Company registration number 12199811 (England and Wales)
PROSPECT SPORTING INSIGHTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PROSPECT SPORTING INSIGHTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
PROSPECT SPORTING INSIGHTS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
575,020
17,925
Tangible assets
5
52,575
79,096
Investments
6
475
475
628,070
97,496
Current assets
Debtors
7
1,553,871
1,261,722
Cash at bank and in hand
1,085,686
1,081,091
2,639,557
2,342,813
Creditors: amounts falling due within one year
8
(487,856)
(178,800)
Net current assets
2,151,701
2,164,013
Total assets less current liabilities
2,779,771
2,261,509
Provisions for liabilities
(9,175)
Net assets
2,770,596
2,261,509
Capital and reserves
Called up share capital
19
17
Share premium account
4,389,951
2,999,993
Other reserves
15,876
Profit and loss reserves
(1,635,250)
(738,501)
Total equity
2,770,596
2,261,509
PROSPECT SPORTING INSIGHTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr G R Hamilton-Fairley
Director
Company registration number 12199811 (England and Wales)
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Prospect Sporting Insights Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Peachey & Co LLP, 95 Aldwych, London, England, WC2B 4JF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, net of discounts and VAT. Revenue from services is recognised when the service is delivered or, where applicable, by reference to the stage of completion at the reporting date. The stage of completion is assessed based on the proportion of contract costs incurred to date relative to the total expected costs to complete.
1.4
Research and development expenditure
Software development costs are capitalised within intangible assets when they can be identified with a specific product or project expected to generate future economic benefits exceeding the related costs. Capitalised software development costs are amortised on a straight-line basis over the anticipated useful life of the asset, which is typically three years.
Capitalised software development costs are reviewed annually. If the future economic benefits are deemed to have ceased or become uncertain, the carrying value is immediately written off to the profit and loss account.
Expenditure incurred during the research phase of an internal project is recognised as an expense when incurred, as it is not possible to demonstrate that future economic benefits will arise. Intangible assets are recognised from the development phase only when specific criteria are met, including the demonstration of probable future economic benefits and the ability to reliably measure the costs incurred.
If it is not possible to distinguish between the research and development phases of an internal project, the expenditure is treated as if it were all incurred in the research phase.
1.5
Intangible fixed assets other than goodwill
Software development and website costs are initially recognised at cost. After recognition, under the cost model, software development and website costs are measured at cost less any accumulated amortisation and any accumulated impairment losses.
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Amortisation 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:
Software development
33% on cost
Website
33% on cost
1.6
Tangible fixed assets
Tangible fixed assets 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:
Leasehold improvements
33% on cost
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
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 credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.8
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.12
Retirement benefits
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension under which the company pays fixed contributions into a separate entity. Once the contributions are have been paid, the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.13
The company operates an equity-settled share option scheme. Equity-settled share-based payments are measured at fair value at the grant date using the Black-Scholes model.
The fair value at the grant date is recognised as an expense in the profit and loss account over the vesting period, based on the company’s estimate of the number of options that will ultimately vest. A corresponding adjustment is made to equity.
The total expense over the vesting period is based on the fair value of the options granted, excluding the impact of non-market vesting conditions (such as an IPO or company sale). Non-market vesting conditions are considered when estimating the number of options expected to vest.
The options vest in tranches as set out in the grant agreement, rather than on a straight-line basis. At each reporting date, the company reviews its estimate of the number of options expected to vest. Any revision to the original estimate is recognised in the profit and loss account, with a corresponding adjustment to equity.
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:
Useful economic lives and residual values
The annual depreciation charge for all assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.
Recoverability of trade and other debtors
The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Capitalisation of development costs
Development costs related to the creation of proprietary data tools and predictive models are capitalised in accordance with the company's accounting policy and the requirements of FRS 102. Management applies judgement in determining whether the asset meets the capitalisation criteria, including confirming technical feasibility and assessing the probable future economic benefits expected to arise from the asset. The costs are amortised over a period of three years on a straight-line basis, reflecting the expected period of benefit.
Share-based payments
The company has granted share-based payments to employees. The fair value of any vested share options is recognised in the profit and loss account. The fair value of share options is estimated using the Black-Scholes model, with the fair value of the ordinary shares at the grant date used as an input to the model.
Valuation of accrued income from software development projects
The Directors make judgements in estimating the recoverable value of accrued income arising from software development projects. The valuation involves assessing the stage of completion, the contractual terms, and the likelihood of collection. The recoverable value is reviewed regularly and adjusted where necessary to reflect any changes in expected future income.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
15
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
4
Intangible fixed assets
Software development
Website
Total
£
£
£
Cost
At 1 July 2023
18,887
18,887
Additions
556,983
8,764
565,747
At 30 June 2024
556,983
27,651
584,634
Amortisation and impairment
At 1 July 2023
962
962
Amortisation charged for the year
8,652
8,652
At 30 June 2024
9,614
9,614
Carrying amount
At 30 June 2024
556,983
18,037
575,020
At 30 June 2023
17,925
17,925
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2023
58,691
22,608
39,008
120,307
Additions
80
15,738
15,818
At 30 June 2024
58,691
22,688
54,746
136,125
Depreciation and impairment
At 1 July 2023
16,098
8,322
16,791
41,211
Depreciation charged in the year
19,614
7,552
15,173
42,339
At 30 June 2024
35,712
15,874
31,964
83,550
Carrying amount
At 30 June 2024
22,979
6,814
22,782
52,575
At 30 June 2023
42,593
14,286
22,217
79,096
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
475
475
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
94,571
183,820
Corporation tax recoverable
6,974
11,885
Other debtors
85,945
826,690
Prepayments and accrued income
210,328
239,327
397,818
1,261,722
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,156,053
Total debtors
1,553,871
1,261,722
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,935
10,367
Taxation and social security
130,446
29,865
Other creditors
69,854
3,427
Accruals and deferred income
169,621
135,141
487,856
178,800
9
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 July 2023
14,400
14,400
4.00
4.00
Granted
6,072
23.57
Outstanding at 30 June 2024
20,472
14,400
9.80
4.00
Exercisable at 30 June 2024
Of the total number of options outstanding at the end of the year, 20,472 (2023 – 14,400) had 8,400 vested at the end of the year with a weighted average exercise price of £4.
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Share-based payment transactions
(Continued)
- 10 -
The Black-Scholes option pricing model was used to value the equity-settled share-based payment awards as it was considered that this approach would result in materially accurate estimate of the fair value of options granted. The following information was used in this valuation.
Inputs were as follows:
2024
2023
Weighted average share price
10.92
6.57
Weighted average exercise price
9.80
4.00
Expected volatility
0.42
0.42
Expected life
3.70
4.00
Risk free rate
0.04
0.04
The volatility assumption, measured at the standard deviation of expected share price returns, is based on a statistical analysis of share prices of comparable publicly quoted companies.
During the year, the company recognised total expenses of £15,876 (2023 - £0) which related to equity settled share based payment transactions.
The company did not enter into any share-based payment transactions with parties other than employees during the current or previous periods.
10
Unpaid Share Capital
On 12th June 2024, the company entered into a subscription agreement for the issue of 678 ordinary shares at a premium of £58.9291 per share. The company had a binding right to receive payment of £39,954 at the balance sheet date, which has been recognised in other debtors. The shares were formally issued following the filing of the statement of capital with Companies House on 2nd August 2024.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
44,783
PROSPECT SPORTING INSIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
12
Related party transactions
2024
2023
Transactions with other related parties:
£
£
Oval Insights Ltd
Included within debtors
Other debtors
1,156,053
799,331
Included within turnover
Sales
76,095
172,967
included within administrative expenses
Subscriptions
6,000
-
Consultancy
26,549
34,747
Included within interest receivable
Other interest received
45,730
19,006
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