REGISTERED NUMBER: 08767405 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RIGHT FORMULA GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTOR:

Mr R B Fenwick

REGISTERED OFFICE:

5 Riverlight Quay

Nine Elms Lane

London

SW11 8DX

REGISTERED NUMBER:

08767405 (England and Wales)

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Right Formula is a sports marketing agency with industry leading expertise in motorsports.

In 2024, the turnover grew by 29% resulting from a strong industry reputation and a growth in awareness of the business. This is a result of continuously striving to be best in the industry and keeping good relationships with its existing clients and key stakeholders in global commercially attractive sports which has led expanded scope of works and significant new business wins.

Whilst attracting talent in the industry remains competitive, the company has retained key staff and obtaining a market share which has been a factor in company's growth.

This has led to Right Formula's best year on year growth in its history which equated to 51% EBITDA growth on last year.

The group is financially strong which is evidenced by a strong balance sheet position at the year-end which grew by 18%.

The key financial performance indicators for the company are as follows:

2024

2023

Measure

Gross profit margin

31%

33%

Gross profit/sales

Profit before tax

25%

19%

Profit before tax

PRINCIPAL RISKS AND UNCERTAINTIES

The group is exposed to a variety of financial risks which are mitigated by the Board, Executive Management team and the group's finance department.

The principal risks and uncertainties affecting the group include:

-Retention of customers - the group maintains strong relationships with each of its key customers and has established procedures for monitoring performance and service levels through quarterly business reviews.

-Liquidity risk - group has sufficient available funds for operations and planned expansions and actively managing cash flow through effective working capital management.

-Competition risk - the group remains one of the leading experts in sports with many years of industry knowledge. Its diversity helps to mitigate the possible effect of action by any one single competitor.

The director believes that the group has adequate resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.

EMPLOYEES

The group operates an equal opportunities policy. This policy aims to ensure that there should be equal opportunity for all, and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

The group maintains its own health, safety and environmental policies covering all aspect of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the group is responsive to the needs of the employees and the environment.

FUTURE DEVELOPMENTS

The group is committed to its US expansion as well as other markets by widening our service delivery to American sports.

The M&A strategy is likely to find complimentary businesses to build on the already existing foundation.

Digital products are a key diversification for RF as such this will be an area of greater investment focus which will transform Right Formula's product offering in the future.

GENERAL OVERVIEW

The future looks extremely bright for the group from having secured many contacts in 2024 which will take effect from 2025. Growth looks set to continue in future years.

ON BEHALF OF THE BOARD:

Mr R B Fenwick - Director

31 July 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group is of marketing services.

DIVIDENDS

An interim dividend of £1,883.65 per share was paid on the Ordinary 1p shares on 31 December 2024. No dividends were paid on the Ordinary £1 shares. The total distribution of dividends for the year ended 31 December 2024 was £188,365.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

The Founder, Mr. R. B. Fenwick held the office as Chief Executive Officer of Right Formula for the entire period from 1 January 2024 through to the date of this report.

The year 2024 was a landmark period for Right Formula, delivering exceptional growth and performance. Turnover increased by 29%, while gross profit rose by 23% compared to the prior year. This success was driven by securing multiple new global clients across a diverse range of industries, underscoring the strength of our market proposition and the adaptability of our approach.

Expansion into the United States has allowed us to recruit experts in both motorsports as well as other U.S. major league sports to ensure we can provide strategic and operational support to clients who see the U.S. as key market.

During the year, Right Formula made strong senior hires and expanded its service offering. The business is now recognised as a fully integrated, 360-degree sports marketing agency - capable of delivering every aspect of modern sports marketing solutions. The Digital and Communications division was a standout performer, growing significantly on the back of key client wins. This included driving forward a range of innovative digital products designed to enhance the impact of our clients' partnerships.

This commercial and operational progress translated into a 51% increase in EBITDA versus 2023, reflecting both strong top-line growth and operational efficiency.

Right Formula continues to be one of the leading global sports marketing agencies, maintaining a particular specialism in motorsport.

DONATIONS

Donations of £166 were made during the year.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr R B Fenwick - Director

31 July 2025

Opinion

We have audited the financial statements of Right Formula Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the group's sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected transactions;

- tested the appropriateness of journal entries;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud. we:

- we obtained an understanding of the group's revenue recognition policies and compared these to the accounting standard;

- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;

- tested a sample of revenue transactions to supporting evidence; and

- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

31 July 2025

TURNOVER

3

29,851,412

23,091,892

Cost of sales

(20,585,902

)

(15,550,953

)

GROSS PROFIT

9,265,510

7,540,939

Administrative expenses

(7,011,514

)

(6,086,033

)

OPERATING PROFIT

5

2,253,996

1,454,906

Income from interest in associated undertakings

81,802

31,722

Interest receivable and similar income

6

82,438

60,902

2,418,236

1,547,530

Interest payable and similar expenses

7

(91,740

)

(86,131

)

PROFIT BEFORE TAXATION

2,326,496

1,461,399

Tax on profit

8

(588,008

)

(361,380

)

PROFIT FOR THE FINANCIAL YEAR

1,738,488

1,100,019

Profit attributable to:

Owners of the parent

1,648,163

1,026,748

Non-controlling interests

90,325

73,271

1,738,488

1,100,019

PROFIT FOR THE YEAR

1,738,488

1,100,019

OTHER COMPREHENSIVE INCOME

Foreign exchange loss

(455

)

5,549

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(455

)

5,549

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,738,033

1,105,568

Total comprehensive income attributable to:

Owners of the parent

1,639,600

1,032,297

Non-controlling interests

98,433

73,271

1,738,033

1,105,568

FIXED ASSETS

Intangible assets

11

278,445

322,101

Tangible assets

12

3,204,322

3,303,260

Investments

13

Interest in associate

174,513

182,712

3,657,280

3,808,073

CURRENT ASSETS

Debtors

14

12,432,950

11,073,569

Cash at bank and in hand

7,962,285

5,924,940

20,395,235

16,998,509

CREDITORS

Amounts falling due within one year

15

13,228,834

11,354,104

NET CURRENT ASSETS

7,166,401

5,644,405

TOTAL ASSETS LESS CURRENT LIABILITIES

10,823,681

9,452,478

CREDITORS

Amounts falling due after more than one year

16

(1,171,917

)

(1,217,290

)

PROVISIONS FOR LIABILITIES

19

(62,771

)

(79,671

)

NET ASSETS

9,588,993

8,155,517

CAPITAL AND RESERVES

Called up share capital

20

1

1

Retained earnings

21

9,654,964

8,195,621

SHAREHOLDERS' FUNDS

9,654,965

8,195,622

NON-CONTROLLING INTERESTS

22

(65,972

)

(40,105

)

TOTAL EQUITY

9,588,993

8,155,517

The financial statements were approved by the director and authorised for issue on 31 July 2025 and were signed by:

Mr R B Fenwick - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

101

101

101

101

CURRENT ASSETS

Debtors

14

2,079

3,193

CREDITORS

Amounts falling due within one year

15

850

1,020

NET CURRENT ASSETS

1,229

2,173

TOTAL ASSETS LESS CURRENT LIABILITIES

1,330

2,274

CAPITAL AND RESERVES

Called up share capital

20

1

1

Retained earnings

1,329

2,273

SHAREHOLDERS' FUNDS

1,330

2,274

Company's profit for the financial year

187,421

469,102

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 31 July 2025 and were signed by:

Mr R B Fenwick - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

1

7,633,064

7,633,065

-

7,633,065

Changes in equity

Dividends

-

(469,740

)

(469,740

)

(117,400

)

(587,140

)

Total comprehensive income

-

1,032,297

1,032,297

73,271

1,105,568

1

8,195,621

8,195,622

(44,129

)

8,151,493

Non-controlling interest arising on business combination

-

-

-

4,024

4,024

Balance at 31 December 2023

1

8,195,621

8,195,622

(40,105

)

8,155,517

Changes in equity

Dividends

-

(188,365

)

(188,365

)

(124,300

)

(312,665

)

Total comprehensive income

-

1,647,708

1,647,708

98,433

1,746,141

Balance at 31 December 2024

1

9,654,964

9,654,965

(65,972

)

9,588,993

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

2,911

2,912

Changes in equity

Dividends

-

(469,740

)

(469,740

)

Total comprehensive income

-

469,102

469,102

Balance at 31 December 2023

1

2,273

2,274

Changes in equity

Dividends

-

(188,365

)

(188,365

)

Total comprehensive income

-

187,421

187,421

Balance at 31 December 2024

1

1,329

1,330

Cash flows from operating activities

Cash generated from operations

1

2,530,613

837,752

Interest paid

(91,740

)

(86,131

)

Tax paid

(248,145

)

(389,384

)

Tax repayment

91,402

-

Net cash from operating activities

2,282,130

362,237

Cash flows from investing activities

Purchase of tangible fixed assets

(42,237

)

(173,695

)

Sale of tangible fixed assets

-

291

Interest received

65,226

51,401

Dividends received

90,000

89,752

Net cash from investing activities

112,989

(32,251

)

Cash flows from financing activities

Loan repayments in year

(45,373

)

(25,435

)

Amount introduced by directors

267

64

Equity dividends paid

(188,365

)

(469,740

)

Dividends paid to minority interests

(124,300

)

(117,400

)

Net cash from financing activities

(357,771

)

(612,511

)

Increase/(decrease) in cash and cash equivalents

2,037,348

(282,525

)

Cash and cash equivalents at beginning of year

2

5,924,937

6,207,462

Cash and cash equivalents at end of year

2

7,962,285

5,924,937

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

2,326,496

1,461,399

Depreciation charges

192,939

160,342

Finance costs

91,740

86,131

Finance income

(164,240

)

(92,624

)

2,446,935

1,615,248

Increase in trade and other debtors

(1,375,475

)

(2,109,565

)

Increase in trade and other creditors

1,459,153

1,332,069

Cash generated from operations

2,530,613

837,752

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

7,962,285

5,924,940

Bank overdrafts

-

(3

)

7,962,285

5,924,937

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,924,940

6,207,462

Bank overdrafts

(3

)

-

5,924,937

6,207,462

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

5,924,940

2,037,345

7,962,285

Bank overdrafts

(3

)

3

-

5,924,937

2,037,348

7,962,285

Debt

Debts falling due within 1 year

(84,657

)

-

(84,657

)

Debts falling due after 1 year

(1,217,290

)

45,373

(1,171,917

)

(1,301,947

)

45,373

(1,256,574

)

Total

4,622,990

2,082,721

6,705,711

1.	STATUTORY INFORMATION

Right Formula Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis, as described in the Director's Report. This assumes that sufficient funds will be available for the group to continue in operational existence for the foreseeable future.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 December 2024. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

Significant judgements and estimates

In the application of the company's accounting policies, the director is 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.