Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-31true2022-11-01falseThe company's principal activity continues to be that of the development and selling of a crowd participation platform in the sports sector.107100true 09366216 2022-11-01 2023-10-31 09366216 2021-11-01 2022-10-31 09366216 2023-10-31 09366216 2022-10-31 09366216 2021-11-01 09366216 c:Director1 2022-11-01 2023-10-31 09366216 d:FurnitureFittings 2022-11-01 2023-10-31 09366216 d:FurnitureFittings 2023-10-31 09366216 d:FurnitureFittings 2022-10-31 09366216 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09366216 d:OfficeEquipment 2022-11-01 2023-10-31 09366216 d:OfficeEquipment 2023-10-31 09366216 d:OfficeEquipment 2022-10-31 09366216 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09366216 d:ComputerEquipment 2022-11-01 2023-10-31 09366216 d:ComputerEquipment 2023-10-31 09366216 d:ComputerEquipment 2022-10-31 09366216 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09366216 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09366216 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 09366216 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-31 09366216 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-10-31 09366216 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-10-31 09366216 d:ComputerSoftware 2023-10-31 09366216 d:ComputerSoftware 2022-10-31 09366216 d:CurrentFinancialInstruments 2023-10-31 09366216 d:CurrentFinancialInstruments 2022-10-31 09366216 d:CurrentFinancialInstruments 1 2023-10-31 09366216 d:CurrentFinancialInstruments 1 2022-10-31 09366216 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09366216 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09366216 d:ShareCapital 2023-10-31 09366216 d:ShareCapital 2021-11-01 2022-10-31 09366216 d:ShareCapital 2022-10-31 09366216 d:ShareCapital 2021-11-01 09366216 d:SharePremium 2023-10-31 09366216 d:SharePremium 2021-11-01 2022-10-31 09366216 d:SharePremium 2022-10-31 09366216 d:SharePremium 2021-11-01 09366216 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 09366216 d:RetainedEarningsAccumulatedLosses 2023-10-31 09366216 d:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 09366216 d:RetainedEarningsAccumulatedLosses 2022-10-31 09366216 d:RetainedEarningsAccumulatedLosses 2021-11-01 09366216 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 09366216 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 09366216 c:FRS102 2022-11-01 2023-10-31 09366216 c:Audited 2022-11-01 2023-10-31 09366216 c:FullAccounts 2022-11-01 2023-10-31 09366216 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09366216 d:WithinOneYear 2023-10-31 09366216 d:WithinOneYear 2022-10-31 09366216 d:BetweenOneFiveYears 2023-10-31 09366216 d:BetweenOneFiveYears 2022-10-31 09366216 c:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 09366216 6 2022-11-01 2023-10-31 09366216 f:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 09366216










INCROWD SPORTS LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023


 
INCROWD SPORTS LTD
REGISTERED NUMBER: 09366216

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
188,241
223,242

Investments
 6 
731
10

  
188,972
223,252

Current assets
  

Debtors: amounts falling due within one year
 7 
1,836,759
1,476,293

Cash at bank and in hand
 8 
793,665
1,746,313

  
2,630,424
3,222,606

Creditors: amounts falling due within one year
 9 
(2,907,795)
(1,516,172)

Net current (liabilities)/assets
  
 
 
(277,371)
 
 
1,706,434

Total assets less current liabilities
  
(88,399)
1,929,686

  

Net (liabilities)/assets
  
(88,399)
1,929,686


Capital and reserves
  

Called up share capital 
  
114,702
114,702

Share premium account
  
8,900,955
8,900,955

Profit and loss account
  
(9,104,056)
(7,085,971)

  
(88,399)
1,929,686


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 statement of comprehensive income 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: 




A Cooney
Director

Date: 30 March 2024

Page 1

 
INCROWD SPORTS LTD
REGISTERED NUMBER: 09366216
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
INCROWD SPORTS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
114,702
8,900,955
(7,085,971)
1,929,686


Comprehensive income for the year

Loss for the year
-
-
(2,018,085)
(2,018,085)


At 31 October 2023
114,702
8,900,955
(9,104,056)
(88,399)


The notes on pages 4 to 13 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 November 2021
99,294
6,471,458
(5,032,591)
1,538,161


Comprehensive income for the year

Loss for the year
-
-
(2,053,380)
(2,053,380)


Contributions by and distributions to owners

Shares issued during the year
15,408
2,429,497
-
2,444,905


At 31 October 2022
114,702
8,900,955
(7,085,971)
1,929,686


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is Mimet House, 5a Praed Street, London, W2 1NJ.

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 have prepared forecasts that extend to October 2027. Having delivered revenue growth in the 12 months to October 2023 and observed continued positive pipeline momentum into 2024, the directors continue to demonstrate their commitment to product investment and to support this investment in 2024, the company successfully completed a £2.5m issue of new equity from existing shareholders in March 2024. The company intends to complete a further £1m issue of new equity from new shareholders by the end of 23-24 financial year. In addition, the company continues to be formally engaged with a rolling credit facility of up to £0.8m to support additional short-term funding, increasing from £0.25m last year as the company scaled and is likely to continue to scale in line with the business. With this additional capital, access to debt facilities and growing pipeline, together with the ability to flex our resources over time if required, the forecasts and budgets were reviewed by the directors and they believe that the company can meet liabilities as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Company revenues are driven from the following core areas:
       Recurring software as a service licensing, monthly support and managed services. These          contracts are generally multi-year in duration and revenues are recognised according to the                stage of the contract
       Consulting services for ad hoc consulting projects
      Technology Services which are one off in nature, project revenues. In most cases this revenue           will drive longer term recurring revenues once services are delivered

  
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
Due to the difficulties in distinguishing between the research phase and development phase of projects and accurately measuring these costs, the company recognises all development expenditure as an expense in the period it is incurred. During the year £2.24m (2022: £1.63m) was spent in research and development activities.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The intangible assets include Trade Marks, IP and Computer Software. There are amortised to profit and loss account over their estimated economic life with four years for Trade Marks and IP, and three years for Computer Software.

Page 6

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Straight line method
Office equipment
-
33%
Straight line method
Computer equipment
-
33%
Straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Page 8

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Financial assets measured at fair value through profit or loss comprise a currency forward contract.


3.


Employees

The average monthly number of employees, including directors, during the year was 107 (2022 - 100).

Page 9

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets




Development expenditure
Trademarks
Computer software
Total

£
£
£
£



Cost


At 1 November 2022
7,000
25,697
514
33,211



At 31 October 2023

7,000
25,697
514
33,211



Amortisation


At 1 November 2022
7,000
25,697
514
33,211



At 31 October 2023

7,000
25,697
514
33,211



Net book value



At 31 October 2023
-
-
-
-



At 31 October 2022
-
-
-
-



Page 10

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
193,005
5,391
219,777
418,173


Additions
13,085
-
28,461
41,546



At 31 October 2023

206,090
5,391
248,238
459,719



Depreciation


At 1 November 2022
28,205
5,366
161,360
194,931


Charge for the year on owned assets
38,432
25
38,090
76,547



At 31 October 2023

66,637
5,391
199,450
271,478



Net book value



At 31 October 2023
139,453
-
48,788
188,241



At 31 October 2022
164,800
25
58,417
223,242


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
10


Additions
721



At 31 October 2023

731






Net book value



At 31 October 2023
731



At 31 October 2022
10

Page 11

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
728,538
624,544

Amounts owed by group undertakings
6,555
-

Other debtors
97,405
54,032

Prepayments and accrued income
491,989
277,542

Tax recoverable
512,272
500,000

Currency forward contract
-
20,175

1,836,759
1,476,293



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
793,665
1,746,313



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
665,074
45,833

Trade creditors
456,621
404,062

Other taxation and social security
259,977
168,757

Other creditors
165,346
89,648

Accruals and deferred income
1,360,777
807,872

2,907,795
1,516,172


The following liabilities were secured:

2023
2022
£
£



Loans
665,074
45,833

Details of security provided:

The loan is secured by a charge over the assets of the company.

Page 12

 
INCROWD SPORTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
-
20,175




Financial assets measured at fair value through profit or loss comprise a currency forward contract.


11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £201,035 (£147,773). Contribution totalling £63,915 (2022: £69,494) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 October 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
119,644
78,697

Later than 1 year and not later than 5 years
49,703
164,170

169,347
242,867


13.


Related party transactions

Included in other creditors are balances totalling £92,013 (2022: £Nil) due to shareholders. No interest was charged on these loans. 


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 3 April 2024 by Rajiv Thakerar (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 13