Registration number:
for the Year Ended 30 June 2024
Aser Media Limited
Contents
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Director's Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Aser Media Limited
Director's Report for the Year Ended 30 June 2024
The director presents his report and the financial statements for the year ended 30 June 2024.
This report has been prepared in accordance with the provisions applicable to companies entitled to small companies exemptions. The company has taken the small companies exemption to not disclose the strategic report.
Director of the company
The directors, who held office during the year, were as follows:
Principal activity
The principal activity of the company is that of the management of a portfolio of media investments, and the provision of management services to Group companies
Going concern
Notwithstanding net current liabilities of £43,798,770 as at 30 June 2024 (2023: £40,376,017), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The company has scaled back on their trading activities after the year end but current liabilities still exist to other group entities and external parties. The company will continue its principal activity of holding investments, and the directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of some possible downsides, the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for that period. The ultimate owner, through the ultimate parent company, Aser Group Holding Pte Limited, has confirmed that they will continue to make available such funds as are needed by the company to the extent they are required. However there can be no certainty over the total outflows that are required.
Those forecasts are dependent on Aser Group Holding Pte Limited and its subsidiary companies not seeking repayment of the amounts currently due to the group, which at 30 June 2024 amounted to £53,614,013 (2023: £53,969,610). Aser Group Holding Pte Limited has confirmed that it does not intend to seek repayment of the amounts due at the balance sheet date for the period covered by the forecasts.
Therefore, even though the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements due to the shareholder support, they recognise there is no certainty over this support being sufficient. The director is not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity’s ability to continue as a going concern and therefore have prepared the financial statements on a going concern basis.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Reappointment of auditors
The auditors Midas Accountants & Business Consultants Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Aser Media Limited
Director's Report for the Year Ended 30 June 2024
Approved by the
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Aser Media Limited
(Registration number: 09822975)
Balance Sheet as at 30 June 2024
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Note |
30 June |
30 June |
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Fixed assets |
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Tangible assets |
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Right of use assets |
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Investments |
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Trade and other debtors |
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Current assets |
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Trade and other debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Retained earnings |
(40,695,975) |
(35,057,346) |
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Shareholders' deficit |
(40,685,975) |
(35,047,346) |
These accounts have been prepared in accordance with the provisions applicable to companies entitled to small companies exemptions.
Approved by the
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Aser Media Limited
Statement of Changes in Equity for the Year Ended 30 June 2024
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Share capital |
Retained earnings |
Total |
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At 1 July 2023 |
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( |
( |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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At 30 June 2024 |
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( |
( |
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Share capital |
Retained earnings |
Total |
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At 1 July 2022 |
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( |
( |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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At 30 June 2023 |
10,000 |
(35,057,346) |
(35,047,346) |
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated and domiciled in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.
Summary of disclosure exemptions
In these financial statements, the company has taken advantage of the exemptions available under FRS 101 in respect of the following disclosures:
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IFRS 7 - ‘Financial instruments: Disclosures’. |
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Paragraphs 91 to 99 of IFRS 13 - ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities). |
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The requirements of paragraph 52 [lessee], the second sentence of paragraph 89, and paragraphs 90, 91 and 93 [lessor] of IFRS 16 - ‘Leases’ (lessee disclosures and lessor disclosures in relation to finance leases and lease income on operating leases). |
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Paragraph 38 of IAS 1 - ‘Presentation of financial statements’ (comparative information requirements in respect of): |
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IAS 7 - ‘Statement of cash flows’. |
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Paragraphs 30 and 31 of IAS 8 - ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective). |
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Paragraph 17 of IAS 24 - ‘Related party disclosures’ (key management compensation). |
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The requirements in IAS 24, ‘Related party disclosures’ (to disclose related party transactions entered into between two or more members of a group). |
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Going concern
Notwithstanding net current liabilities of £43,798,770 as at 30 June 2024 (2023: £40,376,017), the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The company has scaled back on their trading activities after the year end but current liabilities still exist to other group entities and external parties. The company will continue its principal activity of holding investments, and the directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of some possible downsides, the company will have sufficient funds, through funding from its ultimate owner to meet its liabilities as they fall due for that period. The ultimate owner, through the ultimate parent company, Aser Group Holding Pte Limited, has confirmed that they will continue to make available such funds as are needed by the company to the extent they are required. However there can be no certainty over the total outflows that are required.
Those forecasts are dependent on Aser Group Holding Pte Limited and its subsidiary companies not seeking repayment of the amounts currently due to the group, which at 30 June 2024 amounted to £53,614,013 (2023: £53,969,610). Aser Group Holding Pte Limited has confirmed that it does not intend to seek repayment of the amounts due at the balance sheet date for the period covered by the forecasts.
Therefore, even though the director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements due to the shareholder support, they recognise there is no certainty over this support being sufficient. The director is not aware of any other events or conditions beyond the period of their assessment that may cast significant doubt on the entity’s ability to continue as a going concern and therefore have prepared the financial statements on a going concern basis.
Audit report
Exemption from preparing group accounts
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (“FRS 101”). The amendments to FRS 101 (2014/15 Cycle) issued in July 2015 have been applied.
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU (“Adopted IFRSs”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.
The Company’s ultimate parent undertaking, Aser Group Holding Pte Limited includes the Company in its consolidated financial statements. The consolidated financial statements of Aser Group Holding Pte Limited are prepared in accordance with Singapore Financial Reporting Standards ('FRS') and will be available to the public and may be obtained from 63 Club Street, Singapore (069437).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Revenue recognition
Recognition
The company earns revenue from the provision of services relating to consultancy services relating to media rights. Where consideration is received in advance, it is held on the balance sheet as deferred revenue. Where the contract spans over the year end, the amount of income recognised is calculated by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Other income represents management charges received from other group companies for services provided.
This revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
Tangible assets
Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
3 years |
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Fixtures and fittings |
5 years |
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Computers |
3 years |
Investments
Interests in subsidiaries and associates 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.
Other investments not covered by the definition above are classified as financial assets measured at fair value through profit or loss, further detail of which is given in 1.8 below.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as fixed assets.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Definition
A lease is a contract, or a part of a contract, that conveys the right to use an asset or a physically distinct part of an asset (“the underlying asset”) for a period of time in exchange for consideration. Further, the contract must convey the right to the company to control the asset or a physically distinct portion thereof. A contract is deemed to convey the right to control the underlying asset if, throughout the period of use, the company has the right to:
· Obtain substantially all the economic benefits from the use of the underlying asset, and;
· Direct the use of the underlying asset (e.g. direct how and for what purpose the asset is used)
Initial recognition and measurement
The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Subsequent measurement
After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are [presented separately as non-operating /included in finance cost] in the profit and loss account, unless the costs are included in the carrying amount of another asset applying other applicable standards. The difference between lease payments due and those received are included in operating expenses in the period in which the payments are received.
The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for tangible assets. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.
Lease modifications
If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification will result in either a separate lease or a change in the accounting for the existing lease.
The modification is accounted for as a separate lease if both:
(a) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and
(b) The consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.
If both of these conditions are met, the lease modification results in two separate leases, the unmodified original lease and a separate lease. The company then accounts for these in line with the accounting policy for new leases.
If either of the conditions are not met, the modified lease is not accounted for as a separate lease and the consideration is allocated to the contract and the lease liability is re-measured using the lease term of the modified lease and the discount rate as determined at the effective date of the modification.
For a modification that fully or partially decreases the scope of the lease (e.g., reduces the square footage of leased space), IFRS 16 requires a lessee to decrease the carrying amount of the right-of-use asset to reflect partial or full termination of the lease. Any difference between those adjustments is recognised in profit or loss at the effective date of the modification.
For all other lease modifications which are not accounted for as a separate lease, IFRS 16 requires the lessee to recognise the amount of the re-measurement of the lease liability as an adjustment to the corresponding right-of-use asset without affecting profit or loss.
Short term and low value leases
The company has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).
The company has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.
Lease payments on short term and low value leases are accounted for on a straight line bases over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the profit and loss account.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Sub leases
If an underlying asset is re-leased by the company to a third party and the company retains the primary obligation under the original lease, the transaction is deemed to be a sublease. The company continues to account for the original lease (the head lease) as a lessee and accounts for the sublease as a lessor (intermediate lessor). When the head lease is a short term lease, the sublease is classified as an operating lease. Otherwise, the sublease is classified using the classification criteria applicable to Lessor Accounting in IFRS 16 by reference to the right-of-use asset in the head lease (and not the underlying asset of the head lease).
After classification lessor accounting is applied to the sublease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.
Financial instruments
Initial recognition
Financial assets and financial liabilities comprise all assets and liabilities reflected in the balance sheet, although excluding tangible assets, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.
The company recognises financial assets and financial liabilities in the balance sheet when, and only when, the company becomes party to the contractual provisions of the financial instrument.
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.
All regular way purchases and sales of financial assets and financial liabilities classified as fair value through profit or loss (“FVTPL”) are recognised on the trade date, i.e. the date on which the company commits to purchase or sell the financial assets or financial liabilities. All regular way purchases and sales of other financial assets and financial liabilities are recognised on the settlement date, i.e. the date on which the asset or liability is received from or delivered to the counterparty. Regular way purchases or sales are purchases or sales of financial assets that require delivery within the time frame generally established by regulation or convention in the market place.
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Classification and measurement
Financial instruments are classified at inception into one of the following categories, which then determine the subsequent measurement methodology:-
Financial assets are classified into one of the following three categories:-
· financial assets at amortised cost;
· financial assets at fair value through other comprehensive income (FVTOCI); or
· financial assets at fair value through the profit or loss (FVTPL).
Financial liabilities are classified into one of the following two categories:-
· financial liabilities at amortised cost; or
· financial liabilities at fair value through the profit or loss (FVTPL).
The classification and the basis for measurement are subject to the company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets, as detailed below:-
Financial assets at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:-
· the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit or loss (FVTPL).
If a financial asset meets the amortised cost criteria, the company may choose to designate the financial asset at FVTPL. Such an election is irrevocable and applicable only if the FVTPL classification significantly reduces a measurement or recognition inconsistency.
Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:-
· the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
On initial recognition of an equity investments that is not held for trading, the company may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.
If an equity investment is designated as FVTOCI, all gains and losses, except for dividend income, are recognised in other comprehensive income and are not subsequently included in the statement of income.
Financial assets at fair value through the profit or loss (FVTPL)
Financial assets not otherwise classified above are classified and measured as FVTPL.
Financial liabilities at amortised cost
All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using the effective interest rate method.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Financial liabilities at fair value through the profit or loss
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes derivative liabilities.
Derecognition
Financial assets
The company derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire,
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.
Any cumulative gain or loss recognised in OCI in respect of equity investment securities designated as FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the company is recognised as a separate asset or liability.
The company enters into transactions whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised.
When the company derecognises transferred financial assets in their entirety, but has continuing involvement in them then the entity should disclose for each type of continuing involvement at the reporting date:
(a) The carrying amount of the assets and liabilities that are recognised in the entity’s balance sheet and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised.
(b) The fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;
(c) The amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined
(d) The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets
Financial liabilities
The company derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Modification of financial assets and financial liabilities
Financial assets
If the terms of a financial asset are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial asset is recognised at either amortised cost or fair value.
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the company recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
Financial liabilities
If the terms of a financial liabilities are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised and new financial liabilities are recognised at either amortised cost or fair value.
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial liabilities. In this case, the company recalculates the gross carrying amount of the financial liabilities and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Impairment of financial assets
Measurement of Expected Credit Losses
The company recognises loss allowances for expected credit losses (ECL) on financial instruments that are not measured at FVTPL, namely:
- Financial assets that are debt instruments
- Accounts and other receivables
- Financial guarantee contracts issued; and
- Loan commitments issued.
The company classifies its financial instruments into stage 1, stage 2 and stage 3, based on the applied impairment methodology, as described below:
Stage 1: for financial instruments where there has not been a significant increase in credit risk since initial recognition and that are not credit-impaired on origination, the company recognises an allowance based on the 12-month ECL.
Stage 2: for financial instruments where there has been a significant increase in credit risk since initial recognition but they are not credit-impaired, the company recognises an allowance for the lifetime ECL.
Stage 3: for credit-impaired financial instruments, the company recognises the lifetime ECL.
The company measures loss allowances at an amount equal to the lifetime ECL, except for the following, for which they are measured as a 12-month ECL:
- debt securities that are determined to have a low credit risk (equivalent to investment grade rating) at the reporting date; and
- other financial instruments on which the credit risk has not increased significantly since their initial recognition.
The company considers a debt security to have low credit risk when their credit risk rating is equivalent to the globally understood definition of ‘investment grade’.
A 12-month ECL is the portion of the ECL that results from default events on a financial instrument that are probable within 12 months from the reporting date.
Provisions for credit-impairment are recognised in the statement of income and are reflected in accumulated provision balances against each relevant financial instruments balance.
Evidence that the financial asset is credit-impaired include the following;
- Significant financial difficulties of the borrower or issuer;
- A breach of contract such as default or past due event;
- The restructuring of the loan or advance by the company on terms that the company would not consider otherwise;
- It is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
- The disappearance of an active market for the security because of financial difficulties; or
- There is other observable data relating to a group of assets such as adverse changes in the payment status of borrowers or issuers in the company, or economic conditions that correlate with defaults in the company.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
For trade debtors, the company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the debtors.
To measure the expected credit losses, trade debtors and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade debtors for the same types of contracts. The company has therefore concluded that the expected loss rates for trade debtors are a reasonable approximation of the loss rates for the contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 30 June 2024 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the debtors. The company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
Accounting estimates and assumptions
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of certain financial assets, liabilities, income and expenses.
The use of estimates and assumptions is principally limited to the determination of provisions for impairment, the valuation of financial instruments as explained in more detail below:-
Provisions for impairment
In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows as well as an assessment of whether the credit risk on the financial asset has increased significantly since initial recognition and incorporation of forward-looking information in the measurement of ECL.
Fair value of financial assets and liabilities
Where the fair value of financial assets and liabilities cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The input to these models is derived from observable markets where available, but where this is not feasible, a degree of judgement is required in determining assumptions used in the models. Changes in assumptions used in the models could affect the reported fair value of financial assets and liabilities.
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Other revenue |
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
2024 |
2023 |
|
|
Credit card cashback |
- |
2,911 |
|
Management income |
147,722 |
2,008,500 |
|
Other income |
15,678 |
17 |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain or loss on disposal of intangible assets and rights of use |
- |
|
|
Gain or loss from changes in provisions |
( |
|
|
( |
|
|
Interest receivable and similar income |
|
2024 |
2023 |
|
|
Other interest income |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest paid to group undertakings |
2,071,873 |
1,409,696 |
|
Foreign exchange gains |
( |
( |
|
Interest expense on leases |
32,265 |
56,699 |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company including a Director during 2023, analysed by category was as follows:
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Director remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
- |
|
|
Contributions paid to money purchase schemes |
- |
|
|
- |
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2023 |
|
|
|
|
At 30 June 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 July 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 June 2024 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2024 |
|
|
|
|
At 30 June 2023 |
|
|
|
|
Right of use assets |
|
Property |
Total |
|
|
Cost or valuation |
||
|
At 1 July 2023 |
|
|
|
Disposals |
( |
( |
|
At 30 June 2024 |
|
|
|
Depreciation |
||
|
At 1 July 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 30 June 2024 |
|
|
|
Carrying amount |
||
|
At 30 June 2024 |
|
|
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
Investments |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Provision |
|
|
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Carrying amount |
|
|
At 30 June 2024 |
|
|
At 30 June 2023 |
|
Details of the subsidiaries as at 30 June 2024 are as follows:
|
Name of subsidiary |
Principal activity |
Registered office |
Holding |
Proportion of ownership interest and voting rights held |
2023 |
|
|
Investment activities |
United Kingdom |
|
|
|
|
|
Television programming and broadcasting activities |
Italy |
|
|
|
Associates
|
£ |
|
|
Cost or valuation |
|
|
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Provision |
|
|
At 1 July 2023 |
|
|
Provision |
|
|
At 30 June 2024 |
|
|
Carrying amount |
|
|
At 30 June 2024 |
|
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Details of the associates as at 30 June 2024 are as follows:
|
Name of associate |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2023 |
|
|
Social media marketing |
Italy |
|
|
Other investments
|
£ |
|
|
Cost or valuation |
|
|
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Provision |
|
|
At 1 July 2023 |
|
|
Provision |
|
|
At 30 June 2024 |
|
|
Carrying amount |
|
|
At 30 June 2024 |
|
|
At 30 June 2023 |
|
Details of other investments as at 30 June 2024 are as follows:
|
Name of other investments |
Principal activity |
Registered office |
Proportion of ownership interest and voting rights held |
2023 |
|
|
Social media marketing |
United States |
|
|
Other investments comprise holdings in unlisted companies and partnerships, which do not qualify as subsidiaries, associates, or joint ventures under IFRS.
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
The investments in the associate and the other investment are stated at market value, based on the Directors' valuation. The Directors' valuation represents their considered estimate of the market value of these investments as at the reporting date and reflects current market conditions as well as any specific factors pertinent to the investments.
|
Trade and other debtors |
|
Trade and other debtors falling due within one year |
30 June |
30 June |
|
Trade debtors |
|
|
|
Provision for impairment of trade debtors |
( |
( |
|
Net trade debtors |
|
|
|
Debtors from related parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Amounts included in other debtors consist of balances due from Football Capital of £145,730.80 (2023: £172,303), Whistle Holdco of £790,719 (2023: £792,465), and deposits totalling £193,651.23 (2023: £136,920).
|
Trade and other debtors falling due after more than one year |
30 June |
30 June |
|
Other debtors |
|
|
Details of non-current trade and other debtors
£16,945 (2023 -£259,051) of loan to Easyprod Japan is classified as non current.
£Nil (2023 -£220,000) of loan to TAP Sports and Entertainment Ltd is classified as non current.
|
Cash at bank and in hand |
|
30 June |
30 June |
|
|
Cash at bank |
|
|
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
Creditors: amounts falling due within one year |
|
30 June |
30 June |
|
|
Trade creditors |
|
|
|
Accrued expenses |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Current portion of long term lease liabilities |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
30 June |
30 June |
|
|
Long term lease liabilities |
|
|
|
Deferred income |
|
- |
|
|
|
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
Leases |
Leases included in creditors
|
30 June |
30 June |
|
|
Current portion of long term lease liabilities |
|
|
|
Long term lease liabilities |
|
|
Lease liabilities maturity analysis
A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:
|
30 June |
30 June |
|
|
Less than one year |
|
|
|
In two to five years |
|
|
|
Total lease liabilities (undiscounted) |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
30 June |
30 June |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £26,893 (2023 - £73,243).
Contributions totalling £(
Aser Media Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
|
Related party transactions |
No guarantees have been given or received.
Included in other creditors is a loan due to ultimate shareholder of £2,090,191 (2023: £1,789,904). The loan is interest free and repayable on demand.
The company has taken the exemption under FRS101 para 8(k) from disclosing the transactions with related parties under IAS 24 Related Party Disclosures for transactions it has with its parent and its wholly owned subsidiaries as the company is a wholly owned subsidiary of Aser Group Holding Pte Limited.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is