- The Company expects to see further reductions in the operating loss in 2025.
- The Company continues to contribute to the Catapult Group International's commitment for 2025 to be cashflow positive.


This report was approved by the board on 23 May 2025 and signed on its behalf.



Robert Michael Cruickshank
Director

Page 6

 
CATAPULT SPORTS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company is principally engaged in providing marketing services to other Group entities to build relationships with customers and to promote the Group's products and services. The company also sells goods to third parties, as well as offering subscriptions and software, support and maintenance services.

Results and dividends

The loss for the year, after taxation, amounted to £1,382,198 (2023 - loss £1,671,177).

Directors

The directors who served during the year were:

Willians Lopes 
Hayden John Stockdale (resigned 31 May 2023)
Robert Michael Cruickshank (appointed 1 June 2023)

Future developments

The market continues to be buoyant and the company is confident that it will continue to grow in a controlled manner through the development of new markets. The company will continue to develop its employees through training and other means of support to ensure employee retention rates are maintained.

Page 7

 
CATAPULT SPORTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Engagement with employees

The Company keeps employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the Company. The company continues to support its employees both through professional development and other means to ensure that the technical knowledge is held within the business through high levels of employee retention.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 23 May 2025 and signed on its behalf.
 





Robert Michael Cruickshank
Director

Page 8

 
CATAPULT SPORTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CATAPULT SPORTS LIMITED
 

Qualified Opinion


We have audited the financial statements of Catapult Sports Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opnion section of our report, the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for qualified opinion


We were not appointed as auditor of the company until after 31 March 2022 and thus did not observe the counting of physical stock at the end of that year. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £512,182 held at 31 March 2022, by using other audit procedures. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 March 2023. Our audit opinion on the financial statements for the period ended 31 March 2022 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures.


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 9

 
CATAPULT SPORTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CATAPULT SPORTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


Arising solely from the limitation on the scope of our work relating to stocks, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following maters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or 
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

 
Page 10

 
CATAPULT SPORTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CATAPULT SPORTS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
CATAPULT SPORTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CATAPULT SPORTS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
• We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions.
• We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions.
• We reviewed minutes of directors meetings and agreed the financial statement disclosures to underlying supporting documentation.
• We have made enquiries of management and directors of the company regarding laws and regulations applicable to the organisation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 12

 
CATAPULT SPORTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CATAPULT SPORTS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Booth (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

23 May 2025
Page 13

 
CATAPULT SPORTS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
12,520,594
10,404,297

Cost of sales
  
(129,758)
(445,963)

Gross profit
  
12,390,836
9,958,334

Distribution costs
  
(138,795)
(187,978)

Administrative expenses
  
(11,988,734)
(10,765,921)

Other operating income
 4 
-
17,353

Share based payment charge
  
(1,482,512)
(703,757)

Operating loss
 5 
(1,219,205)
(1,681,969)

Interest receivable and similar income
 8 
-
5,321

Interest payable and similar expenses
 9 
(162,993)
-

Loss before tax
  
(1,382,198)
(1,676,648)

Tax on loss
 10 
-
5,471

Loss for the financial year
  
(1,382,198)
(1,671,177)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(1,382,198)
(1,671,177)

The notes on pages 18 to 31 form part of these financial statements.

Page 14

 
CATAPULT SPORTS LIMITED
REGISTERED NUMBER: 08741678

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,968,073
1,470,663

Current assets
  

Stocks
 12 
389,699
442,064

Debtors: amounts falling due after more than one year
 13 
194,772
-

Debtors: amounts falling due within one year
 13 
12,662,060
9,777,134

Cash at bank and in hand
  
671,698
494,795

  
13,918,229
10,713,993

Creditors: amounts falling due within one year
 14 
(18,611,390)
(14,899,342)

Net current liabilities
  
 
 
(4,693,161)
 
 
(4,185,349)

Total assets less current liabilities
  
(2,725,088)
(2,714,686)

Creditors: amounts falling due after more than one year
 15 
(301,815)
(412,531)

  

Net liabilities
  
(3,026,903)
(3,127,217)


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Profit and loss account
  
(3,027,903)
(3,128,217)

  
(3,026,903)
(3,127,217)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 May 2025.




Robert Michael Cruickshank
Director

The notes on pages 18 to 31 form part of these financial statements.

Page 15

 
CATAPULT SPORTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1,000
(2,160,797)
(2,159,797)


Comprehensive income for the year

Loss for the year
-
(1,671,177)
(1,671,177)

Share based payment charge
-
703,757
703,757



At 1 April 2023
1,000
(3,128,217)
(3,127,217)



Loss for the year
-
(1,382,198)
(1,382,198)

Share based payment charge
-
1,482,512
1,482,512


At 31 March 2024
1,000
(3,027,903)
(3,026,903)


The notes on pages 18 to 31 form part of these financial statements.

Page 16

 
CATAPULT SPORTS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(1,382,198)
(1,671,177)

Adjustments for:

Depreciation of tangible assets
501,208
302,166

Interest paid
162,993
-

Interest received
-
(5,321)

Taxation charge
-
(5,471)

Decrease in stocks
52,365
70,118

(Increase)/decrease in debtors
(82,310)
79,347

Increase in creditors
571,826
616,494

Increase/(decrease)) in amounts owed to groups
32,118
(878,307)

Share based payment charge
1,482,512
703,757

Net cash generated from operating activities

1,338,514
(788,394)


Cash flows from investing activities

Purchase of tangible fixed assets
(998,618)
(1,124,102)

Interest received
-
5,321

Net cash from investing activities

(998,618)
(1,118,781)

Cash flows from financing activities

Interest paid
(162,993)
-

Net increase/(decrease) in cash and cash equivalents
176,903
(1,907,175)

Cash and cash equivalents at beginning of year
494,795
2,401,970

Cash and cash equivalents at the end of year
671,698
494,795


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
671,698
494,795


Page 17

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Catapult Sports Limited is a private company, limited by shares, and is incorporated in England and Wales.
The address of its registered office is 34 Boar Lane, Leeds, United Kingdom, LS1 5DA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The report has been prepared on the going concern basis of accounting which contemplates continuity of normal business and the realization of assets and settlement of liabilities in the ordinary course of business.
As the Company is loss making and has net liabilities on the balance sheet, however the Directors are of the view that the going concern basis of preparing the financial statements is appropriate. Notwithstanding this, the company’s operations are intrinsically linked to the ongoing support of the wider Catapult Group.
The Directors have obtained assurances from the Group’s Board of Directors that the company will have the support of the parent company and wider Catapult Group for the foreseeable future.
As at 31 March 2024, the Group had net cash inflows from operations of $31,703k USD (FY23: $3,734k USD net cash inflows from operations). 
The Group had a current asset deficit of $28,793k USD (March 2023: deficit $13,312k USD). Current liabilities include contract liabilities of $34,471k USD (March 2023: $28,158k USD) expected to release into revenue within 12 months. Current contract liabilities are expected to be delivered over the next 12 months; therefore, no actual cash outflows are expected other than those required to pay costs associated with delivering the service.
Notwithstanding this, the Directors are of the view that the going concern principle is appropriate for the Group due to the following factors: 
• The Group has continued to secure sales to many leading sporting organisations across the world for which revenue are cash inflows will be recognised in future periods.
• The Group confirmed an upsized $20m USD debt facility with Western Alliance Bank during 2022.
• The Group continues to be well positioned with $11,594k USD of cash and cash equivalents at 31 March 2024.

Page 18

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue arises from the sale of goods and the rendering of services. It is measured by reference to the fair value of consideration Catapult is entitled to, excluding VAT, rebates, and trade discounts.
Catapult enters into sales transactions involving an outright sale to the client, on a subscription basis or for rendering of services. Catapult applies the revenue recognition criteria set out below to each separately identifiable component of the sales transaction in order to reflect the substance of the transaction.
To determine whether to recognise revenue, Catapult follows a five-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance obligations
5. Recognising revenue when/as performance obligation(s) are satisfied
When Catapult enters into transactions involving its products and services, the total transaction price for a contract is allocated amongst the various performance obligations. Revenue is recognised either at a point in time or over time, when the Entity's satisfied performance obligations by transferring the promised goods or services to customers.
Capital (sale of equipment)
Capital Revenue is the sale of goods to third parties and is recognised at a point in time when Catapult has transferred to the buyer the significant risks and rewards of ownership, and control of the goods. The timing of the transfer of risks and rewards/control varies depending on the individual terms of the sales agreement. For sales of wearable units and sale of hardware in the video analytics business the transfer usually occurs on dispatch of the goods from Catapult's premises.
Subscription and Services
Subscription revenue comprises the recurring monthly billing from wearables subscription sales, rendering of services and content licensing. Unbilled revenue at the period end is recognised in the Balance Sheet as accrued revenue and included within trade and other receivables & contract assets. Unearned revenue at the period end is recognised in the Balance Sheet as deferred revenue and included within contract liabilities.
Revenue is recognised as performance obligations under customer contracts are met. Performance obligations consist of the provisioning of the software/cloud/SaaS subscription and related maintenance and support services over the term of the contract.
(i) Wearables Subscription sale
Catapult generates revenues from subscription sales typically whenever the goods have been dispatched from Catapult's premises and the software has been activated for the customer. The revenue from the subscription agreement is recognised on a monthly basis in equal amounts for each month of the subscription agreement.
(ii) Rendering of Services
Catapult is involved in providing software, support and maintenance services. Catapult recognises revenue from such activities on a monthly basis in equal amounts for each month of the subscription agreement.

 
Page 19

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Revenue (continued)

(iii) Multiple Element contracts
Catapult may enter into a contract or multiple contracts with customers that may include multiple performance obligations. Where multiple contracts are entered into, Catapult determines whether it is required to be measured with another pre-existing contract by determining whether the performance obligations promised are being sold at their stand-alone selling price (SASP). Where pricing is equal to SASP, the contract is treated as a stand-alone contract.  Where pricing is not equal to SASP, the contract is combined with the pre-existing contract with the customer as a multiple-performance obligation (multi-PO) arrangement. Where a multi-PO arrangement is entered into, each performance obligation is allocated a proportional amount of revenue based on the transaction price of the contract and the relative SASP of each performance obligation.
(v) Prepaid Purchase
Prepaid purchases comprise of subscription contracts entered into whereby the customer pays for the subscription either annually or all in advance. This result in recurring monthly revenue (primarily from wearable/performance and health sales). Unearned revenue at the year-end is recognised on the Balance Sheet as deferred revenue and included within contract liabilities.
(vi) Interest
Interest income and expenses are reported on an accrual basis using the effective interest method.
Other Revenue
Other revenue is additional revenue related to the sale of hardware, consisting of media, shipping, training and installation income. Revenue is recognised either at a point in time or over time, when the Company satisfies performance obligations by transferring the promised goods or services to customers.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Plant and machinery
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all expenses directly attributable to the manufacturing process. Costs of ordinarily interchangeable items are assigned using the first in, first out cost formula.
Net realisable value is the estimated selling price in the ordinary course of business less any applicable selling expenses.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

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

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 21

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 22

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 23

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.17

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 24

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
12,520,594
10,404,297


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
8,913,072
6,966,488

Rest of Europe
3,559,781
3,418,044

Rest of the world
47,741
19,765

12,520,594
10,404,297



4.


Other operating income

2024
2023
£
£

Other operating income
-
2,000

Government grants receivable
-
15,353



5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets owned by the company
501,208
302,166

Exchange differences
(138,361)
177,065

Share-based payment
1,482,512
703,757

Page 25

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
28,000
23,100

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
7,228,741
6,570,905

Social security costs
907,757
853,565

Share based payment charge
1,482,512
703,757

Cost of defined contribution scheme
262,027
235,420

9,881,037
8,363,647


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
100
108


8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
5,321


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
162,993
-

Page 26

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Corporation tax
-
(5,471)


Deferred tax


Taxation on profit/(loss) on ordinary activities
-
(5,471)


During the year the company has surrendered losses of £115,004 (2023 - £686,229) to fellow group entities.
The company has losses of £7,398,462 (2023 - £5,103,105) available to carry forward.



There were no factors that may affect future tax charges.


11.


Tangible fixed assets





Leasehold property
Equipment
Total

£
£
£



Cost


At 1 April 2023
266,083
1,756,823
2,022,906


Additions
6,578
992,040
998,618



At 31 March 2024

272,661
2,748,863
3,021,524



Depreciation


At 1 April 2023
41,910
510,333
552,243


Charge for the year on owned assets
19,423
481,785
501,208



At 31 March 2024

61,333
992,118
1,053,451



Net book value



At 31 March 2024
211,328
1,756,745
1,968,073



At 31 March 2023
224,173
1,246,490
1,470,663

Page 27

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           11.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
211,328
224,173



12.


Stocks

2024
2023
£
£

Raw materials and consumables
32,378
12,377

Finished goods and goods for resale
357,321
429,687

389,699
442,064



13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
194,772
-

194,772
-


2024
2023
£
£

Due within one year

Trade debtors
388,570
449,919

Amounts owed by group undertakings
12,031,945
9,034,557

Other debtors
45,357
94,518

Prepayments and accrued income
196,188
198,140

12,662,060
9,777,134


Page 28

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
183,065
182,148

Amounts owed to group undertakings
15,114,765
12,085,259

Other taxation and social security
905,453
709,646

Other creditors
87,568
49,018

Accruals and deferred income
2,320,539
1,873,271

18,611,390
14,899,342



15.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
301,815
412,531



16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


17.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

494,795

176,903

671,698


Page 29

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Share-based payments

The following options have been granted under the Catapult Sports Employee Share Plan (CSEP).

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

9

2,049,222

25
 
1,126,593
 
Granted during the year


4,166,292

 
1,495,826
 
Forfeited during the year


(179,533)

 
(202,450)
 
Exercised during the year


(856,270)

 
(370,747)
 
Outstanding at the end of the year
11

5,179,711

9
 
2,049,222
 



2024
2023
£
£


Equity-settled schemes
1,482,512
703,757

Under FRS102 Section 26 the company is required to recognise as an expense in their financial
statements approtioned over the vesting period based upon the number of options which are expected to
vest and the fair value of those share options at the date of the grant.
Accordingly, an equity-settled charge has been recognised in the financial statements as noted above.
The company provides two equity-settled scheme benefits to employees, Performance Rights and
Options.  The Performance Rights are recognised in accordance with the latest share price of the
instrument and options use the same share price though use either the Monte Carlo or Black Scholes model to value the option based on historical data and that this is indicative of future trends.


19.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company  in an independently administered fund. The pension cost charge
represents contributions payable by the Company  to the fund and amounted to £262,027 (2023 -
£235,420) . Contributions totalling £57,138 (2023 - £41,046) were payable to the fund at the balance sheet date and are included in creditors.

Page 30

 
CATAPULT SPORTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
442,102
119,637

Later than 1 year and not later than 5 years
691,022
598,187

1,133,124
717,824


21.


Related party transactions

The company has taken advantage of the exemption permitted by FRS 102 for the disclosure requirements of Section 33 Related Party Disclosures paragraph 33.1A and has not disclosed transactions with other wholly-owned members of the group headed by Catapult International Pty Ltd.


22.


Controlling party

The directors consider that the immediate and ultimate parent undertaking is Catapult Group International Limited incorporated in Australia.
The largest group of undertaking for which group accounts have been drawn up is that headed by Catapult Group International Limited, incorporated in Australia and the smallest such group of undertakings is that headed by Catapult International Pty Ltd, incorporated in Australia. Copies of the group accounts can be obtained from Level 2, 630 Church Street, Richmond, Victoria, 3121, Australia.


Page 31