| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Sports Labs Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Sports Labs Limited |
| Sports Labs Limited (Registered number: SC186755) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Sports Labs Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Management Accountants |
| Drumsheugh Toll |
| 2 Belford Road |
| Edinburgh |
| Midlothian |
| EH4 3BL |
| Sports Labs Limited (Registered number: SC186755) |
| Statement of Financial Position |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Sports Labs Limited (Registered number: SC186755) |
| Statement of Financial Position - continued |
| 31 August 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Sports Labs Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Sports Labs Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and Building | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Investments in subsidiaries |
| Investments in subsidiaries are recognised at cost less any assessment for impairment. |
| Stocks |
| Work in progress is valued at the cost of labour incurred in getting it to its current state of completion. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
| Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. |
| Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. |
| Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
| Research and development |
| Research and Development costs totalling £59,576 (2023 - £55,375) have been incurred during the year and recognised as an expense. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Leases are assessed based on the substance of the transaction and are categorised as finance leases or operating leases accordingly. |
| Finance Leases |
| Where substantially all the risks and rewards incidental to ownership are borne by the lessee, the lease is categorised as a finance lease. It is initially recognised in the statement of financial position as an asset with a corresponding liability. |
| The subsequent allocation of payments between the finance charge and the reduction of the outstanding liability are calculated using the effective interest method, so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Operating Leases |
| Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Software |
| Land and | Plant and | Motor | & Website |
| Building | machinery | vehicles | Development | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Assets included in Motor Vehicles and Plant & Machinery have been purchased on hire purchase. These have a combined net book value at the year end of £45,534. The depreciation charged on these assets in the year is £10,434. |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: 3rd Floor, 207 Regent Street, London, W1B 3HH |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: 1904 Chemin de Labrugade, 46800 Montcuq-en-Quercy-Blanc |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year/period |
| 6. | STOCKS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Work In Progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 99,870 | 97,641 |
| Prepayments and accrued income |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corp. tax |
| Social security and other taxes |
| VAT | 100,883 | 100,509 |
| Other creditors |
| RBS Business Master Card | 23,996 | 17,706 |
| Pensions fund | 9,189 | 8,279 |
| AMEX Business Card | 17,936 | 11,488 |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | PROVISIONS FOR LIABILITIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Deferred tax | 73,789 | 70,624 |
| Compromise agreement | 1,342,745 | - |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 September 2023 |
| Provided during year |
| Capital allowances timing | 3,165 | - |
| Balance at 31 August 2024 |
| Other provisions are held against a compromise agreement entered into by the company. Due to the confidentiality terms within the final agreement, full details are not being disclosed. |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| As at the balance sheet date the directors owed the company amounts totalling £99,869 (2023 - £97,642). During the year, the directors withdrew nil (2023 - £4,913) and repaid nil (2023 - £4,313). Interest of £2,228 (2023 - £2,030) was added to the amounts owed by the directors. |
| Interest was charged on balances over £10,000 owed to the company at 2.25 %. |
| The sums owed were unsecured and repayable upon demand. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £192,000 (2023 - £192,000) were paid to the directors . |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | RELATED PARTY DISCLOSURES - continued |
| From time to time the company enters into transactions with other Companies under common control or in which significant influence is held by the directors. Where these transactions have been made under normal market conditions specific details are not provided. |
| Balances owed to or from other group companies |
| 2024 | 2024 | 2023 | 2023 |
| Receivable | Payable | Receivable | Payable |
| £ | £ | £ | £ |
| Loan Balances with other Group Companies | 211,775 | 243,122 | 185,834 | 164,526 |
| 2024 | 2024 | 2023 | 2023 |
| Receivable | Payable | Receivable | Payable |
| £ | £ | £ | £ |
| Trade receivables / payables with Group Companies | 4,462 | 7,982 |
| The above loans are repayable upon demand and are interest free. |
| Balances owed to or from companies outside the group in which the directors exert influence |
| 2024 | 2024 | 2023 | 2023 |
| Receivable | Payable | Receivable | Payable |
| £ | £ | £ | £ |
| Trade receivables / payables | 17,175 | 5,009 | 5,291 | 14,919 |
| The above balances are held within trade debtors and trade creditors and are owed by or to companies in which the directors are able to exert influence via their shareholdings. These are companies which are outwith the group. Extended trading terms are granted or received due to the influence of the directors. |
| Loan Balances owed to or from companies outside the group in which the directors exert influence |
| 2024 | 2023 |
| Receivable | Receivable |
| £ | £ |
| Loan balances due | 285,586 | 222,569 |
| The loans provided to the companies are repayable upon demand and are interest free. They are included within other debtors. The recipients of the loans are companies in which the directors are able to exert influence via their shareholding. These are companies which are outwith the group.. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Sports Labs Holdings Ltd. |
| The Director, Eric O'Donnell is the ultimate controlling party by virtue of his majority shareholding in the parent |
| Company, Sports Labs Holdings Ltd. |