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Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
Business Review
The directors aim to provide a balanced and comprehensive review of the development and performance during the year and position at the year end. This review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties faced by the business. Britannia Row Productions continues to provide high-quality audio solutions through the sale and rental of state-of-the-art equipment, alongside expert sound engineers and technicians. The Company serves both live events and the international touring markets, working closely with the Clair Global Group’s expanding global network to deliver consistent standards worldwide. In line with its strategic growth plans, Britannia Row expanded its live audio activities in the broadcast sector through the acquisition of Plus 4 Audio Limited – one of the UK’s leading providers of broadcast and event sound services. Additionally, in 2024 the company established a subsidiary in Saudi Arabia to support the anticipated growth of the live events industry across the Middle East.
In 2024, Britannia Row Productions achieved strong growth through strategic diversification into new regions and markets, resulting in an 8.9% increase in turnover from £41.5 million in 2023 to £45.2 million. The Company expanded its international footprint with the establishment of a subsidiary in the Kingdom of Saudi Arabia, reinforcing the Clair Global Group’s presence in the Middle East. This was complemented by the acquisition of Plus 4 Audio Limited, whose portfolio includes multiple flagship TV shows, live entertainment events, corporate launches, seminars and conferences.
Gross margin at 36.2% improved by 1.1%, up from 35.1% in 2023, driven primarily by increased sales of ex-hire equipment. Administration expenses rose during the year, largely due to foreign exchange movements on intercompany loan revaluations, overlapping building costs, and a strategic increase in wages and salaries, including an expanded apprenticeship programme. These factors contributed to a £2.9 million reduction in operating profit, which was £3.9 million for 2024. Following the planned annual capex and the Plus 4 acquisition, Britannia Row’s Fixed Assets increased by 53% to £47.6M, reflecting the Company’s strategic drive for continued investment. Financing this investment resulted in an overall increase to liabilities, however Britannia Row reported £11.5M in Net Assets for 2024 - a 19% increase on the prior year. The Board regularly monitors the Company’s financial performance against the following Key Performance Indicators. Turnover £45.2m Gross Profit Margin 36.2% EBITDA £9.5m
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Britannia Row Productions operates within a complex and evolving global landscape, presenting a number of risks and uncertainties. The risks faced by the Company are reviewed by the board on a regular basis and appropriate processes are put in place to monitor and mitigate these, however the Directors recognise that the Company, as any other business, is subject to risks and uncertainties that are beyond its control.
Skilled labour availability continues to be affected by the post-Brexit environment, requiring ongoing resource planning. Additionally, the USA have recently announced trade tariffs that could result in increased costs for the business, for which we are assessing the impact this will have on our business. Other keys risks that could impact on the future of the business are: Talent Retention and Recruitment The business mitigates recruitment and retention risk through competitive remuneration, fostering a strong and supportive culture, and offering clear career development pathways to attract and retain skilled professionals. Exchange Rate Fluctuations The company manages exposure to exchange rate volatility through currency-matched quoting and the use of multi-currency bank accounts, helping to minimise financial risk. Interest Rates Interest rate risk is addressed through careful financial planning and by aligning capital expenditure with market conditions to ensure sustainable investment decisions. Health & Safety Health and safety remains a priority, with oversight from a dedicated manager. Regular reviews and training ensure a proactive approach to maintaining a safe working environment. Cybersecurity To protect against digital threats, the company has implemented multi-factor authentication and conducts ongoing staff training to promote cybersecurity awareness and resilience
Britannia Row Productions will continue to strengthen its collaboration within the Clair Global Group, with a shared focus on enhancing global synergies and aligning operational processes across the wider organisation. Looking ahead, the company remains committed to continuous improvement and innovation, with the aim of consistently exceeding client expectations and maintaining the highest standards of service.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors’ Statement on the Promotion of the Company’s Success
In accordance with Section 172 of the Companies Act 2006, the directors of Britannia Row Productions outline below how they have fulfilled their duty to promote the long-term success of the Company for the benefit of its stakeholders. The directors remain committed to fostering a sustainable business built on strong relationships with employees, customers, suppliers, and shareholders. Employees The wellbeing and development of our people are central to the Company’s long-term success. We ensure all employees are paid at least the London Living Wage, and we focus on attracting and retaining talent by offering regular training, prioritising health and safety, and promoting wellbeing. We also encourage professional growth through opportunities for international travel and collaboration within the Clair Global Group. Customers We take pride in delivering highly customised and bespoke solutions, with a global service footprint that allows us to act as a single point of contact for international tours. This approach not only enhances convenience and customer support but also reduces freight costs and logistical complexity. Suppliers We maintain strong, collaborative relationships with our suppliers, underpinned by regular communication. These partnerships are structured to deliver mutually beneficial outcomes and drive innovation across the supply chain. Shareholders We uphold a high degree of transparency in our operations and ensure management incentives are appropriately aligned with the interests of shareholders, reinforcing our commitment to long-term value creation.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £1,964,142 (2023: £4,582,668).
The directors have not recommended a dividend.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Methodologies
Raw energy data taken at site level from direct invoices or landlord recharges. All Scope 1 & 2 emissions converted to GHG emissions using standard UK carbon conversion factors.
Energy efficiency
The Group has taken the below actions to reduce its carbon footprint:
∙Britannia Row has recently fitted out its new UK headquarters which includes a solar panel installation and has an EPC Rating of A.
∙The Group continues to work on developing its bespoke operations software which enables the company to utilise the equipment efficiently.
∙Clair Global’ s investment in worldwide locations allows the company to utilise local resources and reduce international freight.
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DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Ernst & Young LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED
We have audited the financial statements of Britannia Row Productions Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise of the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Financial Position, the Company Statement of Changes in Equity and the related notes 1 to 26, 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 FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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 and parent company’s ability to continue as a going concern for a period of 12 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group’s ability to continue as a going concern.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)
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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations including health and safety and the Data Protection Act 2018.
∙We understood how the Group and Parent Company are complying with those frameworks by making enquiries of management and those charged with governance to gain an understanding of entity level controls including how the group and parent company maintains and communicates its policies and procedures in these areas. We corroborated our enquiries through a review of policies, meeting minutes and any correspondence received from regulatory bodies.
∙We assessed the susceptibility of the Group and Parent Company’s financial statements to material misstatement, including how fraud might occur through inquiry of management and those charged with governance as to established policies and procedures that exist, as well as reading internal policies relating to revenue recognition and related party transactions. We considered the procedures and controls that the group and parent company has established to address risks identified, or that otherwise prevent, deter and detect fraud and gained an understanding as to how these procedures and controls are implemented and monitored.
∙Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures included verifying that material transactions are recorded in compliance with FRS 102 and where applicable Companies Act 2006. Compliance with other operational laws and regulations was covered through inquiry with management, reading of the board meeting minutes and correspondence with the relevant authorities with no indication of non-compliance identified.
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 auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)
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.
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Britannia Row Productions Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 14 Vickers Drive South, Brooklands Industrial Park, Weybridge, KT13 0YX.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the year end the Group had net assets of £11,504,428 increased from £9,365,652 as at 31 December 2024. For at least the next 12 months from the date of these financial statements, due to the continued support of the ultimate parent Company and cash generated from operations, the directors have a reasonable expectation that the Group has adequate resources to continue operational existence.
The Directors have received a letter of support from Clair Global Corporation that confirms their ability to provide continued financial support to the company for it to meet its current and future liabilities as they fall due for a period of 12 months from date of the financial statements. In assessing the ability of the Directors to rely on this support, they have considered the group's future cash flows and level of committed facilities available at the group level to support liquidity. Taking into account the support from the parent Company, the Directors have a reasonable assurance to continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue arising from the supply of audio equipment, engineers and technicians is recognised at the point of supply. Where services are invoiced in advance, revenue is deferred and released on fulfillment of the contracted services. Revenue arising from the sale of new and used audio equipment is recognised on despatch to the customer, which is considered to be the point at which the risks and rewards of ownership transfer to the customer. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a mixture of straight line and reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13.Intangible assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Foreign exchange reserve
Profit and loss account
On 29 October 2024, the net assets of Plus 4 Audio Limited were £4,925,104. The Goodwill arising on acquisition was £5,235,739.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22.Business combinations (continued)
The Company's assets are pledged as security over group borrowings by means of fixed and floating charges and negative pledges held by PNC Bank, National Association. The directors do not anticipate that the Company will incur any future liabilities as a result of these charges.
The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. At 31 December 2024 contributions totalling £53,086 (2023 - £37,386) were payable to the Group's pension funds at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is Lititz Holdings Limited which is registered in the Republic of Ireland.
The ultimate parent company is Clair Global Family Holdings LLC, which is registered in the United States of America. The results of the Company are included in the consolidated financial statements for Clair Global Corp., a company registered in the United States of America whose registered address is One Ellen Avenue, Lititz, PA 17543, United States. This is the largest and smallest group of undertakings for which consolidated financial statements are available.
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