The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Unaudited Financial Statements
For the year ended 31 December 2022
For Filing with Registrar
Company Registration No. 13501843 (England and Wales)
The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,967
7,244
Current assets
Debtors
4
27,837
3,678
Cash at bank and in hand
3,402
31,239
3,678
Creditors: amounts falling due within one year
5
(252,868)
(98,665)
Net current liabilities
(221,629)
(94,987)
Net liabilities
(190,662)
(87,743)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(190,762)
(87,843)
Total equity
(190,662)
(87,743)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 July 2023
N Keller
Director
Company Registration No. 13501843
The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information
The Podcast Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 110 High Holborn, London, England, WC1V 6JS.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at the 31 December 202true2, the company had net liabilities of £190,662 which includes amount due to the parent company and related entities of £233,037.
The group has indicated that it will continue to support the company in order to enable it to fund its working capital requirements and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and will not seek repayment of the amount due until at least twelve months from that date. As such, the company continues to prepare its accounts on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Brand Development
10 years straight line
Website
3 years straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic financial instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Intangible fixed assets
Brand Development
Website
Total
£
£
£
Cost
At 1 January 2022
4,913
2,952
7,865
Additions
5,760
22,949
28,709
At 31 December 2022
10,673
25,901
36,574
Amortisation and impairment
At 1 January 2022
211
410
621
Amortisation charged for the year
651
4,335
4,986
At 31 December 2022
862
4,745
5,607
Carrying amount
At 31 December 2022
9,811
21,156
30,967
At 31 December 2021
4,702
2,542
7,244
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
27,737
3,578
27,837
3,678
The Podcast Group Ltd
(formerly The Sport Podcast Group Ltd)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
15,056
7,470
Amounts owed to group undertakings
233,037
83,954
Other creditors
4,775
7,241
252,868
98,665
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
The company has taken advantage of the exemption available in FRS 102 Section 33.1A not to disclose transactions with fellow wholly owned subsidiaries.
8
Parent company
The company's immediate parent is Benchmark Sports Holdings Limited, registered at 5th Floor, 110 High Holborn, London, WC1V 6JS, by virtue of its majority shareholding of the company. The ultimate controlling party is N Keller by virtue of his majority shareholding of the parent company.