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Registration number: 12942958

ECAP ESPORT LTD

Filleted Abridged Financial Statements

for the Period from 1 November 2022 to 30 September 2023

 

ECAP ESPORT LTD

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 6

 

ECAP ESPORT LTD

Company Information

Directors

Mr James Lee Savage

Mr Hjalmar Fredrik Pettersson

Registered office

The Old School Office 59
188 Liscard Road
Wallasey
Merseyside
CH44 5TN

Auditors

DTL Auditors Ltd
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

ECAP ESPORT LTD

(Registration number: 12942958)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,938,713

-

Current assets

 

Debtors

5

100

100

Creditors: Amounts falling due within one year

(1,266,942)

-

Net current (liabilities)/assets

 

(1,266,842)

100

Net assets

 

2,671,871

100

Capital and reserves

 

Called up share capital

6

101

100

Share premium reserve

2,671,770

-

Shareholders' funds

 

2,671,871

100

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 November 2023 and signed on its behalf by:
 

.........................................
Mr James Lee Savage
Director

 

ECAP ESPORT LTD

Notes to the Abridged Financial Statements for the Period from 1 November 2022 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old School Office 59
188 Liscard Road
Wallasey
Merseyside
CH44 5TN

These financial statements were authorised for issue by the Board on 10 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is dependent, in absence of any funding, on the continued financial support of the shareholders. A financing agreement is in place between Esboz Limited and its subsidiaries including Ecap Esport Limited that guarantees that Esboz Limited will continue to support the company for the foreseeable future and meet all third party liabilities as they fall due. On this basis the director considers it appropriate to prepare the financial statements on the going concern basis.

Audit report

The Independent Auditor's Report was qualified. As set out in note 4 (intangible assets) and note 8 (related party transactions), intangible assets were purchased during the year at cost from the ultimate parent company. The carrying value of those assets at the year end was not independently valued and we were unable to satisfy ourselves by alternative means concerning their value which are included in the balance sheet at £ 3,938,713, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.. The name of the Senior Statutory Auditor who signed the audit report on 10 November 2023 was John Tiltman, who signed for and on behalf of DTL Auditors Ltd.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangibles not ready for use

Not amortised

 

ECAP ESPORT LTD

Notes to the Abridged Financial Statements for the Period from 1 November 2022 to 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2022 - 1).

4

Intangible assets

Total
£

Cost or valuation

Additions acquired separately

3,938,713

At 30 September 2023

3,938,713

Amortisation

Carrying amount

At 30 September 2023

3,938,713

The Directors estimate that the assets will be ready for commercial use by the 1st of March 2024. The company is in the process of finalising negotiations with leading egaming software companies for the use of the intangible assets. The Directors have prepared detailed forecasts of the future value of the assets and these show potential returns well in excess of the carrying value of those assets. However, as the commercial roll out had not occurred by the year end, the intangible assets have been stated at their original cost.

Individually material intangible assets

 

ECAP ESPORT LTD

Notes to the Abridged Financial Statements for the Period from 1 November 2022 to 30 September 2023

Trademarks
The carrying amount of this asset is £60,470 (2022 -£Nil) and the remaining amortisation period is (2022 - ). The initial monies spent on the Trademark was with a design team and a renowned Costa Rican artist to create the logo, brand identity, colour scheme and the name. There is also an ongoing cost per month to the agency to grow the brands social presence. Documents have been created to support each step of the branding journey. We have a registered Trademark here in the UK and are applying for a global Trademark through the Madrid System https://www.wipo.int/madrid/en/). The IP is the sole ownership of Ecap Esport Limited.

Battleriff
The carrying amount of this asset is £2,201,156 (2022 -£Nil) and the remaining amortisation period is N/A (2022 - ). Battleriff was an existing, fully operational esport league table application with a degree of success over the recent years. The product was purchased as a head start to developing the Ecap/Ludus leagues. The Battleriff platform also comes with a database of over 1,000,000 users. The IP is the sole ownership of Ecap Esport Limited.

Ludus App
The carrying amount of this asset is £1,677,087 (2022 -£Nil) and the remaining amortisation period is N/A (2022 - ). The Ludus app has been in development since late 2022, with the MVP close to launch. This is an esport platform that links gamers globally, is the central hub for all esport, offers banking, deals, cash back, leagues, tournaments, fitness and a selection of other “bricks” that not only gamers will find attractive. The web and mobile apps have been developed with scalability at the forefront but the user at the centre of the experience. The IP is the sole ownership of Ecap Esport Limited.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

101

101

100

100

         

7

Related party transactions

Summary of transactions with parent

Esboz imited, Ultimate parent company
 The carrying value of all intangible assets was purchased from the ultimate parent company, Esboz Limited. During the year the cost of the assets purchased was £ 3,938,713. The assets purchased were financed by:

Allotment of one ordinary share at a value of £ 2,671,771 on 15/2/2023
Trade creditors as of 30/9/2023 of £1,266,941

 

 

ECAP ESPORT LTD

Notes to the Abridged Financial Statements for the Period from 1 November 2022 to 30 September 2023

8

Parent and ultimate parent undertaking

The company's immediate parent is Ludus S.A., incorporated in Poland.

 The ultimate parent is Esboz Limited, incorporated in United Kingdom.