Company registration number 12043426 (England and Wales)
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
3,383,581
2,381,020
Current assets
Debtors falling due after more than one year
5
3,187,963
3,801,447
Debtors falling due within one year
5
104,901
107,462
Cash at bank and in hand
2,141
67,854
3,295,005
3,976,763
Creditors: amounts falling due within one year
6
(355,041)
(113,606)
Net current assets
2,939,964
3,863,157
Net assets
6,323,545
6,244,177
Capital and reserves
Called up share capital
7
7,276,826
7,276,826
Profit and loss reserves
(953,281)
(1,032,649)
Total equity
6,323,545
6,244,177
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
Mr A J Taylor
Director
Company registration number 12043426 (England and Wales)
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Entertainment Technology Partners (Europe) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Walbrook Building, 25 Walbrook, London, EC4N 8AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has received confirmation from the parent company, Entertainment Technology Partners LLC, that sufficient financial support will be provided for the foreseeable future. After reviewing the current status of operations and taking into consideration the funding available to the company, the directors have a reasonable expectation that the company has access to adequate resources to continue in operational existence for at least 12 months from the date of the approval of the financial statements, and for the foreseeable future. For this reason, the directors have adopted the going concern basis in preparation of the financial statements.true
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include amounts due from group undertakings, cash and bank balances and other debtors, 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 and loans from fellow group companies, 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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
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.
3
Employees
The average monthly number of persons employed by the company during the year was 2 (2022 - 2).
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3,383,581
2,381,020
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
2,381,020
Additions
1,002,561
At 31 December 2023
3,383,581
Carrying amount
At 31 December 2023
3,383,581
At 31 December 2022
2,381,020
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
104,901
104,901
Other debtors
2,561
104,901
107,462
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Debtors
(Continued)
- 5 -
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
3,187,963
3,801,447
Total debtors
3,292,864
3,908,909
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
196
30
Amounts owed to group undertakings
300,509
1
Taxation and social security
14,683
9,789
Other creditors
39,653
103,786
355,041
113,606
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
727,682,600
727,682,600
7,276,826
7,276,826
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
During the previous year the company issued 727,682,500 ordinary shares of 1p each for consideration of £7,276,825 which was paid through the conversion of the parent company loan balance.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Peter Reading FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
15 April 2024
Sumer Audit is the trading name of Sumer Auditco Limited
ENTERTAINMENT TECHNOLOGY PARTNERS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Parent company
The company is a wholly-owned subsidiary undertaking of Entertainment Technology Partners LLC, a company incorporated in the USA.
The group in which the results of the company are consolidated is that headed by Entertainment Technology Partners LLC. No other group financial statements include the results of the company. The consolidated financial statements the group can be obtained from Investors Row, Orlando, FL32837, USA.
The ultimate controlling party is Mr L M Goldberg, by virtue of his majority indirect shareholding in the ultimate parent company.