| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2025 |
| for |
| Sports Labs Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2025 |
| for |
| Sports Labs Limited |
| Sports Labs Limited (Registered number: SC186755) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2025 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Sports Labs Limited |
| Company Information |
| for the Year Ended 31 August 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Management Accountants |
| 4a Glenfinlas Street |
| Edinburgh |
| Midlothian |
| EH3 6AQ |
| Sports Labs Limited (Registered number: SC186755) |
| Statement of Financial Position |
| 31 August 2025 |
| 31.8.25 | 31.8.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Sports Labs Limited (Registered number: SC186755) |
| Statement of Financial Position - continued |
| 31 August 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2025 |
| 1. | STATUTORY INFORMATION |
| Sports Labs Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Sports Labs Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Significant judgements and estimates |
| The company operates a branch in Norway. The branch accounts for Norway are prepared on a calendar year basis and are not co-terminus with the company's accounting year. The profit of the branch for year ending 31st December 2025 has been allocated on a pro-rata basis for inclusion in the company's accounts. |
| As at the company's balance sheet date, income generated by the branch has been included in accrued income and costs have been included in accruals. |
| Income and costs have been translated from Norwegian Kroner based on an average exchange rate for 2025. No exchange difference has been recognised for re-translation of the Kroner amounts as at the company's balance sheet date, as the difference was immaterial. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and Building | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Software & Website Development | - |
| Investments in subsidiaries |
| Investments in subsidiaries are recognised at cost less any assessment for impairment. |
| Stocks |
| Work in progress is valued at the cost of labour incurred in getting it to its current state of completion. |
| Financial instruments |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
| Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method. |
| Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. |
| Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received. |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Research and development |
| Research and Development costs totalling £95,186 (2024 - £187,698) have been incurred during the year and recognised as an expense. |
| Foreign currencies |
| The company's functional and presentational currency is GBP. |
| The results of the company include those of a branch in Norway whose functional currency is Norwegian Kroner. The profit and loss of the branch is translated to GBP at an average exchange rate for the year. |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Leases are assessed based on the substance of the transaction and are categorised as finance leases or operating leases accordingly. |
| Finance Leases |
| Where substantially all the risks and rewards incidental to ownership are borne by the lessee, the lease is categorised as a finance lease. It is initially recognised in the statement of financial position as an asset with a corresponding liability. |
| The subsequent allocation of payments between the finance charge and the reduction of the outstanding liability are calculated using the effective interest method, so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
| Operating Leases |
| Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Software |
| Land and | Plant and | Motor | & Website |
| Building | machinery | vehicles | Development | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2025 |
| DEPRECIATION |
| At 1 September 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| Assets included in Motor Vehicles and Plant & Machinery have been purchased on hire purchase. These have a combined net book value at the year end of £90,982. The depreciation charged on these assets in the year is £21,465. |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2024 |
| and 31 August 2025 |
| NET BOOK VALUE |
| At 31 August 2025 |
| At 31 August 2024 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: 3rd Floor, 207 Regent Street, London, W1B 3HH |
| Nature of business: |
| % |
| Class of shares: | holding |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 1904 Chemin de Labrugade, 46800 Montcuq-en-Quercy-Blanc |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.8.25 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 6. | STOCKS |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Work In Progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 102,765 | 99,870 |
| Accrued income |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corp. tax |
| Social security and other taxes |
| VAT | 119,797 | 100,883 |
| Other creditors |
| RBS Business Master Card | 41,634 | 23,996 |
| Pensions fund | 10,041 | 9,189 |
| AMEX Business Card | 9,043 | 17,936 |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | PROVISIONS FOR LIABILITIES |
| 31.8.25 | 31.8.24 |
| £ | £ |
| Deferred tax | 103,335 | 73,789 |
| Compromise agreement | 435,037 | 1,342,745 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 September 2024 |
| Capital allowances timing | 29,546 | - |
| Balance at 31 August 2025 |
| Other provisions are held against a compromise agreement entered into by the company. Due to the confidentiality terms within the final agreement, full details are not being disclosed. |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| As at the balance sheet date the directors owed the company amounts totalling £102,765 (2024 - £99,869). During the year, the directors withdrew nil (2024 - nil) and repaid nil (2024- nil). Interest of £2,896 (2024 - £2,228) was added to the amounts owed by the directors. |
| Interest was charged on balances over £10,000 owed to the company at 2.25 % up to 5th April 2025 and 3.75% thereafter. |
| The sums owed were unsecured and repayable upon demand. |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £192,000 (2024 - £192,000) were paid to the directors . |
| Sports Labs Limited (Registered number: SC186755) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2025 |
| 13. | RELATED PARTY DISCLOSURES - continued |
| From time to time the company enters into transactions with other Companies under common control or in which significant influence is held by the directors. Where these transactions have been made under normal market conditions specific details are not provided. |
| Balances owed to or from other group companies |
| 2025 | 2025 | 2024 | 2024 |
| Receivable | Payable | Receivable | Payable |
| £ | £ | £ | £ |
| Loan Balances with other Group Companies | 158,035 | 318,667 | 211,775 | 243,122 |
| 2025 | 2025 | 2024 | 2024 |
| Receivable | Payable | Receivable | Payable |
| £ | £ | £ | £ |
| Trade receivables / payables with Group Companies | 12,759 | 4,462 |
| The above loans are repayable upon demand and are interest free. |
| Balances owed to or from companies outside the group in which the directors exert influence |
| 2025 | 2025 | 2024 | 2024 |
| Receivable | Payable | Receivable | Payable |
| £ | £ | £ | £ |
| Trade receivables / payables | 24,684 | 27,647 | 17,175 | 5,009 |
| The above balances are held within trade debtors and trade creditors and are owed by or to companies in which the directors are able to exert influence via their shareholdings. These are companies which are outwith the group. Extended trading terms are granted or received due to the influence of the directors. |
| Loan Balances owed to or from companies outside the group in which the directors exert influence |
| 2025 | 2024 |
| Receivable | Receivable |
| £ | £ |
| Loan balances due | 333,824 | 285,586 |
| The loans provided to the companies are repayable upon demand and are interest free. They are included within other debtors. The recipients of the loans are companies in which the directors are able to exert influence via their shareholding. These are companies which are outwith the group.. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Sports Labs Holdings Ltd. |
| The Director, Eric O'Donnell is the ultimate controlling party by virtue of his majority shareholding in the parent |
| Company, Sports Labs Holdings Ltd. |