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REGISTERED NUMBER: 01129505















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PING EUROPE LIMITED

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 9

Consolidated Income Statement 13

Consolidated Other Comprehensive Income 14

Consolidated Balance Sheet 15

Company Balance Sheet 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Cash Flow Statement 19

Notes to the Consolidated Cash Flow Statement 20

Notes to the Consolidated Financial Statements 21


PING EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J J Clark
J A Solheim
A D Solheim
L Lovatt





REGISTERED OFFICE: Corringham Road
Gainsborough
Lincolnshire
DN21 1XZ





REGISTERED NUMBER: 01129505





AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the Company and the Group for the year ended 31 December 2023.

The results for the year and financial position of the Group are as shown in the annexed financial statements.

REVIEW OF BUSINESS
The Group had an excellent trading year, one that continued the sales momentum that had started from 2022. The Group had another record year for sales, all areas of the business reported growth from 2022.

2023 saw the launch of the G430 family in UK and Europe. This product launched late in 2022 in Asia and was received well by customers in those markets and was the number 1 selling product in many of our European markets. The Group also launched a new ladies range of products, the Gle3, in July and this ensures we continue to have a product offering that covers all genders and age demographics. Our Apparel continued to grow and increase market share.

The Group also continued to invest in renewing the facilities and golf courses at Thonock Park, whose results are included in these financial statements.

2023 proved to be a record sales year for the Group, with sales growth of 14% from the previous best year in 2022. the Group had a profitable trading year, leading to posting an operating profit of £9,262,804 (2022: £7,083,985).

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors consider the principal risks that the Group faces are:

Sales and Profit Growth - in the competitive environment in which the Group operates, marketplace consolidation and increased competition could adversely affect the Group's sales and profit.

Design, technology and efficiency of bringing product to the market are key to the past and future success of the business. The Group has confidence that its suppliers have focussed on the necessary investment to fulfil these criteria and mitigate the risk. The focus continues to be on developing the PING brand in a way that maintains our individual identity from competitors and promotes the significant benefits of custom fitting.

The Group continues to strengthen relationships with its customers in order to build long-term future growth of the PING brand throughout Europe, UAE and South Africa.

Financial Risk - the Group is exposed to certain financial risks that could ultimately affect trading results. These include:

Foreign Currency Exchange Rate Movements - against which the Group believes it has an appropriate hedging strategy against adverse movements.

Debtor Risk - the Group has a broad customer base that mitigates this, to the extent that the loss of any single large customer would not jeopardise the long-term future of the Group.

People - in order to meet its objectives, it is essential that the Group recruits, trains and retains a high calibre of people throughout the organisation. The Group is prepared to compete with other businesses to obtain those people and to train them in the skills required, for the Group to meet its objectives of protecting the brand and delivering profitable growth..

Brand Reputation - PING has built a strong worldwide brand reputation over many years. It is essential that the Group maintains robust environmental ethics, social standards and product safety to mitigate any potential risk of damage to the brand reputation arising from any detraction from the high standards required.

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
Component Supplies - interruption to supplies of components could adversely impact the Group's ability to fulfil customer orders and ultimately could lead to a decline in demand for PING products and loss of profit. The Group adopts a purchase forecasting and stockholding strategy to minimise this impact and to facilitate a high level of customer service. Whilst the Group does not insure against all potential risks, it does insure to what is an adequate level to mitigate those risks that are deemed to be material.


PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

SECTION 172(1) STATEMENT
The board of directors of Ping Europe Limited consider, both individually and together, that they have acted in good faith and in a way that would most likely promote the success of the company for the benefit of its members (having regard to the stakeholders and matters set out in s172(1)(a-f below) of the Act) in the decisions taken during the year ended 31 December 2023.

a. The likely consequences of any decision in the long term
b. The interests of the Group's employees.
c. The need to foster the Group's business relationships with suppliers, customers and others.
d. The impact of the Group's operations on the community and the environment.
e. The desirability of the Group maintaining a reputation for high standards of business conduct, and
f. The need to act fairly as between members of the Group.

The directors of Ping Europe Limited make decisions with the long-term success of the Group and brand at the heart. The directors have a considered and balanced approach to its stakeholders and to the environment in which the Group operates. Some of these factors are considered in this report.

ENGAGEMENT WITH EMPLOYEES
The Group continues to seek to recruit high-quality staff and to adopt progressive policies of internal and external training to maximise their performance.

The Group is committed to providing equal opportunities to all employees, irrespective of their gender, sexual orientation, marital status, race, nationality, ethnic origin, disability, age, or religion.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The Group's suppliers continue to invest in research and development in order to facilitate our delivery of cutting-edge products within the premium brand golf market. This remains the basis on which the Group's future strategy is founded.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
See Section 172(1) Statement above.

KEY PERFORMANCE INDICATORS
Financial Key Performance Indicators

2023 2022

Turnover £107,580,627 £90,817,103
Gross Profit £547,872230 £37,274,383
Gross Profit %age 44.5% 42.1%
Operating Profit £9,262,804 £7,083,987
Net Profit/ (Loss) Before Tax £9,316,398 £7,089,627
Cash at Bank and In Hand £10,730,449 £6,830,149
Net Current Assets £21,683,549 £22,069,542
Net Assets £29,535,762 £27,565,509

Non-Financial Key Performance Indicators

The Group has an ongoing commitment to health and safety, quality and environmental standards. The Group is fully committed to a continuous improvement culture and providing a safe workplace.

Employee satisfaction is measured through an employee engagement survey, which is carried out every three years, to establish whether the goal of continuous improvement is being achieved and the Group are meeting employees' expectations.


PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

LIQUIDITY
The Directors and senior management control and monitor the Group's cash flow on a regular basis.

ON BEHALF OF THE BOARD:





L Lovatt - Director


26 April 2024

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review was that of assembly and distribution of golfing equipment, apparel and accessories, and the running of a golf and leisure complex.

DIVIDENDS
The total dividends for the year ended 31 December 2023 are £5,160,000 (2022: £nil).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J J Clark
J A Solheim
A D Solheim
L Lovatt

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group made charitable donations of £21,146 (2022: £17,752). No donations were paid to political parties.

EMPLOYMENT OF DISABLED PERSONS
The Company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively support the continued employment and retraining of employees who become disabled whilst employed by the Company. Attention is given to the training and career development of disabled employees with a view to encouraging them to play an active role in the development of the Company.

STREAMLINED ENERGY AND CARBON REPORTING
SECR Reporting and Emissions Audit


Ping Europe Limited have reported all emission sources under the Companies Act 2006 (Strategic Report and Director's Reports) Regulations 2013 as legally required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's published GHG Conversion Factors for Company Reporting 2023.

The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.

Ping Europe Limited have chosen to calculate their purchased electricity emissions using the market-based method. Current purchased electricity contracts contain a fuel mix with 12.3% renewable energy.

Energy emissions

Recorded energy consumption for the financial year 2023, was 2,375,842 kWhs and energy emissions were 486.930 tCO2e. The Company have made significant progress and reductions in Carbon emissions during 2023.




A summary of the Company emissions for this financial year compared to the previous year can be seen in the below table.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023




TOTALS - tCO2e

FY 2023

FY 2022
differenc
e
%
difference
Scope 1 Purchased natural gas 95.565 98.200 -2.635 -2.68
Scope 2 Company vehicles 233.774 293.700 -59.926 -20.40
Scope 3 Purchased electricity 157.592 189.700 -32.108 -16.93
Total 486.930 581.600 -94.670 -16.28

Intensity Ratios
Ping Europe Limited has chosen to report on two intensity ratios; consumption and emissions divided by turnover. These are further broken down to show the intensity ratios at a local level of the golf club and factory.

Totals FY 2023 FY 2022 difference % difference

Intensity metric

Overall turnover
112,219,90
3
95,074,63
3
-17,145,27
0

18.03
Intensity ratio -
emissions

kgCO2e/turnover

0.00434

0.00612

-0.00178

-29.10
Intensity ratio -
consumption

kWh/turnover

0.02117

0.02570

-0.00453

-17.62



Golf Club FY 2023 FY 2022 difference % difference
Intensity metric Turnover 2,671,468 2,423,170 248,298 10.25
Intensity ratio -
emissions

kgCO2e/turnover

0.05839

0.07300

--0.01461

-20.02
Intensity ratio -
consumption

kWh/turnover

0.01387

0.01626

-0.00239

-14.69



Factory inc
company
vehicles




FY 2023


FY 2022


difference


% difference

Intensity metric

Turnover
109,548,43
5
92,651,46
3

16,896,972

18.24
Intensity ratio -
emissions

kgCO2e/turnover

0.00302

0.00438

-0.00136

-30.99
Intensity ratio -
consumption

kWh/turnover

0.01387

0.01626

-0.00239

-14.69


Overall, Ping Europe Limited can report an excellent year in terms of performance with turnover increasing by 18.03%, whilst at the same time, emissions have decreased by 16.28%, and consumption also reduced by 2.67%.

The intensity ratios have improved year on year with emissions achieving a 29.1% reduction, helped by reporting the renewable energy elements of our electricity contracts.

Consumption has reduced by 17.62%. Solar generation has helped with this and enables our journey to being even more self-sufficient during forthcoming years.


Efficiency measures taken

During 2023 the Company have undertaken the following activities to improve the reliance on purchased electricity and reducing emissions:


PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

Installed 265.28 kWp (kilowatt peak load) of solar PV on the factory roof in July, which has been generating electricity to reduce the reliance from importing electricity via the grid. The Company expect that to see an increase in total consumed electricity from the solar panels during 2024.

Investigations have taken place during 2023 on the feasibility of installing solar panels on the roof of the golf club and greenkeepers facility, however no decision has been made as further investigations on roof suitability at both properties are being undertaken.

A project to ensure light-emitting diodes (LED) lamps are fitted across all light fittings in the warehouse areas at Corringham Road was completed during 2023.

Objectives for the next Year

The aim is to ensure the Company fleet of cars used by the Area Sales Managers is fully PHEV (plug-in hybrid electric vehicle) by the end of 2024. New PHEV vehicles were ordered in February 2024, and they should be delivered during the remainder of the year.

The Company aim to replace the aging boiler system at the golf club for a new efficient boiler system.
The Company will investigate the feasibility of procuring 100% renewable electricity energy, when the contracts expire at the end of March 2024.

Finalise the Company Energy Savings Opportunity Scheme (ESOS) compliance process.
Ping Europe Limited will report on progress of these objectives in our next financial accounts.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have included the following disclosures in the strategic report: Review of business, Principal risks and uncertainties, Key performance indicators, Liquidity, Employees, Ongoing developments and future strategy.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L Lovatt - Director


26 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PING EUROPE LIMITED


Opinion
We have audited the financial statements of Ping Europe Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31 December 2023 and of the Group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PING EUROPE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PING EUROPE LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the Companies Act 2006 was of most significance.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
- Performing a physical verification of key assets, including stock.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party and consolidated balances and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PING EUROPE LIMITED


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 a Report of the Auditors 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.




Andrew Copping (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

30 April 2024

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 107,580,627 90,817,103

Cost of sales (59,708,397 ) (53,542,720 )
GROSS PROFIT 47,872,230 37,274,383

Administrative expenses (38,783,198 ) (31,041,885 )
9,089,032 6,232,498

Other operating income 173,773 851,489
OPERATING PROFIT 5 9,262,805 7,083,987

Interest receivable and similar income 53,594 5,640
PROFIT BEFORE TAXATION 9,316,399 7,089,627

Tax on profit 6 (2,137,973 ) (1,543,277 )
PROFIT FOR THE FINANCIAL YEAR 7,178,426 5,546,350
Profit attributable to:
Owners of the parent 7,178,426 5,546,350

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 7,178,426 5,546,350


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

7,178,426

5,546,350

Total comprehensive income attributable to:
Owners of the parent 7,178,426 5,546,350

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 8,524,482 6,026,409
Investments 11 - -
8,524,482 6,026,409

CURRENT ASSETS
Stocks 12 23,273,106 26,761,812
Debtors 13 7,797,341 7,457,080
Cash at bank and in hand 10,730,449 6,830,149
41,800,896 41,049,041
CREDITORS
Amounts falling due within one year 14 20,069,174 18,979,499
NET CURRENT ASSETS 21,731,722 22,069,542
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,256,204

28,095,951

PROVISIONS FOR LIABILITIES 17 672,269 530,442
NET ASSETS 29,583,935 27,565,509

CAPITAL AND RESERVES
Called up share capital 18 516 516
Capital redemption reserve 19 584 584
Retained earnings 19 29,582,835 27,564,409
SHAREHOLDERS' FUNDS 29,583,935 27,565,509

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2024 and were signed on its behalf by:





L Lovatt - Director


PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 8,333,123 5,983,280
Investments 11 81,399 81,399
8,414,522 6,064,679

CURRENT ASSETS
Stocks 12 23,273,106 26,761,812
Debtors 13 7,780,842 7,410,692
Cash at bank and in hand 9,757,321 5,830,557
40,811,269 40,003,061
CREDITORS
Amounts falling due within one year 14 19,925,658 18,909,827
NET CURRENT ASSETS 20,885,611 21,093,234
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,300,133

27,157,913

PROVISIONS FOR LIABILITIES 17 455,540 336,997
NET ASSETS 28,844,593 26,820,916

CAPITAL AND RESERVES
Called up share capital 18 516 516
Capital redemption reserve 19 584 584
Retained earnings 19 28,843,493 26,819,816
SHAREHOLDERS' FUNDS 28,844,593 26,820,916

Company's profit for the financial year 7,183,677 5,471,729

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2024 and were signed on its behalf by:





L Lovatt - Director


PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 516 22,018,059 584 22,019,159

Changes in equity
Total comprehensive income - 5,546,350 - 5,546,350
Balance at 31 December 2022 516 27,564,409 584 27,565,509

Changes in equity
Dividends - (5,160,000 ) - (5,160,000 )
Total comprehensive income - 7,178,426 - 7,178,426
Balance at 31 December 2023 516 29,582,835 584 29,583,935

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 516 21,348,087 584 21,349,187

Changes in equity
Total comprehensive income - 5,471,729 - 5,471,729
Balance at 31 December 2022 516 26,819,816 584 26,820,916

Changes in equity
Dividends - (5,160,000 ) - (5,160,000 )
Total comprehensive income - 7,183,677 - 7,183,677
Balance at 31 December 2023 516 28,843,493 584 28,844,593

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 13,439,394 (5,632,599 )
Tax paid (1,050,572 ) (1,518,713 )
Net cash from operating activities 12,388,822 (7,151,312 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,448,695 ) (825,765 )
Sale of tangible fixed assets 66,579 125,097
Interest received 53,594 5,640
Net cash from investing activities (3,328,522 ) (695,028 )

Cash flows from financing activities
Equity dividends paid (5,160,000 ) -
Net cash from financing activities (5,160,000 ) -

Increase/(decrease) in cash and cash equivalents 3,900,300 (7,846,340 )
Cash and cash equivalents at beginning of
year

2

6,830,149

14,676,489

Cash and cash equivalents at end of year 2 10,730,449 6,830,149

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 9,316,399 7,089,627
Depreciation charges 946,426 871,595
Profit on disposal of fixed assets (62,383 ) (43,049 )
Finance income (53,594 ) (5,640 )
10,146,848 7,912,533
Decrease/(increase) in stocks 3,488,706 (15,399,048 )
(Increase)/decrease in trade and other debtors (342,954 ) 1,083,420
Increase in trade and other creditors 146,794 770,496
Cash generated from operations 13,439,394 (5,632,599 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 10,730,449 6,830,149
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 6,830,149 14,676,489


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 6,830,149 3,900,300 10,730,449
6,830,149 3,900,300 10,730,449
Total 6,830,149 3,900,300 10,730,449

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Ping Europe Limited is a private company, limited by shares, registered in England and Wales. The registered number is 01129505 and the registered office is Corringham Road, Gainsborough, Lincolnshire, DN21 1XZ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The presentation currency is the same as the functional currency which is £ sterling.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and all of its subsidiaries for the year ended 31 December 2023. Any internal sales and profits are eliminated on consolidation and any goodwill arising on consolidation has been written off against accumulated profits carried forward.

Critical accounting 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade debtors recoverability
Amount recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amount settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Stock valuation
Stock is initially measured at the cost price and subsequently measured at cost less obsolescence provision.
As new lines are released the directors make estimates as to the the recoverability of cost on the older stock items and provide for them prudently.

Provisions
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Where the company enters into financial guarantee contracts to guarantee the indebtness of other companies within its group, the company treats the guarantee contract as a contingent liability in its individual financial statements until such time as it becomes probable that the company will be required to make a payment under the guarantee.

Turnover
Turnover represents sales of goods and services, net of discounts, rebates and value added taxes. Turnover is recognised at the point of sale to the customer or on despatch to third party courier for delivery to the customer.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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

Freehold property - 2.5% to 15% on cost
Plant and machinery - varying rates of reducing balance and cost
Fixtures & fittings - at varying rates on cost
Motor vehicles - 25% to 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Certain elements of the group's financial freehold property are not depreciated because their residual values are at least equal to their cost, as stated in the accounts.

At each balance sheet date the group reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Departure from FRS 102

The group owns a warehouse that was not bought for investment purposes , which is currently occupied by a third-party tenant, who make rental payments to the group. Under FRS 102 this property would be classified as investment property under Section 16 of FRS 102. The group considers that this treatment would be misleading as the group intends to use the property as a warehouse as soon as practicable, and the rental income received is incidental to the group's intention to use the property. As such any fair value adjustments would not reflect the value of the property to the group which is more accurately reflected by its "value-in-use" and as such the group have classified this property as part of freehold land and buildings with the consequential accounting treatment.
Were the group to treat this property as an investment property, no depreciation would be recognised and instead the property would be held at fair value. The group does not consider the expected fair value would differ materially from the carrying value in the current year.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is the actual invoice price in the case of goods bought in for manufacture.

Finished goods and short term work in progress include materials, labour, and related overhead expenditure incurred in bringing each product to its present location and position.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade debtors, other debtors, amounts owed by group undertakings, amounts owed by related parties and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors, other creditors, amounts owed to group undertakings, and amounts owed to related parties, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non monetary assets, liabilities and transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used.

Exchange differences arising on the translation of the group companies are recognised in other comprehensive income.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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. Contributions payable for the year are charged in the profit and loss account.

Exceptional items
Exceptional items are charges or credits which the directors consider to be material, in aggregate, and either non-recurring in nature or the directors consider they require separate disclosure due to their size.

Going concern
Based on the current trading and future expectations the directors consider that the Group has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the Group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Golf equipment and accessories 106,335,031 89,277,927
Thonock Park 1,245,596 1,539,176
107,580,627 90,817,103

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 53,778,699 44,134,784
Europe 51,519,866 43,203,452
Rest of the world 2,282,062 3,478,867
107,580,627 90,817,103

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 12,920,426 11,745,681
Social security costs 1,184,012 1,074,852
Other pension costs 1,025,400 921,568
15,129,838 13,742,101

The average number of employees during the year was as follows:
2023 2022

Production and distribution 97 95
Administration 143 133
Golf club 55 55
295 283

2023 2022
£    £   
Directors' remuneration 1,006,820 631,800
Directors' pension contributions to money purchase schemes 21,408 19,782

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 501,048 220,000
Pension contributions to money purchase schemes 21,408 -

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 6,183 8,672
Depreciation - owned assets 946,426 871,595
Profit on disposal of fixed assets (62,383 ) (43,049 )
Auditors' remuneration 27,500 29,300
Auditors' remuneration for non audit work - 2,000
Foreign exchange (gains)/losses 1,145,384 (1,393,812 )
Changes in fair value of derivatives (626,466 ) 743,045
Research recharge 22,111 (25,068 )

Auditors' remuneration for non audit work related to taxation services.

Research recharge is in respect of services provided on behalf of Ping Inc.

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,993,449 1,466,545
Prior year tax under provision - 21,666
Total current tax 1,993,449 1,488,211

Deferred tax 144,524 55,066
Tax on profit 2,137,973 1,543,277

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 9,316,399 7,089,627
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

2,191,217

1,347,029

Effects of:
Expenses not deductible for tax purposes 11,600 10,436
Capital allowances in excess of depreciation - (36,381 )
Depreciation in excess of capital allowances 39,947 -
Adjustments to tax charge in respect of previous periods (52,786 ) 21,666

Deferred tax movement 144,524 55,066
Adjustments in respect of fair value movements (147,345 ) 141,179
Ping Scandinavia AB taxation 816 4,282
RDEC provision (50,000 ) -
Total tax charge 2,137,973 1,543,277

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Final 5,160,000 -

9. PENSION COSTS

The company operates a defined contribution pension scheme.

2023 2022
£ £

Pension cost charged to the income statement 992,620 921,568


Contributions outstanding, included under creditors within one year 5,100 9,375

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 8,509,249 3,800,772 1,969,098 1,743,967 16,023,086
Additions 2,622,500 287,697 407,000 131,498 3,448,695
Disposals - (36,515 ) - (175,262 ) (211,777 )
Transfer to ownership - - - (1 ) (1 )
Reclassification/transfer - - - 1 1
At 31 December 2023 11,131,749 4,051,954 2,376,098 1,700,203 19,260,004
DEPRECIATION
At 1 January 2023 4,303,048 2,955,493 1,541,817 1,196,319 9,996,677
Charge for year 320,762 233,108 195,876 196,680 946,426
Eliminated on disposal - (32,319 ) - (175,262 ) (207,581 )
At 31 December 2023 4,623,810 3,156,282 1,737,693 1,217,737 10,735,522
NET BOOK VALUE
At 31 December 2023 6,507,939 895,672 638,405 482,466 8,524,482
At 31 December 2022 4,206,201 845,279 427,281 547,648 6,026,409

If the freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   

Cost 14,008,843 14,008,843
Aggregate depreciation 5,804,622 5,454,401
Value of land in freehold land and buildings 1,948,163 1,948,163


Freehold land and buildings consist of the golf club and the factory. Freehold land and buildings were revalued at 31 December 1999 at an open market value, having regard to the trading potential. The valuation has been made in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation manual.

The valuation of the golf club was carried out by T E Marriott ARICS and A J Hillier ARICS, directors of Chesterton HMH. The valuation of the factory and residential property was carried out by A I Willows FRICS, a partner in Drewery & Wheeldon.

Plant and machinery, fixtures and fittings and motor vehicles are included at cost.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 8,509,249 3,749,305 1,969,098 1,584,909 15,812,561
Additions 2,622,500 117,226 407,000 131,498 3,278,224
Disposals - (36,515 ) - (175,262 ) (211,777 )
At 31 December 2023 11,131,749 3,830,016 2,376,098 1,541,145 18,879,008
DEPRECIATION
At 1 January 2023 4,303,048 2,757,657 1,541,817 1,226,759 9,829,281
Charge for year 320,762 210,867 195,876 196,680 924,185
Eliminated on disposal - (32,319 ) - (175,262 ) (207,581 )
At 31 December 2023 4,623,810 2,936,205 1,737,693 1,248,177 10,545,885
NET BOOK VALUE
At 31 December 2023 6,507,939 893,811 638,405 292,968 8,333,123
At 31 December 2022 4,206,201 991,648 427,281 358,150 5,983,280

If the freehold property had not been revalued it would have been included at the following historical cost:

20222021
£   £   

Cost14,008,84314,008,843
Aggregate depreciation5,454,4015,454,401
Value of land in freehold land and buildings1,948,1631,948,163


Freehold land and buildings consist of the golf club and the factory. Freehold land and buildings were revalued at 31 December 1999 at an open market value, having regard to the trading potential. The valuation has been made in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation manual.

The valuation of the golf club was carried out by T E Marriott ARICS and A J Hillier ARICS, directors of Chesterton HMH. The valuation of the factory and residential property was carried out by A I Willows FRICS, a partner in Drewery & Wheeldon.

Plant and machinery, fixtures and fittings and motor vehicles are included at cost.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 81,399
NET BOOK VALUE
At 31 December 2023 81,399
At 31 December 2022 81,399

The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Ping Scandinavia AB
Registered office: PING Scandinavia AB Dannfeltsgstan 12 B
Nature of business: Agents for the sale of golf equipment
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 20,348,700 21,257,504 20,348,700 21,257,504
Work-in-progress 24,198 24,454 24,198 24,454
Finished goods 2,900,208 5,479,854 2,900,208 5,479,854
23,273,106 26,761,812 23,273,106 26,761,812

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 6,568,733 6,444,046 6,567,905 6,438,804
Amounts owed by group undertakings - - 35,122 -
Other debtors 400,893 206,201 367,733 175,358
Amounts owed by related
parties 2,002 731 2,002 731
Prepayments and accrued income 825,713 806,102 808,080 795,799
7,797,341 7,457,080 7,780,842 7,410,692

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 7,322,372 7,515,042 7,306,303 7,462,855
Amounts owed to group undertakings - - - 70,427
Tax 1,192,067 249,190 1,192,067 240,761
Social security and other taxes 1,707,259 1,075,812 1,707,259 1,075,812
Other creditors 427,054 1,070,052 355,924 1,020,542
Amounts owed to related
parties 3,070,841 3,798,543 3,070,841 3,798,543
Accruals and deferred income 6,349,581 5,270,860 6,293,264 5,240,887
20,069,174 18,979,499 19,925,658 18,909,827

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 60,000 60,000
Between one and five years 50,000 110,000
110,000 170,000

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 60,000 60,000
Between one and five years 50,000 110,000
110,000 170,000

16. FINANCIAL INSTRUMENTS

The company makes annual purchases in foreign currencies, primarily US dollars and Euros. The company aims to hold currency assets and forward purchase contracts to ensure that sufficient purchases are at known rates of exchange.

At the year end the company had committed to entering into foreign currency forward contracts in 2023 to buy US dollars amounting to a Sterling equivalent cost of £26,735,501 (2022: £26,101,942). At the year end, these forward contracts had a fair value of £26,852,080 (2022: £25,358,897). The difference between the cost and fair value has been recognised as a financial liability in the financial statements.

All financial instruments are held at amortised cost

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 672,269 530,442 455,540 336,997

Group
Deferred
tax
£   
Balance at 1 January 2023 530,442
Balance at 31 December 2023 530,442

Company
Deferred
tax
£   
Balance at 1 January 2023 336,997
Provided during year 118,543
Balance at 31 December 2023 455,540

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
516 Ordinary 1 516 516

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 27,564,409 584 27,564,993
Profit for the year 7,178,426 7,178,426
Dividends (5,160,000 ) (5,160,000 )
At 31 December 2023 29,582,835 584 29,583,419

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. RESERVES - continued

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 26,819,816 584 26,820,400
Profit for the year 7,183,677 - 7,183,677
Dividends (5,160,000 ) - (5,160,000 )
At 31 December 2023 28,843,493 584 28,844,077


20. CAPITAL COMMITMENTS

At 31 December 2023 the company had approved but not contracted for capital expenditure of £316,870 (2022:£220,886).

21. RELATED PARTY DISCLOSURES

During the year, total dividends of £5,160,000 were paid to the directors .

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


21. RELATED PARTY DISCLOSURES - continued

Group and Company

During the year under review the company has taken the exemption conferred by FRS 102 Section 33.1A not to disclose transactions with fellow group companies where those companies are wholly owned.

JA Solheim, who is a director of the company, is also a director of Ping Inc. which supplies goods to the company. The value of goods supplied during the year was £801,890 (2022: £899,071). Ping Europe Limited also paid to Ping Inc. a sum of £14,000,000 (2022: £12,000,000) in respect of management charges. During the year the group also supplied goods to Ping Inc. amounting to £689,339 (2022: £1,016,149). At the year end, an amount of £2,919,000 (2022: £3,578,793) was due to that company.

L Lovatt is also a director of Karsten Worldwide Corporation which is a subsidiary of Ping Inc. During the year the company paid a commission charge of £4,035,565 (2022: £3,574,109) to Karsten Worldwide.

During the year the group supplied goods to Ping Japan amounting to £33,867 (2022: £13,622) and purchased goods from that company amounting to £399,917 (2022: £425,067). At the year end, an amount of £6,204 was due to that company (2022-nil) .

During the year the group supplied goods to Ping Canada amounting to £12,527 (2022: £483). At the year end, an amount of £2001.90 was due to that company (2022-£480.06) .

During the year the group supplied goods to Ping Hong Kong amounting to £2,137 (2022: £nil). At the year end, an amount of £1,428.12 was due to that company (2022 -£251.19) .

At the year end, an amount of £44,059 (2022: £31,081) was due to Ping France, a company under common control.

At the year end, an amount of £49,896 (2022: £90,980) was due to Ping Germany, a company under common control.

At the year end, an amount of £46,244.08 (2022: £10,978) was due to Ping Spain, a company under common control.

At the year end an amount of £35,122 (2022: £480) was due to Ping Scandinavia, a 100% owed
subsidiary

All of the above transactions were carried out on an arm's length basis.

22. POST BALANCE SHEET EVENTS

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23. ULTIMATE CONTROLLING PARTY

The ultimate control of the group and company lies with the Solheim family members who are directors.