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Company registration number: 10405720







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


SPORTCAST LIMITED






































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SPORTCAST LIMITED
REGISTERED NUMBER:10405720



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
5,787
7,827

  
5,787
7,827

Current assets
  

Debtors due within 1 year
 5 
10,043,490
3,285,906

Bank and cash balances
  
511,728
515,168

  
10,555,218
3,801,074

Creditors: amounts falling due within one year
 6 
(3,798,924)
(2,842,190)

Net current assets
  
 
 
6,756,294
 
 
958,884

Total assets less current liabilities
  
6,762,081
966,711

Provisions for liabilities
  

Deferred tax
  
(1,447)
-

  
 
 
(1,447)
 
 
-

Net assets
  
6,760,634
966,711


Capital and reserves
  

Called up share capital 
  
100
100

Capital contributions
  
641,348
-

Profit and loss account
  
6,119,186
966,611

  
6,760,634
966,711


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: 



................................................
J E Levin
Director

Date: 1 March 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 1


 
SPORTCAST LIMITED

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



Called up share capital
Capital contributions
Other reserves
Profit and loss account
Total equity


£
£
£
£
£



At 25 May 2021
100
-
349
(789,650)
(789,201)



Comprehensive income for the period


Profit for the period
-
-
-
1,755,912
1,755,912

Total comprehensive income for the period
-
-
-
1,755,912
1,755,912


Transfer to/from profit and loss account
-
-
(349)
349
-





At 1 January 2022
100
-
-
966,611
966,711



Comprehensive income for the year


Profit for the year
-
-
-
5,152,575
5,152,575



Contributions by and distributions to owners


Capital contribution movement
-
641,348
-
-
641,348



At 31 December 2022
100
641,348
-
6,119,186
6,760,634



The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


SPORTCAST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Sportcast Limited is a private Company limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is given on the Company Information page. The principal place of business is the same as the registered office.

The Company's functional and presentational currency is GBP.

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 prior period financial statements have been prepared for a shortened period from 25 May 2021 to 31 December 2021, the reason being to bring the year end in line with the rest of the group. As a result, the current years financial performance is not directly comparable to the previous period.

The following principal accounting policies have been applied:

 
2.2

Revenue

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 generated via the operation of a betting platform and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

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.

 
2.4

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 


SPORTCAST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
33%
reducing balance

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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2021 -21).

Page 4

 


SPORTCAST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2022
16,172


Additions
128



At 31 December 2022

16,300



Depreciation


At 1 January 2022
8,345


Charge for the year on owned assets
2,168



At 31 December 2022

10,513



Net book value



At 31 December 2022
5,787



At 31 December 2021
7,827


5.


Debtors

2022
2021
£
£


Trade debtors
3,352,259
340,468

Amounts owed by group undertakings
1,250,855
783,941

Other debtors
286,915
3,531

Prepayments and accrued income
5,153,461
2,157,966

10,043,490
3,285,906


Page 5

 


SPORTCAST LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
229,923
35,372

Amounts owed to group undertakings
2,142,890
2,616,216

Corporation tax
1,187,528
-

Other taxation and social security
64,931
127,629

Other creditors
12,117
16,074

Accruals and deferred income
161,535
46,899

3,798,924
2,842,190



7.


Parent company

At the year end, the parent of the smallest group for which consolidated financial statements were drawn up was Sportcast Pty Ltd. The registered office of the parent company is Building 6, Chiswick Park, 566 Chiswick High Road, London, England, W4 5HR.
During the year, on 21 September 2022, the company was indirectly purchased by OpenBet Limited, when it acquired Sportcast Pty Limited and its subsidiaries Sportcast Limited and Sportcast LLC. OpenBet Limited's registered office is Building 6, Chiswick Park, 566 Chiswick High Road, London, England, W4 5HR.
OpenBet Limited and its subsidiaries, including Sportcast Limited, were acquired on 30 September 2022 by Endeavor Group Holdings, Inc.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 1 March 2024 by Tom Woods FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6