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Company registration number: 11106450







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023


SHOOTSTA HOLDINGS LTD






































img42f2.png                        

 


SHOOTSTA HOLDINGS LTD
 


 
COMPANY INFORMATION


Directors
T Moylan 
D Harden (appointed 1 June 2023)




Registered number
11106450



Registered office

London

WC1H 9LT




Trading Address
32 Blackfriars Road

London

SE1 8PB






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


SHOOTSTA HOLDINGS LTD
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


SHOOTSTA HOLDINGS LTD
REGISTERED NUMBER:11106450



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

  

Fixed assets
  

Intangible assets
 5 
2,688,692
3,089,525

  
2,688,692
3,089,525

Current assets
  

Debtors: amounts falling due within one year
 6 
13,238
14,400

Cash at bank and in hand
 7 
5,501
12,203

  
18,739
26,603

Creditors: amounts falling due within one year
 8 
(6,328,500)
(6,034,770)

Net current liabilities
  
 
 
(6,309,761)
 
 
(6,008,167)

Total assets less current liabilities
  
(3,621,069)
(2,918,642)

  

  

  

Net liabilities
  
(3,621,069)
(2,918,642)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(3,622,069)
(2,919,642)

  
(3,621,069)
(2,918,642)


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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 by: 




................................................
D Harden
Director

Date: 29 April 2024

The notes on pages 10 to 14 form part of these financial statements.

Page 1

 


SHOOTSTA HOLDINGS LTD
 


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

1.


General information

Shootsta Holdings Ltd is a private company, limited by shares, incorporated in England and Wales. The address of the registered office and registered number of business is disclosed on the company information page.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

   .

Page 2

 


SHOOTSTA HOLDINGS LTD
 


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

2.Accounting policies (continued)

 
2.3

Going concern

These financial statements have been prepared on a going concern basis. 
The Company realised a net loss before tax of £678,584 and had net liabilities of £3,621,069 for the year end 30 June 2023. Included in creditors due within one year is £6,247,434 due to group entities, which is repayable on demand. The Directors do not have any reason to believe that these liabilities will be required to be repaid until the Company is in a position to do so.
The Directors have received confirmation that the ultimate parent company, Shootsta Global Pte. Ltd, will continue to support the company for at least twelve months from the date of the financial statements being approved and signed to meet its liabilities as they fall due and that it has sufficient resources to provide this financial support.                                                                         

 
2.4

Impact of new international reporting standards, amendments and interpretations

There are no other relevant standards or ammendments issued by the IASB that are effective for an annual period that begins on or after 1 January 2023.

 
2.5

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.

 
2.6

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 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:

Turnover is purely generated from royalty or license fees that relate to both a license of intellectual property and other goods or services. Royalty and license fees are recognised on an accrual basis per month.

 
2.7

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. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 


SHOOTSTA HOLDINGS LTD
 


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

2.Accounting policies (continued)

 
2.8

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 reporting date in the countries where the Company operates and generates income.

 
2.9

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.

 The estimated useful lives range as follows:

Development expenditure
-
3-5 years
Trademarks
-
10 years


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amount reported. These estimates and judgements are continually reviewed and are based on factors that are believed to be reasonable under the circumstances.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are outlined below.
Development costs
When capitalising development costs directors make a judgement as to whether the  capitalisation criteria has been satisfied. The directors use estimates to calculate the amortisation period of capitalised development expenditures which may vary from the actual useful life of the asset. This is reviewed on an annual basis to ensure that the amortisation rates used are still appropriate. The assets are reviewed on an annual basis to identify the existence of any indications of impairment. The directors have concluded that no impairment provision is required in the current year and the amortisation rates used reflect the useful life of these assets.


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - NIL).

Page 4

 


SHOOTSTA HOLDINGS LTD
 


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

5.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 July 2022
4,528,164
302,796
4,830,960


Additions - external
407,355
-
407,355


Additions - internal
203,099
-
203,099



At 30 June 2023

5,138,618
302,796
5,441,414



Amortisation


At 1 July 2022
1,620,320
121,115
1,741,435


Charge for the year on owned assets
981,007
30,280
1,011,287



At 30 June 2023

2,601,327
151,395
2,752,722



Net book value



At 30 June 2023
2,537,291
151,401
2,688,692



At 30 June 2022
2,907,844
181,681
3,089,525





6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
12,933
-

Other debtors
-
6,290

Prepayments
305
8,110

13,238
14,400



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,501
12,203

5,501
12,203


Page 5

 


SHOOTSTA HOLDINGS LTD
 


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

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
13,674

Amounts owed to group undertakings
6,247,434
6,000,681

Other taxation and social security
34,239
-

Accruals and deferred income
46,827
20,415

6,328,500
6,034,770



9.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up in Shootsta Global Pte Ltd, a company incorporate in Singapore. Shootsta Global Pte Ltd was incorporated in May 2020 the consolidated accounts will be for the period to 30 June 2023. These consolidated accounts are available online on the following website: https://www.acra.gov .sg
The address of their registered office is: 144 Robinson Road, #19-01, Singapore 068908


10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2023 was unqualified.

The audit report was signed on 1 May 2024 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6