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REGISTERED NUMBER: SC186755 (Scotland)















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: Mr R K Nixon
Mr E J O'Donnell





SECRETARY: S A O'Donnell





REGISTERED OFFICE: 1 Adam Square
Brucefield Industry Park
Livingston
West Lothian
EH54 9DE





REGISTERED NUMBER: SC186755 (Scotland)





ACCOUNTANTS: One Accounting Ltd
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 4 305,835 320,572
Investments 5 242,773 242,773
548,608 563,345

CURRENT ASSETS
Stocks 6 13,708 12,320
Debtors 7 1,750,778 1,375,462
Cash at bank and in hand 756,089 858,950
2,520,575 2,246,732
CREDITORS
Amounts falling due within one year 8 663,302 776,343
NET CURRENT ASSETS 1,857,273 1,470,389
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,405,881

2,033,734

CREDITORS
Amounts falling due after more than one year 9 (32,970 ) (16,440 )

PROVISIONS FOR LIABILITIES 11 (1,416,534 ) (70,624 )
NET ASSETS 956,377 1,946,670

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 956,372 1,946,665
SHAREHOLDERS' FUNDS 956,377 1,946,670

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:




Mr R K Nixon - Director



Mr E J O'Donnell - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Building - 15% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 42 (2023 - 40 ) .

4. TANGIBLE FIXED ASSETS
Software
Land and Plant and Motor & Website
Building machinery vehicles Development Totals
£    £    £    £    £   
COST
At 1 September 2023 53,472 924,229 192,070 - 1,169,771
Additions - 40,449 24,361 18,720 83,530
Disposals - (74,339 ) - - (74,339 )
At 31 August 2024 53,472 890,339 216,431 18,720 1,178,962
DEPRECIATION
At 1 September 2023 47,543 700,513 101,143 - 849,199
Charge for year 1,538 60,764 24,548 - 86,850
Eliminated on disposal - (62,922 ) - - (62,922 )
At 31 August 2024 49,081 698,355 125,691 - 873,127
NET BOOK VALUE
At 31 August 2024 4,391 191,984 90,740 18,720 305,835
At 31 August 2023 5,929 223,716 90,927 - 320,572

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 242,773
NET BOOK VALUE
At 31 August 2024 242,773
At 31 August 2023 242,773

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Propitch Ltd
Registered office: 3rd Floor, 207 Regent Street, London, W1B 3HH
Nature of business: Specialist testing for sports surfaces.
%
Class of shares: holding
Ordinary 100.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 182,721 126,590
Profit for the year 56,131 161,056

Sports Labs SAS
Registered office: 1904 Chemin de Labrugade, 46800 Montcuq-en-Quercy-Blanc
Nature of business: Testing and certifying sports surfaces.
%
Class of shares: holding
Ordinary 75.00
31.8.24 31.8.23
£    £   
Aggregate capital and reserves 35,213 21,710
Profit for the year/period 14,237 8,683

6. STOCKS
31.8.24 31.8.23
£    £   
Work In Progress 13,708 12,320

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 1,028,880 761,087
Amounts owed by group undertakings 211,775 185,834
Other debtors 340,775 273,473
Directors' current accounts 99,870 97,641
Prepayments and accrued income 69,478 57,427
1,750,778 1,375,462

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 - 74,440
Hire purchase contracts (see note 10) 27,212 18,596
Trade creditors 180,148 198,388
Amounts owed to group undertakings 243,219 164,526
Corp. tax 752 121,351
Social security and other taxes 45,104 42,776
VAT 100,883 100,509
Other creditors 2,401 -
RBS Business Master Card 23,996 17,706
Pensions fund 9,189 8,279
AMEX Business Card 17,936 11,488
Accrued expenses 12,462 18,284
663,302 776,343

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Hire purchase contracts (see note 10) 32,970 16,440

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 27,212 18,596
Between one and five years 32,970 16,440
60,182 35,036

Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 88,379 88,379
Between one and five years 167,862 255,442
256,241 343,821

11. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 73,789 70,624
Compromise agreement 1,342,745 -
1,416,534 70,624

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 70,624 -
Provided during year - 1,342,745
Capital allowances timing 3,165 -
Balance at 31 August 2024 73,789 1,342,745

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.