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Registration number: 05686221 (England and Wales)

Star Lizard Consulting Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 July 2023

 

Star Lizard Consulting Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 31

 

Star Lizard Consulting Limited

Company Information

Directors

Mr LR Coman

Mr S R Edery

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Auditors

Chisnall Comer Ismail & Co
Chartered Accountants & Registered Auditors
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Star Lizard Consulting Limited

Strategic Report for the Year Ended 31 July 2023

The directors present their strategic report for the year ended 31 July 2023.

Principal activity

The principal activity of the group is the provision of consultancy services to the gambling industry.

Fair review of the group

Turnover was up 30% (£8.2m) to £36.1m against the prior year. Operating costs (Cost of sales plus Administrative expenses) also increased by 27% (£7.5m) to £34.9m, with the increase relating largely due to; staff costs, increase of £3.0m (19%); consultancy costs relating to software development, increase of £2.3m; and computer software costs, increase of £1.4m. Average headcount went up 3% from 234 to 242. Operating profit was up 79% (£0.7m) to £1.7m.

Principal risks and uncertainties

The business has continued to diversify revenue streams and encourage growth in young
relationships in order to reduce the risk of over reliance on a particular client. This is the principal risk
and uncertainty facing the company and will be further addressed by management in future years.

The company operates management policies designed to minimise is exposure to financial risk:

Credit risk
The company operates a number of policies and procedures designed to mitigate credit risk. In particular, before entering into a transaction with a customer a detailed credit review is undertaken to determine whether or not, in the opinion of the directors, the customer has the ability to meet its debts as they fall due.

Liquidity and cash flow risk
The company operates a range of policies to ensure there is sufficient liquidity and cash to meet its liabilities. Regular cash flow forecast are prepared to ensure the company is able to pay its debts as they fall due.

Approved by the Board on 30 July 2024 and signed on its behalf by:

.........................................
Mr S R Edery
Director

   
     
 

Star Lizard Consulting Limited

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the for the year ended 31 July 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr LR Coman

Ms NJ Smith (resigned 19 March 2024)

Mr S R Edery

Dividends
The directors recommend an interim dividend payment of £30,000 per share (2022 - £30,000), No final dividend is proposed (2022 - £Nil).

Information included in the Strategic Report

Employment of disabled persons

The Company puts diversity and inclusion on the agenda to ensure that the Company attracts, retains and develops the best talent from every walk of life. We are committed to providing equal opportunities and continue to demonstrate our commitment by giving full and fair consideration to a diverse range of applicants, including those with disabilities, for employment wherever practicable. Where employees with disabilities need additional support or adjustments, we will work closely with them and where appropriate, medical and healthcare professionals to give them the best tools and environment to fulfil their potential and excel in their roles. Some of our continuing initiatives include:

• Continually reviewing our recruitment process to ensure that any disabilities or protected characteristics are not a factor in our decision-making.
• Ensuring that we were able to accommodate any requests for adjustments from individuals with disabilities throughout the interview process and once they join the Company.
• Reviewing our Equal Opportunities and Dignity at Work policies to ensure that they remain relevant.

Employee involvement

We are committed to the investment of our staff at all levels to ensure a culture of continuous improvement. In order to fully engage with employees and attract and retain a high calibre of employees we run various initiatives, some of these initiatives include:

• Providing extensive employee benefits.
• Seeking regular feedback and engagement from our work force in the form of anonymous employee engagement surveys (operated by a third party), the results of which are reported to management.
• Keeping employees informed of the performance and strategy of the Company through regular presentations and updates from members of the Board.
• Ensuring that all employees have regular 1-2-1s with their managers and all teams operate regular meetings where important information is cascaded through the organisation and feedback is shared and fed back to the management.
• The CEO Office and HR providing regular company-wide communications on important topics such as health and safety and company performance.

Through these initiatives and others, the Company considers that it delivers an effective means of ensuring that its management stays alert to the views of the workforce and that the workforce are engaged with the strategy and direction of the Company.

 

Star Lizard Consulting Limited

Directors' Report for the Year Ended 31 July 2023

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 30 July 2024 and signed on its behalf by:

.........................................
Mr S R Edery
Director

   
     
 

Star Lizard Consulting Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Star Lizard Consulting Limited

Independent Auditor's Report to the Members of Star Lizard Consulting Limited

Opinion

We have audited the financial statements of Star Lizard Consulting Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Star Lizard Consulting Limited

Independent Auditor's Report to the Members of Star Lizard Consulting Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

Star Lizard Consulting Limited

Independent Auditor's Report to the Members of Star Lizard Consulting Limited

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of originations consulting to the gambling industry;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, The Gambling Act, anti-bribery, employment, environmental, and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims; and enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

 

Star Lizard Consulting Limited

Independent Auditor's Report to the Members of Star Lizard Consulting Limited

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr T G Humphries FCA FCCA (Senior Statutory Auditor)
For and on behalf of Chisnall Comer Ismail & Co, Statutory Auditor

Maria House
35 Millers Road
Brighton
BN1 5NP

30 July 2024

 

Star Lizard Consulting Limited

Consolidated Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

3

36,101,683

27,853,959

Cost of sales

 

-

(5,359,974)

Gross profit

 

36,101,683

22,493,985

Administrative expenses

 

(34,881,064)

(21,998,603)

Other operating income

4

451,210

438,412

Operating profit

5

1,671,829

933,794

Interest payable and similar expenses

6

(482,603)

(324,764)

Profit before tax

 

1,189,226

609,030

Tax on profit

10

2,618

536,092

Profit for the financial year

 

1,191,844

1,145,122

Profit/(loss) attributable to:

 

Owners of the company

 

1,191,844

1,145,122

The group has no recognised gains or losses for the year other than the results above.

 

Star Lizard Consulting Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

Profit for the year

1,191,844

1,145,122

Total comprehensive income for the year

1,191,844

1,145,122

Total comprehensive income attributable to:

Owners of the company

1,191,844

1,145,122

 

Star Lizard Consulting Limited

(Registration number: 05686221)
Consolidated Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

4,481,750

5,201,107

Investments

12

100

100

 

4,481,850

5,201,207

Current assets

 

Debtors

13

13,824,366

15,603,984

Cash at bank and in hand

 

4,668,356

2,703,799

 

18,492,722

18,307,783

Creditors: Amounts falling due within one year

15

(11,897,867)

(13,564,129)

Net current assets

 

6,594,855

4,743,654

Total assets less current liabilities

 

11,076,705

9,944,861

Creditors: Amounts falling due after more than one year

15

(5,500,000)

(5,500,000)

Net assets

 

5,576,705

4,444,861

Capital and reserves

 

Called up share capital

17

2

2

Retained earnings

5,576,703

4,444,859

Equity attributable to owners of the company

 

5,576,705

4,444,861

Shareholders' funds

 

5,576,705

4,444,861

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr S R Edery
Director

   
     
 

Star Lizard Consulting Limited

(Registration number: 05686221)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

11

4,481,750

5,201,107

Investments

12

186

100

 

4,481,936

5,201,207

Current assets

 

Debtors

13

14,009,644

15,603,984

Cash at bank and in hand

 

4,565,223

2,703,799

 

18,574,867

18,307,783

Creditors: Amounts falling due within one year

15

(11,981,231)

(13,564,129)

Net current assets

 

6,593,636

4,743,654

Total assets less current liabilities

 

11,075,572

9,944,861

Creditors: Amounts falling due after more than one year

15

(5,500,000)

(5,500,000)

Net assets

 

5,575,572

4,444,861

Capital and reserves

 

Called up share capital

17

2

2

Retained earnings

5,575,570

4,444,859

Shareholders' funds

 

5,575,572

4,444,861

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company made a profit after tax for the financial year of £1,190,711 (2022 - profit of £1,145,122).

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr S R Edery
Director

   
     
 

Star Lizard Consulting Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 July 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 August 2022

2

4,444,859

4,444,861

4,444,861

Profit for the year

-

1,191,844

1,191,844

1,191,844

Dividends

-

(60,000)

(60,000)

(60,000)

At 31 July 2023

2

5,576,703

5,576,705

5,576,705

 

Star Lizard Consulting Limited

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

2

4,444,859

4,444,861

Profit for the year

-

1,190,711

1,190,711

Dividends

-

(60,000)

(60,000)

At 31 July 2023

2

5,575,570

5,575,572

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

2

3,359,737

3,359,739

Profit for the year

-

1,145,122

1,145,122

Dividends

-

(60,000)

(60,000)

At 31 July 2022

2

4,444,859

4,444,861

 

Star Lizard Consulting Limited

Consolidated Statement of Cash Flows for the Year Ended 31 July 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,191,844

1,145,122

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,173,042

1,455,606

Profit on disposal of tangible assets

(787)

-

Loss on disposal of intangible assets

3,616

-

Finance costs

6

562,740

256,437

Income tax expense

10

(2,618)

(536,092)

 

2,927,837

2,321,073

Working capital adjustments

 

Decrease/(increase) in trade debtors

13

1,782,236

(12,443,160)

(Decrease)/increase in trade creditors

15

(1,666,262)

4,835,984

Net cash flow from operating activities

 

3,043,811

(5,286,103)

Cash flows from investing activities

 

Acquisitions of tangible assets

(453,685)

(402,867)

Proceeds from sale of tangible assets

 

787

-

Proceeds from sale of intangible assets

 

(3,616)

-

Net cash flows from investing activities

 

(456,514)

(402,867)

Cash flows from financing activities

 

Interest paid

6

(562,740)

(256,437)

Repayment of other borrowing

 

-

5,000,000

Dividends paid

(60,000)

(60,000)

Net cash flows from financing activities

 

(622,740)

4,683,563

Net increase/(decrease) in cash and cash equivalents

 

1,964,557

(1,005,407)

Cash and cash equivalents at 1 August

 

2,703,799

3,709,206

Cash and cash equivalents at 31 July

 

4,668,356

2,703,799

 

Star Lizard Consulting Limited

Statement of Cash Flows for the Year Ended 31 July 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,190,711

1,145,122

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,173,042

1,455,606

Profit on disposal of tangible assets

(787)

-

Loss on disposal of intangible assets

3,616

-

Finance costs

562,740

256,437

Income tax expense

10

(2,618)

(536,092)

 

2,926,704

2,321,073

Working capital adjustments

 

Decrease/(increase) in trade debtors

13

1,596,958

(12,443,160)

(Decrease)/increase in trade creditors

15

(1,582,898)

4,835,984

Net cash flow from operating activities

 

2,940,764

(5,286,103)

Cash flows from investing activities

 

Acquisition of subsidiaries

12

(86)

-

Acquisitions of tangible assets

(453,685)

(402,867)

Proceeds from sale of tangible assets

 

787

-

Proceeds from sale of intangible assets

 

(3,616)

-

Net cash flows from investing activities

 

(456,600)

(402,867)

Cash flows from financing activities

 

Interest paid

(562,740)

(256,437)

Repayment of other borrowing

 

-

5,000,000

Dividends paid

(60,000)

(60,000)

Net cash flows from financing activities

 

(622,740)

4,683,563

Net increase/(decrease) in cash and cash equivalents

 

1,861,424

(1,005,407)

Cash and cash equivalents at 1 August

 

2,703,799

3,709,206

Cash and cash equivalents at 31 July

 

4,565,223

2,703,799

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 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:
Maria House
35 Millers Road
Brighton
BN1 5NP

These financial statements were authorised for issue by the Board on 30 July 2024.

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 financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2023.

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Revenue recognition

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

Rendering of services
Turnover from contract to provide services is recognised in the period in which the services are proved in accordance with the stage of completion of the contract when all the following conditions are satisfied:

• The amount of turnover can be measured reliably
• It is probably 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 cost incurred and the cost to complete the contracts can be measured reliably

Turnover in connection with the supply of software is recognised at the point that the company delivers the project to the customer.

Turnover represents income earned through the provision of services in relation to consultancy to the gambling industry, ,information supplied to governing football bodies regarding match fixing and the design and provision of software systems to companies in the gambling industry.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture fittings and equipment

10% - 20% on cost

Computer equipment

33% on cost

Leasehold improvements

over life of lease

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 group 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 group 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.

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Software development

12,441,683

5,000,000

Rendering of services

23,660,000

22,853,959

36,101,683

27,853,959

The analysis of the group's Turnover for the year by class of business is as follows:

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Sale of goods

12,441,683

5,000,000

Rending of services

23,660,000

22,853,959

36,101,683

27,853,959

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

36,101,683

18,638,868

Rest of world

-

9,215,091

36,101,683

27,853,959

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Rent and service charge income

451,210

438,412

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,173,042

1,455,606

Profit on disposal of property, plant and equipment

(787)

-

6

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

562,740

256,437

Foreign exchange (losses)/gains

(80,137)

68,327

482,603

324,764

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

15,616,088

13,027,060

Social security costs

1,828,849

1,546,565

Pension costs, defined contribution scheme

430,391

364,858

Other post-employment benefit costs

-

29,467

Other employee expense

260,749

213,129

18,136,077

15,181,079

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

199

192

Administration and support

43

42

242

234

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

447,727

434,952

Benefit in kind represents health insurance.

In respect of the highest paid director:

2023
£

2022
£

Remuneration

200,000

200,000

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

26,487

21,000

Other fees to auditors

All other non-audit services

6,935

5,955

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

(2,618)

(536,092)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,189,226

609,030

Corporation tax at standard rate

297,307

115,716

Effect of expense not deductible in determining taxable profit (tax loss)

(138)

10,580

Effect of tax losses

(267,720)

(19,528)

UK deferred tax credit relating to changes in tax rates or laws

(2,617)

(24,431)

Tax (decrease)/increase from effect of capital allowances and depreciation

(29,450)

18,022

Tax decrease from effect of adjustment in research and development tax credit

-

(636,451)

Total tax credit

(2,618)

(536,092)

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

5,000,459

7,842,760

12,843,219

Additions

-

453,685

453,685

At 31 July 2023

5,000,459

8,296,445

13,296,904

Depreciation

At 1 August 2022

1,430,877

6,211,235

7,642,112

Charge for the year

581,556

591,486

1,173,042

At 31 July 2023

2,012,433

6,802,721

8,815,154

Carrying amount

At 31 July 2023

2,988,026

1,493,724

4,481,750

At 31 July 2022

3,569,582

1,631,525

5,201,107

Included within the net book value of land and buildings above is £2,988,026 (2022 - £3,569,582) in respect of short leasehold land and buildings.
 

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

5,000,459

7,842,760

12,843,219

Additions

-

453,685

453,685

At 31 July 2023

5,000,459

8,296,445

13,296,904

Depreciation

At 1 August 2022

1,430,877

6,211,235

7,642,112

Charge for the year

581,556

591,486

1,173,042

At 31 July 2023

2,012,433

6,802,721

8,815,154

Carrying amount

At 31 July 2023

2,988,026

1,493,724

4,481,750

At 31 July 2022

3,569,582

1,631,525

5,201,107

Included within the net book value of land and buildings above is £2,988,026 (2022 - £3,569,582) in respect of short leasehold land and buildings.
 

12

Investments

Company

2023
£

2022
£

Investments in subsidiaries

186

100

Subsidiaries

£

Cost or valuation

At 1 August 2022

100

Additions

86

At 31 July 2023

186

Provision

Carrying amount

At 31 July 2023

186

At 31 July 2022

100

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Star Lizard Consulting (Ireland) Limited

DAC Beachcroft Dublin, Three Haddington Buildings, Percy Place, Dublin 4

Ireland

Ordinary shares

100%

0%

Subsidiary undertakings

Star Lizard Consulting (Ireland) Limited

The principal activity of Star Lizard Consulting (Ireland) Limited is consulting service provider. The profit for the financial period of Star Lizard Consulting (Ireland) Limited was £1,133 and the aggregate amount of capital and reserves at the end of the period was £1,133.

13

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

9,807,476

3,706,228

9,807,476

3,706,228

Amounts owed by related parties

21

-

5,415

214,188

5,415

Other debtors

 

67,546

839,613

61,768

839,613

Prepayments

 

3,057,876

2,163,877

3,034,744

2,163,877

Accrued income

 

-

8,000,000

-

8,000,000

Deferred tax assets

10

891,468

888,851

891,468

888,851

   

13,824,366

15,603,984

14,009,644

15,603,984

Deferred tax asset

Deferred tax provisions comprise of:

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Accelerated capital allowances

(1,334)

6,854

(1,334)

6,854

Tax losses

892,802

881,997

892,802

881,997

891,468

888,851

891,468

888,851

 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

14

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

313

349

313

349

Cash at bank

4,668,043

2,703,450

4,564,910

2,703,450

4,668,356

2,703,799

4,565,223

2,703,799

15

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

5,000,000

5,000,000

5,000,000

5,000,000

Trade creditors

 

972,986

4,697,859

1,065,800

4,697,859

Social security and other taxes

 

3,095,355

434,309

3,089,332

434,309

Outstanding defined contribution pension costs

 

-

106,053

-

106,053

Other payables

 

109,337

1,596,705

109,337

1,596,705

Accruals

 

2,720,189

1,729,203

2,716,762

1,729,203

 

11,897,867

13,564,129

11,981,231

13,564,129

Due after one year

 

Loans and borrowings

18

5,500,000

5,500,000

5,500,000

5,500,000

16

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £430,391 (2022 - £364,858).

Contributions totalling £Nil (2022 - £106,053) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

18

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

5,500,000

5,500,000

5,500,000

5,500,000

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Other borrowings

5,000,000

5,000,000

5,000,000

5,000,000

The loans are unsecured and are interest only, the interest rates vary from 1% to 4% above the Bank of England base rate. No repayments are due in the next twelve months.

19

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

2,602,509

2,602,509

Later than one year and not later than five years

8,410,037

9,410,037

Later than five years

400,627

2,003,137

11,413,173

14,015,683

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,602,509 (2022 - £2,602,509).

20

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £30,000.00 (2022 - £30,000.00) per ordinary share

 

60,000

 

60,000

         
 

Star Lizard Consulting Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

21

Related party transactions

Company

Blue and White Capital Limited
A S Franks, a shareholder, is a director of Blue and White Capital Limited.

Included in other income is £552,500 (2022 - £518,125) representing rents and service charges receivable from Blue and White Capital Limited.

Lacerta Sports Limited
S Edery, a director, is a director and shareholder of Lacerta Sports Limited.

Turnover includes £12,441,683 (2022 - £5,000,000) representing sale of software to Lacerta Sports Limited. Current assets include trade debtors of £8,911,552 (2022 accrued income - £5,000,000) relating to this sale.

On the 1st August 2022, 30 employees of Star Lizard Consulting Limited were transferred to Lacerta Sports Limited along with 2 customers.

The Brighton and Hove Albion Football Club Limited
The shareholders, A S Franks and M L Sugarman, are directors of The Brighton and Hove Albion Football Club Limited.

Turnover includes £3,250,000 (2022 - £3,000,000) representing consultancy services provided to The Brighton and Hove Albion Football Club Limited. Current assets include trade debtors of £900,000 (2022 accrued income - £3,000,000) relating to this income.

Summary of transactions with subsidiaries

Star Lizard Consulting (Ireland) Limited
100% Subsidiary of Star Lizard Consulting Limited.

Included in administrative expenses is £95,770 representing consultancy services payable to Star Lizard Consulting (Ireland) Limited.

Included in Other debtors is a loan due from Star Lizard Consulting (Ireland) Limited amounting to £214,777.

22

Controlling party

There is no single ultimate controlling party. The board of directors control the company's day to day affairs.