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REGISTERED NUMBER: 08371074 (England and Wales)















REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MOTIV SPORTS UK LIMITED

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Notes to the Financial Statements 10


MOTIV SPORTS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: N Angio-Morneau
J Davies-Yandle



REGISTERED OFFICE: c/o Cox Costello & Horne
Batchworth Lock House
99 Church Street
Rickmansworth
WD3 1JJ



REGISTERED NUMBER: 08371074 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael F Cox



AUDITORS: Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

C A P Dews - resigned 16 October 2023
N Angio-Morneau - appointed 16 October 2023
J Davies-Yandle - appointed 16 October 2023

GOING CONCERN
The company organises mass participation sport events in the UK. The main revenue streams are event entry fees and event sponsorship. During the year the company showed loss after tax £1,638,474, net current liabilities £3,576,391 at the balance sheet date.

The director had undertaken a rigorous assessment of financial budget and forecast in order to assess the company's liquidity position, for a period of twelve months from the date of approval of these financial statements which show that the company has sufficient liquidity to continue to meet its obligations.

The company is expected to continue to generate positive cash flows for the foreseeable future and for the next twelve months from the date of this report. On the assessment of the company's financial position, the financial resources include the financial support provided by the parent entity, Y11 Asia Holding Pte Limited for the twelve months from the date of the audit report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Cox Costello & Horne, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.


MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





N Angio-Morneau - Director


25 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOTIV SPORTS UK LIMITED


Opinion
We have audited the financial statements of Motiv Sports UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOTIV SPORTS UK LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOTIV SPORTS UK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an effect: laws and regulations relevant to employment legislation; health and safety legislation; data protection legislation; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates;
- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management;
- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud; and
- Ensuring that testing undertaken on both the performance statement and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOTIV SPORTS UK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael F Cox (Senior Statutory Auditor)
for and on behalf of Cox Costello & Horne
Chartered Accountants and Statutory Auditors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

25 September 2024

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £ £

TURNOVER 5,076,809 1,913,359

Cost of sales 5,018,150 2,440,093
GROSS PROFIT/(LOSS) 58,659 (526,734 )

Administrative expenses 1,697,133 875,876
OPERATING LOSS and
LOSS BEFORE TAXATION (1,638,474 ) (1,402,610 )

Tax on loss - -
LOSS FOR THE FINANCIAL YEAR (1,638,474 ) (1,402,610 )

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 5 778,663 978,663
Tangible assets 6 2,857 -
781,520 978,663

CURRENT ASSETS
Stocks 7 290,000 -
Debtors 8 748,918 435,814
Cash at bank 105,387 35,400
1,144,305 471,214
CREDITORS
Amounts falling due within one year 9 4,430,696 2,778,274
NET CURRENT LIABILITIES (3,286,391 ) (2,307,060 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,504,871

)

(1,328,397

)

CAPITAL AND RESERVES
Called up share capital 3 3
Share premium 10 11,324,789 11,324,789
Other reserves 10 462,000 -
Retained earnings 10 (14,291,663 ) (12,653,189 )
(2,504,871 ) (1,328,397 )

The financial statements have been prepared 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 25 September 2024 and were signed on its behalf by:





N Angio-Morneau - Director


MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Motiv Sports UK Limited 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.

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.

All transactions and balances are stated in Sterling.

Going Concern
The company organises mass participation sport events in the UK. The main revenue streams are event entry fees and event sponsorship. During the year the company showed loss after tax £1,638,474, net current liabilities £3,576,391 at the balance sheet date.

The director had undertaken a rigorous assessment of financial budget and forecast in order to assess the company's liquidity position, for a period of twelve months from the date of approval of these financial statements which show that the company has sufficient liquidity to continue to meet its obligations.

The company is expected to continue to generate positive cash flows for the foreseeable future and for the next twelve months from the date of this report. On the assessment of the company's financial position, the financial resources include the financial support provided by the parent entity, Y11 Asia Holding Pte Limited for the twelve months from the date of the audit report.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing these financial statements, the company has made judgements, estimates and assumptions that effect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to estimates are recognised prospectively.

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Turnover
Revenue comprises fees receivable in respect of sports events management and fees for rendering of services to other group entities. Revenue, including entry fees and sponsorship income, for each event is recognised at the time the event takes place. Revenue on services is in accordance with inter group transfer pricing contract. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of consideration recevied or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover invoiced in advance is held as deferred income and taken to the profit and loss account in the period to which it relates. Turnover not yet invoiced is recognised by estimating the percentage of completion of the project to date as a proportion of the total agreed fee of the contract. The estimate is held as accrued income and taken to the profit and loss account in the period to which it relates.

Cost Allocation
The company as agent:
Costs are allocated between cost of sales and overheads based on hours worked by staff. Timesheets are completed which provides the basis for hours worked per project/event and administration. In respect of costs incurred on future projects/events, these are held as deferred costs to be matched against future revenue.

The company as principal:
Costs incurred on a new project/event in the development and preparation stages will be deferred to the actual commencement of the project/event. These costs are written to the profit and loss over the expected life of the project/event, or series of projects/events, no greater than 3 years, providing the future benefits of the project/event can be reliably calculated and sustain these costs.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

i. Plant and machinery and fixtures, fittings, tools and equipment
Plant and machinery and fixtures, fittings, tools and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

ii. Depreciation and residual values
Depreciation on other assets is calculated, using the straight-line method, to allocate the depreciable amount to their residual values over their estimated useful lives. The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

iii. Subsequent additions and major components
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the group and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs, maintenance and minor inspection costs are expensed as incurred.

iv. Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss and included in 'Other operating (losses)/gains'.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial instruments are recorded initially at fair value. Subsequent measurement of those instruments at the balance sheet date reflects the designation of the financial instrument. The company determines the classification at initial recognition and re-evaluates this designation at each reporting date.

Financial assets and liabilities are offset and the net amount presented on the balance sheet when the company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Non-derivative financial assets
The company has the following non-derivative financial assets:

Other debtors
Other debtors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

Non-derivative financial liabilities
Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction costs, and subsequently at amortised cost using the effective interest method.

The company has the following non-derivativee financial liabillity:

Trade and other creditors
Trade and other creditors are recognised initially at fair value. Subsequent to intial recognition they are measured at amortised cost using the effective interest method.

The company derecognises financial liabilities when its contractual obligations are discharged, cancelled or expired.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade and other creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 8 ) .

4. EXCEPTIONAL ITEMS

The exceptional item of £211,276 is a write off of an inter company debt from former parent company Limelight Sports Group Ltd.

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 January 2023
and 31 December 2023 2,000,000
AMORTISATION
At 1 January 2023 1,021,337
Charge for year 200,000
At 31 December 2023 1,221,337
NET BOOK VALUE
At 31 December 2023 778,663
At 31 December 2022 978,663

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023 169,565
Additions 3,810
At 31 December 2023 173,375
DEPRECIATION
At 1 January 2023 169,565
Charge for year 953
At 31 December 2023 170,518
NET BOOK VALUE
At 31 December 2023 2,857

7. STOCKS
31.12.23 31.12.22
£ £
Event license 290,000 -

During the year, the company acquired a sporting event license for £290,000 which was sold after the year end. (Note 11).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 380,075 307,479
Other debtors 368,843 128,335
748,918 435,814

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors 1,359,773 672,047
Amounts owed to group undertakings - 880,268
Taxation and social security 56,712 69,069
Other creditors 3,014,211 1,156,890
4,430,696 2,778,274

Within other creditors, £2,431,955 related to deferred income for 2024 sporting events (2022: £993,474).

10. RESERVES

The Reserve of £462,000 is a capital contribution received from the parent company Y11 Asia Holdings Pte Limited.

11. POST BALANCE SHEET EVENTS

On 5th February 2024 the event 'The London Triathlon' all assets and agreements intellectual Property rights, business information etc were sold by Motiv Sports UK Ltd. The buyer going forward will be providing the multisport event experience for the London Triathlon from 2024 onwards.

MOTIV SPORTS UK LIMITED (REGISTERED NUMBER: 08371074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. ULTIMATE CONTROLLING PARTY

The company was a 100% subsidiary of Limelight Sports Group Limited (a company incorporated in England and Wales) until 15 October 2023.

On 16th October 2023, 100% of the share capital was being transferred to Y11 Asia Holding Pte Limited, a company registered in Singapore. The ultimate parent undertaking is Y11 Sport & Media Holdings Limited, 3-212 Governor's Square, 23 Lime Tree Bay Avenue, West Bay KY1-1203, Cayman Island.

At the reporting date, in the opinion of the directors, there is no single ultimate individual controlling party.