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Registered number: 07097158














HOMER NEWCO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2024

 
HOMER NEWCO LIMITED
 
 
COMPANY INFORMATION


Directors
A C Perera 
J Owen 
P McGrath 




Registered number
07097158



Registered office
93 Dollis Road
Finchley

London

N3 1RE




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
HOMER NEWCO LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated statement of financial position
 
11
Company statement of financial position
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15 - 16
Notes to the financial statements
 
17 - 33


 
HOMER NEWCO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
Homer Newco Limited is a holding Company of Pitch International LLP. Pitch International LLP is a trading subsidiary and the principal activity of the LLP is that of marketing of all television and new media rights on a worldwide basis.

Business review
 
The results of the Company and the Group for the year and the financial position at the year end were considered satisfactory by the Directors. Turnover has increased from £146 million in 2023 to £166 million in 2024 and the Group's operating profit has shown decreased from £24 million in 2023 to £22 million in 2024. The net asset position of the Group has increased from £71 million in 2023 to £78 million in 2024.
At the year end the Group was in a strong position to take advantage of any suitable expansion opportunities which may arise.

Principal risks and uncertainties
Due to the large investment in its subsidiary the Company is exposed to a variety of financial risks that are carried through from the subsidiary. This will include the effect of changes in market prices, credit risk, liquidity risk, interest rate risk and foreign exchange risk. The subsidiary has in place a management programme to limit the adverse effects of their financial performance which will mitigate the Company's exposure.
The Group is aware of the risks faced by the subsidiary and is satisfied with the processes employed to mitigate these risks.
Price risk
The Group is exposed to price risk as a result of its operations. However, given the size of the Group's operations, the costs of managing price risk exceed any potential benefits. The Directors will revisit the appropriateness of this policy should the Group's operations change in size or nature. 
Credit risk
The subsidiary has assured us that there are policies in place that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual counter parties are reassessed by the board of the subsidiary. Therefore the Group's risk exposure is limited.
Liquidity risk
The Group actively maintains its finances that are designed to ensure that the Group has sufficient available funds for operations and planned expansions.
Interest rate cash flow risk
The Group has interest bearing assets. These include cash balances at bank held in interest earning deposit accounts. The Group has a policy of maintaining these accounts to ensure certainty of future interest cash flows. The Directors will revisit the appropriateness of this policy should the Group's operation change in size or nature.
Foreign exchange risk
The Group is exposed to foreign exchange risk as the Group has income and expenses in US Dollars and Euros. The Group is aware of this and tries to mitigate risk by operating US Dollar and Euro bank accounts.
There are no plans to significantly change the activities or risks of the Company or its subsidiaries.

 
Page 1

 
HOMER NEWCO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The Directors regard turnover, earnings before interest, depreciation and amortisation (EBITDA) and net assets as the Group's key performance indicators and these are monitored on an ongoing basis. 

Other key performance indicators
 
The Directors confirm there are no other key performance indicators used in accessing the performance of the Group.

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors of Homer Newco Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 March 2024.
Consideration of long-term consequences are an inherent part of the Group's decision-making processes. As a privately-owned Group, the board considers that the interests of the Group and its shareholder are aligned in seeking sustainable value creation over the longer term through it's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with stakeholders, built on the Group's reputation with clients and suppliers.
The Group operates in a sector characterised by long term relationships with stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Group expects all members of the organisations they deal with to always act with integrity, acting openly, honestly and ethically. The Group has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures.


This report was approved by the board on 12 March 2025 and signed on its behalf.





A C Perera
Director

Page 2

 
HOMER NEWCO LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The Directors who served during the year were:

A C Perera 
J Owen 
P McGrath (resigned 31 January 2025)

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £9,259,597 (2023 -  £10,578,311).

Dividends amounting to £1,394,334 (2023 - £15,106,600) were issued during the year.

Directors' responsibilities statement

The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

Moving forward, the Group is confident that it will continue to be able to grow within the television and media rights industry.

Engagement with employees

The Group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Group's performance and of any significant organisational changes.

Page 3

 
HOMER NEWCO LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Engagement with suppliers, customers and others

The Group does not conform to any code or standard regarding payment practice. However, it is the Group's policy to settle the terms of payment with suppliers when business is agreed, to ensure that suppliers are made aware of them and to pay invoices in accordance with these terms.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group is required to measure and report on direct and indirect greenhouse gas (GHG) emissions pursuant to the Companies Act 2006 and the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
The mandatory requirement is for the disclosure of the Scope 1 and 2 emissions only. These are the direct emissions such as heating, vehicle fuel and indirect emissions (e.g. purchased electricity).
Our total GHG footprint in line with DEFRA’s mandatory reporting requirement is shown in the table 

2024
2023
kWh
kWh

Energy consumed


Electricity
81,907
71,837

Natural gas
26,041
6,563

Transport
26,352
43,419

134,300
121,819

2024
2023
tCO2e
tCO2e

Emissions from


Scope 1
11
12

Scope 2 (LB)
17
14

28
26


Greenhouse gas emissions intensity ratio: CO2e tones per m² of floor space                        0.03               0.04
During the year, the Group has procured a streamlined energy and carbon report to ensure that a program of energy efficiency measures designed to reduce energy consumption and improve energy efficiency within the Group can be undertaken. The Group will continue to evaluate and further develop actions and policies across all sites.

Page 4

 
HOMER NEWCO LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Directors is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Directors has taken all the steps that ought to have been taken as a Directors in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Details of significant events occurring after the reporting period are provided in Note 27 of the financial
statements.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 12 March 2025 and signed on its behalf.
 





A C Perera
Director

Page 5

 
HOMER NEWCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMER NEWCO LIMITED
 

Opinion


We have audited the financial statements of Homer Newco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's profit 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 6

 
HOMER NEWCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMER NEWCO LIMITED (CONTINUED)

Other information


The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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 statementsour 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
HOMER NEWCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMER NEWCO LIMITED (CONTINUED)

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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Group’s legal advisors. 

 
Page 8

 
HOMER NEWCO LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMER NEWCO LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Sean Brennan FCCA (Senior statutory auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

12 March 2025
Page 9

 
HOMER NEWCO LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
166,107,852
145,595,444

Cost of sales
  
(120,227,452)
(109,021,610)

Gross profit
  
45,880,400
36,573,834

Administrative expenses
  
(23,451,866)
(12,515,092)

Operating profit
 5 
22,428,534
24,058,742

Amounts written off investments
  
(326,692)
(557,412)

Interest receivable and similar income
 9 
3,550,379
1,211,250

Interest payable and similar expenses
 10 
(218,371)
(85,445)

Profit before taxation
  
25,433,850
24,627,135

Tax on profit
 11 
(4,449,668)
(3,236,042)

Profit for the financial year
  
20,984,182
21,391,093

  

Profit for the year attributable to:
  

Non-controlling interests
  
11,724,585
10,812,782

Owners of the parent Company
  
9,259,597
10,578,311

  
20,984,182
21,391,093

The notes on pages 17 to 33 form part of these financial statements.

Page 10

 
HOMER NEWCO LIMITED
REGISTERED NUMBER:07097158

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
22,799,802
31,524,176

Tangible assets
 15 
508,972
451,054

  
23,308,774
31,975,230

Current assets
  

Debtors: amounts falling due within one year
 17 
115,084,355
115,720,671

Cash at bank and in hand
 18 
54,206,014
63,378,416

  
169,290,369
179,099,087

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(110,453,927)
(130,760,085)

Net current assets
  
 
 
58,836,442
 
 
48,339,002

Creditors: amounts falling due after more than one year
 20 
(4,371,618)
(9,579,301)

Provisions for liabilities
  

Net assets
  
77,773,598
70,734,931


Capital and reserves
  

Called up share capital 
 21 
100
100

Other reserves
 22 
53,999,975
53,999,975

Profit and loss account
 22 
15,188,815
7,323,552

Equity attributable to owners of the parent Company
  
69,188,890
61,323,627

Non-controlling interests
  
8,584,708
9,411,304

  
77,773,598
70,734,931


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.




A C Perera
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
HOMER NEWCO LIMITED
REGISTERED NUMBER:07097158

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
77,380,258
77,380,258

Current assets
  

Debtors: amounts falling due within one year
 17 
55,915,672
44,518,056

Cash at bank and in hand
 18 
1,724,597
265,828

  
57,640,269
44,783,884

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(2,206,586)
(984,197)

Net current assets
  
 
 
55,433,683
 
 
43,799,687

Net assets
  
132,813,941
121,179,945


Capital and reserves
  

Called up share capital 
 21 
100
100

Other reserves
 22 
53,999,975
53,999,975

Profit and loss account
 22 
78,813,866
67,179,870

  
132,813,941
121,179,945


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2025.


A C Perera
Director


The notes on pages 17 to 33 form part of these financial statements.

Page 12
 

HOMER NEWCO LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 April 2022
100
53,999,975
21,912,110
75,912,185
7,023,369
82,935,554





Profit for the year
-
-
10,578,311
10,578,311
10,812,782
21,391,093


Partial acquisition of minority interest
-
-
(7,462,757)
(7,462,757)
-
(7,462,757)


Other movement
-
-
(2,597,512)
(2,597,512)
-
(2,597,512)


Dividends: Equity capital
-
-
(15,106,600)
(15,106,600)
-
(15,106,600)


Distributions paid
-
-
-
-
(8,424,947)
(8,424,947)





At 1 April 2023
100
53,999,975
7,323,552
61,323,627
9,411,204
70,734,831





Profit for the year
-
-
9,259,597
9,259,597
11,724,585
20,984,182


Dividends: Equity capital
-
-
(1,394,334)
(1,394,334)
-
(1,394,334)


Distributions paid
-
-
-
-
(12,551,205)
(12,551,205)



At 31 March 2024
100
53,999,975
15,188,815
69,188,890
8,584,584
77,773,474



The notes on pages 17 to 33 form part of these financial statements.

Page 13
 
HOMER NEWCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
100
53,999,975
69,634,599
123,634,674



Profit for the year
-
-
12,651,871
12,651,871

Dividends: Equity capital
-
-
(15,106,600)
(15,106,600)



At 1 April 2023
100
53,999,975
67,179,870
121,179,945



Profit for the year
-
-
13,028,330
13,028,330

Dividends: Equity capital
-
-
(1,394,334)
(1,394,334)


At 31 March 2024
100
53,999,975
78,813,866
132,813,941


The notes on pages 17 to 33 form part of these financial statements.

Page 14

 
HOMER NEWCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
20,984,182
21,391,093

Adjustments for:

Amortisation of intangible assets
3,445,012
2,849,400

Depreciation of tangible assets
230,383
125,907

Interest paid
218,371
85,445

Interest received
(3,550,379)
(1,211,250)

Taxation charge
4,449,668
3,236,042

Decrease/(increase) in debtors
636,317
(51,645,986)

(Decrease)/increase in creditors
(26,313,191)
15,192,819

Corporation tax (paid)
(3,650,318)
(2,100,466)

Amounts written off investments
-
640,118

Net cash generated from operating activities

(3,549,955)
(11,436,878)


Cash flows from investing activities

Purchase of intangible fixed assets
(200,000)
(14,223,576)

Purchase of tangible fixed assets
(288,301)
(463,204)

Sale of tangible fixed assets
-
3,193

Purchase of unlisted and other investments
-
(209,475)

Interest received
3,550,379
1,211,250

Purchase of intangible fixed assets
-
(7,462,757)

Revaluation of goodwill
5,479,362
-

Net cash from investing activities

8,541,440
(21,144,569)
Page 15

 
HOMER NEWCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
(1,394,334)
(15,106,600)

Interest paid
(218,371)
(85,445)

Reclassification of Goodwill
(12,551,182)
(8,424,947)

Net cash used in financing activities
(14,163,887)
(23,616,992)

Net (decrease) in cash and cash equivalents
(9,172,402)
(56,198,439)

Cash and cash equivalents at beginning of year
63,378,416
119,576,855

Cash and cash equivalents at the end of year
54,206,014
63,378,416


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
54,206,014
63,378,416


The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Homer Newco Limited is a limited liability Company incorporated in England and Wales, with its registered office address and principal place of business at at 93 Dollis Road, Finchley, London, N3 1RE.
The principal activity of the Company was that of an intermediate holding company.
The principal activity of the Group was that of the marketing of all television and new media rights on a worldwide basis.
The Company and Group's functional and presentational currency is £ Sterling.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

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 the Statement of Comprehensive Income.

Page 17

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of any value added tax, and primarily represents amounts receivable for the licensing of broadcast rights (including television and new media), sponsorship, and fees for live sporting events and pre-produced sports programming together with amounts receivable for the recharging of costs associated with the delivery of the programme in the season to which it relates.

 
2.5

Operating leases

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Taxation

Tax is recognised in the Consolidated Statement of comprehensive income. 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.

Page 18

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life, which is estimated to be twenty years.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
 

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 19

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Land and buildings leasehold
-
over the period of the lease
Computer equipment
-
50% straight line
Fixtures and fittings
-
25% straight line

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 within 'other operating income' in the Consolidated Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.

 
2.13

Basic financial instruments


Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents, related party loans, and investments in non-puttable ordinary and preference shares. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and form an integral part of the Group's cash management.
Investments in non-puttable ordinary shares are measured at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably. If their fair value cannot be reliably determined, they are measured at cost less impairment.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
 
Page 20

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Basic financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which approximates the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group’s accounting policies described above, management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different. These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
In preparing these financial statements, the Directors have made the following judgments:
When determining whether there are indicators of impairment of the Group's tangible and intangible assets, factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
In preparing these financial statements, the Directors have considered the following key sources of estimation uncertainty: 
Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.
Intangible assets, including goodwill, are amortised over their useful economic lives. Intangible assets are assessed annually for impairment.
Provision is made for long term contracts where it is expected that there will be a loss on the contract as a whole. These provisions require management's best estimate of the costs that will be incurred based on contractual requirements less expected future revenues.

Page 21

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

United Kingdom
24,810,883
11,652,835

Rest of Europe
47,946,561
45,253,952

Rest of world
93,350,408
88,688,657

166,107,852
145,595,444



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
230,383
125,907

Exchange differences
994,724
(2,998,727)

Amortisation of goodwill
3,445,012
2,849,400

Defined contribution pension costs
330,678
232,536


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
13,140
12,600

Fees payable to the Company's auditors and their associates in respect of:

The audit of subsidiaries’ financial statements
82,945
75,944

All other services
5,700
4,800

Page 22

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
10,596,837
8,644,542
5,040
4,800

Social security costs
1,339,967
1,119,964
-
-

Cost of defined contribution scheme
330,678
232,536
-
-

12,267,482
9,997,042
5,040
4,800


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
71
60



Production and broadcast services
8
13



Administrative, finance and legal
23
24

102
97


8.


Key management compensation

Key management includes the Directors of the Company and members of Pitch International LLP, some of which are the same.
Compensation paid or payable to key management during the year by the Company totalled £5,040 (2023 - £4,800). Key management in the Group overall receive a profit share from the LLP. 


9.


Interest receivable

2024
2023
£
£


Other interest receivable
3,550,379
1,211,250

Page 23

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
218,371
85,445

218,371
85,445

Page 24

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
4,390,845
3,203,063

Adjustments in respect of previous periods
(25,320)
(44,309)


Foreign tax in respect of prior periods
84,143
77,288

Total current tax
4,449,668
3,236,042


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
25,433,850
24,627,135


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20%)
6,358,463
4,925,427

Effects of:


Non-tax deductible amortisation of goodwill and impairment
861,253
541,386

Adjustments to tax charge in respect of prior periods
58,823
32,979

Profit attributable to minority interests
(2,828,871)
(2,263,750)

Total tax charge for the year
4,449,668
3,236,042

The minority interests included in these financial statements include the interests of other members in Pitch International LLP and Pitch International Commercial LLP, which are subsidiaries of the Group.
Tax on partnership profit is assessed on the members rather than the partnership and, accordingly, no tax is included in these accounts in respect of that part of the profit attributable to the other members of the subsidiary undertaking.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Dividends

2024
2023
£
£


Ordinary interim paid
1,394,334
15,106,600


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £13,028,330 (2023 - £12,651,871).


14.


Intangible assets

Group and Company





Patents
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 April 2023
-
-
66,223,576
66,223,576


Additions
150,000
50,000
-
200,000


Revaluation surplus
-
-
(5,479,362)
(5,479,362)



At 31 March 2024

150,000
50,000
60,744,214
60,944,214



Amortisation


At 1 April 2023
-
-
34,699,400
34,699,400


Charge for the year on owned assets
50,000
16,667
3,378,345
3,445,012



At 31 March 2024

50,000
16,667
38,077,745
38,144,412



Net book value



At 31 March 2024
100,000
33,333
22,666,469
22,799,802



At 31 March 2023
-
-
31,524,176
31,524,176

During the accounting period, the fair value of deferred consideration of an acquired subsidiary decreased by £5,749,362. On this basis, the goodwill has been revalued downwards.



Page 26

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Tangible fixed assets

Group






Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
127,615
897,850
430,346
1,455,811


Additions
-
178,912
109,389
288,301



At 31 March 2024

127,615
1,076,762
539,735
1,744,112



Depreciation


At 1 April 2023
119,633
488,020
397,104
1,004,757


Charge for the year on owned assets
7,734
167,160
55,489
230,383



At 31 March 2024

127,367
655,180
452,593
1,235,140



Net book value



At 31 March 2024
248
421,582
87,142
508,972



At 31 March 2023
7,982
409,830
33,242
451,054

Page 27

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments

Group





Investments in associates
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2023
500,038
1,395,284
1,895,322



At 31 March 2024

500,038
1,395,284
1,895,322



Impairment


At 1 April 2023
500,038
1,395,284
1,895,322



At 31 March 2024

500,038
1,395,284
1,895,322



Net book value



At 31 March 2024
-
-
-



At 31 March 2023
-
-
-

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
77,380,258



At 31 March 2024
77,380,258






Net book value



At 31 March 2024
77,380,258



At 31 March 2023
77,380,258

Page 28

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Pitch International LLP
Marketing TV and new media rights
Member
87%
Telemachus Newco Limited
Dormant
Ordinary
100%

The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

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

Pitch International LLP
69,566,457
29,311,464

Telemachus Newco Limited
(66,200)
(7,940)

Page 29

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Pitch International Commercial LLP
Marketing of sponsorship rights
Member
86%
Star Sixes Ltd
Events management
Ordinary
67%
Pitch International Representation Limited
Athlete representation
Ordinary
78%
Pitch Films Holdings Limited
Holding company
Ordinary
87%
Pitch Films 101 Limited
Production of sports films
Ordinary
87%
Pitch Films 102 Limited
Production of sports films
Ordinary
87%
Pitch Films 103 Limited
Production of sports films
Ordinary
87%
Pitch Investments Limited
Holding company
Ordinary
87%
Pitchside Hospitality Limited
Events management
Ordinary
87%



Name










Page 30

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
67,429,589
64,773,601
-
-

Amounts owed by group undertakings
-
-
55,915,672
44,514,296

Other debtors
2,542,609
2,173,499
-
-

Prepayments and accrued income
45,112,157
48,773,571
-
3,760

115,084,355
115,720,671
55,915,672
44,518,056



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
54,206,014
63,378,416
1,724,597
265,828



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
19,284,074
22,577,700
-
-

Corporation tax
2,134,438
1,335,088
2,134,438
932,861

Other taxation and social security
2,410,585
274,611
-
-

Other creditors
4,149,358
2,843,080
-
-

Accruals and deferred income
82,475,472
103,729,606
72,148
51,336

110,453,927
130,760,085
2,206,586
984,197



20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Other creditors
4,371,618
9,579,301




Page 31

 
HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



22.


Reserves

Other reserves

The other reserve reprensents the value of shares redeemed by Homer Newco Limited and is a non-distributable reserve.

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the Group started trading. It is a distributable reserve.


23.


Pension commitments

The Group contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £330,678 (2023 - £294,624). Contributions totaling £46,507 (2023 - £37,757) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
895,757
337,306

Later than 1 year and not later than 5 years
2,711,228
1,171,357

Later than 5 years
420,928
635,245

4,027,913
2,143,908
The Company had no commitments under the non-cancellable operating leases as at the reporting date.


25.Other financial commitments

The subsidiary, Pitch International LLP, is committed to minimum payments of £324,679,542 (2023 - £306,158,050) over the next 10 years with respect to the purchase of broadcast rights from sporting federations, of which £12,154,167 (2023 - £11,897,127) has been provided at the reporting date.

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HOMER NEWCO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Related party transactions

During the year, the aggregate of transactions including funds received from/advanced to companies regarded as related parties by virtue of the Company's interests in them amounted to £11,401,375 advanced to (2023 - £9,117,125).
At the Statement of Financial Position date the Company was owed £55,915,671 (2023 - £44,514,296) by such related parties.


27.


Post balance sheet events

On the 7th May 2024, the Company sold its interest in Pitch International LLP to Pitch International Holdings, which is 100% owned by Homer Newco Limited.


28.


Controlling party

The Directors regard that no individual has ultimate control.

 
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