Performance54 Group Limited
Annual Report and Financial Statements
For the year ended 30 April 2024
Company Registration No. 13167959 (England and Wales)
Performance54 Group Limited
Company Information
Directors
A Abduljabbar
A S Aleyoni
N O Alzamil
G Davidson
J Moore
M Selby
Secretary
R Warren
Company number
13167959
Registered office
22 Worple Road
London
England
SW19 4DD
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Performance54 Group Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Group profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 38
Performance54 Group Limited
Strategic Report
For the year ended 30 April 2024
Page 1

The directors present the strategic report for the year ended 30 April 2024. The Company was founded in 2015 as a specialist golf marketing and events agency. Whilst there exists a multitude of marketing and events companies, the Company has a particular expertise in the sport of golf. This niche focus has allowed the company to establish itself as a market leader for connecting brands, rightsholders and sponsors with the golfer through effective data driven marketing strategies. The Company has more recently leveraged it’s global presence and marketing expertise to deliver for clients outside of golf and this is seen as a key growth area for the business in the future.

Fair review of the business

The Company has managed to leverage it’s market position to diversify revenue streams beyond golf marketing and event services. In particular, there has been significant growth in sports advisory services in the year. The turnover for the period ended 30 April 2024 is shown on page 14 of the financial statements. Turnover arises principally from service fees relating to marketing, advertising, strategic consulting, event management fees and sponsorship commissions. A significant proportion of Cost of Sales comprises client pass through costs relating to events under management and advertising along with any direct attributable costs associated with other service fee income. There has been a small increase in the number of events under management but aggregate budgets have reduced so turnover has remained consistent with the prior year. Administrative expenses consist of selling, general and administrative expenses which include staff costs, rent and rates, technology related costs, professional fees and other miscellaneous expenses.

Principal risks and uncertainties

Market risk - The Company is exposed to a decline in global and regional economic activity. The majority of service income is derived from event and marketing activities and dependent upon growth activities of our clients. Declining economic activity impacts client marketing budgets as is often deemed more discretionary spend and can lead to reduced fees for the Company. This is mitigated by retaining clients for long periods on fixed fees and/or anticipating any decline in fees by close management of profitability by event, client or project so that direct costs can be removed to compensate for any decline.

Concentration and loss of clients - Whilst it is a sign of success that the Company has retained, deepened and expanded existing client relationships, it has however led to a concentration of revenue derived from a small number of larger fee paying clients. This increases the risk to the Company should those clients terminate their contracts. This is mitigated by continuing to evolve the services provided to suit the changing needs of the client over the long term and ensuring that long term relationships are reflected with long term contracts. There is also a key strategic objective to seek new clients both across the wider sports ecosystem to mitigate the Company’s concentration on the golf industry.

Financial control risk - The Company has experienced significant growth over the period and there is a risk that the financial control framework does not keep pace with the growth of transactions and increasing geographical complexity of the group of companies. This has been mitigated by having an Audit Committee that includes experienced members capable of advising and supporting internal control design and implementation across the Company, and ensuring management implement the recommendations of the statutory auditor. The Company has also invested in additional staff resources and new IT systems which bring greater efficiency and the introduction of additional controls.

Credit risk - The Company is exposed to credit risk from non-paying clients. This is mitigated by ensuring client money is contracted to be received in advance of incurring any event or advertising pass through costs and that service fee income is invoiced in advance of performance of services. Trade debtor balances are actively monitored on an ongoing basis and contracts provide for the early termination of services should clients not pay on the agreed credit terms.

Foreign exchange risk - The Company operates in several countries and is exposed to foreign currency rate fluctuations, and most significantly regarding the movement between US Dollar and GB Pound. To mitigate this risk, the Company uses natural hedges so that revenue and costs are incurred in the same currency.

Performance54 Group Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 2
Principal risks and uncertainties cont.

Liquidity risk -As the Company has experienced a high level of growth over the period and fixed and variable costs are increasing in absolute terms, it is critical that management ensure new projects continue to be funded by available free cash and does not jeopardise the performance of event budgets or the servicing of fixed cost obligations. To mitigate this, senior management monitor and support the timely receipt of debtors on an ongoing basis and aim to ensure that event and advertising budgets expenses are only paid from cash received in advance by clients. The Company also has the option to seek loan and other finance to finance short term working capital requirements.

Key performance indicators

The Company reviews financial performance against budgeted expectations set before the start of a financial period for all group companies. The Company also targets YOY growth of revenue, gross profit, EBITDA and consistency and growth of margins. In particular, revenue growth is best described and tracked by the YOY growth of gross profit as this removes the impact of pass-through costs relating to event and advertising cost of sales. Business performance is then best described and tracked based on the "net margin" achieved between EBITDA and gross profit.

Given the relative scale and revenue, the number of professional golf events under management is a key performance indicator for the Company.

The number of events staged by the Company in the year was as follows:

 

 

2024

2023

Professional Golf Events

19

16

 

Whilst there were 3 additional events in comparison to the previous year, these were all smaller budget events with low management fees so year on year revenue and gross profit was only marginally improved.

The new series of LIV golf events staged by the Company were well received and it is expected that the Company will renew event management contracts for an equivalent number in future years.

Total Revenue for the period was less than 1% reduced on previous year at £156,622,115 (2023: £157,229,205) with gross profit 3% higher than the previous year at £27,091,861 (2023; £26,223,499) and gross profit margin consistent at 17% (2023: 17%).

Future Outlook

It is expected that the Group will continue to expand its scope to existing clients, win new clients, and extend its geographical and channel reach utilising local experts worldwide and continue to set itself apart from competitors with a focus on surpassing client expectations and objectives.

During the year the Group added significantly to headcount both in the UK and overseas, to further build experienced teams in event staging, management and marketing across the World. The Group aims to increase the number of events under management and further expand and diversify the activities of the Group in the future. The Group aims to develop new golf related revenue streams and also seek to source new clients in other sports. During the year a new Spanish entity was formed, namely Performance54 Europe SL, to stage events and actively pursue further opportunities arising in Southern Europe.

Performance54 Group Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 3
Other information and explanations

 

Employees and freelancers

We recognise our employees and network of freelancers as the key contributors to the value generated by our Company. Collectively, our colleagues are experienced and provided with opportunities for further career development through training that includes access to higher education, management development, on the job training and health and safety initiatives. We engage with our colleagues through newsletters, presentations, employee surveys and development reviews.

Clients and suppliers

We work with our clients to deliver innovative solutions to support the projects and campaigns on which we are engaged, providing a high quality customer service. We acknowledge that client retention is key to our long term success and augment our delivery in order to best serve our clients objectives. We strive to maximise value from our suppliers and work closely with them to support the delivery of our clients' needs.

Communities

Our company is connected to Communities all over the world through our colleagues, clients and suppliers and we recognise our responsibility to be supportive and pro-active citizens in whichever country and community we operate. The Company directly supports local causes through charitable donations, the provision of value in kind marketing services and fundraising activities.

Section172 statement

This statement aligns to section 172 of the Companies Act 2006 (the act). The statement focuses on how the directors have had regard during the year to the matters set out in section 172(1) (a) to (f) of the Act when performing their duties.

 

Each of the directors acted in a way that promotes the success of the Company for the benefit of its members as a whole, whilst having regard to the following matters set out in s.172(1) of the Act:

 

 

Whilst the Company and directors have a statutory obligation to its shareholders, it is also important to the directors to assess the impact of our business on a wider stakeholder pool, including its employees, freelancers, clients, suppliers, and the wider communities in which the Company operates.

 

The Directors of the Company are selected due to their leadership position in the organisation and their experience in managing business operations across all group companies. The Board delegates day-to-day management and decision making to the Executive Committee and others in accordance with an agreed delegation of authority. The Board monitors the Company through regular updates from Executive Committee and against objectives set before the start of each financial period.

 

The Board is committed to acting responsibly and ensuring that the Company maintains a high level of conduct and governance to meet the expectations of all our stakeholders. The long term value of the Company is dependent upon the active consideration of all our stakeholders to enhance and nurture our reputation across the sports industry.

Performance54 Group Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 4

By order of the board

R Warren
Secretary
3 December 2024
Performance54 Group Limited
Directors' Report
For the year ended 30 April 2024
Page 5

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The Company and Group are global leaders in sports advisory and strategy, working with major investors, national governing bodies, rights holders, non-governmental organisations and household brands. The Group operates across four continents, delivering a range of specialist services, including strategic consultancy, sales and marketing, event management, commercial sales and data & insights.

Directors

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

A Abduljabbar
A S Aleyoni
N O Alzamil
G Davidson
J Moore
M Selby
Results and dividends

Ordinary dividends were paid amounting to £4,577,108. The directors do not recommend payment of a further dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Performance54 Group Limited
Directors' Report (Continued)
For the year ended 30 April 2024
Page 6
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

By order of the board
R Warren
M Selby
Secretary
Director
3 December 2024
Performance54 Group Limited
Independent Auditor's Report
To the Members of Performance54 Group Limited
Page 7
Opinion

We have audited the financial statements of Performance54 Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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 group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Performance54 Group Limited
Independent Auditor's Report (Continued)
To the Members of Performance54 Group Limited
Page 8

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Performance54 Group Limited
Independent Auditor's Report (Continued)
To the Members of Performance54 Group Limited
Page 9
Auditor's responsibilities for the audit of the financial statements

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

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

 

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

 

Performance54 Group Limited
Independent Auditor's Report (Continued)
To the Members of Performance54 Group Limited
Page 10

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

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

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

 

Our approach was as follows:

Ÿ

 

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Jonathan Russell (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
10 December 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Performance54 Group Limited
Group Profit and Loss Account
For the year ended 30 April 2024
Page 11
2024
2023
Notes
£
£
Turnover
3
156,622,115
157,229,205
Cost of sales
(129,530,254)
(131,005,706)
Gross profit
27,091,861
26,223,499
Administrative expenses
(21,167,386)
(19,891,454)
Other operating income
321
-
Operating profit
4
5,924,796
6,332,045
Share of profits of associates
294,052
513,567
Interest receivable and similar income
8
296,255
197,455
Interest payable and similar expenses
9
(49,512)
(3,156)
Profit before taxation
6,465,591
7,039,911
Tax on profit
10
(2,139,736)
(586,660)
Profit for the financial year
4,325,855
6,453,251
Profit for the financial year is attributable to:
- Owners of the parent company
3,758,003
5,384,775
- Non-controlling interests
567,852
1,068,476
4,325,855
6,453,251
Performance54 Group Limited
Group Statement of Comprehensive Income
For the year ended 30 April 2024
Page 12
2024
2023
£
£
Profit for the year
4,325,855
6,453,251
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
24,254
(231,515)
Total comprehensive income for the year
4,350,109
6,221,736
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,776,560
5,183,921
- Non-controlling interests
573,549
1,037,815
4,350,109
6,221,736
Performance54 Group Limited
Group Balance Sheet
As at 30 April 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
6,202,112
7,124,429
Other intangible assets
12
54,965
32,510
Total intangible assets
6,257,077
7,156,939
Tangible assets
13
522,952
480,918
Investments
14
1,346,352
987,398
8,126,381
8,625,255
Current assets
Debtors
17
40,492,005
63,251,138
Cash at bank and in hand
37,795,241
20,428,200
78,287,246
83,679,338
Creditors: amounts falling due within one year
18
(69,860,240)
(75,981,484)
Net current assets
8,427,006
7,697,854
Total assets less current liabilities
16,553,387
16,323,109
Provisions for liabilities
Deferred tax liability
19
(920,408)
-
0
(920,408)
-
Net assets
15,632,979
16,323,109
Capital and reserves
Called up share capital
21
10,001
10,001
Share premium account
9,929,806
9,929,806
Profit and loss reserves
4,588,560
5,389,108
Equity attributable to owners of the parent company
14,528,367
15,328,915
Non-controlling interests
1,104,612
994,194
15,632,979
16,323,109
Performance54 Group Limited
Group Balance Sheet (Continued)
As at 30 April 2024
Page 14
The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
03 December 2024
M  Selby
Director
Performance54 Group Limited
Company Balance Sheet
As at 30 April 2024
30 April 2024
Page 15
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
13,433,855
13,160,733
Current assets
-
-
Creditors: amounts falling due within one year
18
(1,098,443)
(716,781)
Net current liabilities
(1,098,443)
(716,781)
Net assets
12,335,412
12,443,952
Capital and reserves
Called up share capital
21
10,001
10,001
Share premium account
9,929,806
9,929,806
Profit and loss reserves
2,395,605
2,504,145
Total equity
12,335,412
12,443,952

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,468,568 (2023 - £52,450 loss).

The financial statements were approved by the board of directors and authorised for issue on 3 December 2024 and are signed on its behalf by:
03 December 2024
M  Selby
Director
Company Registration No. 13167959 (England and Wales)
Performance54 Group Limited
Group Statement of Changes in Equity
For the year ended 30 April 2024
Page 16
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 May 2022
10,001
9,929,806
532,317
10,472,124
152,273
10,624,397
Year ended 30 April 2023:
Profit for the year
-
-
5,384,775
5,384,775
1,068,476
6,453,251
Other comprehensive income:
Currency translation differences
-
-
(231,515)
(231,515)
-
(231,515)
Amounts attributable to non-controlling interests
-
-
30,661
30,661
(30,661)
-
Total comprehensive income for the year
-
-
5,183,921
5,183,921
1,037,815
6,221,736
Dividends
11
-
-
(327,130)
(327,130)
(195,894)
(523,024)
Balance at 30 April 2023
10,001
9,929,806
5,389,108
15,328,915
994,194
16,323,109
Year ended 30 April 2024:
Profit for the year
-
-
3,758,003
3,758,003
567,852
4,325,855
Other comprehensive income:
Currency translation differences
-
-
24,254
24,254
-
24,254
Amounts attributable to non-controlling interests
-
-
(5,697)
(5,697)
5,697
-
Total comprehensive income for the year
-
-
3,776,560
3,776,560
573,549
4,350,109
Dividends
11
-
-
(4,577,108)
(4,577,108)
(463,131)
(5,040,239)
Balance at 30 April 2024
10,001
9,929,806
4,588,560
14,528,367
1,104,612
15,632,979
Performance54 Group Limited
Company Statement of Changes in Equity
For the year ended 30 April 2024
Page 17
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
10,001
9,929,806
2,877,789
12,817,596
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(52,450)
(52,450)
Dividends
11
-
-
(321,194)
(321,194)
Balance at 30 April 2023
10,001
9,929,806
2,504,145
12,443,952
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
4,468,568
4,468,568
Dividends
11
-
-
(4,577,108)
(4,577,108)
Balance at 30 April 2024
10,001
9,929,806
2,395,605
12,335,412
Performance54 Group Limited
Group Statement of Cash Flows
For the year ended 30 April 2024
Page 18
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
23,956,381
2,825,407
Interest paid
(49,512)
(3,156)
Income taxes paid
(1,339,040)
(391,747)
Net cash inflow from operating activities
22,567,829
2,430,504
Investing activities
Purchase of intangible assets
(37,837)
(32,510)
Purchase of tangible fixed assets
(377,000)
(511,223)
Dividends received from associates
208,220
110,918
Purchase of investments
(273,122)
-
Interest received
296,255
197,455
Net cash used in investing activities
(183,484)
(235,360)
Financing activities
Dividends paid to equity shareholders
(4,577,108)
(327,130)
Dividends paid to non-controlling interests
(463,131)
(195,894)
Net cash used in financing activities
(5,040,239)
(523,024)
Net increase in cash and cash equivalents
17,344,106
1,672,120
Cash and cash equivalents at beginning of year
20,428,200
18,977,732
Effect of foreign exchange rates
22,935
(221,652)
Cash and cash equivalents at end of year
37,795,241
20,428,200
Performance54 Group Limited
Notes to the Group Financial Statements
For the year ended 30 April 2024
Page 19
1
Accounting policies
Company information

Performance54 Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22 Worple Road, London, England, SW19 4DD

 

The group consists of Performance54 Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Performance54 Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 20

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the year end, the Group reported a profit after tax of £4,325,855 and a net current asset position of £8,427,006. The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Group and Company will have sufficient projected funds to meet its liabilities as they fall due for that period.

 

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

1.5
Turnover

For event management related services, revenue is recognised on the dates the event is held. Advance sales relating to events are recorded as deferred income pending the event date. No management fee or event budget revenue is recognised until the first day of the competitive tournament as this is when the risks and rewards are transferred between the contracted parties. The delivery of the competitive tournament is the point at which the performance obligation of the contract is satisfied. Sponsorship and commission revenue is recognised on the first day of the event.

Service fee-based revenue (marketing and consultancy services) is recognised when the services are performed, in accordance with the terms of arrangements reached with each client. These fees are typically recognised over time, in line with the customer’s contract.

Milestone based revenue (marketing and consultancy services) is recognised in the period when distinct performance obligations are achieved i.e. drafts or reports. These are laid out in the contracts as milestones.

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 21
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 22

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 23

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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

Basic financial assets, which include debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 24
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

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

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 25
Deferred tax

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

 

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

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 26
Key sources of estimation uncertainty

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.

Cost of sale accruals

The group recognises event revenue and costs upon the completion of an event. At this point, the group will estimate what costs are still awaiting to be invoiced and will recognise a cost of sales accrual. If an event happens near the year end, it is difficult to know the level of costs still to be invoiced to ensure year end cut off is correct and therefore they must be estimated.

Impairment of investments and goodwill

The group performs an annual impairment review of its investments and goodwill. At each reporting date, the group will assess if there is any indication of impairment. If such an indication exists, then the carrying value is estimated with the use of forecast data.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Services
150,939,512
152,992,760
Media recharge
3,687,937
1,904,292
Client expenses recharge
1,994,666
2,332,153
156,622,115
157,229,205
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
27,139,146
30,088,151
Europe
4,233,176
6,884,346
Rest of the world
125,249,793
120,256,708
156,622,115
157,229,205
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
1,825,694
421,594
Depreciation of owned tangible fixed assets
336,311
90,679
Amortisation of intangible assets
937,699
945,771
Impairment of intangible assets
-
0
230,000
Operating lease charges
164,433
262,697
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 27
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,000
19,900
Audit of the financial statements of the company's subsidiaries
86,000
78,600
105,000
98,500
For other services
Taxation compliance services
13,375
12,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration staff
109
68
6
6
Client Services staff
35
22
-
-
Total
144
90
6
6

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
12,705,957
10,906,987
-
0
-
0
Social security costs
861,123
1,065,884
-
-
Pension costs
120,797
62,295
-
0
-
0
13,687,877
12,035,166
-
0
-
0
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 28
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,040,064
1,323,333
Company pension contributions to defined contribution schemes
3,908
3,522
1,043,972
1,326,855
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
300,000
380,000
Company pension contributions to defined contribution schemes
1,321
1,321
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
296,255
197,455
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
49,512
3,156
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,427,864
1,198,066
Adjustments in respect of prior periods
1,080,330
-
0
Total current tax
2,508,194
1,198,066
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
10
Taxation
2024
2023
£
£
(Continued)
Page 29
Deferred tax
Origination and reversal of timing differences
396,142
(611,406)
Adjustment in respect of prior periods
(764,600)
-
0
Total deferred tax
(368,458)
(611,406)
Total tax charge
2,139,736
586,660

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
6,465,591
7,039,911
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
1,616,398
1,372,079
Tax effect of expenses that are not deductible in determining taxable profit
291,793
234,591
Tax effect of income not taxable in determining taxable profit
(70,690)
-
0
Adjustments in respect of prior years
315,730
-
0
Amortisation on assets not qualifying for tax allowances
-
0
179,789
Effect of revaluations of investments
-
0
(100,111)
Other permanent differences
92,700
(77,878)
Effect of overseas tax rates
(395,255)
(873,315)
Tax at marginal rate
-
0
(243)
Movement in deferred tax not recognised
289,060
11,817
Remeasurement of deferred tax for changes in tax rates
-
0
(137,279)
Foreign tax credits
163,540
(22,013)
Utilisation of capital allowances
(163,540)
(777)
Taxation charge
2,139,736
586,660
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
4,577,108
321,194
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 30
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2023
9,223,094
32,510
9,255,604
Additions
-
0
37,837
37,837
At 30 April 2024
9,223,094
70,347
9,293,441
Amortisation and impairment
At 1 May 2023
2,098,665
-
0
2,098,665
Amortisation charged for the year
922,317
15,382
937,699
At 30 April 2024
3,020,982
15,382
3,036,364
Carrying amount
At 30 April 2024
6,202,112
54,965
6,257,077
At 30 April 2023
7,124,429
32,510
7,156,939
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 31
13
Tangible fixed assets
Group
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 May 2023
-
0
779,891
779,891
Additions
154,773
222,227
377,000
Disposals
-
0
(15,833)
(15,833)
Exchange adjustments
-
0
2,222
2,222
At 30 April 2024
154,773
988,507
1,143,280
Depreciation and impairment
At 1 May 2023
-
0
298,973
298,973
Depreciation charged in the year
10,741
325,570
336,311
Eliminated in respect of disposals
-
0
(15,833)
(15,833)
Exchange adjustments
-
0
877
877
At 30 April 2024
10,741
609,587
620,328
Carrying amount
At 30 April 2024
144,032
378,920
522,952
At 30 April 2023
-
0
480,918
480,918
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
14
Fixed asset investments
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
987,365
33
987,398
Additions
85,832
273,122
358,954
At 30 April 2024
1,073,197
273,155
1,346,352
Carrying amount
At 30 April 2024
1,073,197
273,155
1,346,352
At 30 April 2023
987,365
33
987,398
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
14
Fixed asset investments
(Continued)
Page 32
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023
13,160,700
33
13,160,733
Additions
-
273,122
273,122
At 30 April 2024
13,160,700
273,155
13,433,855
Carrying amount
At 30 April 2024
13,160,700
273,155
13,433,855
At 30 April 2023
13,160,700
33
13,160,733
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 33
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Performance54 Limited
22 Worple Road, London, England, SW19 4DD
Ordinary Shares
100.00
-
Performance54 SPV Limited
PIF Co-Builder, Floor 3
KAFD Area 5 (5.08) Building 2877
Al Aqeeq Dist.
RIYADH 13519 6686
King
Ordinary Shares
-
100.00
Performance54 Arabia for Business Services
PIF Co-Builder, Floor 3
KAFD Area 5 (5.08) Building 2877
Al Aqeeq Dist.
RIYADH 13519 6686
King
Ordinary Shares
-
100.00
Performance54 Event Management LLC
Tamarvi Arts Office
Office 1403
Business Bay
Dubai
United Arab Emirates
Ordinary Shares
-
100.00
Performance54 USA Incorporated
185 Alewife Brook Parkway, Suite 210, Cabridge, MA 02138, USA
Ordinary Shares
-
100.00
Performance54 SG Pte. Ltd
8 Marina Boulevard, Marina Bay Financial Centre Tower 1, Level 11, Singapore 018981
Ordinary Shares
-
100.00
Performance54 Pty Ltd
Level 8, 81 Flinders Street, Adelaide, SA 5000, Australia
Ordinary Shares
-
100.00
Red Door Events 54 Limited (UK)
22 Worple Road, London, England, SW19 4DD
Ordinary Shares
-
67.00
Red Door 54 Event Management LLC
Al Bateen Tower c6
Bainunah 1st and 2nd floor
Street 34
Abu Dhabi
United Arab Emirates
Ordinary Shares
-
67.00
Sport54 Limited
22 Worple Road, London, England, SW19 4DD
Ordinary Shares
-
100.00
Performance54 Europe S.L (Spain)
Lugar Centro Comercial Sotomarket, Oficina 8 11360, San Roque, Cadiz Spain
Ordinary Shares
-
100.00

As permitted by section 479A of the Companies Act 2006, the Company's UK subsidiaries, Sport54 Limited and Red Door Events 54 Limited, are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts. In order to meet this exemption, the Company provides guarantees under section 479C of the Companies Act 2006.

16
Associates

Details of associates at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Rick Shiels Media Ltd
22 Worple Road, London, England, SW19 4DD
Ordinary Shares
-
33
Finch Golf Media Ltd
22 Worple Road, London, England, SW19 4DD
Ordinary Shares
-
40
The Jazzy Group Ltd
3c Mitre Court, 38 Lichfield Road, Sutton Coldfield, England, B74 2LZ
Ordinary Shares
-
49
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 34
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
23,899,193
37,853,658
-
0
-
0
Corporation tax recoverable
100,955
-
0
-
0
-
0
Other debtors
2,022,307
7,779,860
-
0
-
0
Prepayments and accrued income
12,429,203
17,006,214
-
0
-
0
38,451,658
62,639,732
-
-
Amounts falling due after more than one year:
Other debtors
144,324
-
0
-
0
-
0
Deferred tax asset (note 19)
1,896,023
611,406
-
0
-
0
2,040,347
611,406
-
-
Total debtors
40,492,005
63,251,138
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
9,748,826
20,542,730
2,160
-
0
Amounts owed to group undertakings
-
0
-
0
1,043,800
664,298
Corporation tax payable
2,076,986
811,126
-
0
-
0
Other taxation and social security
3,694,910
2,446,355
-
-
Other creditors
2,605,888
3,947,958
33
33
Accruals and deferred income
51,733,630
48,233,315
52,450
52,450
69,860,240
75,981,484
1,098,443
716,781
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 35
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Provisions
920,408
-
1,896,023
611,406
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(611,406)
-
Credit to profit or loss
(364,209)
-
Asset at 30 April 2024
(975,615)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to provisions not paid within 9 months of the year end.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,797
62,295

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
10,001
10,001
10,001
10,001
Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 36
22
Contingent liabilities

The directors have notice of a material claim against the company that could lead to High Court litigation. The company would be one of a number of defendants. Based on privileged legal advice, the directors believe that the company has strong defences, and that the potential claimants have very significantly over-stated the value of their claim.

 

In any event, the company has been given indications from the co-defendants that they would indemnify Performance54 Group Limited from any damages that were awarded and for the costs of the litigation.

 

In these circumstances the directors do not consider it appropriate to make a provision for the claim and the financial statements have been prepared on that basis. For the same reasons it is impracticable to make an estimate of the potential financial effect of such a claim so no disclosure can be made.

 

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
334,001
265,791
-
-
Between two and five years
-
267,115
-
-
334,001
532,906
-
-
24
Events after the reporting date

On the 6th November 2024, 72 Ordinary B shares were bought back from its shareholders for total consideration of £153,318.

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 37
25
Related party transactions

Performance54 Limited:

 

During the year the directors incurred £12,141 (2023: £12,260) worth of expenses on behalf of the company and were subsequently repaid. At the balance sheet date £923,126 (2023: £254,430) was due to directors in relation to deferred consideration payments and dividends.

 

During the year the company made sales of £6,201,432 (2023: £2,502,424) to group companies. The company made purchases of £2,885,095 (2023: £25,491,531) from group companies. At the balance sheet date £3,325,943 (2023: £1,676,105) was due from group companies and £1,758,121 (2023: £6,118,801) was due to group companies.

 

During the year the company made sales of £102,233 (2023: £99,429) to associate companies. At the balance sheet date £5,495 (2023: £8,893) was due from associate companies.

 

During the year the company made sales of £21,534,187 (2023: £32,312,362) to companies under common directorship. During the year the company made purchases of £nil (2023: £29,868) from companies under common directorship. At the balance sheet date £1,468,133 (2023: £3,780,785) was due from companies under common directorship.

 

The company recharged staff costs of £1,017,964 (2023: £Nil) to group companies for events services provided during the year.

 

Red Door Events 54 Limited:

 

During the year the company made purchases from group companies of £2,432,914 (2023: £27,970) and made sales of £2,940,990 (2023: £2,571,443) to group companies.

 

At balance sheet date, £152,271 (2023: £7,282) was due to group companies and £nil (2023: £99,095) was due from group companies.

 

 

Sport54 Limited:

 

During the year the company made £21,659 (2023: £13,605) purchases from group companies.

 

At the balance sheet date £nil (2023: £142,912) was due to group companies

 

Performance54 Group Limited:

 

At the balance sheet date £1,043,800 (2023: £664,331) was due to group companies as a result of dividends being paid by group companies on behalf of group.

26
Controlling party

The ultimate controlling party is Sanabil Private Equity Investments (Saudi Arabia).

Performance54 Group Limited
Notes to the Group Financial Statements (Continued)
For the year ended 30 April 2024
Page 38
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,325,855
6,453,251
Adjustments for:
Share of results of associates and joint ventures
(294,052)
(513,567)
Taxation charged
2,139,736
586,660
Finance costs
49,512
3,156
Investment income
(296,255)
(197,455)
Amortisation and impairment of intangible assets
937,699
922,317
Depreciation and impairment of tangible fixed assets
336,311
199,360
Movements in working capital:
Decrease/(increase) in debtors
24,144,705
(49,216,152)
(Decrease)/increase in creditors
(7,387,102)
44,587,837
Cash generated from operations
23,956,409
2,825,407
28
Analysis of changes in net funds - group
1 May 2023
Cash flows
Exchange rate movements
30 April 2024
£
£
£
£
Cash at bank and in hand
20,428,200
17,344,106
22,935
37,795,241
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