for the Period Ended 31 May 2024
Company Information - 3 | |
Profit and Loss Account - 4 | |
Balance sheet - 5 | |
Footnotes to the Balance Sheet - 7 |
for the Period Ended 31 May 2024
Registered office: |
England |
|
Company Registration Number: |
|
|
for the Period Ended 31 May 2024
2024 £ |
13 months to 31 May 2023 £ |
|
---|---|---|
Turnover |
|
|
Income from coronavirus (COVID-19) business support grants | 0 | - |
Other Income |
|
|
Cost of Materials |
(
|
- |
Staff Costs |
(
|
- |
Depreciation and Writeoffs |
(
|
- |
Other charges |
(
|
(
|
Tax on Profit |
(
|
(
|
Profit or (Loss) for Period |
(
|
|
As at
2024 £ |
13 months to 31 May 2023 £ |
|
---|---|---|
Fixed Assets: |
|
|
Current assets: |
|
|
Creditors: amounts falling due within one year: |
( |
( |
Net current assets (liabilities): |
|
|
Total assets less current liabilities: |
|
|
Creditors: amounts falling due after more than one year: |
( |
( |
Provision for liabilities: |
( |
( |
Accruals and deferred income: |
( |
( |
Total net assets (liabilities): |
|
|
Capital and reserves: |
|
|
This report was approved by the board of directors on
And Signed On Behalf Of The Board By:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 May 2024
for the Period Ended 31 May 2024
SkyRace Media Ltd (formerly SkyRace Esports Ltd) continues its mission of organizing and broadcasting AirSports events, particularly in the gliding world, in collaboration with the FAI - World Air Sports Federation. The name change reflects the company’s evolving focus on media and event organization within this niche sport.
Directors' Contributions:
The Directors, Mr. Havet and Mr. Chaumontet, have personally acquired essential operational materials, including computers, microphones, cameras, lighting, and software. These assets remain personally owned by the Directors but are anticipated to be gradually acquired by the company as its revenue grows and operations expand.
Additionally, with the promotion of Jean-David Thoby to PSC, acting as Chief Operating Officer (COO), a share-sharing arrangement among the founders has been established. Mr. Thoby has also joined the Board of Directors, ensuring that strategic decisions are taken with a structured 2VS1 majority voting process.
Valuation of Assets:
SkyRace Media Ltd’s fixed assets are primarily intangible and are recorded based on historical cost and estimated cost to recreate.
Equity:
The company’s equity consists of £1,000 in issued share capital,
representing funds raised through share issuance to shareholders.
Financial Performance and Future Outlook:
During the period, SkyRace Media Ltd undertook significant projects, including the organization of the 1st FAI Virtual World Gliding Championship and continued work on the FAI Sailplane Grand Prix. These developments followed the company's involvement in organizing and broadcasting the World Series in 2023.
While the company incurred higher expenses than income due to its expansion and development efforts, revenue is expected to grow by more than 100% in the coming year, leading to a projected positive financial balance.
Cash Balance and Use of Funds:
As of May 31, 2024, the company holds a cash balance of £690. The company's main expenses are operational expenses such as website maintenance, virtual race hosting servers, and taxes (Company House, HMRC...).
The Directors remain authorized to utilize these funds to support the company’s strategic growth and event execution.
SkyRace Media Ltd remains committed to expanding its presence in the AirSports world, refining its media strategies, and strengthening its partnerships with international governing bodies to promote gliding sports globally. Talks continue with companies worldwide to promote the sport, notably in Asia Pacific and China.