Equestrian Event Organizers UK Limited
Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 08276312 (England and Wales)
Equestrian Event Organizers UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Equestrian Event Organizers UK Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,030,874
727,967
Cash at bank and in hand
67,011
28,143
1,097,885
756,110
Creditors: amounts falling due within one year
5
(1,690,277)
(1,497,352)
Net current liabilities
(592,392)
(741,242)
Capital and reserves
Called up share capital
6
1
1
Other reserves
16,543
16,543
Profit and loss reserves
(608,936)
(757,786)
Total equity
(592,392)
(741,242)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
H Van Lierop
Director
Company Registration No. 08276312
Equestrian Event Organizers UK Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information
Equestrian Event Organizers UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Market Yard Mews, 194-204 Bermondsey Street, London, United Kingdom, SE1 3TQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
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 JT Sports Holding B.V. These consolidated financial statements are available from its registered office, Maastrichterweg 249, 5556 VB, Valkenswaard, Netherlands.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3
1.2
Going concern
The company derives the majority of its income from its immediate parent, Tops Equestrian Events B.V. for its role in delivering the London event of the Longines Global Champions Tour.
At the balance sheet date, the company had net liabilities of £592,392 (2023: £741,242) including amounts due to Tops Equestrian Events B.V. of £1,639,529 (2023: £1,241,891). Tops Equestrian Events B.V have confirmed that they will not require repayment of this amount and will continue to provide support to the Company to enable it to settle its debts as they fall due, and on this basis, at 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.
However, Tops Equestrian Events B.V. and its ultimate parent JT Sports Holding B.V. is loss making and are currently dependent on ongoing support from its shareholders. If shareholder support is not forthcoming, then the group will not have sufficient resource to continue in operation for the foreseeable future. This indicates the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. However the directors expect that shareholder support to be provided as needed, and therefore 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 goods and 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.
Ticket sales are recognised once an event has taken place and the company's obligations have been fulfilled.
1.4
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.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.
1.6
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.
1.7
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.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
Commission receivable and payable
The company entered into a transfer pricing agreement with its parent undertaking in 2015.
Commissions receivable represent costs of the company that do not directly relate to staging events and which are recharged to the parent company at cost plus a mark-up of 5% (2023: 10%).
Commissions payable represent the net profit achieved on staging events on behalf of the parent company and which are charged at cost.
Other net surpluses related to events, including exchange differences arising, are re-charged to the parent company.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
3
Taxation
2024
2023
£
£
Total current tax
-
-
Deferred tax
Origination and reversal of timing differences
(41,657)
5,299
The company has estimated tax losses carried forward of £991,997 (2023: £1,086,010) which will be offset against any future profits from the same trade. A deferred tax asset has been recognised in respect of these losses due to certainty around future profits.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from group undertakings
337,660
154,574
Other debtors
445,215
367,051
782,875
521,625
Amounts falling due after more than one year:
Deferred tax asset
247,999
206,342
Total debtors
1,030,874
727,967
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,291
221,361
Amounts due to group undertakings
1,639,529
1,248,991
Other creditors
46,457
27,000
1,690,277
1,497,352
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Other reserves
2024
2023
£
£
At the beginning and end of the year
16,543
16,543
Other reserves relates to the foreign exchange differences noted on changing the presentation of the financial statements to the functional currency of the company.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
Material uncertainty around going concern
We draw attention to note 1.2 to the financial statements, which notes that the company had net liabilities of £592,392 at the balance sheet date including amounts due to Tops Equestrian Events B.V., its immediate parent undertaking of £1,639,529. Whilst Tops Equestrian Events B.V have confirmed that they will not require repayment of this amount and will continue to provide support to the Company to enable it to settle its debts as they fall due, Tops Equestrian Events B.V. and its ultimate parent JT Sports Holding B.V. are currently dependent on ongoing support from its shareholders. If this is not forthcoming then the group will not have sufficient resource to continue in operation for the foreseeable future. This indicates the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The auditor's report was unqualified.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
8
Audit report information
(Continued)
Page 7
Senior Statutory Auditor:
Ryan Day
Statutory Auditor:
Moore Kingston Smith LLP
9
Related party transactions
The company has taken advantage of the exemption to not disclose transactions with the parent and fellow subsidiaries that are wholly owned by a member of the group.
10
Parent company
The immediate parent undertaking of the company is Tops Equestrian Events B.V, and the ultimate parent company is JT Sports Holding B.V, both entries are incorporated in the Netherlands. J Tops is considered to be the ultimate controlling party.
Copies of the consolidated accounts can be obtained from Maastrichterweg 249, 5556 VB, Valkenswaard, Netherlands.