Company registration number 07780572 (England and Wales)
SEATGEEK SPORT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SEATGEEK SPORT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SEATGEEK SPORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,658
30,807
Current assets
Debtors
5
1,338,277
999,294
Cash at bank and in hand
1,331,247
658,704
2,669,524
1,657,998
Creditors: amounts falling due within one year
6
(1,225,338)
(1,473,524)
Net current assets
1,444,186
184,474
Total assets less current liabilities
1,462,844
215,281
Provisions for liabilities
-
0
(5,855)
Net assets
1,462,844
209,426
Capital and reserves
Called up share capital
7
101
101
Share premium account
9,999
9,999
Profit and loss reserves
1,452,744
199,326
Total equity
1,462,844
209,426

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 and signed by the director and authorised for issue on 7 August 2024
Mr J B Tacy
Director
Company Registration No. 07780572
SEATGEEK SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

SeatGeek Sport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Jactin House, 24 Hood Street, Ancoats, Manchester, United Kingdom, M4 6WX.

1.1
Accounting convention

These financial statements have been prepared in accordance with United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). The standard applied is 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

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the support of the parent company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from contracts for the provision of software, support and hosting services is recognised in line with the provision of those services. Deferred income is recognised where services are billed in advance and recognised within other creditors until the services has been provided, at which point it is recognised as revenue.

 

Turnover from Per Ticket Fees is recognised when the ticketing sales services has been provided. Each ticket item sold is multiplied by the relevant Per Ticket Fee detailed in the contract to calculate the fees due, which is then invoiced on a monthly basis.

 

Turnover for the provision of consultancy and implementation fees is recognised when the work has been completed.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SEATGEEK SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

SEATGEEK SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12

Transfer pricing

An appropriate transfer pricing method is required in order to show related party transactions at arm's length transaction values. A market-based operating margin rate is applied to revenue income from and royalty payments to, group entities to determine a transfer pricing adjustment. The rate is based on the Comparable Profits Method.

SEATGEEK SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Exceptional items
2023
2022
£
£
Expenditure
Intercompany loans written off¹
88,039
1,063,003
Write back of intercompany loans²
(1,309,086)
(1,669,741)
(1,221,047)
(606,738)

¹Following a review of intercompany loans between group companies, it was decided that all loans payable and receivable that did not have the intention of being settled would be either written back/off or discharged.

 

²In the prior year it was decided that the fellow group subsidiary SeatGeek Entertainment Limited would begin the process of dissolution. As a result, the balance of intercompany payables which did not have the intention of being settled were written back as an exceptional item above. As this process has progressed in the current year, it was again deemed appropriate to write back all intercomany balances due in SeatGeek Entertainment Limited. This balance also includes amounts written back by the ultimate parent compant SeatGeek Inc. of £190,313.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
46
32
SEATGEEK SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
54,525
20,618
75,143
Additions
-
0
20,406
20,406
Disposals
(54,525)
(20,618)
(75,143)
At 31 December 2023
-
0
20,406
20,406
Depreciation and impairment
At 1 January 2023
32,163
12,173
44,336
Depreciation charged in the year
-
0
1,748
1,748
Eliminated in respect of disposals
(32,163)
(12,173)
(44,336)
At 31 December 2023
-
0
1,748
1,748
Carrying amount
At 31 December 2023
-
0
18,658
18,658
At 31 December 2022
22,362
8,445
30,807
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,086,427
638,559
Corporation tax recoverable
30,718
58,013
Other debtors
221,132
302,722
1,338,277
999,294
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,774
463,838
Corporation tax
-
0
107,809
Other taxation and social security
379,889
194,583
Other creditors
799,675
707,294
1,225,338
1,473,524
SEATGEEK SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
101
101
101
101
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:
Joanne Regan FCA
Statutory Auditor:
Azets
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
114,555
7,650
10
Related party transactions
Transactions with related parties
Purchase of services and royalties
2023
2022
£
£
Other related parties
549,360
2,093,902

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Other related parties
-
445,219
11
Parent company

These financial statements are consolidated into the group accounts of SeatGeek Inc. Registered office: 902 Broadway - Floor 10, New York, NY 10010, United States.

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