ACCOUNTS - Final Accounts

Operating loss

The operating loss is stated after charging:

Registered number: 09015999

COMPETITIVE SOCIALISING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

COMPETITIVE SOCIALISING LIMITED

COMPANY INFORMATION

Directors	J D Simmonds
	M R Grech-Smith (resigned 1 September 2025)
	J S Goldstein
	A J Taylor (resigned 31 January 2025)
	J N D Stelzer (appointed 24 January 2025)


Registered number	09015999


Registered office	101 New Cavendish Street
	1st Floor South
	London
	W1W 6XH


Independent auditors	Harris & Trotter LLP
	Chartered Accountants & Statutory Auditors
	101 New Cavendish Street
	1st Floor South
	London
	W1W 6XH

COMPETITIVE SOCIALISING LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 5
Independent Auditors' Report	6 - 9
Statement of Comprehensive Income	10
Balance Sheet	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 - 24

COMPETITIVE SOCIALISING LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 29 DECEMBER 2024

Introduction

The directors present their report and financial statements for the period ended 29 December 2024.

Business review

The principal activity remains that of experiential leisure in the hospitality market.
The key financial highlights are as follows:


		period ended 29 December 2024	period ended 24 December 2023
		£	£


Loss before taxation	(223,825)	(2,655,559)
Loss before exceptional items	(223,825)	(1,067,940)
Shareholder funds	704,837	288,252

Page 1

COMPETITIVE SOCIALISING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 29 DECEMBER 2024

Principal risks and uncertainties

Financial instruments
The Company's principal financial instruments comprise bank balances, rent deposits, bank loans, letters of credit, trade creditors and other creditors. The main purpose of these instruments is to raise funds for the Company's operations and to finance the Company's operations.
Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below.
Liquidity risk
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and the flexibility through the use of bank loans. The Company does not make use of money market facilities.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Competition
The market in which the Company operates is becoming increasingly competitive through the introduction of new entrants as well as the expansion of established players. Trading demonstrates that the Company maintains a strong position, due to factors including the location of the sites, the brand recognition and the quality of the experience provided. These factors are expected to ensure continued growth and profitability.
Interest rate risk
The Company has significant external loan commitments, based on both SONIA plus 2.50% - 3.00%, as well as at the Bank of England Base Rate plus 3.99%. Should SONIA and the Base Rate significantly fluctuate over the term of the loans, the Company is exposed to higher interest payments against the outstanding loans.
The Company believe that it will return to a level of profitability sufficient to absorb any potential increase in the interest rate until the end of the loan term. In the interim, the Company believe that there are sufficient cash reserves.

Employee Involvement

The Company is committed to providing equality of opportunity to all employees without discrimination and applied fair and equitable employment policies which ensure entry and progression within the Company. Appointments are determined solely by application of job criteria and competency. The Company has recently appointed an SVP People and Culture to oversee all people / HR functions of the business.

Environmental Policy

The Company will seek to minimise adverse impacts on the environment from its activities where possible, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.

Page 2

COMPETITIVE SOCIALISING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 29 DECEMBER 2024

This report was approved by the board and signed on its behalf.

J D Simmonds

Director

Date: 16 September 2025

Page 3

COMPETITIVE SOCIALISING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 29 DECEMBER 2024

The directors present their report and the financial statements for the year ended 29 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £416,585 (2023 - loss £2,570,307).

Directors

The directors who served during the year were:

J D Simmonds

M R Grech-Smith (resigned 1 September 2025)

J S Goldstein

A J Taylor (resigned 31 January 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 4

COMPETITIVE SOCIALISING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

J D Simmonds

Director

Date: 16 September 2025

Page 5

COMPETITIVE SOCIALISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING LIMITED

Opinion

We have audited the financial statements of Competitive Socialising Limited (the 'Company') for the year ended 29 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 29 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 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.

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.

Page 6

COMPETITIVE SOCIALISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING LIMITED (CONTINUED)

Other information

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.

Opinion 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 is 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.

Page 7

COMPETITIVE SOCIALISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING LIMITED (CONTINUED)

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 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 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.

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.

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 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.

Page 8

COMPETITIVE SOCIALISING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING LIMITED (CONTINUED)

Daniel Walters (Senior Statutory Auditor)

for and on behalf of

Harris & Trotter LLP

Chartered Accountants

Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH

16 September 2025

Page 9

COMPETITIVE SOCIALISING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 29 DECEMBER 2024

	2024	2023
Note	£	£


Administrative expenses		(223,825)	(1,067,940)
Exceptional administrative expenses		-	(1,587,619)
Operating loss	4	(223,825)	(2,655,559)
Tax on loss	7	640,410	85,252
Profit/(loss) for the financial year		416,585	(2,570,307)


Total comprehensive income for the year		416,585	(2,570,307)

The notes on pages 13 to 24 form part of these financial statements.

Page 10

COMPETITIVE SOCIALISING LIMITED

REGISTERED NUMBER: 09015999

BALANCE SHEET

AS AT 29 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	9		215,276		178,238
Tangible assets	10		230,228		222,120
Investments	11		75,729		75,729
			521,233		476,087
Current assets
Debtors: amounts falling due within one year	12	23,332,792		17,518,834
Cash at bank and in hand	13	346,331		48,742
		23,679,123		17,567,576
Creditors: amounts falling due within one year		(23,495,519)		(17,755,411)
Net current assets/(liabilities)			183,604		(187,835)
Total assets less current liabilities			704,837		288,252
Provisions for liabilities
Net assets excluding pension asset			704,837		288,252
Net assets			704,837		288,252

Capital and reserves
Called up share capital	211,342	211,342
Share premium account	4,163,054	4,163,054
Profit and loss account	(3,669,559)	(4,086,144)
Equity attributable to owners of the parent Company	704,837	288,252
	704,837	288,252

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J D Simmonds

Director

Date: 16 September 2025

The notes on pages 13 to 24 form part of these financial statements.

Page 11


		COMPETITIVE SOCIALISING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 29 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 December 2022	211,342	4,163,054	(1,515,837)	2,858,559

Loss for the period	-	-	(2,570,307)	(2,570,307)

At 30 December 2023	211,342	4,163,054	(4,086,144)	288,252

Profit for the year	-	-	416,585	416,585
At 29 December 2024	211,342	4,163,054	(3,669,559)	704,837

The notes on pages 13 to 24 form part of these financial statements.

Page 12

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

1.	General information

Competitive Socialising Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number: 09015999).
The principal activity of the Company continued to be that of the provision of experiential leisure in the hospitality market.
The Company's registered office address is 101 New Cavendish Street, First Floor South, London, W1W 6XH. The principal place of business is 116 Upper Street, London, United Kingdom, N1 1QP.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.6

Tangible fixed assets (continued)

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:

Short-term leasehold property	-	Over the lease term
Fixtures and fittings	-	25%
Office equipment	-	25%
Computer equipment	-	25%

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.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The

Page 16

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 17

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.

Exchange differences

4,882

708,888

5.	Auditors' remuneration

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	42	41

Page 18

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	(640,410)	(85,252)
Total deferred tax	(640,410)	(85,252)


	Tax on loss	(640,410)	(85,252)

Loss on ordinary activities before tax

(223,825)

(2,655,559)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	(55,956)	(504,556)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(24,769)	-
Capital allowances for year/period in excess of depreciation	1,960	460,917
Changes in provisions leading to an increase (decrease) in the tax charge	(640,410)	(85,252)
Unrelieved tax losses carried forward	78,765	43,639
Total tax charge for the year/period	(640,410)	(85,252)

Factors that may affect future tax charges

There are no deemed factors which will affect future tax charges.

Page 19

COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

8.	Exceptional items
		2024	2023
		£	£

	Restructuring costs	-	1,587,619
		-	1,587,619

9.	Intangible assets

		Computer software
		£
	Cost
	At 30 December 2023	589,566
	Additions	198,710
	Disposals	(44,717)
	At 29 December 2024	743,559
	Amortisation
	At 30 December 2023	411,328
	Charge for the year on owned assets	116,955
	At 29 December 2024	528,283
	Net book value
	At 29 December 2024	215,276
	At 29 December 2023	178,238

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COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

10.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 30 December 2023	280,475	2,574	15,819	131,469	430,337
Additions	99,072	-	-	12,395	111,467
Disposals	-	-	-	(8,892)	(8,892)
Transfers between classes	-	-	-	-	-
At 29 December 2024	379,547	2,574	15,819	134,972	532,912
Depreciation
At 30 December 2023	108,420	1,901	15,734	82,162	208,217
Charge for the year on owned assets	78,445	456	85	15,481	94,467
At 29 December 2024	186,865	2,357	15,819	97,643	302,684
Net book value
At 29 December 2024	192,682	217	-	37,329	230,228
At 29 December 2023	172,055	673	85	49,307	222,120

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Short leasehold	192,682	172,055
	192,682	172,055

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COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

11.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 30 December 2023	75,729
	At 29 December 2024	75,729

The aggregate of the share capital and reserves as at 29 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

12.

Debtors

					2024	2023
					£	£

Trade debtors	2,235	-
Amounts owed by group undertakings	22,102,538	16,812,614
Amounts owed by joint ventures and associated undertakings	41,331	51,897
Other debtors	147,513	199,220
Called up share capital not paid	3	3
Prepayments and accrued income	205,763	262,100
Deferred taxation	833,409	193,000
	23,332,792	17,518,834

13.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	346,331	48,742
	346,331	48,742

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COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

14.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	134,641	103,130
Amounts owed to group undertakings	21,477,770	15,633,800
Other taxation and social security	465,155	361,593
Other creditors	1,082,646	103,998
Accruals and deferred income	335,307	1,552,890
	23,495,519	17,755,411

15.	Creditors: Amounts falling due after more than one year

16.	Deferred taxation

		2024
		£

	At beginning of year	192,999
	Charged to profit or loss	640,410
	At end of year	833,409

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(63,206)	(55,530)
Tax losses carried forward	896,615	248,529
	833,409	192,999

17.	Related party transactions
	FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

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COMPETITIVE SOCIALISING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

18.	Controlling party

The smallest group to consolidate these financial statements is Competitive Socialising Group Limited, a private Company incorporated in England & Wales (registered number: 13420604). The registered office of Competitive Socialising Group Limited is 101 New Cavendish Street. First Floor South, London, W1W 6XH.

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