05851891
COPA90 LIMITED
GROUP DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
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COMPANY INFORMATION
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CLA Evelyn Partners Limited
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CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report for the year ended 31 December 2023.
The principal activity of the company is creating and distributing premium football content which engages fans of both the men's and women's game and delivering media services by working in partnership with global brands.
Despite the difficult trading environment, the business continued to grow its core revenues in 2023 (core revenues exclude the impact of major tournaments).
During the year £3.6m of debt and rolled-up interest was repaid from free cash flow demonstrating the strong cash generation achieved.
The exceptional performance of our people together with successful execution of our strategy and underlying financial rigour were the key drivers of the strong financial results.
The EBITDA trend is shown in the table below:
The business ended the year with £2.0m in cash (2022: £3.6m).
Principal risks and uncertainties
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In common with many businesses, economic uncertainty reduces demand for the company’s services. We remain committed to a flexible cost model which ensures the business is more resilient to changes in the macro-economic environment.
Trading and cash flow forecasts are monitored by the executive team on a weekly basis to manage liquidity risk. Rolling cash flow forecasts are updated each week and the planning model for the business is updated on a quarterly basis to provide longer term visibility of liquidity.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Key performance indicators
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The financial metrics shown below were the key performance indicators during the year:
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
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The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group 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 for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £163 thousand (2022 - profit £282 thousand).
No dividends were paid to the shareholders of the company (2022: £Nil).
The directors who served during the year were:
There are no significant future developments.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year-end.
The auditors, CLA Evelyn Partners Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPA90 LIMITED
Opinion
We have audited the financial statements of COPA90 Limited (the 'company') for the year ended 31 December 2023 which comprise the Profit and loss account, Statement of other comprehensive income, Balance sheet, Statement of changes in equity, Statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 company's affairs as at 31 December 2023 and of the Group's result 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors’ 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 company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPA90 LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual report and financial statements. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in this regard.
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Opinions on other matters 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 the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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 directors’ responsibilities statement set out on page 3, 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPA90 LIMITED (CONTINUED)
Auditor’s 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with FRS102 (UK GAAP), the Companies Act 2006 and relevant UK taxation laws. We discussed amongst the audit engagement team the identified laws and regulations, and remained alert to any indications of non-compliance.
We understood how the Company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and supporting papers. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included, but were not limited to:
∙identifying and reviewing the controls in place to prevent and detect fraud;
∙enquiries of management as to whether they have knowledge of any actual, suspected or alleged fraud;
∙discussion amongst the engagement team regarding the risk of fraud, such as opportunities and incentives for fraudulent manipulation of the financial statements;
∙understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙challenging assumptions and judgements made by management in its significant accounting estimates and revenue recognition policy;
∙identifying and testing journal entries, with a focus on manual journals and journals which indicated large or unusual transactions (based on our understanding of the business); and
∙assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the financial statement item. Specifically, the group must adhere to GDPR, data protection rules and advertising standards.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COPA90 LIMITED (CONTINUED)
The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. There are inherent limitations in the audit procedures described above, and the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations. We are not responsible for prevention of non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
Jeff Fletcher BA (Hons) FCCA (Senior Statutory Auditor)
for and on behalf of
CLA Evelyn Partners Limited
Statutory Auditors
77 Mount Ephraim
Tunbridge Wells
Kent
TN5 6EL
Date: 29 May 2024
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Profit for the financial year
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(Loss)/profit for the year attributable to:
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Owners of the parent Company
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 18 to 26 form part of these financial statements.
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COPA90 LIMITED
REGISTERED NUMBER:05851891
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Total assets less current liabilities
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 26 form part of these financial statements.
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COPA90 LIMITED
REGISTERED NUMBER:05851891
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Total assets less current liabilities
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COPA90 LIMITED
REGISTERED NUMBER:05851891
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profits after tax of the parent company is £575 thousand (2022: £2,847 thousand).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 26 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Difference to be cleared in b/fwd
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The notes on pages 18 to 26 form part of these financial statements.
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Difference to be cleared in b/fwd
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The notes on pages 18 to 26 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Net fair value losses recognised in P&L
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Increase/(decrease) in provisions
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Revolving credit facility (repaid)/received
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Repayment of loans by cash
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 18 to 26 form part of these financial statements.
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
The notes on pages 18 to 26 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
COPA90 Limited (the company) is a private company limited by shares and domiciled and incorporated in England and Wales.
The address of its registered office is 6th Floor, One London Wall, London, EC2Y 5EB.
The principal activity of the company is creating and and distributing premium football content which engages fans of both the men's and women's game and delivering media services by working in partnership with global brands.
2.Accounting policies
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Basis of preparation of financial statements
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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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1,000, except where otherwise stated.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The directors have made a rigorous assessment of whether the group is a going concern. All available information has been considered as part of this review which covered a period of more than 12 months from the date of approval of the accounts.
No material uncertainties relating to events or conditions that may cast doubt about the ability of the group to continue as a going concern have been identified by the directors. The business is trading in line with its business plan. As such the financial statements do not include any adjustments which would be necessary if the going concern basis of preparation was inappropriate.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period.
Tax is recognised in the Consolidated statement of comprehensive income 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 balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision is made for the present value of the obligations under the lease.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
As described in the accounting policy for revenue recognition above, the directors assess that for every project ongoing at the year end, turnover is recognised based on the stage of completion specific to that contract. As a result of this policy £277 thousand (2022: £679 thousand) of accrued income was recognised and £722 thousand (2022: £109 thousand) of deferred income.
Convertible loan notes
Convertible loan notes are recognised as financial liabilities at fair value. The directors determine the fair value based on the estimated present value of expected future interest payments. The fair value movement in the year in respect of this financial liability was £239 thousand (2022: £257 thousand). The convertible loan notes matured during the year and therefore at the year end the convertible loan note liability totalled £Nil (2022: £1,799 thousand). Those loan notes not redeemed were converted into equity totalling £838 thousand.
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Staff costs, including directors' remuneration, were as follows:
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The average monthly number of employees, including the directors, during the year was as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.
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During the year, there were purchases of £60 thousand (£60 thousand) from an entity under the control of a director. This amount has been included within directors' remuneration above.
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Deferred tax asset recognised in respect of tax losses
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Taxation on profit on ordinary activities
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Analysis Table - Please enter figures in the table above
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
6.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
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Expenses not deductible for tax purposes
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Movement in deferred tax not recognised
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Foreign tax on income for the year
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Difference in deferred tax rate applied
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Brought forward losses utilised in the year
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Total tax charge for the year
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Analysis Table - Please enter figures in the table above
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At the balance sheet date, the Group had tax losses carried forward of £22,425 thousand (2022: £23,419 thousand). See the contingent asset note 23 on the recognition of a deferred tax asset.
The following were subsidiary undertakings of the Company:
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6th Floor, One London Wall, London, EC2Y 5EB
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6th Floor, One London Wall, London, EC2Y 5EB
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6th Floor, One London Wall, London, EC2Y 5EB
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6th Floor, One London Wall, London, EC2Y 5EB
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All subsidiaries listed above have been included within these consolidated financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The company operates two share-based payment plans.
Legacy share option scheme:
In the past this share option scheme granted options over B Ordinary shares which are exercisable in the event of an exit. During the year no options were granted (2022: £nil) and 60 options lapsed during the year (2022: 199).
As at 31 December 2023 there were outstanding options over 2,537 shares (2022: 2,597) at a weighted average exercise price of £28 per share. The weighted average contractual life was 3 years (2022: 4 years). Of the options outstanding, none were exercisable (2022: None).
EMI share option plan 2021:
This share plan grants options over D preferred shares which are exercisable in the event of an exit. Details of the movements in the share option pool during the year are shown in the table below.
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Weighted Average Exercise Price (£)
2023
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Weighted Average Exercise Price (£)
2022
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Outstanding at the beginning of the year
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Outstanding at the end of the year
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Weighted average share price (£)
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Weighted average contractual life (years)
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Risk-free interest rate %
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The Black-Scholes option pricing model has been used to calculate the value of the options granted.
No expense relating to the share based payments has been recognised in the accounts because at the grant date the fair value of such awards was not material.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors have reviewed the treatment of the unsecured convertible loan notes and considered that these were previously recognised incorrectly. These unsecured convertible loan notes had previously been recognised as a compound financial instrument but have been restated to be held as a financial liability in accordance with FRS 102 Section 12.
The comparative information included in these financial statements is therefore restated from the financial statements prepared for the year ended 31 December 2022. In particular, the Convertible debt option reserve of £402 thousand as at 31 December 2021 and 31 December 2022 has been removed and the unsecured convertible loan notes creditor has, as at 31 December 2022, increased from £1,397 thousand to £1,799 thousand. Further, interest of £257 thousand recognised during the year ended 31 December 2022 has been removed and a fair value movement of £257 thousand has been recognised in its place. Therefore, this has resulted in an overall decrease to net assets of £402 thousand as at 31 December 2022.
Unrelieved tax losses have been recognised as a deferred tax asset only to the extent that it is probable that they will be recovered against future taxable profits. Therefore, based on forecasts for the next 12 months, future taxable profits of £1,904 thousand have been recognised as a deferred tax asset at the prevailing tax rate. A residual balance of unrelieved tax losses of £20,521 thousand have not been recognised on the basis of the uncertainty of taxable profits beyond this period.
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Commitments under operating leases
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At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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In 2020, unsecured convertible loan notes amounting to £676 thousand were issued to certain shareholders. Interest accrued at 8% per annum, payable on maturity. The loan notes and all rolled-up interest was converted to equity on 17 September 2023.
In 2020, a secured loan note with a principal value of £2,000 thousand, was issued to a shareholder. Interest accrued at 5% per annum payable at maturity. The loan note and all rolled-up interest was settled on 31 October 2023.
The total remuneration of key management personnel, excluding directors' remuneration, is £841 thousand (2022: £931 thousand). The key management personnel, excluding directors, are considered to be the senior management team.
During the period, there were purchases of £60 thousand (£60 thousand) from an entity under the control of a director with £12 thousand (£12 thousand) owed to this entity at the balance sheet date. This amount is held within trade creditors.
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