REGISTERED NUMBER: 10351855 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

KORC Sport Ltd

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

A S Fox

J A Gudgin

J H Stones

REGISTERED OFFICE:

Kirton Off Road Centre

Gainsthorpe Road West

Kirton Lindsey

Gainsborough

Lincolnshire

DN21 4JL

REGISTERED NUMBER:

10351855 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A S Fox

J A Gudgin

J H Stones

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

A S Fox - Director

30 September 2025

FIXED ASSETS

Tangible assets

4

3,290,971

3,311,667

CURRENT ASSETS

Debtors

5

102,003

6,058

Cash at bank

1,397

555

103,400

6,613

CREDITORS

Amounts falling due within one year

6

901,781

823,774

NET CURRENT LIABILITIES

(798,381

)

(817,161

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,492,590

2,494,506

CREDITORS

Amounts falling due after more than one year

7

(4,414

)

(14,833

)

PROVISIONS FOR LIABILITIES

(658,746

)

(656,701

)

NET ASSETS

1,829,430

1,822,972

CAPITAL AND RESERVES

Called up share capital

9

100

100

Fair value reserve

10

1,944,257

1,944,257

Retained earnings

(114,927

)

(121,385

)

SHAREHOLDERS' FUNDS

1,829,430

1,822,972

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 30 September 2025 and were signed on its behalf by:

A S Fox - Director

1.	STATUTORY INFORMATION

KORC Sport Ltd 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.

At 31 December 2024 the company's current liabilities exceeded its current assets by £798,381 (2023: £817,161). It is the opinion of the directors that the business will continue as a going concern on the basis of their continued support and that of the controlling party.

At 31 December 2024 the company's retained earnings were negative, however the company holds a significant unrealised fair value reserve based upon the value of land.The overall net assets of the company are £1,829,637 (2023: 1,822,972)

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.

Freehold land

-

not provided

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Improvements to property

-

15% straight line

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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 cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

land

machinery

fittings

£

£

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

3,000,000

42,500

8,281

DEPRECIATION

At 1 January 2024

-

32,044

6,203

Charge for year

-

2,091

415

At 31 December 2024

-

34,135

6,618

NET BOOK VALUE

At 31 December 2024

3,000,000

8,365

1,663

At 31 December 2023

3,000,000

10,456

2,078

Improvements

Motor

to

vehicles

property

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

111,056

327,516

3,489,353

DEPRECIATION

At 1 January 2024

90,697

48,742

177,686

Charge for year

5,090

13,100

20,696

At 31 December 2024

95,787

61,842

198,382

NET BOOK VALUE

At 31 December 2024

15,269

265,674

3,290,971

At 31 December 2023

20,359

278,774

3,311,667

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2022

2,592,343

-

2,592,343

Cost

407,657

489,353

897,010

3,000,000

489,353

3,489,353

The land was valued on an open market basis on 1 December 2022 by DDM Agriculture Limited, a RICS regulated firm. At the year ended 31 December 2024, it is the opinion of the directors that this valuation is still deemed appropriate.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

102,003

6,058

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,397

10,117

Trade creditors

16,066

118,810

Other creditors

875,318

694,847

901,781

823,774

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

4,414

14,833

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

63,237

137,500

Between one and five years

-

63,237

63,237

200,737

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary A

£1

100

100

10.

RESERVES

Fair

value

reserve

£

At 1 January 2024

and 31 December 2024

1,944,257

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

12.	RELATED PARTY DISCLOSURES

At the year end, £ 867,455.46 (2023: 797,664) was due to the parent company, Fox (Owmby) Limited. No interest is being charged on the monies owed.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by Fox (Owmby) Limited by virtue of it owning 100% of the ordinary share capital. The ultimate controlling party is S Fox by virtue of them holding a majority share in Fox (Owmby) Limited.