Park Sports Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Park Sports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 2645191 . The registered office is Jubilee House, East Beach, Lytham St.annes, FY8 5FT.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statement have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

These financial statements are prepared on a going concern basis. The Directors have every expectation that the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due.

Thus the Directors consider it appropriate to prepare these financial statements on a going concern basis.

Cash at bank and in hand

Cash at bank and in hand 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 showing within borrowings in current liabilities.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets include website development & rebranding costs. It is amortised to profit and loss account over its estimated economic life of 5 years.

2.4. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to 20% on a straight line basis over their expected useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	In accordance with the property
Leasehold	Straight Line 20%
Plant & Machinery	Straight Line 20%
Fixtures & Fittings	Straight Line 20%
Computer Equipment	Straight Line 20%

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Park Sports Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. 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 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement 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

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.8. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.10. Government Grant

Monetary and non-monetary resources transferred to the Company by government, government agencies or similar bodies are recognised at fair value, when the Company is certain that the grant will be received.

Grants will be recognised net in the profit and loss account, on a systematic basis, over the same period during which the expenses, for which the grant was intended to compensate, are recognised. The grants are recognised on an accrual basis.

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Park Sports Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.11.

Goodwill

Investments in subsidiaries and associates

3. Average Number of Employees

Average number of employees, including directors, during the year was: 40 (2024: 40)

4. Intangible Assets

	Development Costs
	£
Cost
As at 1 April 2024	80,524

As at 31 March 2025	80,524

Amortisation
As at 1 April 2024	24,996
Provided during the period	16,104

As at 31 March 2025	41,100

Net Book Value
As at 31 March 2025	39,424

As at 1 April 2024	55,528

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	319,392	158,767	107,497	30,855	616,511
Additions	127,586	21,399	1,962	-	150,947
Disposals	-	(6,540 )	-	-	(6,540 )

As at 31 March 2025	446,978	173,626	109,459	30,855	760,918

Depreciation
As at 1 April 2024	119,121	69,632	62,625	24,762	276,140
Provided during the period	60,156	31,220	20,219	4,894	116,489

As at 31 March 2025	179,277	100,852	82,844	29,656	392,629

Net Book Value
As at 31 March 2025	267,701	72,774	26,615	1,199	368,289

As at 1 April 2024	200,271	89,135	44,872	6,093	340,371

6. Stocks

	2025	2024
	£	£
Finished goods	9,733	12,644

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Park Sports Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	14,663	20,309
Prepayments and accrued income	30,608	29,522
Other debtors	22,060	22,060
Other debtors (1)	-	479

	67,331	72,370

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	288,819	245,037
Corporation tax	190,855	341,444
Other taxes and social security	537,314	137,637
Other creditors	18,912	84,237
Accruals and deferred income	359,456	304,853

	1,395,356	1,113,208

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other creditors	11,650	23,300

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2	2

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		39,424		55,528
Tangible Assets	5		368,289		340,371

			407,713		395,899
CURRENT ASSETS
Stocks	6	9,733		12,644
Debtors	7	67,331		72,370
Cash at bank and in hand		1,257,247		1,824,570

		1,334,311		1,909,584
Creditors: Amounts Falling Due Within One Year	8	(1,395,356 )		(1,113,208 )

NET CURRENT ASSETS (LIABILITIES)			(61,045 )		796,376

TOTAL ASSETS LESS CURRENT LIABILITIES			346,668		1,192,275

Creditors: Amounts Falling Due After More Than One Year	9		(11,650 )		(23,300 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(101,928 )		(98,975 )

NET ASSETS			233,090		1,070,000

CAPITAL AND RESERVES
Called up share capital	10		2		2
Other reserves			(4,585,014 )		(3,160,140 )
Profit and Loss Account			4,818,102		4,230,138

SHAREHOLDERS' FUNDS			233,090		1,070,000