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Registered number:
FOR THE PERIOD ENDED 29 DECEMBER 2024
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COMPETITIVE SOCIALISING GROUP LIMITED
COMPANY INFORMATION
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COMPETITIVE SOCIALISING GROUP LIMITED
CONTENTS
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COMPETITIVE SOCIALISING GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024
The directors present their report and financial statements for the period ended 29 December 2024
Competitive Socialising is the London and New York-based parent company of Swingers, the high-end crazy golf entertainment experience. The principal activity of the group remains that of experiential leisure in the hospitality market. The group remains focused on developing venues in new geographies and offering innovative competitive experiences combined with best-in-class food, cocktails and service.
In March 2024, Competitive Socialising completed a $10m equity raise from its existing investors to continue to fund growth. In May 2024, the group completed the lease for a new venue in the Back Bay area of Boston, with an anticipated opening in early 2026. This site will be the group’s first joint venture operation and is partnered by an affiliate of Tavistock Group. In October 2024, the Group obtained a commitment for $15m of preferred equity financing from its current investors. In November 2024, Swingers opened a flagship site in Las Vegas at Mandalay Bay Resort and Casino. The venue comprises of 39,000 square feet of space across three floors and includes four mini golf courses and the Carnival old school arcade concept which is being introduced across the estate (also now in West End, London and Dupont Circle, DC). The board continues to manage the group’s cost base despite significant macroeconomic cost pressures but is well placed for growth over the coming years.
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COMPETITIVE SOCIALISING GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
Financial instruments
The Group'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 Group's operations and to finance the Group's operations. Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group'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. Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Competition The market in which the Group operates is becoming increasingly competitive through the introduction of new entrants as well as the expansion of established players. Trading demonstrates that the Group 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.
The Group 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 Group. Appointments are determined solely by application of job criteria and competency.
The Group will seek to minimise adverse impacts on the environment from its activities where possible, whilst continuing to address health, safety and economic issues. The group has complied with all applicable legislation and regulations.
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COMPETITIVE SOCIALISING GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
The Directors of the Company strive to act in ways most likely to promote the success of the business for the benefit of its stakeholders having regard to the matters set out in S172 (1) a-f of the Companies Act 2006 when making strategic decisions.
The following Section 172 (1) statement is made on behalf of the Company in Compliance with the Act. Foster business relationships with suppliers, customers and other stakeholders Suppliers The Company works hard to ensure that its suppliers are treated fairly and are valued and that relationships with them can be managed actively. Customers The Company is customer focused which is why customer service is essential. The Company is always looking for new ways to strengthen customer services and is continuously engaging with customers to build even deeper relationships. Community and Environment Building trust with customers and the communities around them is important. The Company aims to facilitate positive change for the people and communities in which it interacts. Business conduct The company seeks to operate with high ethical standards and integrity by conducting business activities in compliance with applicable legal and regulatory requirements. The company also implements internal policies governing behaviour and conduct as well as policies that protect customers and promote better services. The Company undertakes an ongoing review of how evolving legislation, guidelines and best practises should be best reflected on topics including conduct, risk, compliance and the sustainable development of the industry. Acting fairly between shareholders The Company is committed to acting fairly with its shareholders and being transparent in its activities and directions. Likely consequences of any decision in the long term Each year, a review of the Company’s strategy is carried out for the following year and beyond as part of the budgeting process. This helps to plan ahead and also forms the basis for financial budgets and planning and other strategic plans. The Company considers the long term implications of any decisions made with its stakeholders in mind and its long term reputation.
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COMPETITIVE SOCIALISING GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
This report was approved by the board on 9 September 2025 and signed on its behalf.
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COMPETITIVE SOCIALISING GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024
The directors present their report and the financial statements for the period ended 29 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 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 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 period, after taxation and minority interests, amounted to £6,451,612 (2023 - loss £12,458,204).
No dividends were declared or paid during the period.
The directors who served during the period were:
The board continues to manage the group’s cost base despite significant macroeconomic cost pressures but is
well placed for growth over the coming years as it looks to add both company owned venues and new franchises to the Swingers estate.
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COMPETITIVE SOCIALISING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
The Streamline Energy and Carbon Report provides an overview of the energy and carbon emissions for UK operational control and the mechanisms being put in place to manage these impacts.
The UK Government’s 2018 Regulations launched the Streamlined Energy and Carbon Report (SECR) which required all large UK companies to report their carbon emissions and energy usage on an annual basis. The regulations took effect from 1 April 2019 and cover financial reporting years starting after this date. This Company falls within scope of the SECR reporting obligations as a ‘large’ organization and is now required toreport the following: Energy Consumption and Greenhouse Gas Emissions For the reporting period, the Company's total energy consumption from electrical sources amounted to 3,400,000 kWh. The associated greenhouse gas emissions arising from this energy consumption are estimated to be 1,500 tonnes of carbon dioxide equivalent (CO2e). Management has determined these figures based on an analysis of utility bills received during the reporting year and through considered calculations applying relevant emission factors. It is noted that these figures represent an initial estimation. The Company intends to implement enhanced tracking and monitoring methodologies over the forthcoming financial year, with a more comprehensive and detailed disclosure of the energy consumption and associated emissions, derived from a full year of dedicated tracking data, to be provided within the subsequent set of financial accounts.
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COMPETITIVE SOCIALISING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
On the 14th March 2025, the Swingers location in the City of London (Swingers 1 Limited) closed it doors permanently due to a Landlord redevelopment. The group continues to trade in London in its West End location.
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.
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COMPETITIVE SOCIALISING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING GROUP LIMITED
We have audited the financial statements of Competitive Socialising Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 29 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.
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COMPETITIVE SOCIALISING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING GROUP LIMITED (CONTINUED)
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.
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 period 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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COMPETITIVE SOCIALISING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING GROUP LIMITED (CONTINUED)
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COMPETITIVE SOCIALISING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING GROUP 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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 Group 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 Group 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.
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COMPETITIVE SOCIALISING GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPETITIVE SOCIALISING GROUP LIMITED (CONTINUED)
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
101 New Cavendish Street
First Floor South
W1W 6XH
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COMPETITIVE SOCIALISING GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 DECEMBER 2024
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COMPETITIVE SOCIALISING GROUP LIMITED
REGISTERED NUMBER: 13420604
CONSOLIDATED BALANCE SHEET
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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COMPETITIVE SOCIALISING GROUP LIMITED
REGISTERED NUMBER: 13420604
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024
The notes on pages 22 to 41 form part of these financial statements.
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COMPETITIVE SOCIALISING GROUP LIMITED
REGISTERED NUMBER: 13420604
COMPANY BALANCE SHEET
AS AT 29 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 41 form part of these financial statements.
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