Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 6 | ||||||
Current assets | |||||||
Debtors | 7 | ||||||
Investments held as current assets | 8 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 9 | ( |
( |
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Net current liabilities | ( |
( |
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Total assets less current liabilities | ( |
( |
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Creditors: amounts falling due after more than one year | 10 | - | ( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Share option reserve | 12 | ||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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Mr C Ribton | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Event income is recognised at a point in time when the respective event has been held. Invoices are typically raised in advance of the event and payment is due 30 days from the date of the invoice. Advertising income is recognised when performance obligations have been satisfied and invoices are due for payment 30 days from the date of the invoice. |
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Going concern | ||||||||
The Company’s ability to continue as a going concern is dependent upon its and the Groups ability to generate sufficient revenues and positive cash flows from its operating activities and/or obtain sufficient funding to meet its obligations. The Groups borrowings are secured on the Company's assets and there can be no assurance that additional funding will be available to the parent, or, if available, that this funding will be on acceptable terms. If sufficient positive operating cash flows are not achieved, or adequate funding is not available, the Group may be required to delay or reduce the scope of any or all of its operations. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern | ||||||||
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'. |
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Operating leases: the Company as lessee | ||||||||
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. | ||||||||
Share-based payments | ||||||||
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. |
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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 balance sheet 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 balance sheet date, except that: i. 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 ii. 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 balance sheet date. |
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Exceptional items | ||||||||
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. | ||||||||
Intangible fixed 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. The estimated useful lives range as follows: Website development costs - 4 years |
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Tangible fixed assets | ||||||||
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 - over the lease life Office equipment - 5 years Computer equipment - 3 years 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. |
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Investments | ||||||||
Financial instruments | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Taxation | 2024 | 2023 | |||||
£ | £ | |||||||
Corporation Tax | 400 | 9,586 | ||||||
Adjustments in respect of previous periods | ||||||||
Total current tax | 400 | 9,586 | ||||||
4 | Share option expense | 2024 | 2023 | |||||
£ | £ | |||||||
Share based payment expense | 372,742 | 259,122 | ||||||
372,742 | 259,122 | |||||||
5 | Intangible fixed assets | £ | ||||||
Website: | ||||||||
Cost | ||||||||
At 1 July 2023 | ||||||||
At 30 June 2024 | ||||||||
Amortisation | ||||||||
At 1 July 2023 | ||||||||
At 30 June 2024 | ||||||||
Net book value | ||||||||
At 30 June 2024 | - | |||||||
6 | Tangible fixed assets | |||||||
Land and buildings | Office equipment |
Comp equipment |
Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 July 2023 | ||||||||
Additions | - | - | ||||||
At 30 June 2024 | ||||||||
Depreciation | ||||||||
At 1 July 2023 | ||||||||
Charge for the year | - | |||||||
At 30 June 2024 | ||||||||
Net book value | ||||||||
At 30 June 2024 | - | |||||||
At 30 June 2023 | - | |||||||
7 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
8 | Investments held as current assets | 2024 | 2023 | |||||
£ | £ | |||||||
Fair value | ||||||||
Listed investments | 5,940 | 826 | ||||||
Increase/(decrease) in fair value included in the profit and loss account for the financial year | ||||||||
Listed investments | - | (45,548) | ||||||
All these current assets are shares of publicly traded companies. The fair value at the end of the period is based on the average daily price of the shares at the reporting date, provided by financial institutions. 100% of the fair value movement is included directly in the statement of comprehensive income. |
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9 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
Bank overdrafts and bank loans | ||||||||
A fixed and floating charge is held over the assets of Proactive Investors Limited. | ||||||||
A fixed and floating charge is held over the assets of CRIM UK Limited in which the directors, Mr C Ribton and Mr I McLelland are also directors. | ||||||||
Limited guarantees have been provided by Mr. C. Ribton and Mr. I McLelland | ||||||||
10 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans | - | |||||||
11 | Share-based payments | |||||||
Certain employees of the Company have been granted share options by the ultimate parent company, Proactive Group Holdings Inc. The options are granted with a fixed exercise price, are exercisable in a triggering event such as a sale or listing event or by the discretion of the board of Proactive Group Holdings Inc in accordance with the vesting provisions set out in the option agreements. Employees are required to remain in employment with the group. The fair value of the options issued in 2018 and 2021 have been measured by the parent company using the black- scholes valuation model. The share-based payment charge has been allocated to the Company based on the number of awards granted to the Company's employees and recognised as a capital contribution within equity. |
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12 | Share option reserve | 2024 | 2023 | |||||
£ | £ | |||||||
At 1 July 2023 | ||||||||
Gain on contribution to scheme | ||||||||
At 30 June 2024 | ||||||||
13 | Contingent liabilities | |||||||
14 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
£ | £ | £ | £ | |||||
- | - | |||||||
- | - | |||||||
53,889 | - | - | 53,889 | |||||
15 | Related party transactions | |||||||
16 | Controlling party | |||||||
17 | Other information | |||||||
Proactive Investors Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
c/o Vantage Accounting | ||||||||
1 Cedar Office Park, Cobham Road | ||||||||
Wimborne | ||||||||
Dorset | ||||||||
BH21 7SB |