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REGISTERED NUMBER: 03008779 (England and Wales)


















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: R Wilson
K A Barrow
C Morrison





REGISTERED OFFICE: Jubilee House
92 Lincoln Road
Peterborough
PE1 2SN





REGISTERED NUMBER: 03008779 (England and Wales)





ACCOUNTANTS: MHA (trading name of MacIntyre Hudson LLP)
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;

20232022
£   £   

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 profit90275




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:

20232022
£   £   
Revenue954942
Underlying EBITDA*372382
Underlying EBITDA margin39%41%
Net cash**9866

*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:

oIt 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;
oIt brought more expertise into its business operations, strengthening the company's business administration and
marketing capability;
oIt 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.

R Wilson
K A Barrow
C Morrison

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:





K A Barrow - Director


3 September 2024

GREEN STAR MEDIA LTD (REGISTERED NUMBER: 03008779)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 474,858 470,747
Tangible assets 5 1,080 555
475,938 471,302

CURRENT ASSETS
Debtors 6 157,865 153,323
Cash at bank 248,798 322,441
406,663 475,764
CREDITORS
Amounts falling due within one year 7 (548,197 ) (517,537 )
NET CURRENT LIABILITIES (141,534 ) (41,773 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,404

429,529

CREDITORS
Amounts falling due after more than one year 8 (15,535 ) (151,428 )
NET ASSETS 318,869 278,101

CAPITAL AND RESERVES
Called up share capital 9 124,524 124,524
Share premium 149,677 149,677
Retained earnings 44,668 3,900
SHAREHOLDERS' FUNDS 318,869 278,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 September 2024 and were signed on its behalf by:





K A Barrow - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

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 6 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Platform
development Content
costs costs Totals
£    £    £   
COST
At 1 January 2023 374,143 677,103 1,051,246
Additions 74,584 170,253 244,837
Impairments (116,442 ) - (116,442 )
At 31 December 2023 332,285 847,356 1,179,641
AMORTISATION
At 1 January 2023 191,656 388,843 580,499
Amortisation for year 24,468 99,816 124,284
At 31 December 2023 216,124 488,659 704,783
NET BOOK VALUE
At 31 December 2023 116,161 358,697 474,858
At 31 December 2022 182,487 288,260 470,747

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 48,697
Additions 1,198
At 31 December 2023 49,895
DEPRECIATION
At 1 January 2023 48,142
Charge for year 673
At 31 December 2023 48,815
NET BOOK VALUE
At 31 December 2023 1,080
At 31 December 2022 555

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 9,748 11,369
VAT 10,269 10,007
Prepayments and accrued income 22,015 2,272
42,032 23,648

Amounts falling due after more than one year:
Deferred tax asset 115,833 129,675

Aggregate amounts 157,865 153,323

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,120 9,870
Other loan and premium 125,092 94,858
Trade creditors 35,953 19,169
Social security and other taxes 7,200 3,971
Other creditors 1,635 14,641
Deferred income 318,361 322,025
Accrued expenses 49,836 53,003
548,197 517,537

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,375 10,119
Bank loans - 2-5 years 5,160 15,681
Other loan and premium - 125,628
15,535 151,428

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,859,410 Ordinary 1p 118,594 118,594
11,859,410 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).