Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 13064859 Alexis Gough Ziad Al Turki Julien Ternisien Tommy Berden iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13064859 2022-12-31 13064859 2023-12-31 13064859 2023-01-01 2023-12-31 13064859 frs-core:CurrentFinancialInstruments 2023-12-31 13064859 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 13064859 frs-core:OtherResidualIntangibleAssets 2023-12-31 13064859 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13064859 frs-core:OtherResidualIntangibleAssets 2022-12-31 13064859 frs-core:PlantMachinery 2023-12-31 13064859 frs-core:PlantMachinery 2023-01-01 2023-12-31 13064859 frs-core:PlantMachinery 2022-12-31 13064859 frs-core:SharePremium 2023-12-31 13064859 frs-core:ShareCapital 2023-12-31 13064859 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13064859 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13064859 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 13064859 frs-bus:SmallEntities 2023-01-01 2023-12-31 13064859 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13064859 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13064859 frs-core:UnlistedNon-exchangeTraded 2023-12-31 13064859 frs-core:UnlistedNon-exchangeTraded 2022-12-31 13064859 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2022-12-31 13064859 frs-core:AdditionsToInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 13064859 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-12-31 13064859 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2022-12-31 13064859 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-12-31 13064859 frs-bus:Director1 2023-01-01 2023-12-31 13064859 frs-bus:Director2 2023-01-01 2023-12-31 13064859 frs-bus:Director3 2023-01-01 2023-12-31 13064859 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 13064859 frs-countries:EnglandWales 2023-01-01 2023-12-31 13064859 2021-12-31 13064859 2022-12-31 13064859 2022-01-01 2022-12-31 13064859 frs-core:CurrentFinancialInstruments 2022-12-31 13064859 frs-core:SharePremium 2022-12-31 13064859 frs-core:ShareCapital 2022-12-31 13064859 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 13064859
Squash Media & Marketing Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
We have reviewed the financial statements of Squash Media & Marketing Limited for the year ended 31 December 2023, which comprise the Income Statement, Balance Sheet and the related notes 1 to 11. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in our engagement letter 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 directors as a body for our work, for this report or the conclusions we have formed.
Directors' responsibility for the financial statements
As explained more fully in the Directors' Report 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.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
- so as to 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;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.
Syers McGill
Chartered Accountants
9 Kerry Street
Horsforth
Leeds
LS18 4AW
Signed
David Syers
25/09/2024
Page 1
Page 2
Statement of Financial Position
Registered number: 13064859
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 142,690 108,446
Tangible Assets 5 510,324 332,129
Investments 6 928,446 838,446
1,581,460 1,279,021
CURRENT ASSETS
Debtors 7 456,378 660,265
Cash at bank and in hand 1,565,518 154,503
2,021,896 814,768
Creditors: Amounts Falling Due Within One Year 8 (294,993 ) (1,942,461 )
NET CURRENT ASSETS (LIABILITIES) 1,726,903 (1,127,693 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,308,363 151,328
NET ASSETS 3,308,363 151,328
CAPITAL AND RESERVES
Called up share capital 9 12,782 10,526
Share premium account 6,737,318 864,574
Income Statement (3,441,737 ) (723,772 )
SHAREHOLDERS' FUNDS 3,308,363 151,328
Page 2
Page 3
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Ziad Al Turki
Director
25/09/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Squash Media & Marketing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13064859 . The registered office is Top Floor West, 46 The Calls, Leeds, LS2 7EY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets represent website development expenditure which is capitalised as it will generate income for the business in future periods.
The capitalised expenditure is amortised to Income Statement over its estimated economic life of four years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on a reducing balance basis
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating loss.
2.6. Taxation
Income tax expense represents tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.7. Investments in associates
Investments in associates are stated at fair value through profit and loss in the financial statements of the company.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2022: 24)
30 24
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 121,056
Additions 71,828
As at 31 December 2023 192,884
...CONTINUED
Page 4
Page 5
Amortisation
As at 1 January 2023 12,610
Provided during the period 37,584
As at 31 December 2023 50,194
Net Book Value
As at 31 December 2023 142,690
As at 1 January 2023 108,446
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 446,592
Additions 269,868
Disposals (5,000 )
As at 31 December 2023 711,460
Depreciation
As at 1 January 2023 114,463
Provided during the period 87,673
Disposals (1,000 )
As at 31 December 2023 201,136
Net Book Value
As at 31 December 2023 510,324
As at 1 January 2023 332,129
6. Investments
Unlisted
£
Cost
As at 1 January 2023 838,446
Additions 90,000
As at 31 December 2023 928,446
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 928,446
As at 1 January 2023 838,446
The net book value of unlisted investments as at 31 December 2023 of £838,446 comprises the cost of investments of £398,296 plus the revaluation to market value of £530,150.
In line with the company’s accounting policies on unlisted investments, qualifying investments are recognised at fair value through profit and loss based on comparative investment valuations. The directors believe that the value in the accounts accurately reflects the fair value at 31 December 2023.
Page 5
Page 6
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 359,268 596,630
Prepayments and accrued income 97,110 63,635
456,378 660,265
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 164,602 218,688
Other taxes and social security 10,829 22,816
Accruals and deferred income 59,665 24,891
Amounts owed to group undertakings 59,897 1,676,066
294,993 1,942,461
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 12,782 10,526
During the current year: (i) 150,376 Ordinary shares of £0.01 each were allotted as fully paid at a premium of £33.24 per share as consideration for a cash investment on 18th May 2023, and (ii) 75,188 Ordinary shares of £0.01 each were allotted as fully paid at a premium of £11.63 per share as consideration for a cash investment on 18th December 2023.
10. Post Balance Sheet Events
On 15th January 2024, Squash SM&E Holdings LLC invested a futher £5 million in Squash Media & Marketing Limited in return for an additional 12.5% shareholding in the company. This investment will be used to develop professional squash and will allow Squash Media & Marketing to deliver more events, improve the fan experience, increase its media output and scale its operations.
11. Related Party Transactions
The company is a subsidiary of the Professional Squash Association, a private company limited by guarantee, incorporated in England & Wales, registered number 02748136. The registered office is Top Floor West, 46 The Calls, Leeds, LS2 7EY.
At the year end, the company owed the Professional Squash Association £59,897 (2022: £1,676,066) and was subject to net recharges of £1,175,388 from the Professional Squash Association during the year (2022: £708,502).
The Professional Squash Association is related to Squash Media & Marketing Limited by virtue of its control.
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