IRIS Accounts Production v24.2.0.383 07867146 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Ordinary 0.25000 Ordinary B 0.25000 0.25000 0.25000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh078671462022-12-31078671462023-12-31078671462023-01-012023-12-31078671462021-12-31078671462022-01-012022-12-31078671462022-12-3107867146ns15:EnglandWales2023-01-012023-12-3107867146ns14:PoundSterling2023-01-012023-12-3107867146ns10:Director12023-01-012023-12-3107867146ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107867146ns10:SmallEntities2023-01-012023-12-3107867146ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3107867146ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107867146ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107867146ns10:FullAccounts2023-01-012023-12-3107867146ns10:OrdinaryShareClass12023-01-012023-12-3107867146ns10:OrdinaryShareClass22023-01-012023-12-3107867146ns10:OrdinaryShareClass1112023-01-012023-12-3107867146ns10:OrdinaryShareClass2122023-01-012023-12-3107867146ns10:Director22023-01-012023-12-3107867146ns10:Director42023-01-012023-12-3107867146ns10:Director52023-01-012023-12-3107867146ns10:Director62023-01-012023-12-3107867146ns10:RegisteredOffice2023-01-012023-12-3107867146ns5:CurrentFinancialInstruments2023-12-3107867146ns5:CurrentFinancialInstruments2022-12-3107867146ns5:ShareCapital2023-12-3107867146ns5:ShareCapital2022-12-3107867146ns5:SharePremium2023-12-3107867146ns5:SharePremium2022-12-3107867146ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3107867146ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3107867146ns5:RetainedEarningsAccumulatedLosses2023-12-3107867146ns5:RetainedEarningsAccumulatedLosses2022-12-3107867146ns5:FurnitureFittings2023-01-012023-12-3107867146ns5:ComputerEquipment2023-01-012023-12-3107867146ns5:FurnitureFittings2022-12-3107867146ns5:ComputerEquipment2022-12-3107867146ns5:FurnitureFittings2023-12-3107867146ns5:ComputerEquipment2023-12-3107867146ns5:FurnitureFittings2022-12-3107867146ns5:ComputerEquipment2022-12-3107867146ns5:CostValuation2022-12-3107867146ns5:AdditionsToInvestments2023-12-3107867146ns5:CostValuation2023-12-3107867146ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107867146ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107867146ns10:OrdinaryShareClass12023-12-3107867146ns10:OrdinaryShareClass22023-12-31
REGISTERED NUMBER: 07867146 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Betconnect Ltd

Betconnect Ltd (Registered number: 07867146)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Betconnect Ltd

Company Information
for the Year Ended 31 December 2023







Directors: D Schreiber
C A Peterson
G D Symon
M Winkler
S Smith





Registered office: 15 Parsons Court
Aycliffe Business Park
Newton Aycliffe
County Durham
DL5 6ZE





Registered number: 07867146 (England and Wales)





Accountants: Crowthers Chartered Accountants
15 St Georges Road
Cheltenham
Gloucestershire
GL50 3DT

Betconnect Ltd (Registered number: 07867146)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,382 8,827
Investments 5 166,267 166,266
170,649 175,093

CURRENT ASSETS
Debtors 6 1,699,529 279,369
Cash at bank 30,994 162,723
1,730,523 442,092
CREDITORS
Amounts falling due within one year 7 4,615,531 2,248,793
NET CURRENT LIABILITIES (2,885,008 ) (1,806,701 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,714,359

)

(1,631,608

)

CAPITAL AND RESERVES
Called up share capital 9 35,813 34,307
Share premium 7,171,686 6,571,096
Share option reserve 12,095 16,356
Retained earnings (9,933,953 ) (8,253,367 )
SHAREHOLDERS' FUNDS (2,714,359 ) (1,631,608 )

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:



M Winkler - Director


Betconnect Ltd (Registered number: 07867146)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Betconnect Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Betconnect Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from services is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 7 years
Computer equipment - Straight line over useful life

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Betconnect Ltd (Registered number: 07867146)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at the 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 are classified as receivable within one year are not amortised.

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.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Betconnect Ltd (Registered number: 07867146)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

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.

Going concern basis
The shareholders continue to support the company along with the major creditors (subsidiary company) and have therefore the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 2,170 27,607 29,777
Depreciation
At 1 January 2023 2,137 18,813 20,950
Charge for year 33 4,412 4,445
At 31 December 2023 2,170 23,225 25,395
Net book value
At 31 December 2023 - 4,382 4,382
At 31 December 2022 33 8,794 8,827

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 January 2023 166,266
Additions 1
At 31 December 2023 166,267
Net book value
At 31 December 2023 166,267
At 31 December 2022 166,266

Betconnect Ltd (Registered number: 07867146)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS - continued

During the year ended 31 December 2022, the company acquired 100% of the share capital of a subsidiary which was itself the parent of a small group.

The acquisition was facilitated by means of a share for share exchange. As merger relief applies, the investment in the group undertaking is shown at historic cost. This is calculated as the nominal value of the shares issued plus other incidental costs of acquisition.

Had merger relief not applied, the fair value of the shares of the subsidiary at acquisition was £12,008,000.

Included above is the acquisition of a subsidiary, this transaction took place in 2022 for £1.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 9,450 -
Amounts owed by group undertakings 1,555,829 -
Other debtors 134,250 279,369
1,699,529 279,369

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 17,830 44,316
Amounts owed to group undertakings 197,760 247,600
Taxation and social security 40,310 47,642
Other creditors 4,359,631 1,909,235
4,615,531 2,248,793

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Loan from Candy Ventures SARL 3,696,698 1,218,358

Candy Ventures SARL hold a fixed and floating charge over the present and future interests, including intellectual property and interest in intellectual property of any kind. The charge also includes a negative pledge.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
142,916 Ordinary 0.25 35,729 34,233
335 Ordinary B 0.25 84 74
35,813 34,307

Betconnect Ltd (Registered number: 07867146)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL - continued

The following fully paid shares were allotted during the year at a premium as shown below:

5,986 Ordinary shares of 0.25 each at 100.04101 per share
39 Ordinary B shares of 0.25 each at 44.62 per share

10. SHARE OPTIONS

As at the year ended 31 December 2023 the company had 1,533 (2022: 2,073) share options in issue.

11. CONVERTIBLE LOANS

As at the year ended 31 December 2023, the company had £4,320,676 of convertible loan notes in issue.