The director presents the strategic report for the year ended 28 February 2025.

B-Sporting Limited’s principal activity during the period was direct to consumer e-commerce sales of premium performance running shoes, running clothing and outdoor gear.

The company trades as SportsShoes.com and offers customers in the UK and Europe, including Scandinavia, more than 17,000 products from 150 global running and outdoor brands.

From a running perspective these include Asics, Nike, Adidas, Hoka, New Balance and Brooks whilst in terms of outdoor they include Salomon, Montane, Rab and Patagonia.

For the 12 months ended 28 February 2025 we achieved a record turnover in excess of £93m, which was 3.7% up on the previous year. EBITDA was more than £6m, representing an increase of 12.7% on our last financial year. This result is underpinned by our deliberate strategy to prioritise higher-quality revenue streams and deliver stronger, more sustainable customer performance.

Unrivalled vision

Our vision is to be unrivalled in running, a disrupter of the outdoor category and Europe’s number one performance destination.

It’s striving to achieve this vision which drives our creativity when it comes to customer engagement through physical activations, and customer retention due to an outstanding online shopping experience.

A guiding principle for our business is ‘do it first and be remembered’. By always applying this to our thinking, whether it’s how we launch a product for a brand partner or what we do to refine our internal business processes, the result is continuous innovation and improvement.

We want to power every runner and adventurer to run faster, go further and climb higher whatever their ability and, by doing so, positively contribute to their health and wellbeing.

Staying true to these core beliefs is what keeps us honest and gives us our momentum as we continue to evolve SportsShoes.com as a premium online retail brand.

Innovative investment

During the period, we invested in our people, processes, technologies and facilities to drive ongoing innovation across our business for the benefit of our brand partners and customers.

Of particular note was our investment in a mobile app and its launch in August 2024. This has proven hugely successful and currently has more than 260,000 downloads.

Making digital physical seven million times

We pride ourselves on being the most physically present digital retailer in our space.

In total, we were involved in the delivery of more than 100 activation events over the 12 month period both in the UK and internationally.

This allowed us to reach seven million consumers physically last year.

Events included our inaugural SportsShoes Podium Festival in Leicester in March 2024 which attracted more than 1,300 runners; Nike Test and Trial initiatives; Parkrun; Run-through UK events; and Kendal Mountain Festival.

We also carried out activations at nine marathons, including London, Berlin, Amsterdam, Boston, New York and Osaka.

Super connection strategy

Thanks to our strong brand partner relationships, which we call our “super connection strategy”, we benefitted from a number of successful running shoe launches during the period.

These included the New Balance London Marathon Collection, Nike Alphafly, Hoka Cielo X1 2.0 and Adidas Adizero Adios Pro 4.

Our relationships with our brand partners are paramount, and we will continue to invest time and resource to further evolve our super connection strategy for mutual benefit.

Profitable partnerships

Additional revenue during the period was driven by our partnerships strategy. This included the announcement in January 2025 of a partnership with health and life insurer Vitality. The business has also benefited from the development of deeper connections with Parkrun, England Athletics, Run Through and the British Milers club.

All partnerships support our goal – to help people live healthier and happier lives through sport.

Athletic performance

SportsShoes.com also had success over the 12 months with its athlete ambassadors and sponsorships programmes.

Most high profile of these are the M11 track club, of which 800m Olympic gold winner, Keely Hodgkinson, is a member, and SportsShoes.com’s Athletes in Residence to Olympian partnership with Nike.

The latter includes triathlete Hayden Wilde and sprinter Imani-Lara Lansiquot who both competed at Paris 2024 and won silver medals. There was also a bronze medal for Sam Dickinson competing in the mixed team triathlon relay.

Leave a legacy

During the period, we continued to undertake activity focused on both our business’s sustainability and providing charitable support within our communities.

We grew our involvement with carbon offsetting organisation Make It Wild, playing our part in contributing to more than 100,000 trees being planted across the UK.

SportsShoes.com’s collaboration with running shoe recycling charity JogOn, in partnership with Evri, has seen our customers recycle more than 10,000 pairs of shoes per annum.

Locally, we supported our longstanding charity partner, The Immanuel Project, which serves the homeless and vulnerable in Bradford.

Staying on track

We are very pleased to have achieved a record turnover and strong increase in EBITDA.

We have a constant desire to innovate and excite for the benefit of our brand partners and customers, this underpins all that we do and enables us to deliver sustainable profitable growth.

We will continue to invest in all aspects of SportsShoes.com to power our performance levels as we take further strides towards making our vision for the business a reality.

The board regularly reviews the principal risks and uncertainties facing the company. These include, but are not limited to:

• Macroeconomic conditions – reduced consumer confidence and discretionary spend can affect demand. We mitigate this through careful stock management, a broad product range and flexible marketing activity.

• Competitive environment – the online sports and outdoor retail market is highly competitive. We aim to differentiate through specialist expertise, strong brand relationships, superior digital experience and distinctive physical activations.

• Supply chain and logistics – disruption to supplier deliveries or outbound logistics could affect service levels. We work with a diversified supplier base, maintain appropriate stock levels and invest in warehouse and fulfilment capabilities.

• Technology and cyber security – as a digital retailer, we are reliant on secure and resilient IT systems. We continue to invest in our platforms, cyber security measures and data governance to protect customer and company data.

• Regulatory and environmental matters – changes in regulation, particularly relating to e-commerce, data protection and environmental standards, are monitored and managed with appropriate professional advice.

The directors are satisfied that the company has appropriate systems and processes in place to manage these risks and to support the company’s long-term success.

The Directors monitor an array of KPI’s both financial and non-financial to monitor business performance.

Extract of some key KPIs:

For the 12 months ended 28 February 2025 we achieved a record turnover in excess of £93m, which was 3.7% up on the previous year. EBITDA was more than £6m, representing an increase of 12.7% on our last financial year.

As the board of B-Sporting Ltd, we have a legal responsibility under section 172 of the companies Act 2006 to act in the way we consider to be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a board carry out this responsibility.

The board of directors of the company consider that as a board and individually they have acted in good faith to promote the success of the business for its members and stakeholders, having regard to the matters set out in section 172 (1) (a) to (f) of the Act including:

• The likely consequences of any decision in the long term;

• The interests of the company’s employees;

• The need to foster relationships with suppliers, customers, and others;

• The impact of operations on the community and environment;

• The desirability of maintaining a reputation for high standards of business conduct;

• And the need to act fairly between the members of the company.

The above paragraphs and following Directors’ report disclose how the directors fulfilled their duties within the context of the marketplace during year ended 28 February 2025.

On behalf of the board

The director presents his annual report and financial statements for the year ended 28 February 2025.

The company’s principal activity through the period was direct to consumer e-commerce sales of premium performance sports footwear and apparel along with other accessories.

The results for the year are set out on page 11.

Ordinary dividends were paid to the parent company amounting to £255,205. The director does not recommend payment of a further dividend.

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

In accordance with the company's articles, a resolution proposing that BHP LLP be reappointed as auditor of the company will be put at a General Meeting.

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the fair review of the business which forms part of the strategic report.

The Director has reviewed the financial position of the company, including uncertainties arising from the current difficult economic environment and the potential impact of this trading and financing. The Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the company continues to adopt the going concern basis in preparing the financial statements.

The company set out below their energy consumption and emissions for the financial year.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

B-Sporting recognises the importance of energy use and carbon reduction. The company remains engaged with a third-party specialist to help meet and exceed carbon targets with an offset plan spanning 40 years covering the business conception back in the 1980s.

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.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

• select suitable accounting policies and then apply them consistently;

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

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

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

The director is 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. He is 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.

The director is responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We have audited the financial statements of B-Sporting Limited (the 'company') for the year ended 28 February 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 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 28 February 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's 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the 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 or the director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•    the engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and     regulations;

•  we identified the laws and regulations applicable to the company through discussions with management,     and from our commercial knowledge and experience of the sector;

•  we focused on specific laws and regulations which we considered may have a direct material effect on     the financial statements or the operations of the company, including Companies Act 2006, taxation     legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

•  we assessed the extent of compliance with the laws and regulations identified above through making     enquiries of management and inspecting legal correspondence; and

•  identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•  making enquiries of management as to where they considered there was susceptibility to fraud, their     knowledge of actual, suspected and alleged fraud; and

•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and     regulations.

To address the risk of fraud through management bias and override of controls, we:

•  performed analytical procedures to identify any unusual or unexpected relationships;

•  tested journal entries to identify unusual transactions;

•     assessed whether judgements and assumptions made in determining accounting estimates were     indicative of potential bias; and

•  investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•  agreeing financial statement disclosures to underlying supporting documentation; and

•  enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

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

There are no recognised gains and losses other than those recognised through the profit and loss account.

B-Sporting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Park, Jubilee Way, Shipley, West Yorkshire, BD18 1QG.

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 amounts 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. The company has therefore taken advantage of exemptions 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The financial statements of the company are consolidated in the financial statements of Sportsshoes.com Group Limited. These consolidated financial statements are available from its registered office, 1 The Park, Jubilee Way, Shipley, England, BD18 1QG.

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the fair review of the business which forms part of the strategic report.true

The Director has reviewed the financial position of the company, including uncertainties arising from the current difficult economic environment and the potential impact of this on trading and financing. The Director has prepared annual cashflows and forecasts, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the company continues to adopt the going concern basis in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

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

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

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 profit or loss.

Interests in subsidiaries, associates and jointly controlled entities 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 profit or loss.

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.

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

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

B-Sporting Sportsshoes Ltd (Ireland) is a company in which B-Sporting Limited owns 100% of the issued share capital. However, this company has not been consolidated in the financial statements on the basis that the company is deemed to be immaterial to the group.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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

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

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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs 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. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

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, which include 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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

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

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

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

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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

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.

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

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

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

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.

In the application of the company’s accounting policies, the director is 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.

Useful lives of property, plant and equipment

Property, plant and equipment is depreciated over its useful life. Useful lives are based on management's estimates of the periods within which the assets will generate revenue and which are periodically reviewed for continued appropriateness. Changes to judgements can result in significant variations in the carrying value and amounts charged to the Statement of Comprehensive Income.

Stock

Management estimates the net realisable values of stock, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by future technology or other market-driven changes that may reduce future selling prices.

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

Their aggregate remuneration comprised:

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

Details of the company's subsidiaries at 28 February 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Amounts due from group companies are interest free and repayable on demand.

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

£182,000 of the deferred tax liability set out above is expected to reverse within 12 months.

The shares are non-redeemable but hold full rights in respect of voting. The shares may be considered by the Directors when considering dividends from time to to time. The shares shall entitle the holder to full participation in respect of equity and in the event of a winding up of the company.

The company has provided a cross guarantee in relation to the term bank loan payable by Sportsshoes.com Group Limited. This is secured by both a fixed and floating charge.

The bank loan amount due at 28 February 2025 was £580,358.

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:

During the year the company entered into the following transactions with related parties under common control, on an arm's length basis:

Advances or credits have been granted by the company to its directors as follows:

Sportsshoes.com Group Limited is the immediate and ultimate parent company of B-Sporting Limited as at 28 February 2025. Brett Bannister is the ultimate controlling party.

The financial statements contain information about B-Sporting Limited as an individual company and do not contain consolidated financial information on the group to which B-Sporting Limited belongs.

The financial statements of Sportsshoes.com Group Limited, which consolidate those of its subsidiary companies, are available from:

Sportsshoes.com Group Limited

1 The Park

Jubilee Way

Shipley

England

BD18 1QG