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Registered number: 11148876
BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
COMPANY INFORMATION
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Barnes Roffe Audit Limited
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Chartered Accountants & Statutory Auditor
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73-81 Southwark Bridge Road
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
CONTENTS
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Independent auditor's report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
Business Overview and Mode
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Bopper is a media company focused on Web 3 marketing solutions, enabling brands to benefit from blockchain-based engagement and decentralized audience analytics. The company leverages distributed ledger technology and partnerships with content creators to deliver digital marketing that is secure, transparent, and interactive.
The primary objective of the company is to establish itself as a leading provider of Web 3 marketing campaigns in the UK and Europe. Strategic priorities include expanding service offerings, deploying token-gated content access, and building proprietary analytics tools leveraging blockchain data.
During the reporting period, turnover increased by 27% to £15.9m reflecting growing clients. The company delivered blockchain-powered analytics for several key clients. Key performance indicators (KPIs) include client retention rates, number of blockchain-powered campaigns delivered, and average engagement rates on decentralized platforms.
Principal Risks and Uncertainties
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The key risks to the business include evolving regulatory frameworks for crypto assets, rapid technological changes in blockchain, cybersecurity threats, and market fluctuations in digital asset valuations. The Board is closely monitoring regulatory developments, investing in in-house compliance capacity, and partnering with cyber risk specialists to ensure resilience.
The company plans to further penetrate the European market and diversify its revenue through subscription-based analytics, digital collectible marketplaces, and partnerships with emerging blockchain protocols. Significant investment in R&D at group level will focus on smart contract-based reward systems and AI-driven creator collaboration tools. The directors are confident in the business model and expect continued growth as mainstream adoption of Web 3 technologies accelerates.
The directors believe the company is well positioned to lead in the Web 3 marketing sector, balancing growth with robust governance, risk management, and a commitment to technological innovation.
This report was approved by the board and signed on its behalf.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,526,205 (2023 - profit £3,943).
Dividends paid for the year amounted to £Nil (2023 - £Nil).
The directors who served during the year were:
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there are relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
We were engaged to audit the financial statements of Bopper Media Ltd (Formerly Lightning Sharks Ltd) (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We do not express an opinion on the accompanying financial statements of the company. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficent appropriate audit evidence to provide a basis for an audit opinion on these financial statements
Basis for disclaimer of opinion
We were appointed auditors after 31 December 2024 which is the first year of the Company being audited. Part way through the year the company had switched accounting systems and lost complete access to it's accounting records demonstrating a limitation of scope. Due to this we were unable to confirm the completeness of revenue and purchases as part of our audit testing work. We could not also agree opening balances for trade debtors and trade creditors as a result of the limitation of scope.
As a result, we were unable to determine whether any adjustments might have been found necessary in respect of trade debtors and trade creditors, and the elements making up the statement of comprehensive income, statement of changes in equity and statement of cash flows.
The other information comprises the information included in the Annual Report other than the financial
statements and our Auditor's report thereon. The directors are responsible for the other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion
thereon. Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the
financial statements themselves. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
Opinion on other matters prescribed by the Companies Act 2006
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Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have unable to form an opinion, whether based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD) (CONTINUED)
Matters on which we are required to report by exception
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Notwithstanding our disclaimer of an opnion on the financial statements, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the Strategic report or the Directors' report.
Arising from the limitation of our work referred to above:
• we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
• we were unable to determine whether adequate accounting records have been kept.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD) (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
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Our responsibility is to conduct an audit of the company’s financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.
However, because of the matter described in the basis for disclaimer of opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
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.
Irregularities and non-compliance with laws and regulations
Irregularities, including fraud, are instances of non-compliance with laws and regulations. design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the catering supply industry;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
o Companies Act 2006;
o FRS102;
o Food Satefy and Hygiene regulation;
o Goods Vehicle Operator's Licence Guidelines;
o Data Protection Act 2018;
o Health and Safety at Work Act;
o Employment legislation; and
o Tax legislation.
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence and invoices;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, including accruals, bad debt provision and depreciation were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in regard to accounting estimates and judgements made;
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD) (CONTINUED)
• Management override of controls; and
• Posting of unusual journals or transactions
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
Date: 19 December 2025
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Income from shares in group undertakings
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Interest receivable and similar income
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Interest payable and similar expenses
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(Loss)/profit for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 11 to 23 form part of these financial statements.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
REGISTERED NUMBER: 11148876
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 23 form part of these financial statements.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Audit adjustment correcting prior period errors
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Shares redeemed during the year
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The notes on pages 11 to 23 form part of these financial statements.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Bopper Media Ltd (known as Lightning Sharks Limited) is a private company limited by shares and incorporated in England and Wales.
The address of the registered office is 6th Floor 30 Market Place, London, United Kingdom, W1W 8AP.
The Company's principal activity is that of advertising agency services.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Foreign currency translation
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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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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss 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.
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Current and deferred taxation
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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:
∙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
∙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.
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.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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:
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Long-term leasehold property
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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An analysis of turnover by class of business is as follows:
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All turnover arose within the United Kingdom.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating profit is stated after charging:
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Other interest receivable
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Interest payable and similar expenses
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Interest Expense on Overdraft
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Current tax on profits for the year
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Long-term leasehold property
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Investments in subsidiary companies
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to profit or loss
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
17.Deferred taxation (continued)
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1,000 (2023 - 1,000) Ordinary shares of £1.00 each
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £131,307 (2023: £89,142).
The amount due to the scheme at 31 December 2024 was £14,306 (2023: £7,635).
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The company's ultimate controlling party is Teranode Group AG, a Company incorporated in Switzerland, by virtue of its ownership of 100% of the issued share capital.
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BOPPER MEDIA LTD (FORMERLY LIGHTNING SHARKS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Exceptional items consist of loan amounts written off of £1,397,817 in relation to a related party loan to the company's subsidiary Lightning Sharks US Inc.
During the year, the company identified a misstatement in the VAT debtor balance relating to prior periods. Upon investigation, it was determined that a portion of the VAT receivable previously recognised was not recoverable from HM Revenue & Customs (HMRC) due to input VAT being incorrectly claimed or no longer eligible under VAT regulations.
As a result, a charge of £111,659 has been recognised as an exceptional item in the statement of profit and loss. This reflects the correction of the overstatement and the resulting expense to the business.
There is also an expense in relation to amounts written off for the outstanding balance of £97,149 with regards to a fraud incident whereby the company lost £154,383.
Given the material and non-recurring nature of the adjustment, it has been presented separately to aid users of the financial statements in understanding the company’s financial performance.
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