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Registered number: 13715581 (England and Wales)














1/ST GLOBAL WAGERING SOLUTIONS LTD
(FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
 

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
1/ST GLOBAL WAGERING SOLUTIONS LTD (FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
 
 
COMPANY INFORMATION


Directors
S Fraser 
A R Butler 




Company secretary
Bird & Bird Company Secretaries Limited



Registered number
13715581



Registered office
12 New Fetter Lane

London

England

EC4A 1JP




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
1/ST GLOBAL WAGERING SOLUTIONS LTD (FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 4


 
1/ST GLOBAL WAGERING SOLUTIONS LTD (FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
REGISTERED NUMBER:13715581

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
58,817
42,222

Cash at bank and in hand
  
41,916
36,848

  
100,733
79,070

Creditors: amounts falling due within one year
 5 
(68,215)
(64,708)

Net current assets
  
 
 
32,518
 
 
14,362

Total assets less current liabilities
  
32,518
14,362

  

Net assets
  
32,518
14,362


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
32,517
14,361

  
32,518
14,362


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S Fraser
Director

Date: 19 September 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
1/ST GLOBAL WAGERING SOLUTIONS LTD (FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
1.2

Going concern

The Company is in a net asset position of £32,518, primarily supported by the intercompany loan owned by another group entity, TSG Global Wagering Solutions, LLC., as a result of the Company's business model being based on a transfer pricing agreement with this entity.
1/ST Global Wagering Solutions Ltd (Formerly TSG Global Wagering Solutions UK Limited) has received written confirmation from TSG Global Wagering Solutions, LLC that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
1/ST GLOBAL WAGERING SOLUTIONS LTD (FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

  
1.8

Creditors

Short term creditors are measured at the transaction price. 


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 September 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 6 (2022 - 5).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
58,817
42,222

58,817
42,222


Page 3

 
1/ST GLOBAL WAGERING SOLUTIONS LTD (FORMERLY TSG GLOBAL WAGERING SOLUTIONS UK LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
9,860
6,287

Other taxation and social security
39,068
35,383

Other creditors
2,250
1,943

Accruals and deferred income
17,037
21,095

68,215
64,708



6.


Controlling party

Ontario, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is #2 - 95 Eric T. Smith Way, Aurora, Ontario, Canada, ON L4G 0Z6.


7.


Post balance sheet events

There were no adjusting or non-adjusting post balance sheet events occuring between the end of the reporting period and the date these financial statements were approved.

 
Page 4