REGISTERED NUMBER: |
GREEN STAR MEDIA LTD |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
GREEN STAR MEDIA LTD |
REPORT OF THE DIRECTORS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
GREEN STAR MEDIA LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Limited liability partnership in England & Wales |
Registered number OC312313 |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the publication of digital magazines for sports coaches, principally in football/soccer and rugby. Funding is more than 90% from subscriptions, principally from readers in the UK and US. |
TRADING |
The business performed well during the year with revenues up 1.3% despite the global economic challenges. |
The directors believe the most important performance metric for this business is Underlying EBITDA, as this is the main proxy for cash generation, with the charges between it and Operating Profit being either non-cash financial accounting entries or non-recurring costs. Underlying EBITDA is tabulated as follows; |
2023 | 2022 |
£ | £ |
Underlying EBITDA being operating profit before the following charges; | 372 | 382 |
Depreciation | (1) | (1) |
Amortisation | (124) | (106) |
Impairment | (116) | - |
Investment in new business development | (41) | - |
Operating profit | 90 | 275 |
Underlying EBITDA of £372k is only £10k lower than the previous year despite the business having invested in stronger business administration and strategic marketing expertise, setting the business up well for its next phase of development. |
The directors are pleased with the underlying health and strength of the business and consider it very well placed to move the business fundamentals forward. |
IMPAIRMENT REVIEW |
The directors have reviewed the appropriateness of the carrying value of the platform costs held within the balance sheet as an intangible asset, these costs being the capitalised costs associated with the purchase and development of a best in class CRM and CMS platform on which the business operates. Given that the business has invested heavily in a new platform since September of 2022, the directors felt it appropriate to write off any costs capitalised prior to that date, resulting in an impairment of £116k in the year. This has inevitably impacted on the optics of the operating profits yet it is a one off non-cash charge that does not impact underlying performance. |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STRATEGIC REPORT |
Key financial information were as follows: |
2023 | 2022 |
£ | £ |
Revenue | 954 | 942 |
Underlying EBITDA* | 372 | 382 |
Underlying EBITDA margin | 39% | 41% |
Net cash** | 98 | 66 |
*Underlying EBITDA has been adjusted in 2023 for research costs for a new product. |
**Net cash is defined as the company's cash less loans from third parties. |
During the year ended 31 December 2023, the company invested for its future: |
o | It invested £41k in the development of a new product, ESCA, the Elite Soccer Coaching Award, a global online coaching qualification which was launched in March of 2024; |
o | It brought more expertise into its business operations, strengthening the company's business administration and marketing capability; |
o | It completed its implementation of its best-in-class CRM and CMS system, which provides a strong platform for growth as the company focuses on gaining and retaining subscribers. |
Investment in the new product, ESCA, will continue into 2024 after its successful launch early in that year. |
Net cash (the company's cash less loans from third parties) increased by 48%, or £32k, in the year despite the company having invested £41k in new product development and invested £245k in intangible assets. |
The company paid down £105k in loans to third parties during the year. Post year end, in March of 2024, the company paid down in full the long term shareholder loan of £125k that was within the balance sheet as at 31 December 2023 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Green Star Media Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the nearest pound. |
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total invoiced value, excluding value added tax, of goods sold and services rendered during the year. Turnover does not include subscription income invoiced in respect of future periods, which is deferred evenly over the length of a subscription on a month by month basis. |
Other intangible assets |
Other intangible assets comprise Platform development costs and Content costs. These are capitalised when they relate to the costs of production of products where a future income stream can reasonably be regarded as assured. These assets are written off on a straight line basis over 5 years, being the directors estimate of their economic useful life. These estimates are reviewed at the end of each reporting period. If there are indicators of impairment, an impairment review is carried out by the directors and if the carrying value exceeds the recoverable amount the excess is written off to the profit and loss account. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets are stated at cost less depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Current tax |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Platform |
development | Content |
costs | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Impairments | (116,442 | ) | - | (116,442 | ) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loan and premium |
Trade creditors |
Social security and other taxes |
Other creditors |
Deferred income |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loan and premium | - | 125,628 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1p | 118,594 | 118,594 |
A Ordinary | 0.0005p | 5,930 | 5,930 |
124,524 | 124,524 |
10. | OTHER FINANCIAL COMMITMENTS |
At the balance sheet date the company had total commitments relating to operating leases of £2,304 (2022: £Nil). |