Company registration number 13955863 (England and Wales)
SEVENCANYON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SEVENCANYON LIMITED
COMPANY INFORMATION
Directors
Mr J Darby
Mr G Sapey
Mr P Shah
Mr R Youngman
Secretary
Mr R Youngman
Company number
13955863
Registered office
167-169 Great Portland Street
5th Floor
London
W1W 5PF
Auditor
Ensors
3 St James Court
Whitefriars
Norwich
NR3 1RJ
SEVENCANYON LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 - 11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16 - 34
SEVENCANYON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Business strategy

Sevencanyon limited operates as a holding company within which its subsidiaries hold prize draw competitions online. The group have the following values:

- to offer a fun and sociable way to win amazing prizes;

- to provide a socially responsible service;

- to provide a transparent service.

These values drive the group’s aims:

- to always put customer safety first;

- to continuously improve the customer experience;

- to persistently build trust with a community of customers.

A fair review of the group's business

The group generated revenue of £98.3million (2024: £73.5million) and gross profit of £16.7million (2024: £15.4million) for the year ended 31 March 2025.

Gross profit margin has decreased slightly to 16.9% in the year (2024: 21.0%). Whilst turnover has increased, significant investment has been placed across the group to allow the group to continue to grow, especially within the subsidiaries. Furthermore, additional investment has been placed into marketing, technology and product. A big aspect of success within the industry comes from being able to acquire and retain customers and therefore the group’s focus has been on this, which will continue into financial year 2026.

The group held a strong net asset position as at 31 March 2025 of £15.2million (2024: £14.4million). Within this is a cash balance of £3.3million which increased £0.9million from the previous year (2024: £2.4million).

Key performance indicators

Management use a range of performance measures to monitor and govern the business. These are reviewed at entity-level on a weekly basis. These are set out below.

Gross gaming revenue (GGR)

This is the total revenue from ticket sales less the cost of prizes and/or cash alternatives. This is essential as it provides an assessment of the effectiveness of competitions alone.

Cost per acquisition (CPA)

This is the cost to acquire one new customer. This is essential as CPA indicates how much it costs to get a single customer down the sales funnel, from the first touch point to conversion.

Lifetime value (LTV)

This is the total revenue a single customer can bring to the company over a defined period. This is essential as it can then be compared the cost to acquire a single customer to evaluate efficiency of operations.

SEVENCANYON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Principle risks and uncertainties

The principal risks faced by the group are identified by the board and reviewed regularly.

Liquidity risk

Operations are financed principally from cash and equity reserves and therefore there is a level of liquidity risk. However, sufficient cash balances and easily transferrable assets are maintained to ensure there are available funds to meet all levels of operations.

Credit risk

Exposure to credit risk is through the carrying amounts of financial assets. There is therefore a low level of credit risk as the group remains in a net asset position even with removal of the receivable balance in its entirety. Furthermore, a large proportion of the group’s receivables are intercompany. The credit risk in relation to cash balances are limited as third party banks are used with high credit ratings.

Interest rate risk

There is no interest rate risk as the group has no external lending or borrowing.

Non-financial risk

Regulatory change

The group currently operates in an unregulated environment and therefore there is the risk that regulations are i ntroduced in the future. To mitigate this future risk, the group continues to seek appropriate legal advice and up-to-date online information to ensure complete compliance.

Threats to IT infrastructure and/or website

The group relies wholly on its website and IT infrastructure to operate and therefore there is the risk that if any element of this was to be threatened there would be a severe and immediate impact. There are various processes and controls in place to reduce the likelihood and severity of this risk, such as strong IT security controls and use of third-party providers.

Customer value

The proposition is evolving with the introduction of subscription and instant games. Whilst we expect revenues to increase significantly, there is always the risk that the transition results in churn or reduced customer spend for a limited period of time. Management review relevant key performance indicators on a weekly basis to assess the needs and requirements to mitigate this risk. Management is also highly trained and knowledgeable in the industry.

Reputational risk

M aintaining public trust and a positive reputation is crucial to the success of the group. If this accountability isn’t held, a customer base would be diminished and sales severely impacted. The group mitigates these by operating an honest and transparent business structure, being customer-focused at each stage. All odds are fully transparent on the website, and customers can leave visible positive reviews.

On behalf of the board

Mr R Youngman
Director
4 November 2025
SEVENCANYON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a holding company. The principal activity of the group through its subsidiary companies, continued to be that of operating prize draw competitions and offering online platform services to prize competitions sites.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £6,500,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Darby
Mr G Sapey
Mr P Shah
Mr R Youngman
Post reporting date events

Post year end, the directors have decided to wind up a subsidiary of the Group, Azure Group Ventures PTY Limited. The investment held by Sevencanyon Limited has been fully impaired as at the year end and the amounts included in debtors as due from the subsidiary company, amounting to £1,175,166, have been fully provided for.

The group has also increased it's shareholding in Redline Automotive Limited post year end, taking the shareholding from 25% (as at the year end) to 50% on 30th June 2025.

Future developments

The directors consider future projects within the group which will allow continued growth and development. Their aim is to improve customer experience of playing on our raffle sites, with initiatives to focus on improving retention metrics and customer lifetime value. This will be achieved through the following.

- Increasing investment in our development and product teams.

- Introduction of interactive features on the website.

- Bringing Redline onto our platform during 2025/26.

- Expanding into House Raffles in 7Days Performance and introducing a subscription service. This will also broaden the customer base.

Overall, the directors believe the group is in a strong position to achieve its goals for 2025/26 and further its growth and market position.

Auditor

On 1 September 2025 our auditors, Ensors Accountants LLP, merged with Azets Audit Services Limited. Accordingly Ensors Accountants LLP formally resigned as the company’s auditors with the directors duly appointing Azets Audit Services Limited, trading as Ensors to fill the vacancy arising.

The auditor, Azets Audit Services Limited, trading as Ensors will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

SEVENCANYON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Strategic report

The company has taken advantage of the exemptions available in section 414C(11) of the Companies Act 2006 with regards to the disclosure of certain information in the directors report. Such information is now included in the Strategic Report starting on page 1 which contains appropriate detailed information of the review of the business during the year and the principal risks and uncertainties affecting the company and its business. true

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr R Youngman
Director
4 November 2025
SEVENCANYON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SEVENCANYON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEVENCANYON LIMITED
- 6 -
Opinion

We have audited the financial statements of Sevencanyon Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cash flows, and notes to the financial statements, including 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 group's and the parent company's affairs as at 31 March 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

SEVENCANYON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEVENCANYON LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

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

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition, management override of systems and control and accounting estimates.

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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory

framework;

- Inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of

fraud;

- Inquired of management, those charged with governance about any non- compliance with laws and

regulations.

- Reviewed board minutes for any indication of non-compliance with laws and regulations and indications of

fraud.

- Tested journal entries and other adjustments for appropriateness, and evaluating the business rationale of

significant transactions

- Reviewed data for ticket purchasers and prize winners, for potential related parties.

SEVENCANYON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SEVENCANYON LIMITED
- 8 -

All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance or fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The corresponding figures, relating to the year ended 31 March 2024, are unaudited.

Although we have carried out additional audit procedures to gain relevant audit assurance in respect of the statement of financial position amounts at 31 March 2024, we have not audited the statement of comprehensive income amounts in respect of the period ended 31 March 2024, therefore the corresponding figures remain unaudited.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors
Statutory Auditor
Chartered Accountants
3 St James Court
Whitefriars
Norwich
NR3 1RJ
5 November 2025
SEVENCANYON LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024 Unaudited
Notes
£
£
Revenue
3
98,339,247
73,542,546
Cost of sales
(81,676,620)
(58,113,323)
Gross profit
16,662,627
15,429,223
Administrative expenses
(6,434,433)
(3,864,458)
Operating profit
4
10,228,194
11,564,765
Investment income
8
56,096
36,581
Finance costs
9
(23,851)
(59,845)
Other gains and losses
10
-
(19,352)
Profit before taxation
10,260,439
11,522,149
Tax on profit
11
(3,049,068)
(3,117,750)
Profit for the financial year
7,211,371
8,404,399
Other comprehensive income
Currency translation gain taken to retained earnings
55,114
-
0
Total comprehensive income for the year
7,266,485
8,404,399
Profit for the financial year is attributable to:
- Owners of the parent company
6,909,052
8,317,531
- Non-controlling interests
302,319
86,868
7,211,371
8,404,399
Total comprehensive income for the year is attributable to:
- Owners of the parent company
6,964,166
8,317,531
- Non-controlling interests
302,319
86,868
7,266,485
8,404,399

The consolidated income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 34 form part of these financial statements.

SEVENCANYON LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 10 -
2025
2024 Unaudited
Notes
£
£
£
£
Non-current assets
Goodwill
13
7,290,130
8,313,658
Other intangible assets
13
373
2,796
Total intangible assets
7,290,503
8,316,454
Property, plant and equipment
14
437,556
169,853
Investments
15
56,097
40,013
7,784,156
8,526,320
Current assets
Inventories
18
7,144,817
7,606,171
Trade and other receivables
19
799,008
442,101
Cash and cash equivalents
3,276,567
2,350,321
11,220,392
10,398,593
Current liabilities
20
(3,734,324)
(4,431,433)
Net current assets
7,486,068
5,967,160
Total assets less current liabilities
15,270,224
14,493,480
Non-current liabilities
21
-
0
(13,091)
Provisions for liabilities
Deferred tax liability
23
56,992
33,643
(56,992)
(33,643)
Net assets
15,213,232
14,446,746
Equity
Called up share capital
25
100
100
Other reserves
26
9,999,900
9,999,900
Retained earnings
26
4,764,770
4,300,603
Equity attributable to owners of the parent company
14,764,770
14,300,603
Non-controlling interests
448,462
146,143
Total equity
15,213,232
14,446,746

The notes on pages 16 to 34 form part of these financial statements.

SEVENCANYON LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 11 -
The financial statements were approved by the board of directors and authorised for issue on
4 November 2025
04 November 2025
and are signed on its behalf by:
Mr R Youngman
Director
Company registration number 13955863 (England and Wales)
SEVENCANYON LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024 Unaudited
Notes
£
£
£
£
Non-current assets
Investments
15
426,911
437,091
Current assets
Trade and other receivables
19
2,793,047
21,528
Cash and cash equivalents
19,212
-
0
2,812,259
21,528
Current liabilities
20
(3,177,269)
(392,212)
Net current liabilities
(365,010)
(370,684)
Net assets
61,901
66,407
Equity
Called up share capital
25
100
100
Retained earnings
26
61,801
66,307
Total equity
61,901
66,407

The notes on pages 16 to 34 form part of these financial statements.

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £6,495,493 (2024: £6,046,557).

The financial statements were approved by the board of directors and authorised for issue on
4 November 2025
04 November 2025
and are signed on its behalf by:
Mr R Youngman
Director
Company registration number 13955863 (England and Wales)
SEVENCANYON LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Merger relief reserve
Retained earnings
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2023
100
9,999,900
1,983,072
11,983,072
-
0
11,983,072
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
8,317,531
8,317,531
86,868
8,404,399
Dividends
12
-
-
(6,000,000)
(6,000,000)
-
(6,000,000)
Acquisition of subsidiary
-
-
-
-
59,275
59,275
Balance at 31 March 2024
100
9,999,900
4,300,603
14,300,603
146,143
14,446,746
Period ended 31 March 2025:
Profit for the period
-
-
6,909,052
6,909,052
302,319
7,211,371
Other comprehensive income:
Currency translation differences
-
-
55,114
55,114
-
55,114
Total comprehensive income
-
-
6,964,166
6,964,166
302,319
7,266,485
Dividends
12
-
-
(6,500,000)
(6,500,000)
-
(6,500,000)
Balance at 31 March 2025
100
9,999,900
4,764,770
14,764,770
448,462
15,213,232

The notes on pages 16 to 34 form part of these financial statements.

SEVENCANYON LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 April 2023
100
19,750
19,850
Year ended 31 March 2024:
Profit and total comprehensive income
-
6,046,557
6,046,557
Dividends
12
-
(6,000,000)
(6,000,000)
Balance at 31 March 2024
100
66,307
66,407
Period ended 31 March 2025:
Profit and total comprehensive income
-
6,495,494
6,495,494
Dividends
12
-
(6,500,000)
(6,500,000)
Balance at 31 March 2025
100
61,801
61,901

The notes on pages 16 to 34 form part of these financial statements.

SEVENCANYON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
7,745,383
6,896,364
Investing activities
Purchase of intangible fixed assets
(352)
-
Purchase of tangible fixed assets
(390,507)
(88,528)
Proceeds from disposal of tangible fixed assets
39,882
-
Investment in associated undertaking
(1)
(109,321)
Proceeds from disposal of associates
-
50,000
Net cash consideration on acquisition of subsidiary
-
(333,234)
Net cash used in investing activities
(350,978)
(481,083)
Financing activities
Repayment of bank loans
(23,274)
(9,931)
Equity dividends paid
(6,500,000)
(6,000,000)
Net cash used in financing activities
(6,523,274)
(6,009,931)
Net increase in cash and cash equivalents
871,131
405,350
Cash and cash equivalents at beginning of year
2,350,321
1,944,971
Effect of foreign exchange rates
55,115
-
0
Cash and cash equivalents at end of year
3,276,567
2,350,321

The notes on pages 16 to 34 form part of these financial statements.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Sevencanyon Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.

The group consists of Sevencanyon Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Sevencanyon Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The group recognises revenue from the following major sources:

- Ticket sales

- Resale of prizes

The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% Straight line
1.8
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% - 40% Straight line
Office equipment
33% Straight line
Motor vehicles
25% Reducing balance
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Non-current investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Inventories

Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 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 m ethod 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.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 paymen ts 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of goodwill

Determine whether there are indicators of impairment of the group's goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the entities.

3
Revenue
2025
2024 Unaudited
£
£
Revenue analysed by class of business
Income from prize draw competitions
92,097,109
66,163,974
Resale of prizes
6,242,138
7,361,905
Platform services
-
16,667
98,339,247
73,542,546
2025
2024 Unaudited
£
£
Revenue analysed by geographical market
United Kingdom
93,565,140
72,956,917
Rest of World
4,774,107
585,629
98,339,247
73,542,546
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
4
Operating profit
2025
2024 Unaudited
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange losses
100,944
6,212
Depreciation of owned property, plant and equipment
90,901
63,705
Profit on disposal of property, plant and equipment
(7,979)
-
Amortisation of intangible assets
1,026,303
1,015,584
Operating lease charges
230,108
167,536
5
Auditor's remuneration
2025
2024 Unaudited
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
-
0
Audit of the financial statements of the company's subsidiaries
43,000
-
0
53,000
-
0
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
Number
Number
Number
Number
Directors
4
4
4
4
Other staff
35
20
-
-
Total
39
24
4
4
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
£
£
£
£
Wages and salaries
3,159,143
1,755,672
939,546
664,641
Social security costs
302,535
183,502
60,209
63,408
Pension costs
64,499
153,470
35,868
148,344
3,526,177
2,092,644
1,035,623
876,393
7
Directors' remuneration
2025
2024 Unaudited
£
£
Remuneration for qualifying services
939,546
664,641
Company pension contributions to defined contribution schemes
35,868
148,344
975,414
812,985

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024 Unaudited
£
£
Remuneration for qualifying services
212,046
120,001
Company pension contributions to defined contribution schemes
34,656
85,345
8
Investment income
2025
2024 Unaudited
£
£
Income from fixed asset investments
Share of profit from associate companies
56,096
36,581
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
9
Finance costs
2025
2024 Unaudited
£
£
Interest on bank overdrafts and loans
787
800
Other interest
23,064
59,045
Total finance costs
23,851
59,845
10
Other gains and losses
2025
2024 Unaudited
£
£
Gain/(loss) on disposal of fixed asset investments
-
(19,352)
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
11
Taxation
2025
2024 Unaudited
£
£
Current tax
UK corporation tax on profits for the current period
3,025,719
3,107,282
Deferred tax
Origination and reversal of timing differences
23,349
10,468
Total tax charge
3,049,068
3,117,750

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024 Unaudited
£
£
Profit before taxation
10,260,439
11,522,149
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024 Unaudited: 25.00%)
2,565,110
2,880,537
Tax effect of expenses that are not deductible in determining taxable profit
77,269
24,415
Gains not taxable
-
0
7,601
Tax effect of utilisation of tax losses not previously recognised
-
0
(34,983)
Unutilised tax losses carried forward
163,154
4,345
Depreciation on assets not qualifying for tax allowances
1,677
4,362
Other permanent differences
-
0
(12,584)
Associate income not taxable
(14,024)
(9,145)
Amortisation on goodwill not taxable
255,882
253,202
Taxation charge
3,049,068
3,117,750
12
Dividends
2025
2024 Unaudited
Recognised as distributions to equity holders:
£
£
Final paid
6,500,000
6,000,000
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
13
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2024
10,235,207
11,317
10,246,524
Additions
-
0
352
352
At 31 March 2025
10,235,207
11,669
10,246,876
Amortisation and impairment
At 1 April 2024
1,921,549
8,521
1,930,070
Amortisation charged for the year
1,023,528
2,775
1,026,303
At 31 March 2025
2,945,077
11,296
2,956,373
Carrying amount
At 31 March 2025
7,290,130
373
7,290,503
At 31 March 2024
8,313,658
2,796
8,316,454
14
Property, plant and equipment
Group
Leasehold improvements
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
56,182
165,125
54,116
275,423
Additions
339,688
50,217
-
0
389,905
Disposals
(3,312)
-
0
(48,990)
(52,302)
At 31 March 2025
392,558
215,342
5,126
613,026
Depreciation and impairment
At 1 April 2024
21,982
60,609
22,979
105,570
Depreciation charged in the year
32,619
56,095
2,187
90,901
Eliminated in respect of disposals
-
0
-
0
(21,001)
(21,001)
At 31 March 2025
54,601
116,704
4,165
175,470
Carrying amount
At 31 March 2025
337,957
98,638
961
437,556
At 31 March 2024
34,200
104,516
31,137
169,853
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
15
Fixed asset investments
Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
426,911
437,091
Investments in associates
17
56,097
40,013
-
0
-
0
56,097
40,013
426,911
437,091
Movements in non-current investments
Group
Shares in associates
£
Cost or valuation
At 1 April 2024
89,770
Additions
1
Share of profit from associate
56,096
Disposals
(89,770)
At 31 March 2025
56,097
Impairment
At 1 April 2024
49,757
Disposals
(49,757)
At 31 March 2025
-
Carrying amount
At 31 March 2025
56,097
At 31 March 2024
40,013
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Fixed asset investments
(Continued)
- 30 -
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
437,091
Impairment
At 1 April 2024
-
Impairment losses
10,180
At 31 March 2025
10,180
Carrying amount
At 31 March 2025
426,911
At 31 March 2024
437,091

In the year, the directors considered the recoverability of the investment in Azure Group Ventures PTY Limited and determined this should be impaired down to Nil.

16
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
7Days Performance Limited
167-169 Great Portland Street, 5th Floor, London, W1W 5PF
Ordinary
100.00
UK Carp Competitions Limited
167-169 Great Portland Street, 5th Floor, London, W1W 5PF
Ordinary
70.00
Cloud Canyon Limited
167-169 Great Portland Street, 5th Floor, London, W1W 5PF
Ordinary
100.00
Azure Group Ventures PTY Limited
PKF Mebourne, Level 15, 500 Bourke Street, Melbourne, VIC 3000
Ordinary
75.00
17
Associates

Details of associates at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Indirect
Redline Automotive Limited
7 Grosvenor Grange, Woolston, Warrington, England, WA1 4SF
Ordinary B
25
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
18
Inventories
Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
£
£
£
£
Finished goods
7,144,817
7,606,171
-
0
-
0
19
Trade and other receivables
Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
Amounts falling due within one year:
£
£
£
£
Trade receivables
3,499
84,994
-
0
-
0
Corporation tax recoverable
213,895
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
2,603,675
-
Amounts owed by undertakings in which the company has a participating interest
43,594
12,967
43,594
-
Other receivables
21,078
266,632
-
0
15,174
Prepayments and accrued income
516,942
77,508
145,778
6,354
799,008
442,101
2,793,047
21,528

Amounts owed by group undertakings to the Company include a bad debt provision of £1,175,166 (2024: £Nil) in relation to amounts owed by the subsidiary company Azure Group Ventures PTY Limited.

20
Current liabilities
Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
Notes
£
£
£
£
Bank loans
22
-
0
10,183
-
0
-
0
Trade payables
647,141
1,163,276
133,081
-
0
Amounts owed to group undertakings
-
0
-
0
2,796,936
355,246
Amounts owed to undertakings in which the group has a participating interest
15,850
-
0
-
0
-
0
Corporation tax payable
121,349
1,721,489
19,155
15,510
Other taxation and social security
1,520,075
432,170
201,177
-
Other payables
384,646
327,415
11,093
15,750
Accruals and deferred income
1,045,263
776,900
15,827
5,706
3,734,324
4,431,433
3,177,269
392,212
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
21
Non-current liabilities
Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
13,091
-
0
-
0
22
Borrowings
Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
£
£
£
£
Bank loans
-
0
23,274
-
0
-
0
Payable within one year
-
0
10,183
-
0
-
0
Payable after one year
-
0
13,091
-
0
-
0

The bank loan was fully repaid during the year ended 31 March 2025. Interest was charged at a rate of 2.5%.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024 Unaudited
Group
£
£
Accelerated capital allowances
56,992
33,643
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
33,643
-
Charge to profit or loss
23,349
-
Liability at 31 March 2025
56,992
-
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
24
Retirement benefit schemes
2025
2024 Unaudited
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,499
153,470

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

As at the year end £3,511 (2024: £17,256) was due and included in other creditors.

25
Share capital
Group and company
2025
2024 Unaudited
2025
2024 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
26
Reserves
Retained earnings

The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments.

Merger reserve

The merger reserve represents the premium on shares issued as part of the share for share exchange agreement to acquire the subsidiary companies.

Non controlling interest reserve

The non controlling interest reserve represents the Group's earned profits attributable to minority interests.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024 Unaudited
2025
2024 Unaudited
£
£
£
£
Within one year
216,188
131,540
-
-
Between two and five years
363,500
251,023
-
-
579,688
382,563
-
-
SEVENCANYON LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
28
Events after the reporting date

Post year end, the directors have decided to wind up a subsidiary of the Group, Azure Group Ventures PTY Limited. The investment held by Sevencanyon Limited has been fully impaired as at the year end and the amounts included in debtors as due from the subsidiary company, amounting to £1,175,166, have been fully provided for.

The group has also increased it's shareholding in Redline Automotive Limited post year end, taking the shareholding from 25% (as at the year end) to 50% on 30th June 2025.

29
Cash generated from group operations
2025
2024 Unaudited
£
£
Profit after taxation
7,211,371
8,404,399
Adjustments for:
Share of results of associates
(56,096)
(36,581)
Taxation charged
3,049,068
3,110,521
(Gain)/loss on disposal of property, plant and equipment
(7,979)
19,352
Amortisation and impairment of intangible assets
1,026,303
1,015,584
Depreciation of fixed assets
90,901
63,216
Taxation paid
(4,839,754)
(1,891,177)
Movements in working capital:
Decrease/(increase) in inventories
461,354
(5,586,063)
Increase in trade and other receivables
(143,012)
(304,382)
Increase in trade and other payables
953,227
2,101,495
Cash generated from operations
7,745,383
6,896,364
30
Analysis of changes in net funds - group
1 April 2024
Cash flows
Effect of exchange rates
31 March 2025
£
£
£
£
Cash at bank and in hand
2,350,321
871,131
55,115
3,276,567
2,350,321
871,131
55,115
3,276,567
Borrowings excluding overdrafts
(23,274)
23,274
-
-
2,327,047
894,405
55,115
3,276,567
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