The Directors present their strategic report for year ended 31 December 2024.

The principal activity of the Company is the management and exploitation of media assets owned by the ATP Masters 1000s Tournaments and the ATP Tour. ATP Media also acts as the television production host broadcaster for the ATP Masters 1000s Tournaments and the Nitto ATP Finals and is the international production and distribution partner for all sixteen ATP 500s, thirty-eight ATP 250s and ATP Next Gen tournaments. ATP Media operates the 'Tennis TV' direct to consumer digital subscription streaming service and creates and distributes editorially driven multi-platform original series and feature content.

Top line revenue growth is 6%, which includes growth in all revenues streams – media rights, graphics sponsorship, Tennis TV subscriber revenues and original programming revenues.

Following the European media rights tender process in 2023, there were a number of high profile contract renewals and several new broadcast partners, effective 1 January 2024. The growth generated in Europe more than offset some decline seen in the Asia renewals, and media rights growth netted to 2% overall.

The Tennis TV OTT streaming service had a successful year growing subscriber revenues by 35% compared to 2023 and they expanded to include a localised Spanish service to South America via a partnership with DAZN, partnered with Cariad to launch the Tennis TV app in Volkswagen vehicles, and streamed Wimbledon in New Zealand. Tennis TV claimed 5 awards at the SportsPro OTT Awards including the top award for D2C Platform of the Year.

The fledgling original programming and non-live content department has a remit to grow younger audiences for the game and enable commercialisation of content by Tournaments and ATP Tour. They have been responsible for some notable social media content shared by Tournaments and the ATP Tour, including a collaboration with ATP Tour that won “Best Original Content by a Rights Holder” award at the Broadcast Sport Awards “The Tour: A Reality Show”. Revenues are growing, but still small in relation to Broadcast Rights.

Cost of sales was 7% higher, including increased delivery costs for Tennis TV and additional content production costs for original programming.

June 2024 was the anniversary of the launch of ATP Media Studios, a dedicated, technologically advanced, remote production hub in White City, London, which has proved to be a huge success. ATP Media’s remote production strategy seeks, over time, to reduce the amount of kit and people travelling to tournament sites, which saves cost, reduces risk and assists with sustainability.

Administrative costs were 2% higher than the prior year.

Profit before tax at $5.9m (2023 $5.6m) is 3.0% of turnover (2023: 2.9%) including a $2.4m unrealised exchange movement on revaluation of forward foreign currency contracts and $1.m of additional interest on cash investments.

An interim dividend of $4.2m was declared in the year (2023: $3.9m) and paid to A and B Shareholders in 2024.

As for many businesses in a global environment, the Company will face several challenges during the forthcoming year, including potential exposure to adverse exchange rate movements. The Company has net income in Euros and net costs in GBP. Directors have hedged against this to the extent possible.

The nature of the core broadcast business is that the majority of revenue and cost is under contract before the year begins, which means the main exposures are the failure of a major broadcaster to meet their payment obligations or a failure of ATP Media to meet their broadcast obligations if tournaments are cancelled. ATP Media carries insurance cover for cancellation arising from a variety of causes, excluding communicable disease and war. Over the past few years, ATP Tour and ATP Media have dealt with the consequences of communicable disease and war on tennis and have developed processes to mitigate the risk posed.

The ATP Tour created 3 new ATP 500 tournaments to join the calendar in 2025 by upgrading existing ATP 250s. A further 5 ATP 250s have been removed from the calendar. The impact on financials is not expected to be significant.

The Company’s policy is to consult and discuss with employees, at meetings, matters likely to affect employee’s interests, including the strategy, development, and performance of the Company. Information about matters of concern to employees is given through relevant information channels which seek to achieve a common awareness on the part of all employees of all factors that affect the Company's growth and development. All employees share a responsibility for the culture of the Company.

The Company is committed to promoting equal opportunities in employment and embraces the moral, ethical, legal and business case for equality and diversity.

Going Concern

These accounts have been prepared on a going concern basis as the directors confirm that the entity is a going concern when considering the financial position, liquidity and solvency of the group.

During the year, the Board of ATP Media considers that it has always acted to promote the success of the Group, in the short and long term, for the benefit of its Shareholders as a whole, while having regard to the wider stakeholder groups. It has at all times had regard for:

• The potential long-term consequences of decisions made

• The need to act fairly between the Shareholders as a whole

• The interests of the Group’s employees

• The Interests of the ATP and the ATP Tour tournament groups represented

• Need to foster the Group’s relationships with its broadcasters and understand their technical challenges, strategy and audience

• The need for strong long-term partnerships with its suppliers to ensure a high-quality product into the future

• Maintenance of a reputation in the industry for high quality productions using the latest innovations

• The interests of the tennis consumer, globally, whether via linear broadcast, streaming service or social media

• Environmental, societal and economic risks facing the business

Every five years the Company produces a formal five-year Strategic Plan, analysing the broadcast industry, related industries, and relevant trends, and providing the strategic direction for the group over the coming years. The newest version of this plan, covering 2022 to 2026, was completed and approved by Shareholders in November 2021 with the intention that it be used as the basis for all future planning. This plan was reviewed by the Board during 2024 and updated, and a new formal plan will be submitted for approval of Shareholders in 2025.

Each year the Company undertakes a robust and detailed three-year business planning process, in consultation with advisory groups and all stakeholder groups, and informed by the Strategic Plan. This includes detailed financials and KPIs. It is approved by the Shareholders in November of each year. This plan always ensures that the Board act in accordance with a Shareholder agreed strategy, and it also forms the basis of departmental strategy, staff KPIs and the senior management bonus assessments.

The Board is required to meet at least 8 times a year and, from 2025, consists of ATP Media CEO, ATP Media CFO (in 2024 COO), and three A Shareholder representatives (one of which is the ATP Tour Chair). There are two Board Observers nominated by the B Shareholder Group. There is also a Finance and Remuneration Committee, that typically meets 5 times a year, made up of ATP Media and Shareholder representatives. Their role is to advise the Board on all financial matters and to advise the Shareholders on remuneration of senior management.

The A Shareholders, and representatives from the B Shareholder groups, meet at least quarterly and are informed on key developments and the up-to-date financial position.

Every two years the Company aims to invite its Broadcasters to a forum in the UK which includes both group presentations on matters important to the group and one to one meetings to understand matters important in the broadcast region. The last forum was in 2023 and the next will be in 2025.

The Company also seeks to run, at-least, biennial in-person ‘Tournament Forums'. The objective is for key personnel from ATP Tour tournaments across the world to participate and learn more about the role of Media at their events, the broadcaster perspective on their events and the Media industry in general. A forum was run in 2023, and will be run again in 2025.

The Company’s policy regarding employee consultation is included above.

The Board believe that the financial results, and the continued investment in the future of the business demonstrates the effectiveness of the Board’s decisions and strategy.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

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

Ordinary dividends were paid amounting to $3,750,000. The directors do not recommend payment of a further dividend.

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

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

The company has costs and revenue in a mixture of USD, EUR and GBP typically, which results in foreign exchange risk. This is mitigated by entering into forward exchange contracts so that exchange values are predetermined.

The company undertakes research and development activity to continually improve the way in which Broadcasters and Consumers can enjoy the media and broadcasting rights that it markets.

Saffery LLP have expressed their willingness to continue in office.

The group consolidated accounts of ATP Media Holdings Limited, within which this entity is included, discloses the carbon reporting requirements for the group as a whole.

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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its principal activities, future developments and its s172 report.

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.

We have audited the financial statements of ATP Media Operations Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, 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 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:

• give a true and fair view of the state of the company's affairs as at 31 December 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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:

• 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.

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.

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.

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.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's 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.

The Statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

ATP Media Operations Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor 22-24 Worple Road, Wimbledon, SW19 4DD.

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 United States of America dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $1.

The financial statements have been prepared under the historical cost convention modified to include the revaluation certain financial instruments at fair value. 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 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of ATP Media Holdings Limited, which is the ultimate parent company. These consolidated financial statements are available from its registered office, 4th Floor, 22-24 Worple Road, Wimbledon, SW19 4DD and are the only financial statements in to which ATP Media Operations Limited is consolidated. There is considered to be no ultimate controlling party.

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.

Revenue 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.

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.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Development expenditure capitalised includes that of website costs. These costs are classified as intangible fixed assets.

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 comprise internally developed software and website costs that meet the definition of internally generated assets as per section 18 of FRS 102. Such assets are defined as having a finite lives; they are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

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:

Property, plant and equipment 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:

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.

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.

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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, which include trade and other receivables, 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, 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.

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.

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.

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, including trade and other payables, 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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 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.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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 non-current assets.

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

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

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.

Transactions in currencies other than United States of America dollars 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 are included in the income statement for the period.

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Management make an assessment of the fair value of trade receivables on a periodic basis. When assessing if impairment is applicable management consider factors including the aged profile of trade receivables, historical experience and specific evidence in respect of individual debts outstanding.

Management include the fair value of its forward exchange contracts as at each year end using third party valuation reports.

All turnover relates to the rendering of services in respect of the company's principal activity. There is only a single class of material turnover.

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

Their aggregate remuneration comprised:

Included in wages and salaries is an amount of $2,094,420 (2023: $1,051,540) relating to a long term benefit agreement between the company and some members of staff.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1).

The number of directors who are entitled to receive remuneration under long term incentive schemes during the year was 2 (2023 - 2).

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:

All amounts are due within one year and are unsecured.

The provision is in respect of the premises used by the company and reflect the estimated cost of restoring the premises to its original conditional in line with the underlying rental agreements. The provision is expected to reverse at the end of the lease term.

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

The deferred tax balance is expected to reverse, however it is not possible to quantify the expected reversal due to the unknown timing of disposals in respect of certain fixed assets.

Finance Bill 2021 increased the rate of corporation tax from 19% to 25% as of 1 April 2023. As this is the substantively enacted rate at the year end, deferred tax has been recorded at 25%.

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.

The company has one class of ordinary shares which carry one vote per share. Each share is entitled equally to participate in dividends when declared by the board. Upon winding up each share is entitled to an equal amount of the proceeds arising from the disposal of the company's assets after all debts have been paid.

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:

Amounts contracted for but not provided in the financial statements:

During the year the company considered the shareholders of the ultimate group of which ATP Media Operations Limited is a wholly owned subsidiary to be related parties.

Other related parties include ATP Tour, Inc, Trans World International Inc T/A IMG Media and Tennis Data Innovations (UK) Limited. ATP Tour Inc and Trans World International Inc T/A IMG Media are considered to be related parties by virtue their shareholding in the ultimate group. Tennis Data Innovations (UK) Limited and its subsidiaries are considered to be related parties by virtue ATP Media Tennis Limited (immediate parent) holding 20% of the parent company's shares during 2024.

During the year the company made sales to related party entities and their connected parties included in the above totalling $16,384,461 (2023: $13,195,922). It also incurred costs from related parties of $5,914,122 (2023: $9,222,291).

As at 31 December 2024, amounts owed from related parties are disclosed in note 15. Amounts owed to such related parties are disclosed in note 16.

The company's parent undertaking is ATP Media Tennis Limited and the ultimate parent undertaking is ATP Media Holdings Limited whose registered office is the same as for the company (see note 1). ATP Media Holdings Limited is the parent of both the smallest and largest group of which the company is a member and for which consolidated financial statements are prepared. Copies of the financial statements of both companies are available from Companies House, Crown Way, Cardiff CF14 3UZ. The directors do not consider there to be an ultimate controlling party.

In April 2025 a lawsuit was filed against ATP Media and both sides are currently engaged in seeking a resolution via a settlement. As at the signing date it is impracticable to estimate the financial effect of this. No further information is provided as it would be prejudicial to the lawsuit.