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REGISTERED NUMBER: 01910054 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |

| FOR |

| EXCEL TENNIS LIMITED |

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Chartered Accountants' Report | 10 |

EXCEL TENNIS LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 SEPTEMBER 2024

| DIRECTORS: | C D Smith

| Mrs C A Smith

| S Smith

| SECRETARY: | C D Smith

| REGISTERED OFFICE: | Coney Burrow

| Charlcombe Way

| Bath

| BA1 6IZ

| REGISTERED NUMBER: | 01910054 (England and Wales)

| ACCOUNTANTS: | PJE Chartered Accountants

| 2 Oakfield Road

| Clifton

| Bristol

| BS8 2AL

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

BALANCE SHEET

30 SEPTEMBER 2024

| 30.9.24 | 30.9.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 47,082 |  | 43,043 |  |

Investments | 5 | 173,398 |  | 163,378 |  |

Investment property | 6 | 410,513 |  | - |  |

630,993 |  | 206,421 |  |

CURRENT ASSETS

Debtors | 7 | 410,030 |  | 320,858 |  |

Cash at bank | 607,361 |  | 1,556,259 |  |

1,017,391 |  | 1,877,117 |  |

CREDITORS

Amounts falling due within one year | 8 | 160,947 |  | 591,593 |  |

NET CURRENT ASSETS | 856,444 |  | 1,285,524 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,487,437 |  | 1,491,945 |  |

PROVISIONS FOR LIABILITIES | 11,818 |  | 7,441 |  |

NET ASSETS | 1,475,619 |  | 1,484,504 |  |

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

BALANCE SHEET - continued

30 SEPTEMBER 2024

| 30.9.24 | 30.9.23 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 9 | 13,000 |  | 13,000 |  |

Share Premium | 41,400 |  | 41,400 |  |

Capital redemption reserve | 5,100 |  | 5,100 |  |

Retained earnings | 1,416,119 |  | 1,425,004 |  |

SHAREHOLDERS' FUNDS | 1,475,619 |  | 1,484,504 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 15 July 2025 and were signed on its behalf by:

Mrs C A Smith - Director

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. | STATUTORY INFORMATION

| Excel Tennis 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.

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 as modified by the revaluation of certain assets.

| 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.

| Leasehold improvements | - | in accordance with the property

| Plant and machinery | - | 12.5% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Computer equipment | - | 20% on reducing balance

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 15 (2023 - 31 ) .

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. | TANGIBLE FIXED ASSETS

| Fixtures

| Leasehold |  | Plant and |  | and

| improvements |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 October 2023 | 162,975 |  | 105,232 |  | 39,552 |  |

| Additions in Year | - |  | 2,833 |  | - |  |

| At 30 September 2024 | 162,975 |  | 108,065 |  | 39,552 |  |

| DEPRECIATION

| At 1 October 2023 | 162,975 |  | 76,240 |  | 28,576 |  |

| Charge for year | - |  | 3,978 |  | 2,195 |  |

| At 30 September 2024 | 162,975 |  | 80,218 |  | 30,771 |  |

| NET BOOK VALUE

| At 30 September 2024 | - |  | 27,847 |  | 8,781 |  |

| At 30 September 2023 | - |  | 28,992 |  | 10,976 |  |

| Motor |  | Computer |

| Vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 October 2023 | - |  | 4,811 |  | 312,570 |  |

| Additions in Year | 8,999 |  | 994 |  | 12,826 |  |

| At 30 September 2024 | 8,999 |  | 5,805 |  | 325,396 |  |

| DEPRECIATION

| At 1 October 2023 | - |  | 1,736 |  | 269,527 |  |

| Charge for year | 1,800 |  | 814 |  | 8,787 |  |

| At 30 September 2024 | 1,800 |  | 2,550 |  | 278,314 |  |

| NET BOOK VALUE

| At 30 September 2024 | 7,199 |  | 3,255 |  | 47,082 |  |

| At 30 September 2023 | - |  | 3,075 |  | 43,043 |  |

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 October 2023 | 80 |  | 163,298 |  | 163,378 |  |

| Additions | 96 |  | 27,842 |  | 27,938 |  |

| Disposals | - |  | (29,916 | ) | (29,916 | ) |

| Revaluations | - |  | 11,998 |  | 11,998 |  |

| At 30 September 2024 | 176 |  | 173,222 |  | 173,398 |  |

| NET BOOK VALUE

| At 30 September 2024 | 176 |  | 173,222 |  | 173,398 |  |

| At 30 September 2023 | 80 |  | 163,298 |  | 163,378 |  |

| Cost or valuation at 30 September 2024 is represented by:

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2023 | - |  | 173,222 |  | 173,222 |  |

| Valuation in 2024 | 176 |  | - |  | 176 |  |

176 |  | 173,222 |  | 173,398 |  |

6. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| Additions | 410,513 |  |

| At 30 September 2024 | 410,513 |  |

| NET BOOK VALUE

| At 30 September 2024 | 410,513 |  |

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.9.24 |  | 30.9.23

£ | £ |

| Amounts owed by group undertakings | 222,384 |  | 130,000 |  |

| Amounts owed by associates | 190,000 |  | 190,000 |  |

| Amounts owed by associates | (8,064 | ) | - |  |

| Prepayments | 5,710 |  | 858 |  |

410,030 |  | 320,858 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.9.24 |  | 30.9.23

£ | £ |

| Corporation tax | 18,580 |  | 45,166 |  |

| Social security and other taxes | 24,553 |  | 19,759 |  |

| VAT | 17,154 |  | 26,009 |  |

| Other creditors | 660 |  | 660 |  |

| Accrued Expenses | 100,000 |  | 499,999 |  |

160,947 |  | 591,593 |  |

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.9.24 |  | 30.9.23

| value: | £ | £ |

| 13,000 | Ordinary | £1 | 13,000 |  | 13,000 |  |

EXCEL TENNIS LIMITED (REGISTERED NUMBER: 01910054)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. | RELATED PARTY DISCLOSURES

| At the year end the loan to Transatlantic Realty Limited, a company controlled by the director S. Smith, had a balance of £190,000 (2023: £190,000) outstanding. The loan is interest free, unsecured and carries no fixed date of repaymen t.

| During 2022 the company made a loan of £130,000 to Bath STL Limited, a company controlled by the director S. Smith. At the year end there was a balance of £30,000 (2023: £130,000) outstanding. The loan is interest free, unsecured and carries no fixed date of repaymen t.

| In the year the company was charged consultancy fees of £100,000 (2023 - £500,000) in respect of service provided by Bath ST limited. At the year end an amount of £100,000 ( 2023 - £500,000 ) was due to Bath STL Limited.

| During the year the company recharged costs of £8,065 to Skate Events Limited a subsidiary company.

| At the year end a balance of £8,065 (2023 - Nil) was still outstanding.

| During 2024 the company made a loan of £176,255 to High Tide Festival Company Limited , an subsidiary company. The loan is interest free, unsecured and carries no fixed date of repayment.

11. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the directors.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

EXCEL TENNIS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Excel Tennis Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Excel Tennis Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Excel Tennis Limited and state those matters that we have agreed to state to the Board of Directors of Excel Tennis Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Excel Tennis Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Excel Tennis Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Excel Tennis Limited. You consider that Excel Tennis Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Excel Tennis Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

PJE Chartered Accountants

2 Oakfield Road

Clifton

Bristol

BS8 2AL

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS

ON THE UNAUDITED FINANCIAL STATEMENTS OF

EXCEL TENNIS LIMITED

Date: .............................................