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Registration number: 13389486

Livenow Media Holdings Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Contents

Directors' Report

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 9

 

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The directors has taken exemption under this regime not to disclose the strategic report.

Directors' of the company

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

Andrea Radrizzani

Lara Vanjak

Principal activity

The principal activity of the company is that of a holding company for the investment in LiveNow Media Limited.

Going concern

The directors have prepared the financial statements on a basis other than going concern due to the decision to cease trading within the company.

Disclosure of information to the auditors

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.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the board on 30 August 2024 and signed on its behalf by:
 

.........................................
Andrea Radrizzani
Director

 

(Registration number: 13389486)
Balance Sheet as at 30 June 2023

Note

30 June
2023
£

30 June
2022
£

Current assets

 

Trade and other debtors

6

1

214,855

Creditors: Amounts falling due within one year

7

(28,840)

(226,854)

Net liabilities

 

(28,839)

(11,999)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

 

(28,840)

(12,000)

Shareholders' deficit

 

(28,839)

(11,999)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board on 30 August 2024 and signed on its behalf by:
 

.........................................
Andrea Radrizzani
Director

 

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

1

(12,000)

(11,999)

Loss for the year

-

(16,840)

(16,840)

Total comprehensive income

-

(16,840)

(16,840)

At 30 June 2023

1

(28,840)

(28,839)

Share capital
£

Retained earnings
£

Total
£

At 11 May 2021

1

-

1

Loss for the year

-

(12,000)

(12,000)

Total comprehensive income

-

(12,000)

(12,000)

At 30 June 2022

1

(12,000)

(11,999)

 

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated and domiciled in England.

The address of its registered office is:
3 Cavendish Square
London
W1G 0LB
England

These financial statements were authorised for issue by the board on 30 August 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.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

Summary of disclosure exemptions

In these financial statements, the company has taken advantage of the exemptions available under FRS 101 in respect of the following disclosures:

Paragraphs 91 to 99 of IFRS 13 - ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

a Cash Flow Statement and related notes;

Comparative period reconciliations for share capital, tangible fixed assets and intangible assets;

Disclosures in respect of transactions with wholly owned subsidiaries and parent;

The effects of new but not yet effective IFRSs;

Disclosures in respect of the compensation of Key Management Personnel; and

Disclosures of transactions with a management entity that provides key management personnel services to the company.

As the consolidated financial statements of Aser Group Holding Pte Limited include the equivalent disclosures, the company has also taken the exemptions under FRS 101 available in respect of the following disclosures:

• Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instrument Disclosures.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

Notes to the Financial Statements for the Year Ended 30 June 2023

Going concern

The directors have prepared the financial statements on a basis other than going concern due to the decision to cease trading within the company.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 30 August 2024 was John Tiltman BFP ACA, who signed for and on behalf of DTL Auditors Ltd.

Exemption from preparing group accounts

The financial statements contain information about Livenow Media Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 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 Holdings pte ltd, a company incorporated in Singapore.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 July 2022 have had a material effect on the financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.

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 company will not be able to collect all amounts due according to the original terms of the debtors.

 

Notes to the Financial Statements for the Year Ended 30 June 2023

Financial instruments


Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, 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.

Borrowings

All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. 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 finance costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

 

Notes to the Financial Statements for the Year Ended 30 June 2023

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of intercompany loans
Due to the ongoing support of the ultimate controlling party management have deemed amounts due from related parties to be recoverable at the period end.

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.

3

Staff costs

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

13,560

11,000


 

 

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Investments

Details of the subsidiaries as at 30 June 2023 are as follows:

Name of subsidiary
 

Principal activity
 

Registered office
 

Holding
 

Proportion of ownership interest and voting rights held
2023

2022

Livenow Media Limited

Livestreaming digital entertainment service

3 Cavendish Square, London, United Kingdom, W1G 0LB

Ordinary

100%

100%

6

Trade and other debtors

Trade and other debtors falling due within one year

30 June
2023
£

30 June
2022
£

Debtors from related parties

1

1

Loans to related parties

-

214,854

1

214,855

7

Creditors: amounts falling due within one year

30 June
2023
£

30 June
2022
£

Trade creditors

10,320

-

Accrued expenses

13,920

11,000

Amounts due to related parties

4,600

1,000

Loans and borrowings

-

214,854

28,840

226,854

8

Loans and borrowings

30 June
2023
£

30 June
2022
£

Current loans and borrowings

Other borrowings

-

214,854

 

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Share capital

Allotted, called up and fully paid shares

30 June
2023

30 June
2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

10

Parent of group in whose consolidated financial statements the company is consolidated

These financial statements are available upon request from The company has taken the exemption under FRS101 para 8(k) from disclosing the transactions with related parties under IAS 24 Related Party Disclosures for transactions it has with its parent and its wholly owned subsidiaries as the company is a wholly owned subsidiary of Aser Group Holding Pte Limited.

 

11

Parent and ultimate parent undertaking

The company is a subsidiary undertaking of Aser Group Holding Pte Limited, which is the parent company and which is incorporated in Singapore.

The largest and smallest group in which the results of the company are consolidated is that headed by Aser Group Holding Pte Limited. No other group financial statements include the results of the company. The consolidated financial statements of these groups will be available from Aser Group Holdings Pte Limited at 100 Tras Street, #16-01 100AM Singapore 079027.

The ultimate controlling party is A Radrizzani.