Registration number: 08647261 (England & Wales)

Clubsport Skechers Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 8
Profit and Loss Account	9
Balance Sheet	10
Statement of Changes in Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 to 22

Clubsport Skechers Limited

Company Information

Directors

C R A Crook S A Hussey S P Mifflin M T Powell

Company secretary

G M Hussey

Registered office

1-3 Church Street Kington Herefordshire HR5 3AZ

Auditors

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Clubsport Skechers Limited

Strategic Report for the Year Ended 31 December 2025

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

Principal activity

The principal activity of the company is retailing of shoes.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £27,696,404 (2024 - £23,904,160) and an operating profit of £1,693,091 (2024 - £2,093,027). At 31 December 2025 the company had net assets of £5,636,344 (2024 - £5,459,546). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

The company continues to invest into new shops and opened three new stores during the year.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2025	2024
Turnover	£'000s	27,696	23,904
Gross profit margin	%	29.78	32.83
Refunds	£'000s	890	975

Conversion rate is a measurement of converting interest to sales. The conversion rate for the current year was 12.98% compared to 11.80% in the prior year.

The mystery shopper survey results measures staff and store responsiveness to customers. The target rate is 85% with a rate of 88% being achieved in the current year compared to 86% in the prior year.

Principal risks and uncertainties

In assessing the key business risks of the company, the directors consider that these relate to employee recruitment and retention, product availability, energy costs and the economic state of the country.

Employee recruitment and retention
The company performance is dependent on its employees, managers and directors. The development of a skilled workforce is a key element in their retention and the success of the business.

Product availability
The introduction of new products is key to maintaining and growing the business. Management continually coordinate with the main supplier to ensure access to current and new stock is maintained throughout the network of stores.

Energy costs and the economic state of the country
The cost of living crisis impacts on both customer spending and the company's overhead base. Management constantly monitor running costs, including energy costs, with a view to agreeing competitive prices. This enables the business to invest and maintain its stores at an efficient level.

 

Approved by the Board on 18 June 2026 and signed on its behalf by:

S A Hussey
Director

Clubsport Skechers Limited

Directors' Report for the Year Ended 31 December 2025

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

Directors of the company

The directors who held office during the year were as follows:

C R A Crook

S A Hussey

S P Mifflin

M T Powell

Dividends
The total distribution of dividends for the year ended 31 December 2025 was £1,000,000 (2024: £400,000).

Employment of disabled persons

The company gives full consideration to applications for employment for disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions with any support needed and to provide training and career development and promotion to disabled employees wherever appropriate.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue to operate for the foreseeable future.

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources available to continue in operational existence for at least 12 months from the date of approval of the financial statements.

On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Employee involvement

The company is committed to equality of opportunity for all current and prospective colleagues regardless of age, disability, race, religion or belief, sexual orientation, pregnancy and maternity, marriage and civil partnership and gender reassignment. We are an equal opportunity employer and support a culture of diversity and inclusion.

The directors engage with employees and have regard to employee interest on an ongoing basis. The emphasis is on keeping open lines of communication, so that employees can be consulted on a regular basis, and their views taken into account in decision making.

Future developments

During 2025, the company opened four new stores in Colchester, Swansea, Leamington Spa, and the first location in Scotland at Sterling Mills. Trading conditions were challenging throughout the year, with footfall and full-price sales impacted by significant cost-of-living increases, resulting in reduced consumer discretionary spend, particularly on luxury items.

Additionally, the company's buying strategy did not perform as intended. The company invested more heavily in footwear than in previous years, only to face strong price competition from major high-street retailers offering the same products at lower prices. This led to increased price matching, reduced levels of product newness, and ultimately put pressure on margin and limited our flexibility within the marketplace.

The company plans to open four further stores in Worthing, Salisbury, Bishops Stortford, and Bury St Edmunds, with plans for a significant up size and relocation of the company's Plymouth store.

Financial instruments

Objectives and policies

The company's financial instruments comprise cash and liquid resources, and various other items such as trade creditors that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the company.

Clubsport Skechers Limited

Directors' Report for the Year Ended 31 December 2025

Price risk, credit risk, liquidity risk and cash flow risk

Cash flow risk
Cash flow risk is the risk that inflows and outflows of cash and cash equivalents will not be sufficient to finance day-to-day operations of the company. The directors prepare forecasts and constantly monitor cash flows to ensure that the company has sufficient liquid resources to meet is operational requirements.

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The company does not sell on credit meaning its exposure to credit risk is limited.

Liquidity risk
Liquidity risk is the risk that the entity will encounter difficulty in meeting obligations associated with its financial liabilities. The company has no borrowings with external parties meaning that it's exposure to liquidity is limited but ensures that the management of payables and cash are constantly monitored against trading results to ensure it can meet its current obligations as they fall due.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 18 June 2026 and signed on its behalf by:

S A Hussey
Director

Clubsport Skechers Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

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

•	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.

Clubsport Skechers Limited

Independent Auditor's Report to the Members of Clubsport Skechers Limited

Opinion

We have audited the financial statements of Clubsport Skechers Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

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

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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:

Clubsport Skechers Limited

Independent Auditor's Report to the Members of Clubsport Skechers Limited

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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’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.

Extent to which the audit was 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 considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

•	reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

•	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

•	enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations.

Clubsport Skechers Limited

Independent Auditor's Report to the Members of Clubsport Skechers Limited

Our audit procedures were designed to respond to risks of material misstatement 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 deliberate concealment by, for example, forgery, misrepresentations or through collusion. 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 are to become aware of it.

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

Use of this 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.

Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

18 June 2026

Clubsport Skechers Limited

Profit and Loss Account for the Year Ended 31 December 2025

	Note	2025 £	2024 £
Turnover	3	27,696,404	23,904,160
Cost of sales		(19,402,401)	(16,056,243)
Gross profit		8,294,003	7,847,917
Administrative expenses		(6,663,365)	(5,781,007)
Other operating income	4	62,453	26,117
Operating profit	5	1,693,091	2,093,027
Other interest receivable and similar income	6	163,869	154,586
Profit before tax		1,856,960	2,247,613
Tax on profit	9	(680,162)	(631,608)
Profit for the financial year		1,176,798	1,616,005

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

Clubsport Skechers Limited

(Registration number: 08647261)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	10	2,776,594	2,537,577
Current assets
Stocks	11	6,273,873	4,559,069
Debtors	12	998,547	856,617
Cash at bank and in hand	13	3,244,637	4,844,533
		10,517,057	10,260,219
Creditors: Amounts falling due within one year	14	(7,043,415)	(6,792,344)
Net current assets		3,473,642	3,467,875
Total assets less current liabilities		6,250,236	6,005,452
Provisions for liabilities	15	(613,892)	(545,906)
Net assets		5,636,344	5,459,546
Capital and reserves
Called up share capital	17	1,000	1,000
Retained earnings	18	5,635,344	5,458,546
Shareholders' funds		5,636,344	5,459,546

Approved and authorised by the Board on 18 June 2026 and signed on its behalf by:
 

S A Hussey
Director

Clubsport Skechers Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2024	1,000	4,242,541	4,243,541
Profit for the year	-	1,616,005	1,616,005
Dividends	-	(400,000)	(400,000)
At 31 December 2024	1,000	5,458,546	5,459,546