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REGISTERED NUMBER: 13350885 (England and Wales)















Surge Padel Limited

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024






Surge Padel Limited (Registered number: 13350885)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Profit or Loss and Other
Comprehensive Income

7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Surge Padel Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: SJ Allsop
A Aslam





REGISTERED OFFICE: Bridge House
12 Market Street
Glossop
Derbyshire
SK13 8AR





REGISTERED NUMBER: 13350885 (England and Wales)





AUDITORS: McMillan & Co LLP
Chartered Accountants and
Statutory Auditor
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Surge Padel Limited (Registered number: 13350885)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of padel tennis services.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

TJ Hardwick - resigned 13 November 2024
SJ Perrin - resigned 13 November 2024
AP Raja - resigned 13 November 2024
SJ Allsop - appointed 13 November 2024
A Aslam - appointed 13 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 UK-adopted international accounting standards. 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Surge Padel Limited (Registered number: 13350885)

Report of the Directors
for the year ended 31 December 2024


AUDITORS
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





A Aslam - Director


28 May 2025

Report of the Independent Auditors to the Members of
Surge Padel Limited

Opinion
We have audited the financial statements of Surge Padel Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the UK; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Surge Padel Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or 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
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Report of the Independent Auditors to the Members of
Surge Padel Limited


To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships, and
- tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Andrea Gerring FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP
Chartered Accountants and
Statutory Auditor

28 May 2025

Surge Padel Limited (Registered number: 13350885)

Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2024

2024 2023
Notes £ £

CONTINUING OPERATIONS
Revenue 805,027 804,643

Cost of sales (119,537 ) (96,005 )
GROSS PROFIT 685,490 708,638

Administrative expenses (952,861 ) (855,034 )
OPERATING LOSS (267,371 ) (146,396 )

Finance costs 4 (148,385 ) (134,046 )
LOSS BEFORE INCOME TAX 5 (415,756 ) (280,442 )

Income tax 6 - -
LOSS FOR THE YEAR (415,756 ) (280,442 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(415,756

)

(280,442

)

Surge Padel Limited (Registered number: 13350885)

Statement of Financial Position
31 December 2024

2024 2023
Notes £ £
ASSETS
NON-CURRENT ASSETS
Owned
Property, plant and equipment 7 1,096,537 798,782
Right-of-use
Property, plant and equipment 7, 14 2,502,756 1,946,443
3,599,293 2,745,225
CURRENT ASSETS
Trade and other receivables 8 184,775 817,781
Cash and cash equivalents 9 169,003 119,463
353,778 937,244
TOTAL ASSETS 3,953,071 3,682,469
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 10 100 100
Retained earnings 11 (942,671 ) (526,915 )
TOTAL EQUITY (942,571 ) (526,815 )
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 12 1,336,810 1,383,211
Financial liabilities - borrowings
Lease liabilities 13, 14 2,406,485 1,995,180
3,743,295 3,378,391
CURRENT LIABILITIES
Trade and other payables 12 808,616 692,697
Financial liabilities - borrowings
Lease liabilities 13, 14 343,731 138,196
1,152,347 830,893
TOTAL LIABILITIES 4,895,642 4,209,284
TOTAL EQUITY AND LIABILITIES 3,953,071 3,682,469


The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:




A Aslam - Director


Surge Padel Limited (Registered number: 13350885)

Statement of Changes in Equity
for the year ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 January 2023 100 (246,473 ) (246,373 )

Changes in equity
Total comprehensive income - (280,442 ) (280,442 )
Balance at 31 December 2023 100 (526,915 ) (526,815 )

Changes in equity
Total comprehensive income - (415,756 ) (415,756 )
Balance at 31 December 2024 100 (942,671 ) (942,571 )

Surge Padel Limited (Registered number: 13350885)

Statement of Cash Flows
for the year ended 31 December 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 176,856 76,913
Interest paid (88,002 ) (67,607 )
Lease interest paid (60,383 ) (66,439 )
Net cash from operating activities 28,471 (57,133 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,194,366 ) (586,610 )
Movement in group balances - 387,784
Net cash from investing activities (1,194,366 ) (198,826 )

Cash flows from financing activities
Payment of lease liabilities 616,840 1,045,379
Amount introduced by directors - 400,000
Amount withdrawn by directors (400,000 ) -
Net cash from financing activities 216,840 1,445,379

(Decrease)/increase in cash and cash equivalents (949,055 ) 1,189,420
Cash and cash equivalents at
beginning of year

2

119,463

26,405

Cash and cash equivalents at end of
year

2

169,003

119,463

Surge Padel Limited (Registered number: 13350885)

Notes to the Statement of Cash Flows
for the year ended 31 December 2024

1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Loss before income tax (415,756 ) (280,442 )
Depreciation charges 340,298 302,927
Finance costs 148,385 134,046
72,927 156,531
(Increase)/decrease in trade and other receivables (93,978 ) 21,913
Increase/(decrease) in trade and other payables 197,907 (101,531 )
Cash generated from operations 176,856 76,913

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£ £
Cash and cash equivalents 169,003 119,463
Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 119,463 26,405

3. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES


Year ended 31 December 2023
Non-cash
1/1/23 Cash flows changes 31/12/23
Acquisition
£ £ £ £


Lease liabilities 900,127 (50,982 ) 1,284,231 2,133,376

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements
for the year ended 31 December 2024


1. STATUTORY INFORMATION

Surge Padel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate.

The directors are of the opinion that the company will have sufficient funds to meet its liabilities as they fall due. Funds will be provided through funding from the ultimate parent company, Select Group Limited, if required.

The directors have considered the ability of Select Group Limited to provide financial support based on information provided by Select Group Limited. The ability of Select Group Limited to continue to provide this support is dependent on the group achieving its own cash flow forecast and the continued availability of shareholder loans to the Group.

Based on these indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Critical accounting judgements and key sources of estimation uncertainty
The only critical accounting judgement and source of some uncertainty is the discount rate applied to the lease liability.

Where, as in most cases, a discount rate implicit in the lease is not available, discount rates are calculated for each lease with reference to the underlying cost of borrowing available to the business and several other factors specific to the asset.

The selection of discount rates is therefore a management judgement.

A discount rate of 3% has been applied.

Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Property - 10% on cost
Leasehold improvements - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

Depreciation has not been charged on some categories of asset during the period since these had not been brought into use at the year end,

Financial instruments
Trade and other debtors/creditors
Trade and other debtors are recognised and measured at transaction price less attributable transaction costs. Trade and other creditors are also recognised and measured at transaction price plus attributable transaction costs.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Leases
At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company uses the definition of a lease in IFRS 16.

i. As a lessee

At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand alone prices. However, for the leases of property the Company has elected not to separate non lease components and account for the lease and non lease components as a single lease component.

The Company recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right of use asset is subsequently depreciated using the straight line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right of use asset reflects that the Company will exercise a purchase option. In that case the right of use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.

The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.

Lease payments included in the measurement of the lease liability comprise the following:

– fixed payments, including in substance fixed payments;

– variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;

– amounts expected to be payable under a residual value guarantee; and

– the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in substance fixed lease payment.


Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset, or is recorded in profit or loss if the carrying amount of the right of use asset has been reduced to zero.

The Company presents right of use assets that do not meet the definition of investment property in ‘property, plant and equipment’ and lease liabilities in ‘loans and borrowings’ in the statement of financial position.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right of use assets and lease liabilities for leases of low value assets and short term leases, including IT equipment. The Company recognises the lease payments associated with these leases as an expense on a straight line basis over the lease term.

ii. As a lessor

At inception or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.

To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

The Company recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of ‘other revenue’.

Employee benefit costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 229,469 217,299
Social security costs 16,122 13,158
Other pension costs (896 ) 2,288
244,695 232,745

The average number of employees during the year was as follows:
2024 2023

Operational staff 14 14
Administrative staff 5 5
19 19

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

3. EMPLOYEES AND DIRECTORS - continued

2024 2023
£ £
Directors' remuneration - -

4. NET FINANCE COSTS
2024 2023
£ £
Finance costs:
Loan interest 88,002 67,607
Hire purchase 60,383 66,439
148,385 134,046

5. LOSS BEFORE INCOME TAX

The loss before income tax is stated after charging:
2024 2023
£ £
Cost of inventories recognised as expense 119,537 96,005
Leases - 8,489
Depreciation - owned assets 111,432 73,551
Depreciation - assets on hire purchase contracts or finance leases 228,866 229,375
Auditors' remuneration 7,140 6,700

6. INCOME TAX

Analysis of tax expense
No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

7. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Leasehold and
Property improvements fittings
£ £ £
COST
At 1 January 2024 2,293,752 822,385 5,138
Additions 785,179 366,389 4,069
At 31 December 2024 3,078,931 1,188,774 9,207
DEPRECIATION
At 1 January 2024 338,740 90,929 870
Charge for year 228,866 90,767 481
At 31 December 2024 567,606 181,696 1,351
NET BOOK VALUE
At 31 December 2024 2,511,325 1,007,078 7,856
At 31 December 2023 1,955,012 731,456 4,268

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

7. PROPERTY, PLANT AND EQUIPMENT - continued

Office Computer
equipment equipment Totals
£ £ £
COST
At 1 January 2024 61,228 5,677 3,188,180
Additions 34,725 4,004 1,194,366
At 31 December 2024 95,953 9,681 4,382,546
DEPRECIATION
At 1 January 2024 10,160 2,256 442,955
Charge for year 18,765 1,419 340,298
At 31 December 2024 28,925 3,675 783,253
NET BOOK VALUE
At 31 December 2024 67,028 6,006 3,599,293
At 31 December 2023 51,068 3,421 2,745,225

8. TRADE AND OTHER RECEIVABLES

2024 2023
£ £
Current:
Amounts owed by group undertakings - 726,984
Other debtors 156,000 78,000
Prepayments and accrued income 28,775 12,797
184,775 817,781

9. CASH AND CASH EQUIVALENTS

2024 2023
£ £
Bank accounts 169,003 119,463

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

11. RESERVES
Retained
earnings
£

At 1 January 2024 (526,915 )
Deficit for the year (415,756 )
At 31 December 2024 (942,671 )


12. TRADE AND OTHER PAYABLES

2024 2023
£ £
Current:
Trade creditors 9,028 44,463
Amounts owed to group undertakings 479,816 161,804
Social security and other taxes 4,576 10,904
Other creditors 57,680 133
Accrued expenses 253,375 56,580
Directors' loan accounts - 400,000
VAT 4,141 18,813
808,616 692,697

Non-current:
Amounts owed to group undertakings 1,336,810 1,383,211

Aggregate amounts 2,145,426 2,075,908

13. FINANCIAL LIABILITIES - BORROWINGS

2024 2023
£ £
Current:
Leases (see note 14) 343,731 138,196

Non-current:
Leases (see note 14) 2,406,485 1,995,180

Terms and debt repayment schedule

1 year or More than 5
less 1-2 years 2-5 years years Totals
£ £ £ £ £
Leases 343,731 357,752 1,152,688 896,045 2,750,216

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

14. LEASING

Right-of-use assets

Property, plant and equipment

2024 2023
£ £
COST
At 1 January 2024 2,293,752 1,009,521
Additions 785,179 1,284,231
3,078,931 2,293,752

DEPRECIATION
At 1 January 2024 347,309 117,934
Charge for year 228,866 229,375
576,175 347,309

NET BOOK VALUE 2,502,756 1,946,443

Other leases

2024 2023
£ £
Low-value assets leases - 8,489

Surge Padel Limited (Registered number: 13350885)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

14. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

2024 2023
£ £
Gross obligations repayable:
Within one year 424,040 196,086
Between one and five years 1,694,466 1,035,033
In more than five years 934,544 1,325,909

3,053,050 2,557,028

Finance charges repayable:
Within one year 80,309 57,890
Between one and five years 184,026 182,001
In more than five years 38,499 183,761
302,834 423,652

Net obligations repayable:
Within one year 343,731 138,196
Between one and five years 1,510,440 853,032
In more than five years 896,045 1,142,148
2,750,216 2,133,376

15. RELATED PARTY DISCLOSURES

The company was under the control of Select Investments Limited, a company registered in the Jabel Ali Free Trade Zone in the United Arab Emirates, throughout the year.

At 31 December 2024 the company owed current balances of £Nil ( 2023: £11,804) to Coach Gyms Limited, and £150,000 (2023: £150,000) to Select Birmingham Limited. The company was owed £329,816 (2023: £726,984) from Select Investments Limited. All of the balances are repayable on demand.

A loan balance was also owed to Select Investments Limited of £1,336,810 (2023:£1,383,211) which is repayable after one year. Interest of £88,002 (2023: £67,607) was charged at the rate of 7% during the period on the loan balance owed to Select Investments Limited.

During the year the company made purchases of £33,505 (2023:£27,639) from Nottennis.com Ltd a company related by through a common director.

On 20 December 2024 Surge Padel Limited acquired the Harrogate Gym Business from Coach Gyms Limited for £408,228.

16. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Select Investments Limited, a company registered in the Jabel Ali Free Trade Zone in the United Arab Emirates. This is a wholly owned subsidiary of Select Group Limited. The consolidated financial statements of Select Investments Limited and Select Group Limited are not publicly available. The ultimate controlling party is Rahail Aslam.