Registration number:
for the Year Ended 31 December 2019
Electric Word Limited
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Electric Word Limited
Company Information
Directors |
Mr Riccardo Silva Mr Marco Auletta Mrs Janet Treacy Pierce |
Company secretary |
Mrs Janet Treacy Pierce |
Registered office |
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Accountants |
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Electric Word Limited
Directors' Report for the Year Ended 31 December 2019
The directors present their report and the unaudited financial statements for the year ended 31 December 2019.
This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The directors has taken exemption under this regime not to disclose the strategic report.
Directors of the company
The directors, who held office during the year, were as follows:
Going concern
The financial statements have been prepared on a going concern basis.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on
.........................................
Company secretary and director
Electric Word Limited
Profit and Loss Account for the Year Ended 31 December 2019
Note |
2019 |
2018 |
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Turnover |
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Administrative expenses |
( |
( |
|
Operating loss |
( |
( |
|
Interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
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74 |
242 |
||
Loss before tax |
( |
( |
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Tax on loss |
|
- |
|
Profit/(loss) for the year |
|
( |
The above results were derived from continuing operations.
Electric Word Limited
(Registration number: 03934419)
Balance Sheet as at 31 December 2019
Note |
31 December |
31 December |
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Fixed assets |
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Investments |
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Current assets |
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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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Trade and other payables |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
.........................................
Company secretary and director
Electric Word Limited
Statement of Changes in Equity for the Year Ended 31 December 2019
Share capital |
Retained earnings |
Total |
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At 1 January 2019 |
|
|
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Profit for the year |
- |
|
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Total comprehensive income |
- |
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At 31 December 2019 |
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|
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Share capital |
Retained earnings |
Total |
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At 1 December 2017 |
|
|
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2018 |
100,000 |
2,691,453 |
2,791,453 |
Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales and domiciled in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The functional and presentational currency of the Company is UK Pound Sterling (£).
The principal activity of the Company is that of a holding Company for a specialist information group supporting commercial decision-making through a combination of digital, print and in-person formats.
Summary of disclosure exemptions
In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:
A cash flow statement and related notes;
The effects of new but not yet effective IFRSs;
Disclosures in respect of the compensation of 'Key Management Personnel';
Disclosures in respect of capital management;
Disclosure of transactions within the management entity that provides key management personnel services
to the company.
Going concern
The financial statements have been prepared on a going concern basis.
Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Exemption from preparing group accounts
The financial statements contain information about Electric Word Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Sport Business Acquisitions Limited, a company incorporated in England and Wales.
Changes in accounting policy
None of the standards, interpretations and amendments effective for the first time from 1 January 2019 have had a material effect on the financial statements.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of management services to subsidiary companies. Revenue is the amount derived from ordinary activities and is shown net of sales/value added tax.
The company recognises revenue when the services are delivered.
Foreign currency transactions and balances
Tangible assets
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
On disposal of an asset, the difference between the proceeds and residual net book value at that time is taken to the income statement as a gain or loss on disposal.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
The assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by accounting standards. Impairment losses are recognised in the income statement,
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
30% reducing balance |
Computer equipment |
50% straight line |
Investments
Investments in subsidiaries are held at cost less accumulated impairment losses.
Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
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.
Trade debtors
Trade receivables are amounts due from the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables 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 receivables 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 receivables.
Trade creditors
Trade payables are obligations to pay for goods or 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. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2019 |
2018 |
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Office management recharges |
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Other revenue |
|
- |
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Operating profit |
Arrived at after charging/(crediting)
2019 |
2018 |
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Depreciation expense |
- |
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Amortisation expense |
- |
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Foreign exchange losses |
( |
( |
Loss on disposal of property, plant and equipment |
- |
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Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Interest receivable and similar income |
2019 |
2018 |
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Interest income on bank deposits |
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Interest payable and similar expenses |
2019 |
2018 |
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Interest on bank overdrafts and borrowings |
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Staff costs |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2019 |
2018 |
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Other departments |
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Tangible assets |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
- |
- |
Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Investments |
Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2017 |
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At 31 December 2018 |
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At 1 January 2019 |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Details of the subsidiaries as at 31 December 2019 are as follows:
Name of subsidiary |
Principal activity |
Registered office |
Holding |
Proportion of ownership interest and voting rights held |
2018 |
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Providing business insight, data and analysis to executives in the global business of sport. |
England and Wales |
Ordinary |
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The collection of royalty income from The School Run, a business formerly owned by the Company. |
England and Wales |
Ordinary |
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Dormant |
England and Wales |
Ordinary |
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Dormant |
England and Wales |
Ordinary |
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Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Name of subsidiary |
Principal activity |
Registered office |
Holding |
Proportion of ownership interest and voting rights held |
2018 |
|
Dormant |
England and Wales |
Ordinary |
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* indicates direct investment of Electric Word Limited.
Trade and other debtors |
31 December |
31 December |
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Debtors from related parties |
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Accrued income |
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Other debtors |
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Cash at bank and in hand |
31 December |
31 December |
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Cash on hand |
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Cash at bank |
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Trade and other creditors |
31 December |
31 December |
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Trade creditors |
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Accrued expenses |
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Amounts due to related parties |
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Other creditors |
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Electric Word Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
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No. |
£ |
No. |
£ |
|
|
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100,000.00 |
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100,000.00 |
Related party transactions |
Summary of transactions with other related parties
Parent of group in whose consolidated financial statements the company is consolidated |
The name of the parent of the group in whose consolidated financial statements the company's financial statements are consolidated is Sport Business Acquisitions Limited.
These financial statements are available upon request from Park House, 116 Park Street, London, United Kingdom, W1K 6AF.
Parent and ultimate parent undertaking |
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is