REGISTERED NUMBER: SC266140 (Scotland)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

SPORTEX GROUP LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

L A McGeechan

J D Blamire

D M Blamire

REGISTERED OFFICE:

13-17 Abbotsinch Road

Grangemouth

FK3 9UX

REGISTERED NUMBER:

SC266140 (Scotland)

AUDITORS:

Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply, laying and maintenance of artificial surfaces for sporting activities.

REVIEW OF BUSINESS

The reduction in turnover from 2023 to 2024 can be attributed to the shareholders breaking out its recycling operations into a new company under the group business; Sportex Recycling Ltd which started trading from 01/01/24. In 2023, recycling revenue for this business traded under Sportex Group Ltd accounted for approximately £1.712m. of the total revenues.

The decrease in profit before taxation in 2024 was attributed to two main factors. As well as the introduction of Sportex Recycling Ltd as a new company under the group business, Sportex Group Ltd wrote off approximately £400k of legacy costs accrued during the formative years of developing the recycling business which culminated in a separate limited company bring brought to market.

DIVIDENDS

Interim dividends per share were paid as follows:

£93.571

- 31 March 2024

£93.571

- 30 June 2024

£93.571

- 30 September 2024

£93.572

- 31 December 2024

£374.285

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 374,285 .

DIRECTORS

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

L A McGeechan

J D Blamire

D M Blamire

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), 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 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.

AUDITORS

The auditors, Sharles Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L A McGeechan - Director

30 September 2025

Opinion

We have audited the financial statements of Sportex Group Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 31 December 2024 and of its profit 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 UK, including the FRC'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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on pages two and three, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The aims of our audit are to identify and assess the risks of material misstatement of the financial statements as a result of fraud or error, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement as a result of fraud or error and to respond appropriately to those risks. As a result of 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 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 include the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate tax laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries of management. We undertook a review of legal fees for any evidence of non-compliance.

-

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:

-

identifying and documenting the controls management has in place to prevent and detect fraud and error;

-

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgements made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted for large or unusual amounts;

-

assessing the extent of compliance with relevant laws and regulations; and

-

sample testing of transactions and balances.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Robert Andrew Pollock CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditors

29 Brandon Street

Hamilton

ML3 6DA

30 September 2025

TURNOVER

13,246,440

15,301,328

Cost of sales

10,904,289

12,380,192

GROSS PROFIT

2,342,151

2,921,136

Administrative expenses

1,787,040

1,637,552

555,111

1,283,584

Other operating income

106,733

68,537

OPERATING PROFIT

4

661,844

1,352,121

Interest receivable and similar income

1,260

410

663,104

1,352,531

Interest payable and similar expenses

5

77,311

76,731

PROFIT BEFORE TAXATION

585,793

1,275,800

Tax on profit

6

147,510

309,553

PROFIT FOR THE FINANCIAL YEAR

438,283

966,247

PROFIT FOR THE YEAR

438,283

966,247

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

438,283

Prior year adjustment

(415,183

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

551,064

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,595,496

1,072,607

1,595,496

1,072,607

CURRENT ASSETS

Stocks

11

31,952

121,966

Debtors

12

5,095,788

4,214,638

Cash at bank

894,282

464,750

6,022,022

4,801,354

CREDITORS

Amounts falling due within one year

13

3,932,437

2,489,635

NET CURRENT ASSETS

2,089,585

2,311,719

TOTAL ASSETS LESS CURRENT LIABILITIES

3,685,081

3,384,326

CREDITORS

Amounts falling due after more than one year

14

(755,245

)

(661,407

)

PROVISIONS FOR LIABILITIES

18

(383,959

)

(261,807

)

ACCRUALS AND DEFERRED INCOME

19

(20,767

)

-

NET ASSETS

2,525,110

2,461,112

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Share premium

21

17,000

17,000

Retained earnings

21

2,507,110

2,443,112

SHAREHOLDERS' FUNDS

2,525,110

2,461,112

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:

L A McGeechan - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,000

2,070,770

17,000

2,088,770

Prior year adjustment

-

(415,183

)

-

(415,183

)

As restated

1,000

1,655,587

17,000

1,673,587

Changes in equity

Dividends

-

(178,722

)

-

(178,722

)

Total comprehensive income

-

966,247

-

966,247

Balance at 31 December 2023

1,000

2,443,112

17,000

2,461,112

Changes in equity

Dividends

-

(374,285

)

-

(374,285

)

Total comprehensive income

-

438,283

-

438,283

Balance at 31 December 2024

1,000

2,507,110

17,000

2,525,110

1.	STATUTORY INFORMATION

Sportex Group Ltd is a private company, limited by shares , registered in Scotland. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the principal activities carried out by the company.

Turnover is measured at the fair value of the works carried out, net of discounts and excluding value added tax, and is recognised at the point that the group obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

20% on cost

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets held for the group's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

2024

2023

as restated

£

£

Wages and salaries

1,501,312

1,497,971

Social security costs

142,384

150,200

Other pension costs

78,000

138,705

1,721,696

1,786,876

The average number of employees during the year was as follows:

2024

2023

as restated

Directors

3

3

Administration

12

12

Operatives

34

35

49

50

2024

2023

as restated

£

£

Directors' remuneration

84,270

94,760

Directors' pension contributions to money purchase schemes

-

19,800

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

as restated

£

£

Hire of plant and machinery

624,574

1,153,365

Other operating leases

170,671

11,167

Depreciation - owned assets

138,551

149,178

Depreciation - assets on hire purchase contracts

167,950

94,878

Profit on disposal of fixed assets

(16,000

)

(23,000

)

Auditors' remuneration

9,813

10,250

Foreign exchange differences

(55,794

)

(19,111

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

as restated

£

£

Bank loan interest

56,009

54,666

Other interest

8,698

-

Hire purchase

12,604

22,065

77,311

76,731

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

as restated

£

£

Current tax:

UK corporation tax

29,768

249,288

Overprovision in prior year

(4,410

)

349

Total current tax

25,358

249,637

Deferred tax

122,152

59,916

Tax on profit

147,510

309,553

7.

DIVIDENDS

2024

2023

as restated

£

£

Ordinary shares of £1 each

Interim

374,285

178,722

8.	PRIOR YEAR ADJUSTMENT

The prior year adjustment relates to tax charges and dividends omitted from the previous years financial statements.

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

25,005

AMORTISATION

At 1 January 2024

and 31 December 2024

25,005

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

10.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

95,304

2,305,195

47,526

712,507

3,160,532

Additions

-

718,458

3,625

107,307

829,390

Disposals

-

(58,550

)

-

-

(58,550

)

At 31 December 2024

95,304

2,965,103

51,151

819,814

3,931,372

DEPRECIATION

At 1 January 2024

52,268

1,341,283

31,612

662,762

2,087,925

Charge for year

19,061

235,989

5,666

45,785

306,501

Eliminated on disposal

-

(58,550

)

-

-

(58,550

)

At 31 December 2024

71,329

1,518,722

37,278

708,547

2,335,876

NET BOOK VALUE

At 31 December 2024

23,975

1,446,381

13,873

111,267

1,595,496

At 31 December 2023

43,036

963,912

15,914

49,745

1,072,607

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

648,682

331,372

980,054

Additions

684,962

107,307

792,269

Transfer to ownership

(335,000

)

(92,372

)

(427,372

)

At 31 December 2024

998,644

346,307

1,344,951

DEPRECIATION

At 1 January 2024

321,635

288,164

609,799

Charge for year

126,677

41,273

167,950

Transfer to ownership

(273,240

)

(86,692

)

(359,932

)

At 31 December 2024

175,072

242,745

417,817

NET BOOK VALUE

At 31 December 2024

823,572

103,562

927,134

At 31 December 2023

327,047

43,208

370,255

11.

STOCKS

2024

2023

as restated

£

£

Stocks

31,952

121,966