Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
85 Great Portland Street,
First Floor
London
England
W1W 7LT
United Kingdom

Principal activity

The principal activity of the Company is the wholesale of fitness machinery and equipment.

These financial statements were authorised for issue by the Board on 8 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company reported a profit for the year. The financial statements have been prepared on a going concern basis and assumes that the company will continue its operations and meet its liabilities as they fall due for at least the next 12 months the signing of the financial statements. This assessment is based on management’s review of forecasts and current trading performance.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicle	20% straight line
Computer equipment	33%-50% straight line
Leasehold improvements	20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Financial instruments

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

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
 

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

3	Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4	Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 8 July 2026 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5	Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 10 (2024 - 10).

6	Tangible assets

	Short leasehold land and buildings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	17,810	14,270	56,190	88,270
At 31 December 2025	17,810	14,270	56,190	88,270
Depreciation
At 1 January 2025	2,567	11,177	19,018	32,762
Charge for the year	3,562	2,311	10,374	16,247
At 31 December 2025	6,129	13,488	29,392	49,009
Carrying amount
At 31 December 2025	11,681	782	26,798	39,261
At 31 December 2024	15,243	3,093	37,171	55,507

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

7

Stocks

	2025 £	2024 £
Stock	22,378	35,945

8

Debtors

	2025 £	2024 £
Trade debtors	716,105	1,007,028
Amounts owed by Group undertakings and undertakings in which the Company has a participating interest	-	254,828
Prepayments	18,282	21,232
Other debtors	212,758	229,174
	947,145	1,512,262
Less non-current portion	(136,384)	(176,017)
	810,761	1,336,245

Details of non-current trade and other debtors

£136,384 (2024 -£176,017) of Other debtors is classified as non current. This is receivable in equal monthly instalments with the final amounts due in 2028.

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

9

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Loans and borrowings	211	315
Trade creditors	8,526	5,844
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest	307,547	182,298
Taxation and social security	314,475	199,960
Accruals and deferred income	251,058	400,194
Other creditors	-	5,311
Net obligations under finance lease and hire purchase contracts	8,356	34,806
	890,173	828,728

Creditors: amounts falling due after more than one year

	2025 £	2024 £
Due after one year
Net obligations under finance lease and hire purchase contracts	18,157	26,514

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

11

Dividends

Final dividends paid

		2025 £		2024 £
Final dividend of £Nil per each Ordinary shares		-		-

Eleiko Sport Ltd

Notes to the Financial Statements for the Year Ended 31 December 2025

12	Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Eleiko Group AB, incorporated in Sweden.

The address of Eleiko Group AB is:
Klastorpsvägen 18, 302 62 Halmstad, Sweden

13	Obligations under leases and hire purchase contracts

Finance leases and hire purchase contracts

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	14,356	40,819
Later than one year and not later than five years	20,157	34,514
	34,513	75,333

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	8,356	34,819
Later than one year and not later than five years	18,157	26,514
	26,513	61,333

The amount of non-cancellable operating lease payments recognised as an expense during the year was £25,633 (2024 - £11,809).