Registration number:
Aser Investments Ltd
for the Year Ended 30 June 2023
Aser Investments Ltd
Contents
Company Information |
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Abridged Balance sheet |
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Notes to the Abridged Financial Statements |
Aser Investments Ltd
Company Information
Director |
Mr Andrea Radrizzani |
Registered office |
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Auditors |
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Aser Investments Ltd
(Registration number: 09824625)
Abridged Balance sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed Assets |
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Intangible assets |
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Investments |
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Other financial assets |
14,215,972 |
- |
|
|
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and Reserves |
|||
Called up share capital |
10,000 |
10,000 |
|
Retained earnings |
(24,476,349) |
(22,056,177) |
|
Shareholders' deficit |
(24,466,349) |
(22,046,177) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Balance sheet in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged 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.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Going concern
Notwithstanding net liabilities of £24,466,349 reported on page 9 (2022: £22,046,176) as at 30 June 2023, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The company has not traded during 2022 or 2023 but current liabilities still exist to other group entities and external parties. The company will continue its principal activity of holding investments. and in the opinion of the directors the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. The ultimate owner, through the ultimate parent company, Aser Group Holding Pte Limited, has confirmed that they will continue to make available such funds as are needed by the company to the extent they are required. However there can be no certainty over the total outflows that are required.
The going concern position is dependent on Aser Group Holding Pte Limited and its subsidiaries not seeking repayment of the amounts currently due to the group, which at 30 June 2023 amounted to £83,494,815 (2022: £79,537,423). Aser Group Holding Pte has indicated that it does not intend to seek repayment of the amounts due at the balance sheet date until such time as the company has sufficient working capital to make those repayments and remain a going concern.
Therefore, even though the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements due to the shareholder support, they recognise there is no certainty over this support being sufficient. The directors are not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity’s ability to continue as a going concern and therefore have prepared the financial statements on a going concern basis.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Audit report
Original cost 4,465,547
Carrying value adjustments -755,347
Carrying value at 30/6/2023 3,710,200
The above carrying value adjustments and the final carrying values at 30 June 2023 are based on estimates made by the company.
As a result, we could not determine whether any adjustments were necessary in respect of the carrying value of these investments and the corresponding impact on the statement of income, changes in equity, and cash flows for the year then ended.
Our opinion is not modified in respect of this matter.
Exemption from preparing group accounts
The financial statements contain information about Aser Investments Ltd as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Aser Group Holding Pte Limited, a company incorporated in Singapore.
Revenue recognition
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Intangible assets
The company has acquired cryptocurrency and other digital assets. These assets are recognized as intangible assets under FRS 102 Section 18, as they are identifiable non-monetary assets without physical substance.
Recognition Criteria
The company recognizes these intangible assets when all the recognition criteria under FRS 102 Section 18 for intangible assets are met, including:
- The assets are separately identifiable.
- The company has control over the cryptocurrency and digital assets, which has arisen as a result of contractual or legal rights.
-
It is probable that future economic benefits will flow to the company from these assets.
Indefinite Life Intangible Assets
The cryptocurrency and digital assets have been treated as indefinite life intangible assets. This assessment is based on the current cryptocurrency market, where there is no foreseeable limit to the period over which the assets are expected to generate net cash inflows for the company. As a result, these assets are not amortized.
Measurement
The assets are measured using the cost model in accordance with FRS 102. They are initially recognized at cost and subsequently measured at cost less any accumulated impairment losses. The value of these assets is based on the cost paid to acquire them, adjusted for any impairment due to market movements or other factors.
Impairment
The company reviews the carrying amount of these intangible assets annually, or more frequently if events or changes in circumstances indicate a potential impairment. Any impairment losses are recognized immediately in profit or loss.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Amortisation
At each reporting end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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.
Debtors
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 is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Creditors
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 company 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.
Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Intangible assets |
Total |
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Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Amortisation |
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Impairment |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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Individually material intangible assets
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Investments |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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At 30 June 2023 |
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Provision |
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At 1 July 2022 |
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Provision |
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At 30 June 2023 |
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Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Total |
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Carrying amount |
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At 30 June 2023 |
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At 30 June 2022 |
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2023 |
2022 |
Aggregate financial information of associates
2023 |
2022 |
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 |
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2023 |
2022 |
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Subsidiary undertakings |
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3 Cavendish Square, London,United Kingdom , W1G 0LB United Kingdom |
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Associates |
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5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD
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Ordinary |
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United Kingdom |
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Banérgatan 10, 115 23 Stockholm |
Ordinary |
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Sweden |
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Via Duca D'aosta 19, 73100 Lecce |
Ordinary |
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Italy |
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55 Loudoun Road, St John's Wood, London
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Ordinary |
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United Kingdom |
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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5th Floor North Side, 7/10 Chandos Street, Cavendish Square, London, W1G 9DQ
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Ordinary |
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United Kingdom |
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Via Privata Giovanni Battista Giorgini, 13, 20151 Milano
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Ordinary |
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Italy |
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Royal Oak, MI 48067
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Ordinary |
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USA |
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1209 Orange Street, Wilmington, New Castle, 19801, Delaware
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Ordinary |
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USA |
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S-06, 2nd Floor, Sport Accelerator Building, Qatar Business District,Doha |
Ordinary |
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Qatar |
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Localita' Sa Illetta, Ss 195 Km. 2300, Cagliari
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Ordinary |
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Italy |
Subsidiary undertakings |
Livenow Media Holdings Limited The principal activity of Livenow Media Holdings Limited is |
Associates |
YAAR Bar Limited The principal activity of YAAR Bar Limited is |
Creed Media Group AB The principal activity of Creed Media Group AB is |
Epico Play S.r.l The principal activity of Epico Play S.r.l is |
Efanswer Limited The principal activity of Efanswer Limited is |
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Gamechainger Limited The principal activity of Gamechainger Limited is |
Enki SRL The principal activity of Enki SRL is |
Sport Data Labs The principal activity of Sport Data Labs is |
Sports Innovation Lab, Inc The principal activity of Sports Innovation Lab, Inc is |
Spoonix Tech LLC The principal activity of Spoonix Tech LLC is |
Veesible S.R.L. The principal activity of Veesible S.R.L. is |
Other financial assets (current and non-current) |
Financial assets at amortised cost |
Total |
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Non-current financial assets |
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Cost or valuation |
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Additions |
14,215,972 |
14,215,972 |
At 30 June 2023 |
14,215,972 |
14,215,972 |
Impairment |
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Carrying amount |
||
At 30 June 2023 |
|
14,215,972 |
Debtors |
Debtors includes £Nil (2022 - £Nil) due after more than one year.
Aser Investments Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
During the financial year, a fellow Aser Group subsidiary company, Eleven Sports Network Limited ('ESN') was sold by the Aser Group to a third party. On the sale of ESN, the inter-company loan receivable was restructured and is now recognised as a third-party loan receivable, classified as non-current financial asset due from a third party. It was recognised at its fair value on the date of the transaction.
The original repayment date for the inter-company loan was 30 October 2023, but the terms of repayment have been renegotiated and extended. The financial asset includes interest accruing to the company.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
10,000 |
|
10,000 |
Parent and ultimate parent undertaking |
The ultimate controlling party is A Radrizzani.
The company's immediate parent is