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Registered number: 07044690
Exclusive GP Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
McManus Williams KGG Limited
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—20
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
The Company provides a global marketplace offering grandstand, general admission and secondary hospitality tickets to motorsport events worldwide via its website. The company acts primarily as an official reseller for the Formula 1 and MotoGP World Championships. 
Fundamentally the business relies strongly on the performance of its UK sales organization, online marketing, and new customer lead generation from the Grand Prix Events website, as well as social media platforms. Customer retention and return business are additional income drivers.  
The general popularity of Formula 1 and MotoGP sports, documentaries about the race series as well as global media coverage broadcasting the events play a significant role and have direct effects on the annual sales and revenue performance. 
The Company has performed well in 2023 and its revenue targets were consistent and in line with the previous end of year figures in 2022.  The results of the company for the year are set out in the Financial Statements. 
The company generated turnover of £13,744,718.00 , a 4% increase on the 2022 results. Exceeding year on year revenue targets was a result of the strong performance by the Sales team throughout the year and the addition of a new North American race event in Las Vegas. 
The Company generated a gross profit of £5,140,658.00, a 3% rise on 2022 reflecting higher earnings, whilst maintaining close control of the costs and excellence in customer delivery.
The company made a profit before taxation of £1,359,818.00, a 33% downward correction compared to the previous year. Whilst turnover has increased compared to 2022, the decrease in Operating profit from £2,029,448.00 in 2022 to £1,359,808.00 in 2023 was a direct result of the Company investing in additional Sales Team members and increased administrative expenses in 2023.
Principal Risks and Uncertainties
The Company saw a surge in sales coming out of the pandemic in 2021 and 2022 as customers returned to travelling and attending Events Internationally. Ticket prices and travel costs increased driven by inflation as well as event promoters charging more for access to their events. 
Whilst a marginal downward trend in race attendance due to the increased cost was expected the business maintained a healthy sales volume of the majority of races.  
The principal risk moving forward could be a further increase in cost such as ticket prices, airfares and accommodation, pricing some customers out of the market as fans balance their travel and life event experience budgets with the ongoing economic uncertainty. 
Furthermore upcoming other Global Sporting Events moving into next year may also have a bearing on the business in ‘watering down’ the customer pool.  In particular the European Football Championships in Germany and Olympic Games in Paris restricted corporate expenditure in Q4 2023 and into the new year.  
The Company continues to manage and mitigate these risks by:-
  • Maintaining a wide portfolio of Customers and mix of retail and corporate retention clients
  • Working closely with the parent company to ensure risks around future events are identified early and event budget forecasts are met
  • Maintaining strong relationships with key suppliers across the Formula 1 and MotoGP promoter network
  • Continually monitoring the business strategy around buying risk inventory  to take advantage of lower cost of sales.
KEY PERFORMANCE  INDICATORS 
The Management team monitor various key performance indicators, including turnover and profitability compared to prior year.
2023
2022
Change £
Change %
Turnover
£13,744,718
£13,201,226
£543,492
4
Gross Profit
£5,140,658
£4,979,721
£160,937
3
Operating Profit
£1,359,808
£2,029,448
-£669,640
-33
Turnover in 2023 has risen as we outperformed in sales, however operating profit was down compared to 2022 due to a rise in administrative costs. This reflects the Company’s continual investment in staffing and the staff bonus program to boost sales and encourage long term growth, generating increased income in Company commissions and online ticket sales and the general increase in the rise in overall office expenses. 
...CONTINUED
Page 1
Page 2
Principal Risks and Uncertainties - continued
Overall, the results are in line with Management expectations for the year.
Future Developments
The business primary focus near term will be to continue developing and growing the sales organization, supporting the F1Experiences global travel and hospitality program as a subsidiary entity under its North American owner Quint Events LLC. 
The Companies core function remains the development its sales team adding multilingual staff servicing of European and UK regional markets. 
Additional partnerships with the NBA (National Basketball Association) establishing various exhibition games and events, and the enhanced partnership with the MotoGP World Championship promoters and primaries provide further revenue streams for the business in 2024 and beyond. 
On behalf of the board
Mrs Renee Wilm
Director
01/11/2024
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of sales agent and retailer of motorsport event tickets.
Dividends
The value of dividends paid amounted to £NIL .
Directors
The directors who held office during the year were as follows: 
Mr Keith Bruce Resigned 02/01/2024
Mr Brian Learst Resigned 02/01/2024
Mr Brian Ruede Resigned 02/01/2024
Mr Daniel Bois Resigned 29/12/2023
Since 31 December 2023 newly appointed directors were as follows: 
Mrs Renee Wilm Appointed 02/01/2024 
Mr Gregory Maffei Appointed 02/01/2024
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 3
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Independent Auditors
The auditors, Xeinadin Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mrs Renee Wilm
Director
01/11/2024
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Exclusive GP Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) 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 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 entity's ability to continue as a going concern for a period of at least 12 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. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Page 6
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:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 3—4, 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Discussions with and enquiries of management and those charged with governance were held with a view to identify those laws and regulations that could be expected to have a material impact on the financial statements.  During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
  • Those laws and regulations considered to have a direct impact on the financial statements include UK financial standards, Company Law, Tax and Pensions legislation and distributable profits legislation.
  • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include health and safety legislation, employment law and GDPR.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified.  However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls and the nature, timing and extent of the audit procedures performed.  Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.  As explained above there is an unavoidable risk that material misstatements may not be detected, even though the audit had been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
Page 6
Page 7
Andrew Jones (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited , Statutory Auditor
24/09/2024
Xeinadin Audit Limited
Office 1, The Coach House
24-26 Station Road
Bristol
BS11 9TX
Page 7
Page 8
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 3 13,744,718 13,201,226
Cost of sales (8,604,060 ) (8,221,505 )
GROSS PROFIT 5,140,658 4,979,721
Administrative expenses (3,780,850 ) (2,950,273 )
OPERATING PROFIT 4 1,359,808 2,029,448
Loss on disposal of fixed assets - (1,247 )
Other interest receivable and similar income 9 255 -
Interest payable and similar charges 10 (245 ) (1,263 )
PROFIT BEFORE TAXATION 1,359,818 2,026,938
Tax on Profit 11 (388,352 ) (434,738 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 971,466 1,592,200
The notes on pages 13 to 20 form part of these financial statements.
Page 8
Page 9
Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 971,466 1,592,200
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 971,466 1,592,200
Page 9
Page 10
Balance Sheet
Registered number: 07044690
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 40,041 319,966
Tangible Assets 13 28,367 50,126
68,408 370,092
CURRENT ASSETS
Debtors 14 5,087,453 3,963,809
Cash at bank and in hand 1,571,195 1,826,397
6,658,648 5,790,206
Creditors: Amounts Falling Due Within One Year 15 (3,603,547 ) (4,005,397 )
NET CURRENT ASSETS (LIABILITIES) 3,055,101 1,784,809
TOTAL ASSETS LESS CURRENT LIABILITIES 3,123,509 2,154,901
PROVISIONS FOR LIABILITIES
Deferred Taxation 16 (6,666 ) (9,524 )
NET ASSETS 3,116,843 2,145,377
CAPITAL AND RESERVES
Called up share capital 18 5 5
Share premium account 1,070,911 1,070,911
Profit and Loss Account 2,045,927 1,074,461
SHAREHOLDERS' FUNDS 3,116,843 2,145,377
On behalf of the board
Mrs Renee Wilm
Director
01/11/2024
The notes on pages 13 to 20 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Share Premium Capital Redemption Profit and Loss Account Total
£ £ £ £ £
As at 1 January 2022 5 1,070,911 - (469,994 ) 600,922
Profit for the year and total comprehensive income - - - 1,592,200 1,592,200
Purchase of own shares - - - (47,745 ) (47,745)
As at 31 December 2022 and 1 January 2023 5 1,070,911 - 1,074,461 2,145,377
Profit for the year and total comprehensive income - - - 971,466 971,466
As at 31 December 2023 5 1,070,911 - 2,045,927 3,116,843
Page 11
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 301,139 1,220,402
Interest paid (245 ) (1,262 )
Tax paid (443,575 ) (58,873 )
Net cash (used in)/generated from operating activities (142,681 ) 1,160,267
Cash flows from investing activities
Purchase of tangible assets (40,657 ) (7,143 )
Proceeds from disposal of tangible assets 37,914 150
Interest received 255 -
Net cash used in investing activities (2,488 ) (6,993 )
Cash flows from financing activities
Purchase/redemption of own shares - (47,745 )
Repayment of bank borrowings - (49,166 )
Amount introduced by directors - 2,963
Amount withdrawn by directors (57) -
Net cash used in financing activities (57 ) (93,948 )
(Decrease)/increase in cash and cash equivalents (145,226 ) 1,059,326
Cash and cash equivalents at beginning of year 2 1,826,397 830,976
Foreign exchange losses on cash and cash equivalents (109,976 ) (63,905 )
Cash and cash equivalents at end of year 2 1,571,195 1,826,397
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 971,466 1,592,200
Adjustments for:
Tax on profit 388,352 434,738
Interest expense 245 1,263
Interest income (255 ) -
Amortisation of intangible assets 279,925 279,925
Depreciation of tangible assets 24,502 24,465
Loss on disposal of tangible assets - 1,247
Foreign exchange losses 109,975 63,905
Movements in working capital:
Increase in trade and other debtors (1,123,587 ) (2,271,330 )
(Decrease)/increase in trade and other creditors (349,484 ) 1,093,989
Net cash generated from operations 301,139 1,220,402
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 1,571,195 1,826,397
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 1,826,397 (255,202) 1,571,195
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Notes to the Financial Statements
1. General Information
Exclusive GP Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07044690 . The registered office is Unit 17, Orchard View, Estune Business Park, Pear Tree Avenue, Bristol, Somerset, BS41 9FR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. VAT is accounted for under the Tour Operators Margin Scheme on the sale of packages including travel and/or accomodation.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of five years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to profit and loss account over its estimated economic life of ten years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Leasehold 5% on cost
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Commission 2,320,870 2,195,113
Intergroup Charges 2,750,903 1,385,979
Ticket Sales 8,672,945 9,620,134
13,744,718 13,201,226
Company turnover derived from markets outside the United Kingdom.
2023 2022
£ £
United Kingdom 241,811 517,453
Europe 3,438,874 3,261,611
North America 5,823,704 4,889,801
South America 121,386 611,358
Asia 1,487,081 1,530,132
Rest of the world 2,631,862 2,390,871
13,744,718 13,201,226
4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Operating lease rentals 202,210 202,210
Depreciation of tangible fixed assets 24,502 24,465
Amortisation of intangible fixed assets 279,925 279,925
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5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 9,100 8,500
6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 2,523,382 1,845,803
Social security costs 106,734 96,593
Other pension costs 68,856 32,958
2,698,972 1,975,354
7. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 9 6
Sales, marketing and distribution 31 24
40 30
8. Directors' remuneration
2023 2022
£ £
Emoluments 242,825 140,518
Company contributions to money purchase pension schemes 55,860 22,880
298,685 163,398
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 1 1
Information regarding the highest paid director was as follows:
2023 2022
£ £
Emoluments 242,825 140,518
Company contributions to money purchase pension schemes 55,860 22,880
298,685 163,398
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9. Interest Receivable and Similar Income
2023 2022
£ £
Interest on short term deposits 255 -
10. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 245 1,263
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 391,209 443,321
Deferred Tax
Deferred taxation (2,857 ) (8,583 )
Total tax charge for the period 388,352 434,738
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 1,359,818 2,026,938
Tax on profit at 23.5% (UK standard rate) 319,835 385,118
Goodwill/depreciation not allowed for tax 71,604 57,833
Expenses not deductible for tax purposes 416 1,727
Capital allowances (646 ) (1,357 )
Short term timing differences (2,857 ) (8,583 )
Total tax charge for the period 388,352 434,738
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12. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 January 2023 1,376,250 46,749 1,422,999
As at 31 December 2023 1,376,250 46,749 1,422,999
Amortisation
As at 1 January 2023 1,078,063 24,970 1,103,033
Provided during the period 275,250 4,675 279,925
As at 31 December 2023 1,353,313 29,645 1,382,958
Net Book Value
As at 31 December 2023 22,937 17,104 40,041
As at 1 January 2023 298,187 21,779 319,966
13. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 66,180 42,757 26,138 135,075
Additions 37,914 - 2,743 40,657
Disposals - (37,914 ) - (37,914 )
As at 31 December 2023 104,094 4,843 28,881 137,818
Depreciation
As at 1 January 2023 61,804 3,970 19,175 84,949
Provided during the period 20,819 217 3,466 24,502
As at 31 December 2023 82,623 4,187 22,641 109,451
Net Book Value
As at 31 December 2023 21,471 656 6,240 28,367
As at 1 January 2023 4,376 38,787 6,963 50,126
14. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,204,891 776,545
Prepayments and accrued income 295,506 246,622
Other debtors 1,560,436 2,891,665
VAT 26,563 48,977
Directors' loan accounts 57 -
5,087,453 3,963,809
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15. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,391,056 1,479,187
Corporation tax 390,955 443,321
Other taxes and social security 71,983 80,936
Net wages 61 -
Other creditors 9,616 6,680
Owed to group companies 306,843 406,117
Deferred income 1,116,963 1,465,271
Accrued expenses 316,070 123,885
3,603,547 4,005,397
16. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2023 2022
£ £
Other timing differences 6,666 9,524
17. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 9,524 9,524
Reversals (2,858 ) (2,858)
Balance at 31 December 2023 6,666 6,666
18. Share Capital
2023 2022
Allotted, called up and fully paid £ £
50,000 Ordinary Shares of £ 0.0001 each 5 5
The ordinary shares have attached to them full voting, dividend and capital distribution (including on a winding up) rights; they do not confer any rights on redemption.
19. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 206,626 204,418
Later than one year and not later than five years 199,111 385,866
405,737 590,284
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20. Pension Commitments
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.
During the year the charge to profit or loss in respect of defined contribution schemes was £68,856 (2022: £32,958).
At the balance sheet date contributions of £9,616 (2022: £6,680) were due to the fund and are included in creditors.
21. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Daniel Bois - 57 - - 57
The above loan is unsecured, interest free and repayable on demand.
22. Related Party Disclosures
The company raised invoices in the period to its US parent company, Quint Events International LLC, for recharges, sales of products and sales commissions due. These totalled £6,482,803 (2022 £5,006,935). The company also purchased products and services from its parent company and these totalled £1,813,244 in the period (2022 £1,366,855). All income is earned at competitive market rates.
At the balance sheet end, taking into account amounts owed on invoices and the balance of the intercompany loan account, Exclusive GP was owed a balance of £1,919,610.79 by its parent company, Quint Events International LLC (2022 -£98,298).
The company transacted with other related parties at market rates. Sales to Monaco Star Events totalled £30,532 (2022 £11,384) and Purchases from Quint Rooms came to £73,760 (2022 £33,776)
23. Controlling Parties
The company's immediate parent undertaking is Quint Events International LLC (incorporated in United States). Its registered office is 9300 Harris Corners Parkway, Suite 120 Charlotte, NC 28269 .
Copies of the group accounts may be obtained from the company's registered office.
As a result of a change in shareholding on the 2 January 2024, Liberty Media Corporation are now the ultimate controlling party of Exclusive GP Limited.
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