Company No: 12371551 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	L Gaynor (Resigned 17 June 2025)
	R Maloney
	A Root
	M Root

REGISTERED OFFICE	2 Leman Street
	London
	E1W 9US
	United Kingdom

COMPANY NUMBER

12371551 (England and Wales)

ACCOUNTANT	Gravita Business Services II Limited
	Aldgate Tower
	2 Leman Street
	London
	E1 8FA
	United Kingdom

	Note	2024		2023
		£		£
Current assets
Debtors	5	48,000		185
Cash at bank and in hand		1,532		8,369
		49,532		8,554
Creditors: amounts falling due within one year	6	( 103,394)		( 12,556)
Net current liabilities		(53,862)		(4,002)
Total assets less current liabilities		(53,862)		(4,002)
Net liabilities		( 53,862)		( 4,002)
Capital and reserves
Called-up share capital	7	2		2
Share premium account		954,832		954,832
Other reserves		0		40,491
Profit and loss account		( 1,008,696 )		( 999,327 )
Total shareholders' deficit		( 53,862)		( 4,002)

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

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Glorious Sport Limited (registered number: 12371551) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

R Maloney Director

1. Accounting policies

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

General information and basis of accounting

Glorious Sport Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

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

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT where applicable.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is has been estimated by management and the expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

4 years straight line

Financial instruments

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

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

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

3. Share-based payments

Equity-settled share-based payment schemes

Directors and staff are granted options at the company's discretion. Once vested, options can be exercised at any time up to one year after employee leaves the Company.

Details of the share options outstanding during the financial year are as follows:

	2024			2023
	Weighted Average			Weighted Average
	Number of share options	Average exercise price (£)		Number of share options	Average exercise price (£)
Outstanding at beginning of period	9,032	16.43		9,032	16.43
Exercised during the period	( 9,032)	16.43		0	0
Outstanding at the end of the period	0	0		9,032	16.43
Exercisable at the end of the period	0	0		9,032	16.43

The fair value of the share options at the grant date was calculated based on the directors' valuation.

3,683 options were granted to an employee on 9 December 2020 and these options could be exercised at any time before 1 March 2030. The estimated fair value of each option granted was £16.43 based on the directors' valuation. On 1 August 2024, the employee exercised all 3,683 options, thereby acquiring shares in accordance with the terms of the scheme.

5,349 options were granted to an employee on 1 July 2022 and these options could be exercised at any time before 1 July 2032. The estimated fair value of each option granted was £16.43 based on the directors' valuation. On 20 November 2024, the employee exercised all 5,349 options, thereby acquiring shares in accordance with the terms of the scheme.

There were no performance conditions attaching to the scheme and the exercise price was £0.00001 per share.

The Company recognised total expenses of £ 0 and £ 0 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

4. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 January 2024	41,065		41,065
At 31 December 2024	41,065		41,065
Accumulated amortisation
At 01 January 2024	41,065		41,065
At 31 December 2024	41,065		41,065
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

5. Debtors

	2024		2023
	£		£
Trade debtors	48,000		0
Other debtors	0		185
	48,000		185

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	36,363		276
Other taxation and social security	4,721		0
Other creditors	62,310		12,280
	103,394		12,556

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
195,006 Ordinary shares of £ 0.00001 each (2023: 185,974 shares of £ 0.00001 each)	2		2

During the year, on 20 November 2024, 9032 shares of £0.00001 each were issued and fully paid.

8. Related party transactions

At the year end the company owed £10,000 (2023 - £10,000) to L Gaynor, the former director, in respect of an interest free loan repayable on demand.

At the year end the company owed £10,000 (2023 - £nil) to R Maloney, a director of the company, in respect of an interest free loan repayable on demand.