Company Registration No. 15196390 (England and Wales)
PEAK SPORT MEDIA LIMITED
Annual report and financial statements
For the period ended 30 June 2024
Pages for filing with registrar
PEAK SPORT MEDIA LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 11
PEAK SPORT MEDIA LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
Notes
£
Non-current assets
Property, plant and equipment
5
46,152
Current assets
Trade and other receivables
6
920,925
Cash and cash equivalents
1,368,056
2,288,981
Current liabilities
Trade and other payables
8
1,587,154
Net current assets
701,827
Non-current liabilities
Trade and other payables
8
1,680
Borrowings
9
2,727,953
2,729,633
Net liabilities
(1,981,654)
Equity
Called up share capital
13
857
Share premium account
14
859,939
Retained earnings
15
(2,842,450)
Total equity
(1,981,654)

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
S Denyer
Director
Company Registration No. 15196390
PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Peak Sport Media Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Wimpole Street, London, W1G 0EF. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company was incorporated on 9 October 2023 and commenced trading on the same date. The financial statements are therefore for a 9 month period to 30 June 2024.

1.2
Going concern

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

 

The company has access to a loan facility from a shareholder with additional funding continuing to be made available to the company as and when required for a period of greater than 12 months from the date of this report to enable the company to continue to meet its liabilities as they fall due.

1.3
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Fixtures and fittings
20% reducing balance
Computer Equipment
straight line over 4 years

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 recognised in the income statement.

PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of tangible and intangible assets

At each reporting 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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 assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.11
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 inventories or non-current 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.

1.12
Retirement benefits

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

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Adoption of new and revised standards and changes in accounting policies

Certain new standards, amendments and interpretations to existing standards have been published that are mandatory for the company’s accounting periods beginning on or after 1 July 2024 and whilst the Directors are considering these, initial indications are that these changes will have no material impact on the company’s financial statements.

3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
3
Critical accounting estimates and judgements
(Continued)
- 6 -
Key sources of estimation uncertainty
Interest applied to loan facilities

Loan facilities have been made available to the company from shareholders, which are being used to fund the company during its development phase. The loans are currently charged interest at a rate of 5.50% per annum.

Management have considered the requirements of IFRS 9 regarding "market rates" of interest. The loan facilities provided could not be obtained on the market from external financiers, and as a result management have considered whether the arrangement that exists is reflective of a "market rate." It has been decided that, due to the nature of the loans, the rates charged are indeed a market rate, and therefore no adjustment is required to the loan facilities to reflect a "market rate" of interest.

4
Employees

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

2024
Number
UK staff
4
Non UK staff
2
Total
6
PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 7 -
5
Property, plant and equipment
Fixtures and fittings
Computer Equipment
Total
£
£
£
Cost
Additions
33,095
18,898
51,993
At 30 June 2024
33,095
18,898
51,993
Accumulated depreciation and impairment
Charge for the period
2,855
2,986
5,841
At 30 June 2024
2,855
2,986
5,841
Carrying amount
At 30 June 2024
30,240
15,912
46,152
6
Trade and other receivables
2024
£
Trade receivables
543,605
VAT recoverable
16,500
Other receivables
148,846
Prepayments
211,974
920,925

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

The directors consider that the carrying amount of debtors is approximately equal to their fair value.

 

There are no receivables past due and not impaired for the company. There is no impairment charge in the period.

PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
7
Market risk
Risk management

The company’s operations expose it to a variety of financial risks that include credit risk, foreign currency risk, market risk and interest rate risk. The company has in place a risk management programme that seeks to limit any adverse effects of these risks on the financial performance of the company.

 

Credit risk

The company monitors risk closely and considers that its current policies of credit checks meet it objective of managing exposure to credit risk. The company has no significant concentrations of credit risk.

 

Foreign currency risk

The company transacts in foreign currencies and is therefore subject to exchange risk. The company has bank accounts in multiple currencies which serve as a natural hedge against foreign exchange fluctuations.

 

Interest rate risk

The company is currently being financed by shareholder loans. The loans are fixed rate which mitigates against risk from floating interest rates.

 

Market risk

The directors do not consider the general performance of the market to be of significant risk - the company is in the business of providing consultancy advice in the sports media sector. It is not anticipated that the market for such advice will materially change such to the fact it will leave the company exposed financially.

 

8
Trade and other payables
Current
Non-current
2024
2024
£
£
Trade payables
498,238
-
0
Accruals and deferred income
1,029,760
-
0
Social security and other taxation
58,311
-
0
Other payables
845
1,680
1,587,154
1,680
9
Borrowings
Non-current
2024
£
Borrowings held at amortised cost:
Other loans
2,727,953
PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
9
Borrowings
(Continued)
- 9 -

Other loans relate to a loan from a shareholder.

 

Interest is charged at a fixed rate and the loans are due for repayment in equal quarterly instalments over six years commencing from the year ended 30 June 2027.

 

Management have considered the interest rate charged, considering the form of the loan and whether similar products could be obtained on the open market, and have concluded that the interest rate constitutes a market rate. As a result, no adjustment to these loans is proposed under IFRS 9.

 

10
Fair value of financial liabilities

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

11
Liquidity risk

The following table details the remaining contractual maturity for the company's financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the company may be required to pay.

1 – 3 months
1 – 5 years
5+ years
Total
£
£
£
£
At 30 June 2024
Trade creditors
498,238
-
-
498,238
Accruals
500,409
-
-
500,409
Social security and other taxation
58,311
-
-
58,311
Other creditors
3,228
1,680
-
4,908
Other loans
-
1,363,976
1,363,977
2,727,953
1,060,186
1,365,656
1,363,977
3,789,819

Other loans are due for repayment in equal quarterly instalments over six years commencing from the year ended 30 June 2027.

The company's management review cash flow requirements regularly and ensure that ample funds are available to meet their obligations to creditors as they fall due.

12
Retirement benefit schemes
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Total cost charged to income in the period is £2,811. Contributions totalling £2,383 were payable at the period end and are included in creditors.
PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 10 -
13
Share capital
2024
2024
Ordinary share capital
Number
£
Authorised
Ordinary of €0.01 each
99,800
857
Issued and fully paid
Ordinary of €0.01 each
99,800
857

On 9 October 2023, 1 ordinary share of €1 was issued at par to create the capital base of the company.

 

On 31 October 2023, 1 ordinary of €1 each was issued at par.

 

On 19 January 2024, the company's issued share capital was sub-divided into 200 shares of €0.01 each. On the same date, 99,800 shares of €0.01 each were issued at a premium of €9.99 per share.

 

All shares rank pari-passu.

14
Share premium account
2024
£
At the beginning of the period
-
0
Issue of new shares
859,939
At the end of the period
859,939

The previous note, 'Share capital' provides further details relating to the share premium arising in the period.

15
Retained earnings

Retained earnings incorporate all gains and losses and transactions with shareholders (e.g. dividends) not recognised elsewhere.

16
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.

The senior statutory auditor was Sarah Yardley BSc ACA and the auditor was MGR Weston Kay LLP.
PEAK SPORT MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 11 -
17
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
£
Expense relating to short-term leases
123,589

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2024
Land and buildings
£
Within one year
131,776
Between two and five years
32,466
164,242
18
Related party transactions
Remuneration of key management personnel

As defined by IAS 24 Related Party Disclosures, parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

 

For the period ended 30 June 2024, the Directors of the company are considered to be the key management personnel. Details of amounts paid to Directors for their services can be found within note 8.

 

Other transactions with related parties

During the period, a shareholder made a loan of £2,727,953 to the company. This amount was outstanding at the period-end.

 

A shareholder also charged the company £124,427 for salary and other recharged costs. At the period-end date, an amount of £103,043 was outstanding in respect of these amounts.

During the period, a company related to a shareholder, paid costs of £153,425 on behalf of the company and a shareholder charged interest of £1,859 in relation to a short-term loan to the company. £nil amounts were outstanding at the period-end.

19
Controlling party

The company is jointly controlled by LaLiga Group International, S.L. and Ocho Peak Management Co Limited.

 

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