Performance54 Limited
Annual Report and Financial Statements
For the year ended 30 April 2024
Company Registration No. 09541377 (England and Wales)
Performance54 Limited
Company Information
Directors
M Selby
R Warren
Mr J D Moore
Mr G D Davidson
Mr E Edwards
Company number
09541377
Registered office
22 Worple Road
London
England
SW19 4DD
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Performance54 Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 28
Performance54 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 now leveraged it's global presence and marketing expertise to deliver for clients across all sports 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 which have delivered a higher margin for the Company. The turnover for the period ended 30 April 2024 is shown on page 11 of the financial statements. Turnover arises principally from service fees relating to marketing, advertising, strategic consulting, event management fees and sponsorship commissions. The decrease in revenue was predominantly due to events and services being managed by new group entities that have been incorporated since the start of the previous period. 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. As a result of the reduction in events income, cost of sales has equally reduced versus the prior period. 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 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 Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 2
Principal risks and uncertainties
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. Owing to the addition of high margin consultancy services in the period, net margin improved from 3% in 2023 to 26% in 2024.
Given the relative scale and revenue, the number of professional golf events under management is a key performance indicator for the Company. The decrease in revenue in 2024 was predominantly due to events and services being managed by new group entities that have been incorporated since the start of the previous period.
The number of events staged by the Company in the year was as follows:
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 29% lower than the previous year at £91,363,558 (2023: £128,055,993) with gross profit 15% higher than the previous year at £17,186,531 (2023; £14,907,181) and gross profit margin of 19% (2023: 12%).
Future Outlook
It is expected that the Company 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 Company 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 Company aims to increase the number of events under management and further expand and diversify the activities of the Company in the future. The Company 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 Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 3
Other information and explanations
Our 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.
Promoting the success of the company
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:
the likely consequences of any decision in the long term;
the interests of the Company's employees;
the need to foster the Company's business relationships with suppliers, customers and others;
the impact of the Company's operations on the community and the environment;
the desirability of the Company maintaining a reputation for high standards of business conduct; and
the need to act fairly between members of the Company.
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 Limited
Strategic Report (Continued)
For the year ended 30 April 2024
Page 4
M Selby
Director
3 December 2024
Performance54 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 principal activity of the company continued to be that of sport-related event management, sponsorship, tournament promotions and destination marketing.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £4,577,108. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Selby
R Warren
Mr J D Moore
Mr G D Davidson
Mr E Edwards
Auditor
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company 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 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M Selby
R Warren
Director
Director
3 December 2024
Performance54 Limited
Independent Auditor's Report
To the Member of Performance54 Limited
Page 7
Opinion
We have audited the financial statements of Performance54 Limited (the 'company') for the year ended 30 April 2024 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 Limited
Independent Auditor's Report (Continued)
To the Member of Performance54 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:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 and returns; or
certain disclosures of 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, 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.
Performance54 Limited
Independent Auditor's Report (Continued)
To the Member of Performance54 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:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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 Limited
Independent Auditor's Report (Continued)
To the Member of Performance54 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:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, 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 Limited
Profit and Loss Account
For the year ended 30 April 2024
Page 11
2024
2023
Notes
£
£
Turnover
3
91,363,558
128,055,993
Cost of sales
(74,177,027)
(113,148,812)
Gross profit
17,186,531
14,907,181
Administrative expenses
(13,939,832)
(14,479,014)
Other operating income
4
1,017,964
Operating profit
5
4,264,663
428,167
Interest receivable and similar income
9
1,410,594
707,527
Interest payable and similar expenses
10
(49,512)
Profit before taxation
5,625,745
1,135,694
Tax on profit
11
(1,107,059)
3,983
Profit for the financial year
4,518,686
1,139,677
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Performance54 Limited
Statement of Comprehensive Income
For the year ended 30 April 2024
Page 12
2024
2023
£
£
Profit for the year
4,518,686
1,139,677
Other comprehensive income
-
-
Total comprehensive income for the year
4,518,686
1,139,677
Performance54 Limited
Balance Sheet
As at 30 April 2024
Page 13
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
54,965
32,510
Tangible assets
14
231,613
80,517
Investments
15
216,230
216,230
502,808
329,257
Current assets
Debtors
18
19,609,995
49,419,921
Cash at bank and in hand
11,878,714
14,605,864
31,488,709
64,025,785
Creditors: amounts falling due within one year
19
(29,467,698)
(61,840,652)
Net current assets
2,021,011
2,185,133
Total assets less current liabilities
2,523,819
2,514,390
Provisions for liabilities
Deferred tax liability
20
(67,851)
(67,851)
-
Net assets
2,455,968
2,514,390
Capital and reserves
Called up share capital
22
1,075
1,075
Profit and loss reserves
2,454,893
2,513,315
Total equity
2,455,968
2,514,390
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:
M Selby
R Warren
Director
Director
Company Registration No. 09541377
Performance54 Limited
Statement of Changes in Equity
For the year ended 30 April 2024
Page 14
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
1,075
1,373,638
1,374,713
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,139,677
1,139,677
Balance at 30 April 2023
1,075
2,513,315
2,514,390
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
4,518,686
4,518,686
Dividends
12
-
(4,577,108)
(4,577,108)
Balance at 30 April 2024
1,075
2,454,893
2,455,968
Performance54 Limited
Notes to the Financial Statements
For the year ended 30 April 2024
Page 15
1
Accounting policies
Company information
Performance54 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Worple Road, London, England, SW19 4DD.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
Section 26 ‘Share based Payment’ Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’ Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Performance54 Group Limited. These consolidated financial statements are available from its registered office, 22 Worple Road, London, England, SW19 4DD.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 16
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.
1.4
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
33.3% straight line
1.5
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
33.3% straight line
Computers
33.3% 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 credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 17
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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, 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.
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 18
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.
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 company 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 company 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 company’s contractual obligations expire or are discharged or cancelled.
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 19
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 leases asset are consumed.
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 20
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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 sales accruals
The company recognises event revenue and costs upon the completion of an event. At this point, the company 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
The company performs an annual impairment review of its investments. At each reporting date, the company 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
Events & marketing income
87,099,107
118,723,553
Recharged third party costs
4,264,451
9,332,440
91,363,558
128,055,993
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
3
Turnover
(Continued)
Page 21
2024
2023
£
£
Turnover analysed by geographical market
UK
27,139,146
27,680,171
EU
12,579,395
6,748,597
Rest of World
51,645,017
93,627,225
91,363,558
128,055,993
4
Other operating income
Other operating income of £1,017,964 (2023: £nil) relates to the management recharge for staff costs.
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
1,199,652
(438,160)
Depreciation of owned tangible fixed assets
59,444
27,132
Amortisation of intangible assets
15,382
-
Operating lease charges
164,433
183,148
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
31,000
29,800
For other services
Taxation compliance services
3,745
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
100
68
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
7
Employees
(Continued)
Page 22
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
8,404,445
8,933,783
Social security costs
769,812
948,025
Pension costs
80,864
53,886
9,255,121
9,935,694
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,040,064
1,323,333
Company pension contributions to defined contribution schemes
3,908
-
1,043,972
1,323,333
Remuneration disclosed above include 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
-
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
290,093
196,734
Income from fixed asset investments
Income from shares in group undertakings
1,120,501
510,793
Total income
1,410,594
707,527
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
49,512
-
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 23
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
427,802
607,423
Deferred tax
Origination and reversal of timing differences
679,257
(611,406)
Total tax charge/(credit)
1,107,059
(3,983)
The actual charge/(credit) 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
5,625,745
1,135,694
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
1,406,436
221,347
Tax effect of expenses that are not deductible in determining taxable profit
50,968
92,804
Tax effect of income not taxable in determining taxable profit
(2,081)
Group relief
(27,254)
(2,673)
Other permanent differences
(40,885)
(65,929)
Dividend income
(280,125)
(99,570)
Movement in deferred tax not recognised
8,628
Remeasurements of deferred tax for changes in tax rates
(136,577)
Foreign tax credits
163,540
(22,013)
Expensed through sundry
(163,540)
Taxation charge/(credit) for the year
1,107,059
(3,983)
12
Dividends
2024
2023
£
£
Final paid
4,577,108
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 24
13
Intangible fixed assets
Software
£
Cost
At 1 May 2023
32,510
Additions
37,837
At 30 April 2024
70,347
Amortisation and impairment
At 1 May 2023
Amortisation charged for the year
15,382
At 30 April 2024
15,382
Carrying amount
At 30 April 2024
54,965
At 30 April 2023
32,510
14
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 May 2023
156,217
156,217
Additions
154,773
55,767
210,540
Disposals
(15,833)
(15,833)
At 30 April 2024
154,773
196,151
350,924
Depreciation and impairment
At 1 May 2023
75,700
75,700
Depreciation charged in the year
10,741
48,703
59,444
Eliminated in respect of disposals
(15,833)
(15,833)
At 30 April 2024
10,741
108,570
119,311
Carrying amount
At 30 April 2024
144,032
87,581
231,613
At 30 April 2023
80,517
80,517
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 25
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
215,811
216,131
Investments in associates
17
419
99
216,230
216,230
16
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 SPV Limited
3421 ResCo-work01, 34, Al Maqam Tower, Regus Adgm Square, Al Maryah Island, Abu Dhabi, UAE
Ordinary shares
100
-
Performance54 Event Management LLC
Tamarvi Arts Office Office 1403 Business Bay Dubai United Arab Emirates
Ordinary shares
-
100
Red Door Event Management LLC
Al Bateen Tower c6 Bainunah 1st and 2nd floor Street 34 Abu Dhabi United Arab Emirates
Ordinary shares
-
67
Red Door Events 54 Limited
22 Worple Road, London, England, SW19 4DD
Ordinary shares
67
-
Sport54 Limited
22 Worple Road, London, England, SW19 4DD
Ordinary shares
100
-
Performance54 USA Incorporated
185 Alewife Brook Parkway, Suite 210, Cabridge, MA 02138, USA
Ordinary shares
100
-
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
-
Performance54 Pty Ltd
Level 8, 81 Flinders Street, Adelaide, SA 5000, Australia
Ordinary shares
-
100
Performance54 SG Pte Ltd
8 Marina Boulevard, Marina Bay Financial Centre Tower 1, Level 11, Singapore 018981
Ordinary shares
-
100
Performance54 Europe S.L (Spain)
Lugar Centro Comercial Sotomarket, Oficina 8 11360, San Roque, Cadiz Spain
Ordinary shares
-
100
17
Associates
Details of the company's associates at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
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 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 26
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,313,586
28,430,146
Amounts owed by group undertakings
3,325,943
1,676,105
Other debtors
1,179,469
648,835
Prepayments and accrued income
4,646,673
18,053,429
19,465,671
48,808,515
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
144,324
Deferred tax asset (note 20)
611,406
144,324
611,406
Total debtors
19,609,995
49,419,921
19
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,817,168
13,470,334
Amounts owed to group undertakings
1,758,121
6,118,801
Corporation tax
240,303
240,935
Other taxation and social security
1,448,627
1,222,852
Other creditors
1,456,767
478,473
Accruals and deferred income
21,746,712
40,309,257
29,467,698
61,840,652
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Provisions
67,851
-
-
611,406
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
20
Deferred taxation
(Continued)
Page 27
2024
Movements in the year:
£
Asset at 1 May 2023
(611,406)
Charge to profit or loss
679,257
Liability at 30 April 2024
67,851
The deferred tax asset set out above is expected to reverse within 12 months and relates to bonus provisions not paid within 9 months of the year end.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,864
53,886
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
36,600
36,600
366
366
Ordinary B of 1p each
36,700
36,700
367
367
Ordinary C of 1p each
26,700
26,700
267
267
Ordinary D of 1p each
7,532
7,532
75
75
107,532
107,532
1,075
1,075
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
209,408
141,024
Between two and five years
209,408
209,408
350,432
Performance54 Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 28
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
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.
25
Ultimate controlling party
At the balance sheet date the immediate parent company was Performance54 Group Limited, a company incorporated in England and Wales with a registered office of 22 Worple Road, London, SW19 4DD.
The ultimate controlling party is Sanabil Private Equity Investments (Saudi Arabia).
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