Company No: 05619229 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Neil David Rider
	Christopher John Russell

SECRETARY

Deborah Kay Rider

REGISTERED OFFICE	Gascoyne House Moseleys Farm Business Centre
	Fornham All Saints
	Bury St Edmunds
	IP28 6JY
	United Kingdom

COMPANY NUMBER

05619229 (England and Wales)

CHARTERED ACCOUNTANTS	Gascoynes
	Gascoyne House
	Moseleys Farm Business Centre
	Fornham All Saints
	Bury St Edmunds
	Suffolk
	IP28 6JY

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	39,375		46,875
Tangible assets	4	172,110		125,920
		211,485		172,795
Current assets
Stocks	5	404,795		478,878
Debtors	6	140,598		82,893
Cash at bank and in hand		487,032		446,885
		1,032,425		1,008,656
Creditors
Amounts falling due within one year	7	( 304,367)		( 360,580)
Net current assets		728,058		648,076
Total assets less current liabilities		939,543		820,871
Net assets		939,543		820,871
Capital and reserves
Called-up share capital	8	386		386
Share premium account		63,204		63,204
Profit and loss account		875,953		757,281
Total shareholders' funds		939,543		820,871

For the financial year ending 30 November 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Serious Sport Group Limited (registered number: 05619229) were approved and authorised for issue by the Board of Directors on 31 August 2022. They were signed on its behalf by:

Neil David Rider Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Serious Sport Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Gascoyne House Moseleys Farm Business Centre, Fornham All Saints, Bury St Edmunds, IP28 6JY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery etc.	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		28

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 December 2020	75,000		75,000
At 30 November 2021	75,000		75,000
Accumulated amortisation
At 01 December 2020	28,125		28,125
Charge for the financial year	7,500		7,500
At 30 November 2021	35,625		35,625
Net book value
At 30 November 2021	39,375		39,375
At 30 November 2020	46,875		46,875

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 December 2020	3,017		312,321		315,338
Additions	0		66,340		66,340
At 30 November 2021	3,017		378,661		381,678
Accumulated depreciation
At 01 December 2020	2,665		186,753		189,418
Charge for the financial year	199		24,074		24,273
At 30 November 2021	2,864		206,704		209,568
Net book value
At 30 November 2021	153		171,957		172,110
At 30 November 2020	352		125,568		125,920

5. Stocks

	2021		2020
	£		£
Stocks	404,795		478,878

Stock is valued at the lower of cost and net realisable value.

6. Debtors

	2021		2020
	£		£
Trade debtors	124,146		53,642
Other debtors	16,452		29,251
	140,598		82,893

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	0		245,000
Trade creditors	226,354		110,389
Other creditors	5,305		5,455
Corporation tax	48,441		( 25,377)
Other taxation and social security	24,267		25,113
	304,367		360,580

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
3,862 Ordinary shares shares of £ 0.10 each	386		386