LiveNow Media Holdings Limited
Financial Statements
For the period ended 30 June 2022
For Filing with Registrar
Company Registration No. 13389486 (England and Wales)
LiveNow Media Holdings Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
LiveNow Media Holdings Limited
Statement Of Financial Position
As at 30 June 2022
Page 1
2022
Notes
£
£
Current assets
Debtors
5
214,855
Creditors: amounts falling due within one year
6
(226,854)
Net liabilities
(11,999)
Capital and reserves
Called up share capital
7
1
Profit and loss reserves
(12,000)
Total equity
(11,999)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 August 2023 and are signed on its behalf by:
L Vanjak
Director
Company Registration No. 13389486
LiveNow Media Holdings Limited
Statement of Changes in Equity
For the period ended 30 June 2022
Page 2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 May 2021
-
-
-
Period ended 30 June 2022:
Loss and total comprehensive income for the period
-
(12,000)
(12,000)
Issue of share capital
7
1
-
1
Balance at 30 June 2022
1
(12,000)
(11,999)
LiveNow Media Holdings Limited
Notes to the Financial Statements
For the period ended 30 June 2022
Page 3
1
Accounting policies
Company information

LiveNow Media Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Cavendish Square, London, United Kingdom, W1G 0LB.

1.1
Accounting convention

The principal activity of the company is that of being a holding company for the investment in LiveNow Media Limited.

The company is exempt by virtue of s401 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the company as an individual undertaking and not about its group.

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). The amendments to FRS 101 (2014/15 Cycle) issued in July 2015 have been applied.

In preparing these financial statements, the company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The company’s ultimate parent undertaking, Aser Group Holding Pte Limited includes the company in its consolidated financial statements. The consolidated financial statements of Aser Group Holding Pte Limited are prepared in accordance with Singapore Financial Reporting Standards ('FRS') and will be available to the public and may be obtained from 63 Club Street, Singapore (069437).

The accounting policies set out below have, unless otherwise stated, been applied to the period presented in these financial statements.

In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:

As the consolidated financial statements of Aser Group Holding Pte Limited include the equivalent disclosures, the company has also taken the exemptions under FRS 101 available in respect of the following disclosures:

 

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

LiveNow Media Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
1
Accounting policies
(Continued)
Page 4
1.2
Going concern

The directors have prepared the financial statements on a basis other than going concern due to the decision to cease trading within the company.

1.3
Cash and cash equivalents

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.

1.4
Financial instruments
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 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

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.

1.5
Equity instruments

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.

1.6
Foreign exchange

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.

LiveNow Media Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
Page 5
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany loans

Due to the ongoing support of the ultimate controlling party management have deemed amounts due from related parties to be recoverable at the period end.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was nil.

LiveNow Media Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
Page 6
4
Subsidiaries

Details of the company's subsidiaries at 30 June 2022 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Livenow Media Limited
3 Cavendish Square, London, United Kingdom, W1G 0LB
Livestreaming digital entertainment service
Ordinary
100.00
5
Debtors
2022
Amounts falling due within one year:
£
Amounts owed by group undertakings
214,855
6
Creditors: amounts falling due within one year
2022
£
Amounts owed to group undertakings
1,000
Other creditors
225,854
226,854

Other creditors above include Convertible Loan Notes issued on 21 December 2021 totaling £214,855 at the balance sheet date. The Notes are convertible to fully paid senior shares on the occurrence of either a fund raising event or an exit event. No interest shall be accrued on the principal amounts of the notes. They are only able to be repaid by the company or converted to shares as detailed above. All notes repaid by the company shall be automatically and immediately cancelled and shall not be reissued. On 7th December 2022 the Convertible Loan Notes were repaid by the company (see Note 8).

7
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
LiveNow Media Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
Page 7
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in this respect of this matter.

The senior statutory auditor was Jamie Sherman and the auditor was Moore Kingston Smith LLP.
9
Events after the reporting date

On 7 December 2022 the convertible loan notes were repaid in full in line with the deed of termination.

LiveNow Media Holdings Limited
Notes to the Financial Statements (Continued)
For the period ended 30 June 2022
Page 8
10
Related party transactions

The company has taken the exemption under FRS101 para 8(k) from disclosing the transactions with related parties under IAS 24 Related Party Disclosures for transactions it has with its parent and its wholly owned subsidiaries as the company is a wholly owned subsidiary of Aser Group Holding Pte Limited.

11
Parent company

The company is a subsidiary undertaking of Aser Group Holding Pte Limited, which is the parent company and which is incorporated in Singapore.

The largest and smallest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Limited. No other group financial statements include the results of the company. The consolidated financial statements of these groups will be available from Aser Group Holdings Pte Limited at 63 Club Street, Singapore (069437).

The ultimate controlling party is A Radrizzani.

2022-06-302021-05-11false07 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedA RadrizzaniL VanjakA Cerroni0133894862021-05-112022-06-30133894862022-06-3013389486core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3013389486core:CurrentFinancialInstruments2022-06-3013389486core:ShareCapital2022-06-3013389486core:RetainedEarningsAccumulatedLosses2022-06-3013389486bus:Director22021-05-112022-06-3013389486core:RetainedEarningsAccumulatedLosses2021-05-112022-06-3013389486core:ShareCapital2021-05-112022-06-3013389486bus:PrivateLimitedCompanyLtd2021-05-112022-06-3013389486bus:SmallCompaniesRegimeForAccounts2021-05-112022-06-3013389486bus:FRS1022021-05-112022-06-3013389486bus:Audited2021-05-112022-06-3013389486bus:Director12021-05-112022-06-3013389486bus:Director32021-05-112022-06-3013389486bus:FullAccounts2021-05-112022-06-30xbrli:purexbrli:sharesiso4217:GBP