Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-310000truefalseNo description of principal activity2023-01-01810truefalse 03000033 2023-01-01 2023-12-31 03000033 2022-01-01 2022-12-31 03000033 2023-12-31 03000033 2022-12-31 03000033 2022-01-01 03000033 1 2023-01-01 2023-12-31 03000033 1 2022-01-01 2022-12-31 03000033 2 2023-01-01 2023-12-31 03000033 2 2022-01-01 2022-12-31 03000033 d:Director2 2023-01-01 2023-12-31 03000033 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 03000033 e:PlantMachinery 2023-01-01 2023-12-31 03000033 e:PlantMachinery 2023-12-31 03000033 e:PlantMachinery 2022-12-31 03000033 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03000033 e:ComputerEquipment 2023-01-01 2023-12-31 03000033 e:ComputerEquipment 2023-12-31 03000033 e:ComputerEquipment 2022-12-31 03000033 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03000033 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03000033 e:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03000033 e:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03000033 e:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03000033 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 03000033 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 03000033 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 03000033 e:Goodwill 2023-01-01 2023-12-31 03000033 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-01 2023-12-31 03000033 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 03000033 e:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 03000033 e:ComputerSoftware 2023-01-01 2023-12-31 03000033 e:ComputerSoftware 2023-12-31 03000033 e:ComputerSoftware 2022-12-31 03000033 e:CurrentFinancialInstruments 2023-12-31 03000033 e:CurrentFinancialInstruments 2022-12-31 03000033 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03000033 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 03000033 e:UKTax 2023-01-01 2023-12-31 03000033 e:UKTax 2022-01-01 2022-12-31 03000033 e:ForeignTax 2023-01-01 2023-12-31 03000033 e:ForeignTax 2022-01-01 2022-12-31 03000033 e:ShareCapital 2023-12-31 03000033 e:ShareCapital 2022-12-31 03000033 e:ShareCapital 2022-01-01 03000033 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03000033 e:RetainedEarningsAccumulatedLosses 2023-12-31 03000033 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03000033 e:RetainedEarningsAccumulatedLosses 2022-12-31 03000033 e:RetainedEarningsAccumulatedLosses 2022-01-01 03000033 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03000033 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03000033 d:OrdinaryShareClass1 2023-01-01 2023-12-31 03000033 d:OrdinaryShareClass1 2023-12-31 03000033 d:FRS102 2023-01-01 2023-12-31 03000033 d:Audited 2023-01-01 2023-12-31 03000033 d:FullAccounts 2023-01-01 2023-12-31 03000033 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03000033 e:Subsidiary1 2023-01-01 2023-12-31 03000033 e:Subsidiary1 1 2023-01-01 2023-12-31 03000033 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03000033 6 2023-01-01 2023-12-31 03000033 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03000033









AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED (FORMALLY MG GLOBAL ENTERTAINMENT (EUROPE) LIMITED)









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
REGISTERED NUMBER: 03000033

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible fixed assets
  
8
16

Investments
 8 
620
620

  
628
636

Current assets
  

Debtors: amounts falling due within one year
 9 
2,128
1,600

Cash at bank and in hand
  
651
1,784

  
2,779
3,384

Creditors: amounts falling due within one year
 10 
(1,172)
(2,233)

Net current assets
  
 
 
1,607
 
 
1,151

Net assets
  
2,235
1,787


Capital and reserves
  

Called up share capital 
 12 
74
74

Profit and loss account
  
2,161
1,713

  
2,235
1,787


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 on 20 November 2024.




P Hadjivasiliou
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 1

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
74
1,392
1,466



Profit for the year
-
321
321



At 1 January 2023
74
1,713
1,787



Profit for the year
-
448
448


At 31 December 2023
74
2,161
2,235


The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Aylo Global Entertainment (Europe) Limited is a limited company incorporated in the United Kingdom. Its principal place of business is Office 167-169 Great Portland Street, 5th Floor, London, W1W 5PF, England.
With effect from 14/08/2023, the name of the company was changed from MG Global Entertainment (Europe) Limited to AYLO Global Entertainment (Europe) Limited.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. In making this going concern assessment, the director has given regard to current performance and growth, market conditions, cash flow forecasts and the funding requirements for a period of at least one year from the approval of these financial statements.

 
2.4

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts. 

Domestic direct-to-home (DTH) revenues are recognised based on cash receipts from the subscriber management company appointed by the company with the revenue for annual subscriptions spread over the duration of the unexpired portion of the subscription term. Other revenues including cable television subscription revenues are recognised based on sales reports submitted by the system operators.
Management fee income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the agreement.

Page 3

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Music licences are capitalised at a cost where it is deemed that licenses will be utilised on a number of interstitials, giving the license a useful economic life of more than one accounting period.
Third-party programming content is capitalised on acquisition.
Agreement for access to EPG (electronic programme guide) slots grants the company the right to broadcast at given positions on the Sky platform. The cost of transferring these contracts to the company is capitalised when incurred.
The carrying values of intangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.
Intangible assets are amortised on a straight-line basis over the shorter of either the life of the underlying agreement to which they relate or their estimated useful economic life.

 The estimated useful lives range as follows:

EPG contracts
-
2 years
Content
-
1 - 3 years
Music, licenses and softwarewill
-
4 years
Customer relationship
-
2 years

 
2.8

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
25% per annum
Plant and machinery
-
25% per annum
Computer equipment
-
33.33% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
All investments are initially recorded at cost. The carrying values of investments are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

 
2.10

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
2.16

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgement and estimates. The items in the financial statements where these judgements and estimates have been made included:
Bad debt provision
A bad debt provision is set up where the company becomes aware that the likelihood of recovering the debt is reduced. The level of provision will be based on any current repayment plan entered into and which is being adhered to by the debtor, together with an estimate of the likelihood of the amounts being fully recovered.
Accruals 
Management reviews the estimates and assumptions on a continuous basis, by reference to past experience and legal obligations and makes accruals to reflect these obligations. Adjustments to accounting accruals are recognised in the period in which the accrual is relevant and subsequent periods if applicable.
Actual results may differ from the judgements or estimates made by management if different assumptions or circumstances apply.
Carrying value of an investment in subsidiaries
Management has reviewed the company's investments in its subsidiaries for indicators of impairment. Management has taken a number of factors into account when considering whether the investments are impaired, adjusting the forecasts to appropriately reflect the subsidiaries' expected value to the company.
Key Management personnel
The identification of who key management personnel are for the purposes of disclosure within the financial statements is a judgement made by the director. The director considers management personnel as key if they have the authority and responsibility for planning, directing and controlling the activities of the company.
Key management personnel, in the judgement of the director, is limited to the sole director. The director did not take any remuneration during the year or in the previous year.


4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 10).

Page 7

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
128
60

Foreign tax


Foreign tax on income for the year
4
6

Total current tax
132
66

Deferred tax


Origination and reversal of timing differences
7
(5)


Tax on profit
139
61

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
587
382


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
147
73

Effects of:


Capital allowances for year in excess of depreciation
(7)
(6)

Short-term timing difference leading to an increase (decrease) in taxation
7
(5)

Other short term timing difference on tax adjustments
-
(1)

Change in corporation tax rate
(8)
-

Total tax charge for the year
139
61

Page 8

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Intangible assets




EPG contracts
Content
Music licences and software development costs
Customer relationship
Total

£000
£000
£000
£000
£000



Cost


At 1 January 2023
150
286
538
875
1,849


Disposals
(50)
(87)
(271)
(26)
(434)



At 31 December 2023

100
199
267
849
1,415



Amortisation


At 1 January 2023
150
286
538
875
1,849


On disposals
(50)
(87)
(271)
(26)
(434)



At 31 December 2023

100
199
267
849
1,415



Net book value



At 31 December 2023
-
-
-
-
-



At 31 December 2022
-
-
-
-
-



Page 9

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£000
£000
£000



Cost or valuation


At 1 January 2023
115
16
131



At 31 December 2023

115
16
131



Depreciation


At 1 January 2023
103
12
115


Charge for the year on owned assets
5
4
9



At 31 December 2023

108
16
124



Net book value



At 31 December 2023
7
-
7



At 31 December 2022
12
4
16


8.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
620



At 31 December 2023
620




Page 10

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

STV International BV
Ordinary
100  -%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves £000
Profit/(Loss) £000

STV International BV
975
186


9.


Debtors

2023
2022
£000
£000


Trade debtors
1,214
755

Amounts owed by group undertakings
595
471

Other debtors
103
103

Prepayments
177
225

Deferred taxation
39
46

2,128
1,600



10.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
103
64

Amounts owed to group undertakings
605
1,869

Corporation tax
67
21

Other taxation and social security
114
82

Other creditors
6
-

Accruals and deferred income
277
197

1,172
2,233


Page 11

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023


£000






At beginning of year
46


Charged to profit or loss
(7)



At end of year
39

The deferred tax asset is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
39
46


12.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



74,496 Ordinary shares of £1.00 each
74
74


Page 12

 
AYLO GLOBAL ENTERTAINMENT (EUROPE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

As a wholly owned subsidiary of Aylo Media S.a.r.l (formerly MG Media S.a.r.l), the company has taken advantage of the exemption available under FRS 102 'Related Party Disclosure' from disclosing transactions with other members of the group.


14.


Controlling party

At the reporting date, the immediate parent undertaking is Aylo Media S.a r.l. (formerly MG Media S.a.r.l), and the ultimate parent undertaking of Aylo Global Entertainment (Europe) Limited is Aylo Holdings S.a r.l. (formerly Mindgeek S.a.r.l), a company registered in Luxembourg.
Copies of its group financial statements, which include the company, are available from from Aylo Holdings S.a.r.l, 46 Grand Rue, L-1660 Luxembourg, Luxembourg.


15.


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 November 2024 by Richard Paul (Senior Statutory Auditor) on behalf of Nyman Libson Paul LLP.

 
Page 13