Company registration number 09563359 (England and Wales)
TGI SPORT RIGHTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
TGI SPORT RIGHTS LIMITED
COMPANY INFORMATION
Directors
Mr S J Burgess
Mr A J Ragan
Mr G F Pyne IV
Mr M Jolly
Company number
09563359
Registered office
34 Anyards Road
Cobham
Surrey
KT11 2LA
Auditor
Riches & Company
34 Anyards Road
Cobham
Surrey
KT11 2LA
Business address
4 Duke Street
Richmond
London
TW9 1HP
TGI SPORT RIGHTS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 34
TGI SPORT RIGHTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

Being the first full financial year under TGI Sport control, ISG accelerated turnover growth delivering on its core strategy to expand ownership of global premium sporting inventory rights from Rights Holders (leagues and clubs) and further advance delivering premium geolocation targeted advertisement for Brands through partnerships, advertisement management and virtual production from its state-of-the-art technology facility in Lissone, Milan.

 

The best-in-class redevelopment of the virtual production facility in Lissone empowered greater virtualisation capability, both in terms of number of geographical feeds - creating new rights markets for Rights Holders, as well as enabling greater volume of production for global sporting events, including expansion into new European football leagues such as the French Ligue 1 division. Delivering on the ISG model, revenue growth was achieved through both increased virtual optimisation coupled with acquisition of optimal virtual rights, servicing both existing and new Brands, from a variety of industries.

 

In July 2024, the founding shareholders of ISG agreed the sale of an additional 20% of the existing shares held in ISG to TGI UK Holdings Limited, part of the TGI Sport Group (“TGI”). TGI, the tech-led global sports media organisation, continue to strengthen their dominant position in global sports virtual advertisement market with multiple recent acquisitions, notably including the leading AI virtual technology provider Supponor, owner and developer of the Supponor Air® technology. The acquisition of additional ISG shares from TGI further demonstrates TGI’s view that ISG’s virtual production model and rights management is key to their global growth plan. Supported by TGI, ISG continue to diversify their rights ownership across global sports through strategic rights investment to ensure ISG remain at the forefront of B2B virtual advertisement in sport.

 

As outlined in the Group Statement of Comprehensive Income enclosed, ISG generated Revenue in the year of £97.6m, a growth of 25.9% from the 22/23 season, at a gross profit of £32.4m. Meanwhile Comprehensive Income for the year was £18.9m (2023: £18.1m), a growth of 4.4%. The Directors therefore are pleased with the performance of the Group.

 

The Directors of ISG continue to believe that the unique proposition of ISG in the use of virtual media technology to create a unique, guaranteed incremental revenue stream for rights holders, and a more targeted, higher return advertising model for brands, is one that will continue to resonate in the coming years.

TGI SPORT RIGHTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties

A significant proportion of the ISG revenue comes from the sports betting and gaming industry, and there can be no guarantee that there will not be future changes in legislation around the marketing of betting companies in countries in which ISG operates.

 

Betting advertising bans have been implemented in both Italy and Spain, the two largest markets for ISG, with further bans being considered in the UK with the current legislation stating English football’s top-flight clubs will no longer be allowed to advertise gambling brands on the front of their shirts from the 2026/27 season. The bans as structured have proven to be highly positive for ISG, as the regionalised virtual advertising proposition becomes a practical tool for rights holders and brands to comply with all local regulations; however, future changes may impede this.

 

The sports rights industry remains extremely competitive, with several sports and media agencies often competing for the same brand budgets. There always remains the potential that new technology providers will enter the market also, though none have yet been able to match the technical capability, nor adopt the unique ISG model, the investment from TGI into ISG provides assurance to the Directors that the ISG offering remains the most attractive in the European sports market and best placed to enter new rights markets, wherever a favourable opportunity is identified.

 

The policies for managing the principal financial risks faced by ISG are reviewed and agreed by the Group annually.

 

These include:

 

 

 

 

Development and performance

For ISG, the operational priorities are twofold. Firstly, to continue to effectively monetise the existing rights owned, driving more value for both Rights Holders and Brands, allowing ISG to remain as the incumbent and largest player in all key markets. Secondly, to continue to work with new Rights Holders and Brands towards the next stage of growth.

 

Typically, this will involve a long process of education, before tailoring the right approach for the parties and the sports property to create a successful long-term relationship. ISG continues to work with multiple Rights Holders in this regard.

 

Key performance indicators

ISG continues to focus on medium-to-long-term business planning, and continued excellence in delivery for clients, and uses the following key performance indicators to measure progress towards these:

 

2024

2023

Turnover

£97.6m

£77.5m

Gross profit margin

33.2%

40.6%

Operating profit margin

25.7%

29.2%

 

TGI SPORT RIGHTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

On behalf of the board

Mr A J Ragan
Director
30 May 2025
TGI SPORT RIGHTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of a sports media agency specialising in premium media rights, sales, activation & broadcast technology, integration & execution.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £24,070,539. 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:

Mr S J Burgess
Mr A J Ragan
Mr G F Pyne IV
Mr M Jolly
Mr J M Pearce
(Resigned 16 August 2023)
Research and development

During the year ISG Connect Limited, a company where the parent owns 51% of the issued share capital, carried out research and development activities. The research and development activities were to develop ISG Connect Limited's events platform, with the challenge of meeting client demands for further cloud services.

Auditor

Riches & Company were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

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

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.

Information required to be stated in the directors' report

The company has chosen to set out in the strategic report the following information that is required to be stated in the directors' report: post-balance sheet events, future developments, and financial risk management and policies.

TGI SPORT RIGHTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
On behalf of the board
Mr A J Ragan
Director
30 May 2025
TGI SPORT RIGHTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

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.

TGI SPORT RIGHTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TGI SPORT RIGHTS LIMITED
- 7 -
Opinion

We have audited the financial statements of Interregional Sports Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise 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, the company 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.

Opinions on other matters prescribed by the Companies Act 2006

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

TGI SPORT RIGHTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGI SPORT RIGHTS LIMITED
- 8 -
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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

As part of our planning process:

 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

TGI SPORT RIGHTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGI SPORT RIGHTS LIMITED
- 9 -

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Additionally, the auditor's responsibilities are to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the group financial statements. The auditor is responsible for the direction, supervision and performance of the group audit, and the auditor remains solely responsible for the auditor's opinion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Bolton (Senior Statutory Auditor)
For and on behalf of Riches & Company
30 May 2025
Chartered Accountants
Statutory Auditor
34 Anyards Road
Cobham
Surrey
KT11 2LA
TGI SPORT RIGHTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
97,604,769
77,514,915
Cost of sales
(65,241,779)
(46,064,122)
Gross profit
32,362,990
31,450,793
Research & development expenses
(55,878)
(49,749)
Administrative expenses
(7,121,034)
(8,750,642)
Other operating income
583
39,808
Acquisition costs
4
(131,450)
(60,107)
Operating profit
5
25,055,211
22,630,103
Share of profits of associates
3,145
17,794
Interest receivable and similar income
8
515,311
90,338
Interest payable and similar expenses
9
(100)
(6,499)
Amounts written off investments
10
5,458
-
Profit before taxation
25,579,025
22,731,736
Tax on profit
11
(6,653,328)
(4,662,390)
Profit for the financial year
18,925,697
18,069,346
Other comprehensive income
Currency translation differences
(9,076)
1,002
Total comprehensive income for the year
18,916,621
18,070,348
Profit for the financial year is attributable to:
- Owners of the parent company
18,924,003
18,019,020
- Non-controlling interests
1,694
50,326
18,925,697
18,069,346
Total comprehensive income for the year is attributable to:
- Owners of the parent company
18,914,927
18,020,022
- Non-controlling interests
1,694
50,326
18,916,621
18,070,348
TGI SPORT RIGHTS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
597,271
995,907
Total intangible assets
597,271
995,907
Tangible assets
14
1,088,292
1,259,173
Investments
15
1,837,043
1,836,609
3,522,606
4,091,689
Current assets
Debtors
18
23,936,195
33,455,525
Cash at bank and in hand
31,104,511
37,369,540
55,040,706
70,825,065
Creditors: amounts falling due within one year
19
(60,279,515)
(71,482,673)
Net current liabilities
(5,238,809)
(657,608)
Total assets less current liabilities
(1,716,203)
3,434,081
Provisions for liabilities
Deferred tax liability
21
264,981
261,347
(264,981)
(261,347)
Net (liabilities)/assets
(1,981,184)
3,172,734
Capital and reserves
Called up share capital
23
120
120
Profit and loss reserves
(2,279,301)
2,876,311
Equity attributable to owners of the parent company
(2,279,181)
2,876,431
Non-controlling interests
297,997
296,303
Total equity
(1,981,184)
3,172,734
The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mr A J Ragan
Director
Company registration number 09563359 (England and Wales)
TGI SPORT RIGHTS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,015,070
1,190,286
Investments
15
7,986,796
8,035,145
9,001,866
9,225,431
Current assets
Debtors
18
23,229,292
32,832,064
Cash at bank and in hand
29,843,140
35,975,214
53,072,432
68,807,278
Creditors: amounts falling due within one year
19
(59,802,490)
(71,207,463)
Net current liabilities
(6,730,058)
(2,400,185)
Total assets less current liabilities
2,271,808
6,825,246
Provisions for liabilities
Deferred tax liability
21
253,768
253,067
(253,768)
(253,067)
Net assets
2,018,040
6,572,179
Capital and reserves
Called up share capital
23
120
120
Profit and loss reserves
2,017,920
6,572,059
Total equity
2,018,040
6,572,179

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 £19,516,400 (2023 - £17,795,537).

The financial statements were approved by the board of directors and authorised for issue on 30 May 2025 and are signed on its behalf by:
30 May 2025
Mr A J Ragan
Director
Company registration number 09563359 (England and Wales)
TGI SPORT RIGHTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
120
10,518,985
10,519,105
245,977
10,765,082
Year ended 30 June 2023:
Profit for the year
-
18,019,020
18,019,020
50,326
18,069,346
Other comprehensive income:
-
Currency translation differences
-
1,002
1,002
-
1,002
Total comprehensive income for the year
-
18,020,022
18,020,022
50,326
18,070,348
Dividends
12
-
(25,662,696)
(25,662,696)
-
(25,662,696)
Balance at 30 June 2023
120
2,876,311
2,876,431
296,303
3,172,734
Year ended 30 June 2024:
Profit for the year
-
18,924,003
18,924,003
1,694
18,925,697
Other comprehensive income:
Currency translation differences
-
(9,076)
(9,076)
-
(9,076)
Total comprehensive income for the year
-
18,914,927
18,914,927
1,694
18,916,621
Dividends
12
-
(24,070,539)
(24,070,539)
-
(24,070,539)
Balance at 30 June 2024
120
(2,279,301)
(2,279,181)
297,997
(1,981,184)
TGI SPORT RIGHTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
120
14,439,218
14,439,338
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
17,795,537
17,795,537
Dividends
12
-
(25,662,696)
(25,662,696)
Balance at 30 June 2023
120
6,572,059
6,572,179
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
19,516,400
19,516,400
Dividends
12
-
(24,070,539)
(24,070,539)
Balance at 30 June 2024
120
2,017,920
2,018,040
TGI SPORT RIGHTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
27,528,122
19,932,942
Interest paid
(100)
(6,499)
Income taxes paid
(7,654,645)
(3,783,012)
Net cash inflow from operating activities
19,873,377
16,143,431
Investing activities
Purchase of tangible fixed assets
(462,631)
(603,012)
Proceeds from disposal of tangible fixed assets
-
21,269
Proceeds from disposal of subsidiaries, net of cash disposed
100,000
-
Proceeds from disposal of associates
2,711
15,158
Proceeds from disposal of investments
5,458
-
Repayment of loans
(2,220,060)
6,467,368
Interest received
515,311
90,338
Net cash (used in)/generated from investing activities
(2,059,211)
5,991,121
Financing activities
Repayment of bank loans
420
-
Dividends paid to equity shareholders
(24,070,539)
(25,662,696)
Net cash used in financing activities
(24,070,119)
(25,662,696)
Net decrease in cash and cash equivalents
(6,255,953)
(3,528,144)
Cash and cash equivalents at beginning of year
37,369,540
40,896,682
Effect of foreign exchange rates
(9,076)
1,002
Cash and cash equivalents at end of year
31,104,511
37,369,540
TGI SPORT RIGHTS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
26,709,425
19,010,670
Interest paid
(100)
(5,769)
Income taxes paid
(7,431,775)
(3,413,368)
Net cash inflow from operating activities
19,277,550
15,591,533
Investing activities
Purchase of tangible fixed assets
(423,572)
(585,347)
Proceeds from disposal of tangible fixed assets
-
0
21,269
Proceeds from disposal of subsidiaries
100,000
-
0
Proceeds from disposal of associates
(51,651)
-
0
Proceeds from disposal of investments
9,485
-
0
Repayment of loans
(2,220,060)
6,467,310
Interest received
505,356
89,705
Dividends received
741,357
455,158
Net cash (used in)/generated from investing activities
(1,339,085)
6,448,095
Financing activities
Dividends paid to equity shareholders
(24,070,539)
(25,662,696)
Net cash used in financing activities
(24,070,539)
(25,662,696)
Net decrease in cash and cash equivalents
(6,132,074)
(3,623,068)
Cash and cash equivalents at beginning of year
35,975,214
39,598,282
Cash and cash equivalents at end of year
29,843,140
35,975,214
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

TGI Sport Rights Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 34 Anyards Road, Cobham, Surrey, KT11 2LA and the principal place of business is as shown on the Company Information page.

 

The group consists of TGI Sport Rights 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 Interregional Sports 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 June 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.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -

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 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

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Revenue received in advance for future agreements is deferred.

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 5 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
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.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -

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
20% on cost
Fixtures and fittings
25%-33% on cost

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.

1.8
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.

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.

1.9
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.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -

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.

1.10
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.

1.11
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.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
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 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.12
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.

1.13
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.

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.

1.14
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.

1.15
Retirement benefits

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

1.16
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.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.17
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 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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of services
97,604,769
77,514,915
2024
2023
£
£
Turnover analysed by geographical market
World
97,604,769
77,514,915
2024
2023
£
£
Other revenue
Interest income
515,311
90,338
4
Exceptional item
2024
2023
£
£
Expenditure
Acquisition costs
-
60,107
Write off Spanish Taxation
131,450
-
131,450
60,107

In the year the company Wrote off for £131,450 worth of Spanish tax that was unable to be repaid.

 

 

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
123,194
587,457
Depreciation of owned tangible fixed assets
633,512
631,842
Profit on disposal of tangible fixed assets
-
(21,269)
Amortisation of intangible assets
298,636
331,969
Operating lease charges
30,449
30,248
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 group and company
27,000
27,000
For other services
Taxation compliance services
7,000
6,300
Other taxation services
3,600
3,600
All other non-audit services
15,928
25,050
26,528
34,950
7
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
Administrative employees
14
14
7
5
Directors and management
5
7
5
5
Total
19
21
12
10
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,187,423
4,629,982
3,901,013
3,792,434
Social security costs
377,707
437,192
341,614
401,268
Pension costs
76,681
46,273
6,222
3,502
3,641,811
5,113,447
4,248,849
4,197,204
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
144,010
5,362
Interest receivable from group companies
361,697
84,865
Other interest income
9,604
111
Total income
515,311
90,338
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
505,707
90,227
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
6,499
Other finance costs:
Other interest
100
-
Total finance costs
100
6,499
10
Amounts written off investments
2024
2023
£
£
Gain on disposal of fixed asset investments
5,458
-
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
6,687,228
4,590,303
Adjustments in respect of prior periods
(37,974)
-
0
Total current tax
6,649,254
4,590,303
Deferred tax
Origination and reversal of timing differences
4,074
72,087
Total tax charge
6,653,328
4,662,390

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
25,579,025
22,731,736
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.49%)
6,394,756
4,656,798
Tax effect of expenses that are not deductible in determining taxable profit
169,474
29,237
Tax effect of income not taxable in determining taxable profit
-
0
(2,878)
Group relief
(15,123)
-
0
Permanent capital allowances in excess of depreciation
(115,374)
(145,229)
Research and development tax credit
(19,207)
(8,741)
Other permanent differences
(2,004)
-
0
Under/(over) provided in prior years
(37,907)
-
0
Tax relief in respect of gift aid
125
-
Deferred tax movement
4,074
72,087
Other
9,126
(11,684)
Effect of adjustments in group accounts
265,388
72,800
Taxation charge
6,653,328
4,662,390
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
24,070,539
25,662,696
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023
3,115,178
Revaluation
(100,000)
At 30 June 2024
3,015,178
Amortisation and impairment
At 1 July 2023
2,119,271
Amortisation charged for the year
298,636
At 30 June 2024
2,417,907
Carrying amount
At 30 June 2024
597,271
At 30 June 2023
995,907
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.

More information on impairment movements in the year is given in note .

The revaluation of £100,000 was reversal of deferred consideration, as the result of failed earnouts

14
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
226,761
3,031,831
3,258,592
Additions
36,431
426,200
462,631
At 30 June 2024
263,192
3,458,031
3,721,223
Depreciation and impairment
At 1 July 2023
199,252
1,800,167
1,999,419
Depreciation charged in the year
18,134
615,378
633,512
At 30 June 2024
217,386
2,415,545
2,632,931
Carrying amount
At 30 June 2024
45,806
1,042,486
1,088,292
At 30 June 2023
27,509
1,231,664
1,259,173
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Tangible fixed assets
(Continued)
- 28 -
Company
Fixtures and fittings
£
Cost
At 1 July 2023
2,980,412
Additions
423,572
At 30 June 2024
3,403,984
Depreciation and impairment
At 1 July 2023
1,790,126
Depreciation charged in the year
598,788
At 30 June 2024
2,388,914
Carrying amount
At 30 June 2024
1,015,070
At 30 June 2023
1,190,286
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
6,146,159
6,246,159
Investments in associates
17
49,087
48,653
52,681
1,030
Unlisted investments
1,787,956
1,787,956
1,787,956
1,787,956
1,837,043
1,836,609
7,986,796
8,035,145
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2023
48,653
1,787,956
1,836,609
Additions
434
-
434
At 30 June 2024
49,087
1,787,956
1,837,043
Carrying amount
At 30 June 2024
49,087
1,787,956
1,837,043
At 30 June 2023
48,653
1,787,956
1,836,609
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2023
6,247,189
1,787,956
8,035,145
Additions
51,651
-
51,651
Deferred consideration
(100,000)
-
(100,000)
At 30 June 2024
6,198,840
1,787,956
7,986,796
Carrying amount
At 30 June 2024
6,198,840
1,787,956
7,986,796
At 30 June 2023
6,247,189
1,787,956
8,035,145
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
ISG Productions Limited
England and Wales
Ordinary
100.00
0
ISG Connect Limited
England and Wales
Ordinary
51.00
0
ISG Europa srl
Italy
Ordinary
100.00
0
Interregional Sports Group Partnerships Limited
England and Wales
Ordinary
100.00
0

All subsidiaries incorporated in England and Wales were exempt from the requirements of the Companies Act relating to the audit of their accounts by virtue of s479A Companies Act 2006. Subsidiaries incorporated in other countries were also exempt from audit in their respective countries.

 

All subsidiaries are included in the consolidated accounts.

17
Associates

Details of associates at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ISG Graphics SRO
Czech Republic
Ordinary
30
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,592,019
4,088,977
5,351,153
3,896,236
Corporation tax recoverable
101,811
34,161
-
0
-
0
Amounts owed by group undertakings
(61)
42,105
11,358
42,166
Other debtors
3,327,551
859,913
2,982,273
559,558
Prepayments and accrued income
14,914,875
19,345,504
14,884,508
19,249,239
23,936,195
24,370,660
23,229,292
23,747,199
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
9,084,865
-
9,084,865
Total debtors
23,936,195
33,455,525
23,229,292
32,832,064
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
420
-
0
-
0
-
0
Trade creditors
3,302,797
1,857,019
3,192,800
1,808,996
Amounts owed to group undertakings
-
0
-
0
30,997
120,394
Amounts owed to undertakings in which the group has a participating interest
-
0
-
0
-
0
73,336
Corporation tax payable
2,063,752
3,001,053
1,979,789
2,880,120
Other taxation and social security
133,803
135,247
66,847
89,628
Deferred income
53,025,265
62,913,186
52,985,407
62,866,178
Other creditors
142,913
230,591
2,790
101,375
Accruals and deferred income
1,610,565
3,345,577
1,543,860
3,267,436
60,279,515
71,482,673
59,802,490
71,207,463
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
420
-
0
-
0
-
0
Payable within one year
420
-
0
-
0
-
0
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Loans and overdrafts
(Continued)
- 31 -

The company has a revolving credit facility (RCF) of £2million with the Clydesdale Bank plc. The RCF bears interest at a variable rate of 3.8% to 4.19% and is repayable on demand. The loan is secured by a fixed and floating charge (which covers all the property or undertakings of the company).

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
264,981
261,347
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
253,768
253,067
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
261,347
253,067
Charge to profit or loss
3,634
701
Liability at 30 June 2024
264,981
253,768

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
76,681
46,273

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.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
66
66
66
66
Ordinary B shares of £1 each
54
54
54
54
120
120
120
120

All classes of shares have attached to them full voting, dividend (in accordance with the Articles) and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

 

On 1 July 2022, there was a change in the designation of shares which resulted in an issued share capital of 66 A Ordinary shares and 54 B Ordinary.

24
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
3,238
3,238
-
-
Between two and five years
2,968
6,206
-
-
6,206
9,444
-
-
25
Events after the reporting date

Subsequent to the period end, TGI UK Holdings Limited acquired an additional 20% of the share capital through the purchase of 24 B shares that were held by T Ragan and S Burgess.

26
Controlling party

During the year the Group was controlled equally by TGI Sport Topco Pty Ltd, a company incorporated in Australia.

27
Directors' transactions

At the end of the year, Mr S Burgess owed the Company £2,220,060.

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
18,925,697
18,069,346
Adjustments for:
Share of results of associates and joint ventures
(3,145)
(17,794)
Taxation charged
6,653,328
4,662,390
Finance costs
100
6,499
Investment income
(515,311)
(90,338)
Gain on disposal of tangible fixed assets
-
(21,269)
Amortisation and impairment of intangible assets
298,636
331,969
Depreciation and impairment of tangible fixed assets
633,512
631,842
Gain on sale of investments
(5,458)
-
Movements in working capital:
Decrease/(increase) in debtors
12,011,770
(18,552,369)
Decrease in creditors
(583,086)
(2,333,897)
(Decrease)/increase in deferred income
(9,887,921)
17,246,563
Cash generated from operations
27,528,122
19,932,942
29
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
19,516,400
17,795,537
Adjustments for:
Taxation charged
6,532,145
4,400,483
Finance costs
100
5,769
Investment income
(1,246,713)
(544,863)
Gain on disposal of tangible fixed assets
-
(21,269)
Depreciation and impairment of tangible fixed assets
598,788
592,110
Gain on sale of investments
(9,485)
-
Movements in working capital:
Decrease/(increase) in debtors
11,822,832
(18,447,330)
Decrease in creditors
(1,623,871)
(2,059,822)
(Decrease)/increase in deferred income
(9,880,771)
17,290,055
Cash generated from operations
25,709,425
19,010,670
TGI SPORT RIGHTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
30
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
37,369,540
(6,265,029)
31,104,511
Borrowings excluding overdrafts
-
(420)
(420)
37,369,540
(6,265,449)
31,104,091
31
Analysis of changes in net funds - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
35,975,214
(6,132,074)
29,843,140
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