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Company No: 02997394 (England and Wales)

SUBSIDE SPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

SUBSIDE SPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

SUBSIDE SPORTS LIMITED

BALANCE SHEET

As at 31 December 2024
SUBSIDE SPORTS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,919 6,149
Tangible assets 4 37,539 40,017
Investments 5 260,245 260,245
302,703 306,411
Current assets
Stocks 621,787 402,054
Debtors 6 273,894 444,516
Cash at bank and in hand 22,109 13,104
917,790 859,674
Creditors: amounts falling due within one year 7 ( 755,513) ( 660,835)
Net current assets 162,277 198,839
Total assets less current liabilities 464,980 505,250
Creditors: amounts falling due after more than one year 8 ( 75,759) ( 93,062)
Provision for liabilities ( 3,701) ( 2,993)
Net assets 385,520 409,195
Capital and reserves
Called-up share capital 9 125 125
Profit and loss account 385,395 409,070
Total shareholders' funds 385,520 409,195

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Subside Sports Limited (registered number: 02997394) were approved and authorised for issue by the Director on 11 June 2025. They were signed on its behalf by:

Mr R M Smith
Director
SUBSIDE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
SUBSIDE SPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Subside Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 50-54 The Square, Chagford, Newton Abbot, Devon, TQ13 8AH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company is reliant on the continuing availability of its current banking facilities and at present is operating within its agreed facilities.

The company is also reliant on the eventual recovery of amounts due to it from its subsidiary company and other related companies.

The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern. Such adjustments would result in the need to reduce the value of the company's assets to their realisable value and to provide for liabilities not presently included within the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment.

Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows -

Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 4 years straight line
Fixtures and fittings 6 - 7 years straight line
Office equipment 5 years straight line
Computer equipment 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Business Combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 17 16

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2024 98,015 98,015
At 31 December 2024 98,015 98,015
Accumulated amortisation
At 01 January 2024 91,866 91,866
Charge for the financial year 1,230 1,230
At 31 December 2024 93,096 93,096
Net book value
At 31 December 2024 4,919 4,919
At 31 December 2023 6,149 6,149

4. Tangible assets

Land and buildings Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2024 4,733 70,773 109,225 680,501 865,232
Additions 0 4,000 10,864 2,322 17,186
At 31 December 2024 4,733 74,773 120,089 682,823 882,418
Accumulated depreciation
At 01 January 2024 4,733 70,773 77,517 672,192 825,215
Charge for the financial year 0 600 11,248 7,816 19,664
At 31 December 2024 4,733 71,373 88,765 680,008 844,879
Net book value
At 31 December 2024 0 3,400 31,324 2,815 37,539
At 31 December 2023 0 0 31,708 8,309 40,017

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 260,245
At 31 December 2024 260,245
Carrying value at 31 December 2024 260,245
Carrying value at 31 December 2023 260,245

6. Debtors

2024 2023
£ £
Trade debtors 91,585 165,499
Amounts owed by Group undertakings 40,200 59,074
Amounts owed by associates 96,098 177,920
Other debtors 46,011 42,023
273,894 444,516

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 77,228 62,355
Trade creditors 271,357 256,996
Amounts owed to Group undertakings 156,354 0
Corporation tax 47,710 17,933
Other taxation and social security 6,334 7,736
Obligations under finance leases and hire purchase contracts (secured) 18,780 28,855
Other creditors 177,750 286,960
755,513 660,835

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 70,464 93,062
Obligations under finance leases and hire purchase contracts 5,295 0
75,759 93,062

A personal guarantee of £185,000 has been provided by the sole company director to Barclays Bank PLC. This guarantee is supported by a legal charge provided by the director.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
1 Ordinary B share of £ 1.00 1 1
1 Ordinary C share of £ 1.00 1 1
1 Ordinary D share of £ 1.00 1 1
22 Ordinary S shares of £ 1.00 each 22 22
125 125

10. Related party transactions

A personal guarantee of £185,000 has been provided by the sole company director to Barclays Bank PLC. This guarantee is supported by a legal charge provided by the director.

A business in which the directors is a partner.

The company occupies under licence, premises owned by a partnership, James Bowden & Son. During the year the partnership charged rent and service charges to the company of £44,400 (2023: £44,400).

The same partnership also owns certain intellectual property which is licenced to the company. Licence fees of £nil (2023: £nil) were charged to the company in the year.

The company also had an account with James Bowden & Son during the year. At the balance sheet date the amount due from James Bowden & Son was £40,200 (2023: £11,966). No interest is charged on this account.

Subsidiary Company

Management fees were charged by the company of £100,000 (2023: £20,000).

The company had an intercompany account. At the balance sheet date, the amount due to the intercompany within one year was £156,354 (2023: The amount due from the intercompany was £47,108). No interest is charged on the account.

A company under common control.

The company had an intercompany account. At the balance sheet date the amount due from the associated company was £96,098 (2023: £177,920). No interest is charged on the account.