Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-304The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity42022-07-01truefalsefalse 04120286 2022-07-01 2023-06-30 04120286 2021-07-01 2022-06-30 04120286 2023-06-30 04120286 2022-06-30 04120286 1 2022-07-01 2023-06-30 04120286 d:Director1 2022-07-01 2023-06-30 04120286 c:CurrentFinancialInstruments 2023-06-30 04120286 c:CurrentFinancialInstruments 2022-06-30 04120286 c:ShareCapital 2023-06-30 04120286 c:ShareCapital 2022-06-30 04120286 d:OrdinaryShareClass1 2022-07-01 2023-06-30 04120286 d:OrdinaryShareClass1 2023-06-30 04120286 d:OrdinaryShareClass1 2022-06-30 04120286 d:FRS102 2022-07-01 2023-06-30 04120286 d:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 04120286 d:FullAccounts 2022-07-01 2023-06-30 04120286 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04120286 6 2022-07-01 2023-06-30 04120286 c:Associate1 2022-07-01 2023-06-30 04120286 c:Associate1 1 2022-07-01 2023-06-30 04120286 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 04120286












ALTERNATEPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

 

ALTERNATEPORT LIMITED

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 6



 
REGISTERED NUMBER:04120286
ALTERNATEPORT LIMITED

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
6,194,348
6,194,348

  
6,194,348
6,194,348

Current assets
  

Debtors: amounts falling due within one year
 5 
505,652
505,652

  
505,652
505,652

Total assets less current liabilities
  
 
 
6,700,000
 
 
6,700,000

  

Net assets
  
6,700,000
6,700,000


Capital and reserves
  

Called up share capital 
 6 
6,700,000
6,700,000

Total equity
  
6,700,000
6,700,000


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr M S Rosenberg OBE
Director

Date: 7 February 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 

ALTERNATEPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Alternateport Limited is a company limited by shares incorporated in England and Wales. The registered office is Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors can report that based on the Company’s budgets and financial projections and those of the Group to which Alternateport Limited belongs, they have satisfied themselves that the business is a going concern. In assessing the Company and the Group as a going concern, the directors are also mindful of the business of SIS, that provides the entire value of the Group, The directors are satisfied that SIS is a going concern. The Board has a reasonable expectation that the Company and Group have adequate resources and facilities to continue in operational existence for the foreseeable future and therefore the accounts are prepared on a going concern basis.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 2

 

ALTERNATEPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.7

Financial instruments

The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 

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. 
 
The Company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 3

 

ALTERNATEPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)




Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.8

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 4

 

ALTERNATEPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 July 2022
6,194,348



At 30 June 2023
6,194,348






Net book value



At 30 June 2023
6,194,348



At 30 June 2022
6,194,348


Significant undertakings


The Company has signficant holdings in undertakings which are not consolidated.


The following was an associate of the Company:


Name

Principal activity

Class of shares

Holding

Sports Information Services (Holdings) Limited
The provision of connectivity services for live events and delivery of integrated television and information services
Ordinary
20.54%


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
505,652
505,652

505,652
505,652


Page 5

 

ALTERNATEPORT LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



6,700,000 (2022 - 6,700,000) Ordinary shares of £1.00 each
6,700,000
6,700,000



7.


Post balance sheet events

Sports Information Services (Holdings) Limited declared an interim dividend totalling £30 million on 31 October 2023. Accordingly, having received £6.2 million, being the Company’s share of this dividend, the board of Alternateport Limited declared and paid a £6.2 million dividend to Alternateport’s shareholders on the same date.


8.


Controlling party

The parent entity of the smallest group for which consolidated financial statements are prepared is Catalyst Media Group plc. These consolidated financial statements are available from its registered office, Quadrant House, 4 Thomas More Square, London, E1W 1YW. 
There was no ultimate controlling party in the current or prior year.

Page 6