Registered number:
For the year ended
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Zelus Sport Holdings Limited
Company Information
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Zelus Sport Holdings Limited
Contents
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Zelus Sport Holdings Limited
Group Strategic Report
For the year ended 31 December 2024
The Directors present their Strategic Report for the year ended 31 December 2024.
The principal activity of the group in the year under review was that of wholesale of clothing and footwear.
The year ending December 31 2024, marks another key milestone in Zelus’ growth journey, with global revenues increasing by 27% to £62m. Since the company’s inception in late 2019, this represents a more than 15x increase, reflecting exceptional growth across all channels, categories, and regions. In 2024, Zelus capitalised on a strong and diversified order pipeline, expanding into new geographies, launching new product categories, and deepening its presence in key marketplaces. This momentum was supported by a resilient and agile supply chain, which played a critical role in ensuring timely delivery and elevated service levels. Meanwhile, central costs remained stable. Strategic investments made since 2019 in infrastructure, technology, and talent continued to provide a scalable and efficient foundation for future growth. Enhanced operational efficiency and increased automation also contributed to improved margins, driving adjusted EBITDA to £6.2m, up from £4.2m in 2023. Adjusted EBITDA is calculated excluding exceptional costs related to the transaction, foreign exchange movements, and non-capitalised investments in third-party systems. Looking ahead to 2025, Zelus expects continued growth in both top-line revenues and bottom-line profitability, aligned with its long-term strategic roadmap. The outlook remains strong, supported by product innovation, new club partnerships, and further international expansion, underpinned by the strategic backing of our new investors, Sullivan Street Partners. With a robust financial outlook, growing free cash flow, and a deepening strategic partnership with Nike, Zelus is well-positioned to reinvest in growth, fund future innovation, and continue delivering long-term shareholder value.
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Zelus Sport Holdings Limited
Group Strategic Report (continued)
For the year ended 31 December 2024
Economic environment
The group is at risk of a decline in financial performance due to macroeconomic factors. Despite recent challenges, including the threat of global recession, war in Europe, continued supply chain challenges, and sustained high interest rates— all contributing to a world in disarray – performance within the sporting goods industry has been characterised by solid growth, equalling or outperforming pre-pandemic levels. Looking ahead, in the medium term, there are reasons for optimism that are especially driven by an increasing awareness of health, fitness, and sports. Nike, with whom Zelus continues to deepen its partnership, remains by far the largest sportswear brand in the world, providing further opportunities for growth, innovation, and long-term value creation. Currency The group is exposed to transaction based foreign exchange risk. The majority of the group’s stock purchases are invoiced in currencies other than sterling (primarily USD). The group’s policy is to invoice customers in the corresponding currency where possible and will seek to use forward currency contracts where appropriate to minimise the risk associated with this exposure. Liquidity The group seeks to manage liquidity risk by regularly forecasting future cashflows to ensure sufficient funds are available to meet the group’s financial obligations for the foreseeable future. The working capital facilities in place provide adequate headroom to finance the group’s ongoing operations and enable further growth. Interest rate risk The group finances its operations through a mixture of shareholder loans, retained profits, and external working capital facilities. The directors envisage no material interest rate exposure to the group in the short term and will continue to monitor interest rate risk and its strategy to mitigate any such exposure in the medium term. Credit risk The group’s principal financial asset is cash. Credit risk associated with cash balances is managed by the group monitoring the cashflow on a weekly basis.
Statutory Group revenues landed at £62.4m, significantly up 27% on the previous year. All business channels saw growth.
Statutory Gross margins reduced from 35.2% to 34.5% due to the use of 'landed cost plus' pricing across a portion of our non-EMEA business, as opposed to traditional wholesale pricing. This approach reflects the prevailing business models in those territories. However, underlying profit margins improved as a result of disciplined cost control. Global staff headcount was 95 in 2024, up from 89 in 2023. This growth reflects our strategic investments in infrastructure, although the rate of growth has slowed as we leverage existing investments in both people and systems, aligned to our strategic plan. The group had net liabilities at the balance sheet date of £26.1m (2023: £25.3m). The increase seen in net liabilities is primarily due to exceptional transaction costs settled by the group during the year. Excluding these one-off costs, the group's net liabilities would have decreased, reflecting the profit generated in the period.
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Zelus Sport Holdings Limited
Group Strategic Report (continued)
For the year ended 31 December 2024
Zelus has a recruitment policy to ensure that all applications for employment, including those made by disabled persons, are given full and fair consideration in light of the applicants’ aptitudes and abilities. Zelus ensures all employees are treated equally in terms of employment, training, career development and promotion. Where employees develop a disability during their employment, every effort is made to continue their employment and arrange for appropriate training as far as is reasonably practicable.
This report was approved by the board and signed on its behalf.
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Zelus Sport Holdings Limited
Directors' Report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £844,253 (2023 -loss £407,513).
The directors do not recommend payment of a dividend.
The directors who served during the year were:
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Zelus Sport Holdings Limited
Directors' Report (continued)
For the year ended 31 December 2024
We, the management of Zelus Sport Holdings Limited, have prepared the accompanying financial statements for the year ended 31 December 2024 on a going concern basis. We are responsible for the preparation and fair presentation of these financial statements in accordance with applicable accounting principles, and for making judgments and estimates that are reasonable and prudent under the circumstances.
As at the date of these financial statements, the Group has delivered a significant and expected increase in profitability for the 2024 financial year, after deducting exceptional costs relating to the changes in ownership in the year. In line with our original plan, both profitability and cash generation continue to strengthen, underpinned by substantial revenue growth and the stabilisation of our cost base. The business remains focused on driving sustainable, enhanced profitability throughout 2025 and beyond, supported by the expansion of our marketplace presence and continued efforts to leverage efficiencies within our existing operations. The Group also continues to benefit from robust working capital facilities, provided by market-leading funders, which offer the financial flexibility to scale operations, support day-to-day activities, and meet financial obligations as they fall due. It is important to note that business and economic conditions are subject to uncertainties, including those arising from unforeseen events or changes in market conditions. Inflation and interest rates continue to add pressure though are offset by our own marketplace-consistent price increases as well as economies driven by the business’ continued scaling. As such, there can be no assurance that the forecasted profits will be achieved, though based upon our strong track record of growth thus far, we believe our current plans are executable and believe it possible for further upside to be driven against these plans. Based on our assessment and the available information, we have reasonable grounds to believe that the Group will remain a going concern for the foreseeable future and therefore the financial statements have been prepared on a going concern basis.
The group remains focused on its medium-term growth objectives, supported by continued investment in operational systems, supply chain capability, and strategic partnerships. The Directors expect further revenue growth in the coming year, driven by new customer agreements, enhanced digital platforms, and further alignment with key partners.
Since the balance sheet date, the group has continued to execute its strategic plans, including investment in systems and commercial operations. A number of new opportunities have been capitalised on post year-end which are expected to contribute to future growth. There have been no other material post balance sheet events requiring adjustment or further disclosure in these financial statements.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Zelus Sport Holdings Limited
Directors' Report (continued)
For the year ended 31 December 2024
This report was approved by the board and signed on its behalf.
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Zelus Sport Holdings Limited
Independent auditors' report to the members of Zelus Sport Holdings Limited
We have audited the financial statements of Zelus Sport Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The 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).
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 Group 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 opinion.
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 Group's or the parent 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.
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 Report. 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. 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.
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Zelus Sport Holdings Limited
Independent auditors' report to the members of Zelus Sport Holdings Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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Zelus Sport Holdings Limited
Independent auditors' report to the members of Zelus Sport Holdings Limited (continued)
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 Group 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-Bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Zelus Sport Holdings Limited
Independent auditors' report to the members of Zelus Sport Holdings Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Zelus Sport Holdings Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Registered number: 12097714
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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Zelus Sport Holdings Limited
Registered number: 12097714
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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Zelus Sport Holdings Limited
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Consolidated Analysis of Net Debt
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Zelus Sport Holdings Limited is a private company limited by share capital incorporated in England, number 12097714. The address of the registered office and principal place of business is Station House, Stamford New Road, Altrincham, United Kingdom, WA14 1EP.
The company's principal activity is that of a holding company. The principal activity of the group is the wholesale of clothing and footwear.
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
We, the management of Zelus Sport Holdings Limited, have prepared the accompanying financial statements for the year ended 31 December 2024 on a going concern basis. We are responsible for the preparation and fair presentation of these financial statements in accordance with applicable accounting principles, and for making judgments and estimates that are reasonable and prudent under the circumstances.
As at the date of these financial statements, the Group has delivered a significant and expected increase in profitability for the 2024 financial year, after deducting exceptional costs relating to the change in ownership in the year. In line with our original plan, both profitability and cash generation continue to strengthen, underpinned by substantial revenue growth and the stabilisation of our cost base. The business remains focused on driving sustainable, enhanced profitability throughout 2025 and beyond, supported by the expansion of our marketplace presence and continued efforts to leverage efficiencies within our existing operations. The Group also continues to benefit from robust working capital facilities, provided by market-leading funders, which offer the financial flexibility to scale operations, support day-to-day activities, and meet financial obligations as they fall due. It is important to note that business and economic conditions are subject to uncertainties, including those arising from unforeseen events or changes in market conditions. Inflation and interest rates continue to add pressure though are offset by our own marketplace-consistent price increases as well as economies driven by the business’ continued scaling. As such, there can be no assurance that the forecasted profits will be achieved, though based upon our strong track record of growth thus far, we believe our current plans are executable and believe it possible for further upside to be driven against these plans. Based on our assessment and the available information, we have reasonable grounds to believe that the Group will remain a going concern for the foreseeable future and therefore the financial statements have been prepared on a going concern basis
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Development costs are being written off over a 4 year period due to the website requiring upgrades after this period. Website development costs are capitalised as tech costs are directly related to the creation of a website and the website will be used for the business' operations.
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:
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.
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying value of the assets and liabilities of the Group within the next financial year.
Analysis of turnover by country of destination:
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
There were no factors that may affect future tax charges.
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Amounts owed to group undertakings represent an unsecured loan facility entered into with Crius Bidco Limited. Interest is charged at a rate of 0% per annum. The Company has entered into a loan agreement with Crius Bidco Limited which states that this loan will not be called in before 1 January 2027 at the earliest. On this basis, the loan has been classified as due after more than one year.
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Foreign exchange reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £250,718 (2023: £148,967). Contributions totalling £55,915 (2023: £18,942) were payable to the fund at the balance sheet date and are included in creditors.
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Zelus Sport Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
From 17 December 2024, Crius Bidco Limited is the immediate parent company, a company incorporated in England and Wales, company number 16066874. Crius Topco Limited will be the parent company of the smallest group for which consolidated statements will be prepared, with their first accounts prepared for the period ended 31 December 2025. The registered office of Crius Topco Limited is 110 Wigmore Street, London W1U 3RW.
The ultimate controlling party is SSP Investments 2024 L.P.
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