Star Receivables Limited
Annual Report and Financial Statements
For the period ended 31 March 2023
Company Registration No. 14310989 (England and Wales)
Star Receivables Limited
Company Information
Directors
S Cowell
(Appointed 22 August 2022)
A Groves
(Appointed 22 August 2022)
P H Whitaker
(Appointed 22 August 2022)
Company number
14310989
Registered office
9-13 St Andrew Street
London
EC4A 3AF
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Star Receivables Limited
Contents
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
Star Receivables Limited
Strategic Report
For the period ended 31 March 2023
Page 1

The directors present the strategic report for the period ended 31 March 2023.

Fair review of the business

The Company has made a profit for the financial period of £549,797.

Principal risks and uncertainties

The Group considers its key risk and uncertainties to be as follows:

The Group manages and mitigates this risk by developing and expanding its reach on non-traditional broadcast platforms.

Key performance indicators

,The Companies’s key financial and other performance indicators during the period were as follows:

 

2023            

Gross profit                        £11,548,273        

Operating profit                        £5,092,661        

Net assets                        £117,974,253        

 

Television ratings are our key non-financial indicator of television format performance. The Got Talent format has been commissioned in 77 territories worldwide and holds the Guinness World Records title for highest number of adaptations. Got Talent airs in 186 countries around the world. In total more than one billion global viewers tune in every year to watch Got Talent.

Other information and explanations

Prospects for further growth in production of formats across the world continue to be strong with additional territories forecast to launch in the next 12 months.

On behalf of the board

A Groves
Director
29 September 2023
Star Receivables Limited
Directors' Report
For the period ended 31 March 2023
Page 2

The directors present their annual report and financial statements for the period ended 31 March 2023.

Principal activities

The company was incorporated on 22 August 2022 and the principle activity of the company was that of TV programme format creation.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

S Cowell
(Appointed 22 August 2022)
A Groves
(Appointed 22 August 2022)
P H Whitaker
(Appointed 22 August 2022)
I I Rosenblatt
(Appointed 22 August 2022 and resigned 26 September 2022)
Julie Davies Marriott
(Appointed 22 August 2022 and resigned 31 December 2022)
Auditor

Moore Kingston Smith LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006 and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 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.

Star Receivables Limited
Directors' Report (Continued)
For the period ended 31 March 2023
Page 3
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A Groves
Director
29 September 2023
Star Receivables Limited
Independent Auditor's Report
To the Members of Star Receivables Limited
Page 4
Opinion

We have audited the financial statements of Star Receivables Limited (the 'company') for the period ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for 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 Auditor's 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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.

 

We have nothing to report in this regard.

Star Receivables Limited
Independent Auditor's Report (Continued)
To the Members of Star Receivables Limited
Page 5

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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.

Star Receivables Limited
Independent Auditor's Report (Continued)
To the Members of Star Receivables Limited
Page 6
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Star Receivables Limited
Independent Auditor's Report (Continued)
To the Members of Star Receivables Limited
Page 7

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

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.

Matthew Meadows
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
29 September 2023
Chartered Accountants
Statutory Auditor
6th Floor
9 Apoold Street
London
EC2A 2AP
EC2A 2AP
Star Receivables Limited
Statement of Comprehensive Income
For the period ended 31 March 2023
Page 8
Period
ended
31 March
2023
Notes
£
Turnover
3
11,387,400
Cost of sales
160,873
Gross profit
11,548,273
Administrative expenses
(6,455,612)
Operating profit
4
5,092,661
Interest receivable and similar income
6
16,758
Interest payable and similar expenses
7
(3,560,966)
Profit before taxation
1,548,453
Tax on profit
8
(998,656)
Profit for the financial period
549,797

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Star Receivables Limited
Balance Sheet
As at 31 March 2023
Page 9
2023
Notes
£
£
Fixed assets
Intangible assets
9
204,250,000
Current assets
Debtors
10
26,723,841
Cash at bank and in hand
30,476,264
57,200,105
Creditors: amounts falling due within one year
11
(66,131,547)
Net current liabilities
(8,931,442)
Total assets less current liabilities
195,318,558
Creditors: amounts falling due after more than one year
12
(77,344,305)
Net assets
117,974,253
Capital and reserves
Called up share capital
14
117,424,456
Profit and loss reserves
549,797
Total equity
117,974,253
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
A  Groves
Director
Company Registration No. 14310989
Star Receivables Limited
Statement of Changes in Equity
For the period ended 31 March 2023
Page 10
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 22 August 2022
-
0
-
0
-
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
549,797
549,797
Issue of share capital
14
117,424,456
-
117,424,456
Balance at 31 March 2023
117,424,456
549,797
117,974,253
Star Receivables Limited
Notes to the Financial Statements
For the period ended 31 March 2023
Page 11
1
Accounting policies
Company information

Star Receivables Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9-13 St Andrew Street, London, EC4A 3AF.

1.1
Reporting period

The annual financial statements are presented for a period shorter than one year due to the company incorporating on 22 August 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is different to the functional currency of the company being US dollars. 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Syco Holdings Limited. These consolidated financial statements are available from its registered office, 9-13 St. Andrew Street, London, England, EC4A 3AF.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 12
1.4
Turnover

Turnover represents format fees and net invoiced sales of services and endorsement income, excluding value added tax. Revenue from television shows is recognised once the show is first broadcast, and is spread over the period of the initial broadcast. Revenue from sales of services is recognised at the point of delivery of the service.

1.5
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.

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:

TV Format
10 years
1.6
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.

Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 13
1.7
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.

 

Cash and cash equivalents include certain accounts where restrictions exist over their use and permissions required to draw down the funds. Subject to these restrictions when the authorisations have been given the cash is immediately available and hence, they have included in cash and cash equivalents.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, include trade and other receivables, cash and bank balances are initially measured at transaction price.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised costs are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is decreased in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying value would have been had the impairment not previously been recognized. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies are initially recognised at transaction price.

 

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 recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
1
Accounting policies
(Continued)
Page 14
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
Page 15
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

The turnover for the financial period ended 31 March 2023 £11,387,400 is attributable to the principal activities of the company.

2023
£
Turnover analysed by geographical market
United Kingdom
1,843,004
United States of America
6,403,773
Rest of World
3,140,623
11,387,400
2023
£
Other significant revenue
Interest income
16,758
4
Operating profit
2023
Operating profit for the period is stated after charging/(crediting):
£
Exchange gains
(7,042,369)
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
0
Amortisation of intangible assets
10,750,000
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was nil.

Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
Page 16
6
Interest receivable and similar income
2023
£
Interest income
Interest on bank deposits
16,758
7
Interest payable and similar expenses
2023
£
Interest on bank overdrafts and loans
3,560,966
8
Taxation
2023
£
Current tax
UK corporation tax on profits for the current period
998,656

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2023
£
Profit before taxation
1,548,453
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
294,206
Depreciation on assets not qualifying for tax allowances
2,042,500
Foreign exchange differences
(1,338,050)
Taxation charge for the period
998,656
Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
Page 17
9
Intangible fixed assets
TV Format
£
Cost
At 22 August 2022
-
0
Additions
215,000,000
At 31 March 2023
215,000,000
Amortisation and impairment
At 22 August 2022
-
0
Amortisation charged for the period
10,750,000
At 31 March 2023
10,750,000
Carrying amount
At 31 March 2023
204,250,000
10
Debtors
2023
Amounts falling due within one year:
£
Other debtors
6,998,834
Prepayments and accrued income
19,725,007
26,723,841
11
Creditors: amounts falling due within one year
2023
Notes
£
Bank loans and overdrafts
13
16,287,940
Amounts owed to group undertakings
47,294,368
Corporation tax
998,656
Accruals and deferred income
1,550,583
66,131,547
12
Creditors: amounts falling due after more than one year
2023
Notes
£
Bank loans and overdrafts
13
77,344,305
Star Receivables Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2023
Page 18
13
Loans and overdrafts
2023
£
Bank loans
93,627,317
Bank overdrafts
4,928
93,632,245
Payable within one year
16,287,940
Payable after one year
77,344,305

The long-term loans are secured by 2 floating charges over the assets of the company which were created on 30 September 2022. The interest rate on the loan is 6.72%.

 

14
Share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
117,424,456
117,424,456

On incorporation 1 ordinary share of £1 was issued at par. On 30th September 2022 a further 117,424,455 ordinary shares of £1 were allotted.

15
Related party transactions

The company takes advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with any fellow wholly owned group undertakings.

16
Ultimate controlling party

The company's immediate parent is Maidmetal Limited, incorporated in England and Wales.

 

The ultimate parent is Syco Holdings Limited, incorporated in England and Wales.

 

The parent of the largest and smallest group in which these financial statements are consolidated is Syco Holdings Limited, incorporated in England and Wales.

 

The address of Syco Holdings Limited is:

9-13 St. Andrew Street

London
England
EC4A 3AF

 

The ultimate controlling party is Simon Cowell.

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