Aser Media Limited
Annual Report and Financial Statements
For the year ended 30 June 2022
Company Registration No. 09822975 (England and Wales)
Aser Media Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 16
Aser Media Limited
Statement of Financial Position
As at 30 June 2022
Page 1
2022
2021
Notes
£
£
Fixed assets
Tangible fixed assets
6
608,000
803,286
Investments
7
3,409,077
4,596,957
Other receivables
11
560,323
1,049,010
4,577,400
6,449,253
Current assets
Trade and other receivables
11
27,858,476
17,934,435
Cash at bank and in hand
156,199
22,674
28,014,675
17,957,109
Creditors: amounts falling due within one year
Creditors
12
(62,557,485)
(44,713,281)
Lease liabilities
14
(301,879)
(371,978)
(62,859,364)
(45,085,259)
Net current liabilities
(34,844,689)
(27,128,150)
Creditors: amounts falling due after more than one year
Lease liabilities
14
(334,053)
(617,674)
Net liabilities
(30,601,342)
(21,296,571)
Capital and reserves
Called up share capital
13
10,000
10,000
Profit and loss reserves
(30,611,342)
(21,306,571)
Total equity
(30,601,342)
(21,296,571)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 4 October 2023 and are signed on its behalf by:
A  Radrizzani
Director
Company Registration No. 09822975
Aser Media Limited
Statement of Changes in Equity
For the year ended 30 June 2022
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2020
10,000
(22,328,353)
(22,318,353)
Year ended 30 June 2021:
Profit and total comprehensive income for the year
-
1,021,782
1,021,782
Balance at 30 June 2021
10,000
(21,306,571)
(21,296,571)
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
(9,304,771)
(9,304,771)
Balance at 30 June 2022
10,000
(30,611,342)
(30,601,342)
Aser Media Limited
Notes to the Financial Statements
For the year ended 30 June 2022
Page 3
1
Accounting policies
Company information

Aser Media 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. The company's principal activities and nature of its operations are disclosed in the directors' report.

 

The principal activity of the company during the period was that of the management of a portfolio of media investments, and management services provided to Group companies.

1.1
Accounting convention

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 consistently to all periods 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 on the historical cost basis.

 

The principal accounting policies adopted are set out below.

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

Notwithstanding net current liabilities of £34,true844,689 as at 30 June 2022 (2021: £27,128,150), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

 

The company has scaled back on their trading activities after the year end but current liabilities still exist to other group entities and external parties. The company will continue its principal activity of holding investments, and the directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of some possible downsides, the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for that period. The ultimate owner, through the ultimate parent company, Aser Group Holding Pte Limited, has confirmed that they will continue to make available such funds as are needed by the company to the extent they are required. However there can be no certainty over the total outflows that are required.

 

Those forecasts are dependent on Aser Group Holding Pte Limited and its subsidiary companies not seeking repayment of the amounts currently due to the group, which at 30 June 2022 amounted to £59,205,581 (2021: £42,085,127). Aser Group Holding Pte has confirmed that it does not intend to seek repayment of the amounts due at the balance sheet date for the period covered by the forecasts.

 

Therefore, even though the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements due to the shareholder support, they recognise there is no certainty over this support being sufficient. The directors are not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity’s ability to continue as a going concern and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

Revenue is recognised in the following way depending on its source:

 

Production licencing – Revenue is recognised evenly over the period of the licence, be that annual or monthly. Where consideration is received in advance, it is held on the balance sheet as deferred revenue. Where the contract spans over the year end, the amount of income recognised is calculated by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Other income represents management charges received from other group companies for services provided.

1.4
Tangible fixed assets

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:

Leasehold improvements
3 Years
Fixtures and fittings
5 Years
Computers
3 Years
Right-of-use asset
5 years
Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 5

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 recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries and associates 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.

 

Other investments not covered by the definition above are classified as financial assets measured at fair value through profit or loss, further detail of which is given in 1.8 below.

1.6
Impairment of tangible and intangible assets

At each reporting 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.

 

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.

1.7
Cash at bank and in hand

Cash and cash equivalents 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.

1.8
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 6
Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or 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 of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 7
1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Taxation

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

Current 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.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 8
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

1.11
Employee benefits

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 inventories 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.

1.12
Retirement benefits

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

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 9

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.14
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.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

Impairment of investments

 

The carrying value of investments in subsidiaries and associates is reviewed annually for any indications of impairment. In determining whether any impairment is required, management makes a number of estimates in respect of future cash flows and future earnings growth, as well as reviewing the current net asset position of these entities. Following their assessment and review, the directors have determined that no impairment (2021: £nil) should be recorded against the carrying value of fixed asset investments.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 10
3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,600
39,746
4
Employees

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

2022
2021
Number
Number
Administrative staff
14
10
5
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
42,583
78,280
Company pension contributions to defined contribution schemes
4,095
6,938
46,678
85,218

Some directors receive remuneration via other group companies. This is then recharged as a management charge to Aser Media Limited.

 

There was 1 director (2021: 1) participating in the defined contribution pension scheme.

6
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Right-of-use asset
Total
£
£
£
£
£
Cost
At 30 June 2021
10,205
120,318
65,983
984,373
1,180,879
Additions
-
0
-
0
37,970
-
0
37,970
Adjustment
-
0
-
0
-
0
(13,717)
(13,717)
At 30 June 2022
10,205
120,318
103,953
970,656
1,205,132
Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
6
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Right-of-use asset
Total
£
£
£
£
£
(Continued)
Page 11
Accumulated depreciation and impairment
At 30 June 2021
1,062
69,666
44,366
262,499
377,593
Charge for the year
986
15,215
12,865
190,473
219,539
At 30 June 2022
2,048
84,881
57,231
452,972
597,132
Carrying amount
At 30 June 2022
8,157
35,437
46,722
517,684
608,000
At 30 June 2021
9,143
50,652
21,617
721,874
803,286
7
Investments
Non-current
2022
2021
£
£
Investments in subsidiaries
100
4
Investments in associates
1,398,828
1,656,653
Other investments
2,010,149
2,940,300
3,409,077
4,596,957
Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
7
Investments
(Continued)
Page 12
Movements in fixed asset investments
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2021 & 30 June 2022
1,656,657
2,940,300
4,596,957
Movements in the year
At 1 July 2021
-
-
-
Impairment losses
-
(930,151)
(930,151)
Disposals
(257,729)
-
(257,729)
At 30 June 2022
(257,729)
(930,151)
(1,187,880)
Carrying amount
At 30 June 2022
1,398,928
2,010,149
3,409,077
At 30 June 2021
1,656,657
2,940,300
4,596,957

Following the review of the fair value of other investments, the directors have determined that an impairment of £930,151 (2021: £nil) should be recognised in the current year in line with IFRS 13.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 13
8
Subsidiaries

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

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Neo Studio Holdings Limited
3 Cavendish Square,
London, W1G OLB
Investment
activities
Ordinary
100.00
Aser Media Italia
S.R.L
Corso Di Porta
Nuova 15 Milano,
20121 Italy
Television
programming and
broadcasting
activities
Ordinary
100.00
9
Associates

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

Name of undertaking
Registered office
Principal activities
Class of
% Held
shares held
Direct
Hellodi SRL
Piazza Conciliazione,
2  20123, Milan,
Italy
Social media
marketing
Ordinary
50.00
10
Other investments

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

Name of undertaking
Registered office
Principal activities
Interest
% Held
held
Direct
Whistle Holdco, LLC
25 Broadway New   York, NY 10004,   United States
Social media   marketing
Ordinary
3.97
11
Debtors
Due within one year
Due after one year
2022
2021
2022
2021
£
£
£
£
Trade debtors
-
91,126
-
-
VAT recoverable
32,009
470,089
-
-
Amounts owed by fellow group undertakings
27,238,712
17,231,041
-
0
-
0
Other debtors
462,265
189
560,323
1,049,010
Prepayments and accrued income
125,490
141,990
-
-
27,858,476
17,934,435
560,323
1,049,010

Amounts owed by group undertakings bear interest at a variety of rates, typically at the rate of 2% per annum plus Bank of England rate relative to that interest period, unsecured and repayable at any time before or upon 36 months of the maturity date in a lump sum or in instalments at the Borrower’s choice.

 

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 14
12
Creditors
2022
2021
£
£
Trade creditors
398,262
61,531
Amounts owed to fellow group undertakings
59,205,581
42,085,127
Accruals and deferred income
862,850
69,970
VAT payable
-
0
280,491
Taxation and social security
73,162
438,881
Other creditors
2,017,630
1,777,281
62,557,485
44,713,281

Amounts owed by group undertakings bear interest at a variety of rates, typically at the rate of 2% per annum plus Bank of England rate relative to that interest period, unsecured and repayable at any time before or upon 36 months of the maturity date in a lump sum or in instalments at the Borrower’s choice.

 

13
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
14
Lease liabilities
2022
2021
Maturity analysis
£
£
Within one year
301,879
371,978
In two to five years
334,053
617,674
Total undiscounted liabilities
635,932
989,652
Future finance charges and other adjustments
-
20,812
Lease liabilities in the financial statements
635,932
1,010,464
Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
14
Lease liabilities
(Continued)
Page 15

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2022
2021
£
£
Current liabilities
301,879
371,978
Non-current liabilities
334,053
617,674
635,932
989,652
2022
2021
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
53,407
3,236

The company entered into a 4-year lease for an office (3 Cavendish Square, London W1G 0LB) on 6th March 2020. The client adjusted the right of use asset value and lease liability value from the 2021 year. An adjustment of £13,717 was processed to reduce the asset and liability amount.

15
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,744
78,909

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Related party transactions

No guarantees have been given or received.

 

Included in other creditors is a loan due to ultimate shareholder of £1,874,037 (2021: £1,696,034). The loan is interest free and repayable on demand.

 

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.

Aser Media Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 16
17
Ultimate parent company

The company is a subsidiary undertaking of Aser Media Pte Ltd, which is the parent company incorporated in Singapore.

The largest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Ltd, incorporated in Singapore. No other group financial statements include the results of the Company. The consolidated financial statements of these groups are available from Aser Group Holding Pte Ltd at 63 Club Street Level 1 Singapore 069437.

 

The ultimate controlling party is A. Radrizzani.

18
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, and included a material uncertainty in relation to going concern referencing note 1.2.

The senior statutory auditor was Jamie Sherman and the auditor was Moore Kingston Smith LLP.
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