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COMPANY REGISTRATION NUMBER: 11264549
Blast Esports Limited
Filleted Financial Statements
31 December 2023
Blast Esports Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
42,913
55,824
Current assets
Debtors
6
501,340
197,719
Cash at bank and in hand
271,229
368,900
---------
---------
772,569
566,619
Creditors: amounts falling due within one year
7
5,756,425
11,946,458
------------
-------------
Net current liabilities
4,983,856
11,379,839
------------
-------------
Total assets less current liabilities
( 4,940,943)
( 11,324,015)
Provisions
11,613
11,613
------------
-------------
Net liabilities
( 4,952,556)
( 11,335,628)
------------
-------------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
( 4,953,556)
( 11,336,628)
------------
-------------
Shareholders deficit
( 4,952,556)
( 11,335,628)
------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr R Douek
Director
Company registration number: 11264549
Blast Esports Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Red Fish Accountancy, Unit 2, Pondtail Farm, Coolham Road, Horsham, RH13 8LN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which is dependent on the continued support of the parent undertaking. The directors of the parent undertaking have indicated their willingness for the parent company to support the company for the foreseeable future from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33.333% Straight line
Computer equipment
-
50% or 33.333% Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 57 (2022: 41 ).
5. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
25,520
86,758
112,278
Additions
37,675
37,675
Disposals
( 62,036)
( 62,036)
--------
--------
---------
At 31 December 2023
25,520
62,397
87,917
--------
--------
---------
Depreciation
At 1 January 2023
6,328
50,126
56,454
Charge for the year
8,510
42,075
50,585
Disposals
( 62,035)
( 62,035)
--------
--------
---------
At 31 December 2023
14,838
30,166
45,004
--------
--------
---------
Carrying amount
At 31 December 2023
10,682
32,231
42,913
--------
--------
---------
At 31 December 2022
19,192
36,632
55,824
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
652
Other debtors
501,340
197,067
---------
---------
501,340
197,719
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
136,038
107,259
Amounts owed to group undertakings
4,895,193
11,330,649
Accruals and deferred income
497,955
478,583
Corporation tax
187,221
Social security and other taxes
161
Other creditors
40,018
29,806
------------
-------------
5,756,425
11,946,458
------------
-------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
215,046
215,046
Later than 1 year and not later than 5 years
34,068
249,114
---------
---------
249,114
464,160
---------
---------
10. Summary audit opinion
The auditor's report dated 31 July 2024 was unqualified .
The senior statutory auditor was Thomas York , for and on behalf of Edmund Carr LLP .
11. Related party transactions
The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with wholly owned companies within the group.
12. Controlling party
The company is a wholly owned subsidiary of Blast ApS, which is the ultimate controlling party.The registered office of Blast ApS is Hauser Plads 1, 3 sal, 1127 København K, Denmark.