Company Registration No. SC327661 (Scotland)
NEVISPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2025
NEVISPORT LIMITED
COMPANY INFORMATION
Directors
Afzal Khushi
Akmal Khushi
Omar Khushi
(Appointed 19 January 2026)
Waleed Khushi
(Appointed 19 January 2026)
Secretary
Afzal Khushi
Company number
SC327661
Registered office
Vermont House
149 Vermont Street
Kinning Park
Glasgow
G41 1LU
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
Bankers
Lloyds Bank plc
110 St Vincent Street
GLASGOW
G2 5ER
NEVISPORT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
NEVISPORT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 JUNE 2025
- 1 -

The directors present the strategic report for the period ended 29 June 2025.

Fair review of the business

Nevisport Limited is engaged in the retailing of outdoor clothing and related equipment within the United Kingdom.

For the 52‑week period ended 29 June 2025, turnover increased to £11.96m (2024: £10.54m). The company recorded an operating loss of £0.96m (2024: £0.32m), a loss after taxation of £1.01m (2024: £0.28m) and net liabilities of £1.42m (2024: £0.41m). Performance for the period was adversely impacted by higher operating costs and challenging trading conditions within the UK retail sector.

The company continues to trade with the support of its ultimate parent undertaking, Jacobs & Turner Limited, which provides funding to meet working capital requirements. Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

Principal risks and uncertainties

The principal risks and uncertainties faced by the company include:

- Conditions in the UK retail and consumer markets, including demand volatility

- Margin pressure arising from competitive pricing and promotional activity

- The level and flexibility of the company’s operating cost base

- Inventory management and valuation risks

- Liquidity risk, mitigated by continued financial support from the ultimate parent undertaking

These risks are kept under regular review by the directors.

Future Developments

Following the period end, the directors have undertaken a review of the store portfolio and the wider operational structure of the business. As a result of actions taken and planned, the directors expect the company to return to profitability in the short term, subject to market conditions and ongoing group support.

Key Performance Indicators

Due to the size and nature of the company, the directors primarily monitor performance using revenue growth, gross margin, and operating cost levels. No additional non‑financial key performance indicators are considered necessary for an understanding of the company’s development, performance, or position.

On behalf of the board

Afzal Khushi
Director
1 May 2026
NEVISPORT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the period ended 29 June 2025.

Principal activities

The principal activity of the company is the retailing of outdoor clothing and related goods.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Afzal Khushi
Akmal Khushi
Omar Khushi
(Appointed 19 January 2026)
Waleed Khushi
(Appointed 19 January 2026)
Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Afzal Khushi
Director
1 May 2026
NEVISPORT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 29 JUNE 2025
- 3 -

The directors are responsible for preparing the strategic report, directors' 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 company and 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.

NEVISPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEVISPORT LIMITED
- 4 -
Opinion

We have audited the financial statements of Nevisport Limited (the 'company') for the period ended 29 June 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 F inancial R eporting S tandard 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 29 June 2025 and of its loss for the period 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 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 other information comprises the information included in the annual report and financial statements other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report and financial statements. 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:

- the information given in the strategic report and the directors' r eport for the financial period 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.

NEVISPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEVISPORT LIMITED
- 5 -
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 identifie d material misstatements in the strategic report and the directors' r eport.

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 directors' r esponsibilities s tatement set out on page 3, 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 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.

Auditor 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

- UK Generally Accepted Accounting Practice;

- Companies Act 2006; and

- UK tax legislation.

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of legal expenses.

NEVISPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEVISPORT LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

- Management override of controls; and

- Revenue recognition.

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

- Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

- Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;

- Performing audit procedures over revenue cut-off, by agreeing source documentation to the accounting records, to ensure that sales have been accurately recorded;

- Completion of appropriate checklists and use of our experience to assess the Company’s compliance with the Companies Act 2006; and

- Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jeffrey Marjoribanks (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
1 May 2026
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
NEVISPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 JUNE 2025
- 7 -
52 weeks
52 weeks
ended
ended
29 June
30 June
2025
2024
Notes
£
£
Turnover
3
11,964,621
10,542,534
Cost of sales
(9,665,219)
(8,516,103)
Gross profit
2,299,402
2,026,431
Distribution costs
(1,990,245)
(1,231,213)
Administrative expenses
(1,273,812)
(1,119,281)
Other operating income
4,564
883
Operating loss
4
(960,091)
(323,180)
Interest receivable and similar income
47
-
0
Interest payable and similar expenses
7
-
0
(434)
Loss before taxation
(960,044)
(323,614)
Tax on loss
8
(48,244)
41,198
Loss for the financial period
(1,008,288)
(282,416)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

NEVISPORT LIMITED
BALANCE SHEET
AS AT
29 JUNE 2025
29 June 2025
- 8 -
29 June
30 June
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
9
28,551
38,151
Tangible assets
10
155,957
167,396
Investments
11
6
6
184,514
205,553
Current assets
Stocks
13
3,859,108
4,166,731
Debtors
14
538,413
602,399
Cash at bank and in hand
21,132
642,125
4,418,653
5,411,255
Creditors: amounts falling due within one year
15
(5,990,479)
(5,995,832)
Net current liabilities
(1,571,826)
(584,577)
Total assets less current liabilities
(1,387,312)
(379,024)
Provisions for liabilities
Provisions
16
35,000
35,000
(35,000)
(35,000)
Net liabilities
(1,422,312)
(414,024)
Capital and reserves
Called up share capital
19
1
1
Profit and loss reserves
(1,422,313)
(414,025)
Total equity
(1,422,312)
(414,024)
The financial statements were approved by the board of directors and authorised for issue on 1 May 2026 and are signed on its behalf by:
Afzal Khushi
Akmal Khushi
Director
Director
Company Registration No. SC327661
NEVISPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 JUNE 2025
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 3 July 2023
1
(131,609)
(131,608)
Period ended 30 June 2024:
Loss and total comprehensive income for the period
-
(282,416)
(282,416)
Balance at 30 June 2024
1
(414,025)
(414,024)
Period ended 29 June 2025:
Loss and total comprehensive income for the period
-
(1,008,288)
(1,008,288)
Balance at 29 June 2025
1
(1,422,313)
(1,422,312)
NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2025
- 10 -
1
Accounting policies
Company information

Nevisport Limited is a private company limited by shares incorporated in Scotland. The registered office is Vermont House, 149 Vermont Street, Kinning Park, Glasgow, G41 1LU.

1.1
Accounting convention

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 principal accounting policies adopted are set out below.

This 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. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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.

The financial statements of the company are consolidated in the financial statements of Jacobs & Turner Limited. These consolidated financial statements are available from Companies House online.

The financial statements of the company are consolidated in the financial statements of Jacobs & Turner Limited.. These consolidated financial statements are available from its registered office, Vermont House, 149 Vermont Street, Kin n ing Park, Glasgow, United Kingdom, G41 1LU

1.2
Going concern

The financial statements have been prepared on the going concern basis, which the directors believe to be appropriate for the following reasons. The day-to-day working capital requirements of Nevisport Limited are provided by the ultimate parent undertaking, Jacobs & Turner Limited. The directors of Jacobs & Turner Limited have indicated to the directors of Nevisport Limited that the ultimate parent undertaking will continue to provide such funds as are necessary to enable it to continue to trade and to meet its liabilities as they fall due and will not seek repayment of the amounts currently made available. As with any company placing reliance on other group companies for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. true

Based upon the undertaking of financial support outlined above, and after making appropriate enquiries, the directors of Nevisport Limited have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the company’s annual financial statements.

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 11 -
1.3
Reporting period

These financial statements cover the period from 1 July 2024 to 29 June 2025. The company's accounting reference date is 30 June and the company closes its books at the end of the trading week adjacent to the accounting reference date, which for this year was 29 June 2025. Accordingly, this year represents a 52 week trading period and the balance sheet represents the position at that date.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 20 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.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Leasehold improvements
earliest of the first break in the lease, term of the lease or 7 years straight line
Plant and machinery
earliest of the first break in the lease, term of the lease or 3 - 7 years straight line
Fixtures, fittings & equipment
earliest of the first break in the lease, term of the lease or 3 - 7 years straight line

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 credited or charged to the profit and loss account.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

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

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
1.8
Impairment of fixed assets

At each reporting period end date, the company 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.

An y impairment loss is recognised immediately in the profit and loss account.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment.

Cost is determined using the average weighted cost method.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date. Any impairment loss is recognised in the profit and loss account.

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 company after deducting all of its liabilities.

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including certain creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

1.12
Equity instruments

Equity instruments issued by the company 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 company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’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 profit and loss account, 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 when the company has 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.

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
1.15
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 fixed assets.

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

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 s asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants are recognised in accordance with the performance model. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation

Inventories are valued at the lower of cost and net realisable value, subject to provisions for slow moving and obsolete stocks, where necessary. Calculation of these provisions is an estimate and requires judgements to be made, which include seasonal demands and inventory loss trends. The stock provision in the current year is £154,501 (2024 - £111,691).

There are no other judgements or estimation uncertainties that have a significant effect on amounts recognised in the financial statements.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of outdoor clothing and related goods
11,964,621
10,542,534
2025
2024
£
£
Other significant revenue
Interest income
47
-

The analysis of turnover by geographical market required by paragraph 68 of Schedule 1 to the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 has not been provided as in the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the company.

4
Operating loss
2025
2024
Operating loss for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,300
8,000
Depreciation of owned tangible fixed assets
55,341
52,775
Amortisation of intangible assets
9,600
9,600
Operating lease charges
345,406
310,675
NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 16 -
5
Employees

The average monthly number of persons employed by the company during the period was:

2025
2024
Number
Number
Retail
82
92
Admin
6
6
Total
88
98

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,325,244
1,899,944
Social security costs
133,137
100,258
Pension costs
28,271
22,392
2,486,652
2,022,594
6
Directors' remuneration

No remuneration was paid to the directors. The directors are remunerated through the parent company, Jacobs & Turner Limited.

7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
-
434
8
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
7,697
(41,198)
Adjustment in respect of prior periods
40,547
-
0
Total deferred tax
48,244
(41,198)
NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
8
Taxation
(Continued)
- 17 -

The actual charge/(credit) for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(960,044)
(323,614)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(240,011)
(80,904)
Group relief
247,708
39,628
Permanent capital allowances in excess of depreciation
40,547
-
0
Other permanent differences
-
0
78
Taxation charge/(credit) for the period
48,244
(41,198)
9
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2024 and 29 June 2025
325,817
Amortisation and impairment
At 1 July 2024
287,666
Amortisation charged for the period
9,600
At 29 June 2025
297,266
Carrying amount
At 29 June 2025
28,551
At 30 June 2024
38,151
NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 18 -
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 July 2024
574,079
314,059
493,576
1,381,714
Additions
3,746
17,336
22,820
43,902
At 29 June 2025
577,825
331,395
516,396
1,425,616
Depreciation and impairment
At 1 July 2024
479,992
252,534
481,792
1,214,318
Depreciation charged in the period
27,387
23,035
4,919
55,341
At 29 June 2025
507,379
275,569
486,711
1,269,659
Carrying amount
At 29 June 2025
70,446
55,826
29,685
155,957
At 30 June 2024
94,087
61,525
11,784
167,396
11
Fixed asset investments
2025
2024
£
£
Unlisted investments
6
6
NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 19 -
12
Subsidiaries

Details of the company's subsidiaries at 29 June 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Outdoor Kendal Limited
Vermont House 149 Vermont Street, Kinning Park, Glasgow, G41 1LU
Non-trading
Ordinary
100.00
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,859,108
4,166,731
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
37,011
12,502
Amounts owed by group undertakings
1,547
1,848
Other debtors
28,911
388,447
Prepayments and accrued income
452,613
133,027
520,082
535,824
Deferred tax asset (note 17)
18,331
66,575
538,413
602,399
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
542,088
428,443
Amounts owed to group undertakings
5,144,483
5,462,793
Taxation and social security
197,856
20,089
Other creditors
10,171
12,977
Accruals and deferred income
95,881
71,530
5,990,479
5,995,832

Amounts due to group undertakings are unsecured, interest free and repayable on demand.

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 20 -
16
Provisions for liabilities
2025
2024
£
£
Dilapidations
35,000
35,000
Movements on provisions:
Dilapidations
£
At 1 July 2024 and 29 June 2025
35,000
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2025
2024
Balances:
£
£
Timing differences
18,331
66,575
2025
Movements in the period:
£
Asset at 1 July 2024
(66,575)
Charge to profit or loss
48,244
Asset at 29 June 2025
(18,331)

The deferred tax asset set out above is not expected to reverse within 12 months and relates to fixed asset timing differences.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,271
22,392

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

NEVISPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2025
- 21 -
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
20
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
115,000
141,250
Between two and five years
345,000
460,000
460,000
601,250
21
Related party transactions

The company has taken advantage of the exemption available in FRS 102 S33.1A whereby it has not disclosed transactions with the company's parent or any wholly owned subsidiary undertaking of the group.

22
Ultimate controlling party

The company is a subsidiary undertaking of Jacobs & Turner Limited which is the ultimate parent company incorporated in the United Kingdom. Jacobs & Turner Limited is the largest and smallest group in which the results of the company are consolidated. The registered office address of Jacobs & Turner Limited is Vermont House, 149 Vermont Street, Kinning Park, Glasgow, G41 1LU. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

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