REGISTERED NUMBER: 10076349 (England and Wales)

Financial Statements

for the Period 1 April 2024 to 31 December 2024

for

British Esports Federation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C King

A Payne

REGISTERED OFFICE:

The Place

Athenaeum Street

Sunderland

SR1 1QX

REGISTERED NUMBER:

10076349 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Cook - FCCA

AUDITORS:

TTR Barnes Limited

Chartered Accountants and Statutory Auditors

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

FIXED ASSETS

Intangible assets

4

81,072

100,792

Tangible assets

5

526,224

334,697

607,296

435,489

CURRENT ASSETS

Stocks

29,454

9,217

Debtors

6

469,634

365,426

Cash at bank

168,824

9,742

667,912

384,385

CREDITORS

Amounts falling due within one year

7

1,879,030

908,203

NET CURRENT LIABILITIES

(1,211,118

)

(523,818

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(603,822

)

(88,329

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(603,823

)

(88,330

)

(603,822

)

(88,329

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

C King - Director

1.	STATUTORY INFORMATION

British Esports Federation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the director considers to be appropriate.

Despite recent trading losses of £515,493, the directors have an expectation that the company will continue in operational existence for the foreseeable future (being at least 12 months from the date of approval of the financial statements), based on the following:

Support from International Group Management Limited (IGM):

The company has received a written undertaking of financial support from IGM, confirming that sufficient funds will be made available to enable British Esports Federation Ltd to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

IGM’s Capacity and Intention:

IGM has indicated it has both the financial capacity and intention to continue funding British Esports Federation Ltd for the foreseeable future.

Accordingly, the directors consider it appropriate to adopt the going concern basis in preparing the financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Changes in accounting policies

These financial statements are the first to be prepared under FRS 102 Section 1A. The company transitioned from FRS 105 to FRS 102 Section 1A on 1 April 2023. Accounting policies have been applied retrospectively, unless otherwise stated, in accordance with the transitional provisions of FRS 102 Section 1A. No transitional adjustments arose on adoption. The financial statements have been prepared in accordance with FRS 102, applying Section 1A for small entities.

Turnover and income recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding VAT and net of discounts.

Revenue is recognised in accordance with FRS 102 Section 23, based on the nature of the transaction, as follows:

Sponsorship Income

Sponsorship income is recognised over the period to which the sponsorship agreement relates. Where sponsorship relates to specific events or deliverables, income is recognised when the event occurs or the associated performance obligations are met.

Competition Entry Fees

Entry fees are recognised as revenue when the competition takes place. If fees are received in advance, they are deferred and recognised in the period of the competition.

Royalty Income

Royalty income is recognised in accordance with the substance of the relevant agreement, typically on an accruals basis, based on underlying sales or usage reports provided by licensees.

Events and Consultancy Services

Revenue from events and consultancy is recognised when the services are provided. For events, revenue is recognised when the event occurs. Consultancy income is recognised as services are performed and milestones delivered, in line with the stage of completion.

Grant income

Grant income is recognised in accordance with FRS 102 Section 24. Revenue grants are recognised in income when the conditions for receipt have been met and there is reasonable assurance that the grant will be received. Grants related to capital and other expenditure are matched to the related costs in the period in which the costs are incurred, or the asset or the asset is brought to use.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% Straight line and 20% Straight line

Computer equipment

-

20% Straight line

Assets held at cost less depreciation and impairment. The carrying values of fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. The directors do not consider that there are any indicators of impairment in any of the company's tangible fixed assets in the current year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 period 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Accrued income and deferred income

Deferred income

Deferred income represents amounts invoiced or received in advance of the related goods or services being provided. In accordance with FRS 102 section 1A, revenue is recognised only when the company has fulfilled its performance obligations. Deferred income is released to the profit and loss account over the period to which it relates or upon delivery of the related service.

Deferred income includes, but is not limited to:

Sponsorship income received in advance of events or contracted obligations;

Competition entry fees received in advance of the relevant competition date;

Government grants where conditions have not yet been met;

Event or consultancy fees received in advance of delivery

Accrued income

Accrued income represents income earned in the period for which no invoice has yet been raised, but where the service has been delivered or the entitlement to income has been established. Accrued income is recognised in accordance with FRS 102 section 1A to reflect the matching of income with the period in which it is earned.

Accrued income includes, but is not limited to:

Royalty income earned but not yet reported or invoiced by licensees;

Consultancy work completed but not yet invoiced;

Sponsorship or event-related income earned where billing is pending;

Claims for grants where eligible costs have been incurred, but claims are yet to be submitted or approved.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 17 (2024 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

and 31 December 2024

105,174

AMORTISATION

At 1 April 2024

4,382

Amortisation for period

19,720

At 31 December 2024

24,102

NET BOOK VALUE

At 31 December 2024

81,072

At 31 March 2024

100,792

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2024

168,915

204,861

373,776

Additions

48,878

219,421

268,299

At 31 December 2024

217,793

424,282

642,075

DEPRECIATION

At 1 April 2024

19,472

19,607

39,079

Charge for period

40,913

35,859

76,772

At 31 December 2024

60,385

55,466

115,851

NET BOOK VALUE

At 31 December 2024

157,408

368,816

526,224

At 31 March 2024

149,443

185,254

334,697

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

as restated

£

£

Trade debtors

30,792

44,236

Other debtors

438,842

321,190

469,634

365,426

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2024

as restated

£

£

Trade creditors

24,167

91,906

Taxation and social security

45,505

33,430

Other creditors

1,809,358

782,867

1,879,030

908,203

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2024

as restated

£

£

Within one year

186,220

-

Between one and five years

744,880

-

931,100

-

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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. The evidence available to us was limited as we were appointed as auditors during the year and we have been unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures, because the financial statements for the period ending 31 March 2024 were unaudited. Any adjustments to the opening balances would have a consequential effect on the profit for the year. In addition, the corresponding amounts for the period ending 31 March 2024 may not be comparable with the figures for the current period.

David Cook - FCCA (Senior Statutory Auditor)

for and on behalf of TTR Barnes Limited

13.	RELATED PARTY DISCLOSURES

During the year, the company entered into the following transactions with related parties:

IGroup Global Ltd, a company under common directorship, charged rent of £75,000. This amount remains outstanding at the year end (31 March 2024: £0).

International Group Management Ltd, also a company under common directorship, charged rent of £64,665, which was also outstanding at the period end. In addition, a further £571,931 (31 March 2024: £594,535) was loaned to British Esports Federation Ltd during the period. The total balance owed at the period end is £1,231,131 (31 March 2024: £594,535).

14.	AUDITOR LIABILITY LIMITATION AGREEMENT

The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in the terms of our

engagement letter dated 1st April 2024.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is OSL Sport Media Limited.

The Company is a wholly owned subsidiary of British Esports Limited. The Company’s immediate parent undertaking is British Esports Limited. The ultimate parent undertaking and controlling party is OSL Sports Media Limited, a company incorporated in England and Wales.

OSL Sport Media Ltd prepare group financial statements and its registered office is 642a Kings Road, London, SW6 2DU.

British Esports Limited prepare dormant accounts and its registered office is The Place, Athenaeum Street, Sunderland, SR1 1QX.