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REGISTERED NUMBER: 01129505

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| PING EUROPE LIMITED |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 5 |

Report of the Independent Auditors | 9 |

Consolidated Income Statement | 13 |

Consolidated Other Comprehensive Income | 14 |

Consolidated Balance Sheet | 15 |

Company Balance Sheet | 16 |

Consolidated Statement of Changes in Equity | 17 |

Company Statement of Changes in Equity | 18 |

Consolidated Cash Flow Statement | 19 |

Notes to the Consolidated Cash Flow Statement | 20 |

Notes to the Consolidated Financial Statements | 21 |

PING EUROPE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | J J Clark

| J A Solheim

| A D Solheim

| L Lovatt

| REGISTERED OFFICE: | Corringham Road

| Gainsborough

| Lincolnshire

| DN21 1XZ

| REGISTERED NUMBER: | 01129505

| AUDITORS: | Harold Sharp Limited

| Statutory Auditors and Chartered Accountants

| 5 Brooklands Place

| Brooklands Road

| Sale

| Cheshire

| M33 3SD

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report of the Company and the Group for the year ended 31 December 2024.

The results for the year and financial position of the Group are as shown in the annexed financial statements.

REVIEW OF BUSINESS

The Group had another excellent trading year, and whilst 2024 didn't include any major product launches, there was enough sustained consumer demand for the G430 family, along with some smaller iron launches to keep equipment sales and market shares buoyant. Our Apparel brand increased market share in a market that faced some challenges.

2025 brings the launch of the G440 family of golf equipment and there is a belief that this will follow favourably from the success of the G430.

The Group also continued to invest in renewing the facilities and golf courses at Thonock Park, whose results are included in these financial statements.

2023 was our record sales year for the Group, 2024 was always going to be behind this due to the lower and smaller level of product launches. The Directors were happy with the overall performance and the Group had another profitable trading year, leading to posting an operating profit of £3,994,480 (2023: £9,262,804).

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors consider the principal risks that the Group faces are:

Sales and Profit Growth - in the competitive environment in which the Group operates, marketplace consolidation and increased competition could adversely affect the Group's sales and profit.

Design, technology and efficiency of bringing product to the market are key to the past and future success of the business. The Group has confidence that its suppliers have focussed on the necessary investment to fulfil these criteria and mitigate the risk. The focus continues to be on developing the PING brand in a way that maintains our individual identity from competitors and promotes the significant benefits of custom fitting.

The Group continues to strengthen relationships with its customers in order to build long-term future growth of the PING brand throughout Europe, UAE and South Africa.

Financial Risk - the Group is exposed to certain financial risks that could ultimately affect trading results. These include:

Foreign Currency Exchange Rate Movements - against which the Group believes it has an appropriate hedging strategy against adverse movements.

Debtor Risk - the Group has a broad customer base that mitigates this, to the extent that the loss of any single large customer would not jeopardise the long-term future of the Group.

People - in order to meet its objectives, it is essential that the Group recruits, trains and retains a high calibre of people throughout the organisation. The Group is prepared to compete with other businesses to obtain those people and to train them in the skills required, for the Group to meet its objectives of protecting the brand and delivering profitable growth..

Brand Reputation - PING has built a strong worldwide brand reputation over many years. It is essential that the Group maintains robust environmental ethics, social standards and product safety to mitigate any potential risk of damage to the brand reputation arising from any detraction from the high standards required.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)

Component Supplies - interruption to supplies of components could adversely impact the Group's ability to fulfil customer orders an d ultimately could lead to a decline in demand for PING products and loss of profit. The Group adopts a purchase forecasting and stockholding strategy to minimise this impact and to facilitate a high level of customer service. Whilst th e Group does not insure against all potential risks, it does insure to what is an adequate level to mitigate those ris ks that are deemed to be material.

SECTION 172(1) STATEMENT

The board of directors of Ping Europe Limited consider, both individually and together, that they have acted in good faith and in a way that would most likely promote the success of the company for the benefit of its members (having regard to the stakeholders and matters set out in s172(1)(a-f below) of the Act) in the decisions taken during the year ended 31 December 2024.

a. The likely consequences of any decision in the long term

b. The interests of the Group's employees.

c. The need to foster the Group's business relationships with suppliers, customers and others.

d. The impact of the Group's operations on the community and the environment.

e. The desirability of the Group maintaining a reputation for high standards of business conduct, and

f. The need to act fairly as between members of the Group.

The directors of Ping Europe Limited make decisions with the long-term success of the Group and brand at the heart. The directors have a considered and balanced approach to its stakeholders and to the environment in which the Group operates. Some of these factors are considered in this report.

ENGAGEMENT WITH EMPLOYEES

The Group continues to seek to recruit high-quality staff and to adopt progressive policies of internal and external training to maximise their performance.

The Group is committed to providing equal opportunities to all employees, irrespective of their gender, sexual orientation, marital status, race, nationality, ethnic origin, disability, age, or religion.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Group's suppliers continue to invest in research and development in order to facilitate our delivery of cutting-edge products within the premium brand golf market. This remains the basis on which the Group's future strategy is founded.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

See Section 172(1) Statement above.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

KEY PERFORMANCE INDICATORS

Financial Key Performance Indicators

| 2024 |  |  | 2023 |  |

Turnover |  | £97,039,957 |  |  | £107,580,627 |  |

Gross Profit |  | £40,492,489 |  |  | £47,872,230 |  |

Gross Profit %age |  | 41.7% |  |  | 44.5% |  |

Operating Profit |  | £3,994,480 |  |  | £9,262,805 |  |

Net Profit/ (Loss) Before Tax |  | £4,023,085 |  |  | £9,316,399 |  |

Cash at Bank and In Hand |  | £7,949,755 |  |  | £10,730,449 |  |

Net Current Assets |  | £19,446,269 |  |  | £21,731,722 |  |

Net Assets |  | £27,653,185 |  |  | £29,583,935 |  |

Non-Financial Key Performance Indicators

The Group has an ongoing commitment to health and safety, quality and environmental standards. The Group is fully committed to a continuous improvement culture and providing a safe workplace.

Employee satisfaction is measured through an employee engagement survey, which is carried out every three years, to establish whether the goal of continuous improvement is being achieved and the Group are meeting employees' expectations.

LIQUIDITY

The Directors and senior management control and monitor the Group's cash flow on a regular basis.

ON BEHALF OF THE BOARD:

Director

30 April 2025

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the Company and the Group for the year ended 31 December 2024.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review was that of assembly and distribution of golfing equipment, apparel and accessories, and the running of a golf and leisure complex.

DIVIDENDS

The total dividends for the year ended 31 December 2024 are £4,594,819 (2023: £5,160,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J J Clark

J A Solheim

A D Solheim

L Lovatt

POLITICAL DONATIONS AND EXPENDITURE

During the year, the group made charitable donations of £19,808 (2023: £21,146). No donations were paid to political parties.

EMPLOYMENT OF DISABLED PERSONS

The Company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively support the continued employment and retraining of employees who become disabled whilst employed by the Company. Attention is given to the training and career development of disabled employees with a view to encouraging them to play an active role in the development of the Company.

STREAMLINED ENERGY AND CARBON REPORTING

SECR Reporting and Emissions Audit

Ping Europe Limited have reported all emission sources under the Companies Act 2006 (Strategic Report and Director's Reports) Regulations 2013 as legally required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's published GHG Conversion Factors for Company Reporting 2024.

The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.

Ping Europe Limited have chosen to calculate their purchased electricity using the market-based method. This means that as electricity contracts have been procured with 100% renewable energy from 1st April 2024, zero emissions are recorded for Scope 2 purchased electricity from this month onwards.

Energy emissions

Recorded energy consumption for the financial year 2024, was 2,720,388 kWhs which includes 149,398 kWhs of solar consumption and energy emissions were 418.233 tCO2e.

A summary of our emissions for this financial year compared to the previous year can be seen in the below table.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

SCOPE |  | TOTALS - tC02e |  | FY 2024 |  | FY 2023 |  | DIFFERENCE |  | % DIFFERENCE |

SCOPE 1 |  | Purchased Natural Gas |  | 122.928 |  | 119.174 |  | 3.754 |  | 3.15% |

SCOPE 1 |  | Company Vehicles |  | 246.595 |  | 233.774 |  | 12.821 |  | 5.48% |

SCOPE2 |  | Purchased Electricity |  | 48.710 |  | 157.592 |  | -108.881 |  | -69.09% |

| TOTAL |  | 418.233 |  | 510.539 |  | -92.306 |  | -18.08% |

Intensity Ratios

Ping Europe Limited has chosen to report on two intensity ratios; consumption and emissions divided by turnover. These are further broken down to show the intensity ratios at a local level of the golf club and factory.

TOTALS |  |  | FY 2024 |  | FY 2023 |  | Difference |  | % Difference |  |

Intensity Metric |  | Overall Turnover |  | 101,307,809 |  | 112,219,903 |  | -10,912,094 |  | -9.72% |  |

Intensity Ratio - Emmissions |  | kgC02e/turnover |  | 0.00413 |  | 0.00455 |  | -0.00042 |  | -9.26% |  |

Intensity Ratio - Consumption |  | kWh/turnover |  | 0.02685 |  | 0.02232 |  | 0.00453 |  | 20.30% |  |

TOTALS |  |  | FY 2024 |  | FY 2023 |  | Difference |  | % Difference |

Intensity Metric |  | Overall Turnover |  | 2,745,000 |  | 2,671,468 |  | 73,552 |  | 2.75% |

Intensity Ratio - Emmissions |  | kgC02e/turnover |  | 0.03438 |  | 0.05839 |  | -0.02401 |  | -41.12% |

Intensity Ratio - Consumption |  | Wh/turnover |  | 0.32144 |  | 0.32044 |  | 0.00099 |  | 0.31% |

TOTALS |  |  | FY 2024 |  | FY 2023 |  | Difference |  | % Difference |

Intensity Metric |  | Overall Turnover |  | 98,562,809 |  | 109,548,435 |  | -10,985,626 |  | -10.03% |

Intensity Ratio |  | kgC02e/turnover |  | 0.00329 |  | 0.00324 |  | 0.00005 |  | 1.52% |

Intensity Ratio |  | Wh/turnover |  | 0.01713 |  | 0.01505 |  | 0.00208 |  | 13.83% |

Overall, Ping Europe Limited can report a good year in terms of energy/emissions related matters. Purchasing 100% renewable electricity contracts from 1st April 2024 and an increase in solar PV generation has resulted in overall emissions decreasing by 92.306 tCO2e which equates to 18.08%.

The 2023 energy emission figures have been restated, there was an ongoing dispute that has now been settled, where it was not clear the ownership and usage of a gas meter. This has now been included in the energy emissions in 2023 and 2024.

Efficiency measures taken

During 2024 we have undertaken the following activities to lower overall emissions:

- Moved the company car fleet to PHEVs for Area Sales Managers

- SSS for electric cars to help employees afford electric cars.

- Purchased electricity contracts switched to 100% renewable energy and zero carbon emissions from April 2024

- Energy measurement and monitoring commenced to reduce usage.

- Quarterly internal reporting on SECR data to track of emission reductions.

- Finalised our Energy Savings Opportunity Scheme (ESOS) compliance process.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives for the next Year

During 2025 we aim to complete the below:

- Conversion of all lights over to LED and ensure all PIR's are in working order.

- A review of electricity half hourly data has highlighted anomalies based on how we understand how the building energy is used. Internal processes to monitor energy usage and spikes throughout the day and night have been introduced to establish where energy is being used ineffectively.

- Installation of Solar Panels at Thonock Park which will lead to a reduction to purchased electricity consumption/emissions.

- Development and implementation of an energy and sustainability policy. Training and education of employees in energy saving initiatives should lead to a greater awareness and behavioural change in the business.

- 2 EV Charging units being installed at the Golf club.

Ping Europe Limited will report on progress of these objectives in our next financial accounts.

DISCLOSURE IN THE STRATEGIC REPORT

The directors have included the following disclosures in the strategic report: Review of business, Principal risks and uncertainties, Key performance indicators, Liquidity, Employees, Ongoing developments and future strategy.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the Group and of the profit or loss of the Group 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 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

The auditors, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L Lovatt - Director

30 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PING EUROPE LIMITED

Opinion

We have audited the financial statements of Ping Europe 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PING EUROPE LIMITED

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 Directors.

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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PING EUROPE LIMITED

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:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the Companies Act 2006 was of most significance.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

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

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets, including stock.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

PING EUROPE LIMITED

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.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

1 May 2025

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 97,039,957 |  | 107,580,627 |  |

Cost of sales | (56,547,468 | ) | (59,708,397 | ) |

GROSS PROFIT | 40,492,489 |  | 47,872,230 |  |

Administrative expenses | (36,757,838 | ) | (38,783,198 | ) |

3,734,651 |  | 9,089,032 |  |

Other operating income | 259,829 |  | 173,773 |  |

OPERATING PROFIT | 5 | 3,994,480 |  | 9,262,805 |  |

Interest receivable and similar income | 28,605 |  | 53,594 |  |

PROFIT BEFORE TAXATION | 4,023,085 |  | 9,316,399 |  |

Tax on profit | 6 | (1,359,016 | ) | (2,137,973 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,664,069 |  | 7,178,426 |  |

Profit attributable to:

Owners of the parent | 2,664,069 |  | 7,178,426 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,664,069 |  | 7,178,426 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,664,069 |  | 7,178,426 |  |

Total comprehensive income attributable to:

Owners of the parent | 2,664,069 |  | 7,178,426 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED BALANCE SHEET

31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 8,935,470 |  | 8,524,482 |  |

Investments | 11 | - |  | - |  |

8,935,470 |  | 8,524,482 |  |

CURRENT ASSETS

Stocks | 12 | 22,788,125 |  | 23,273,106 |  |

Debtors | 13 | 7,631,519 |  | 7,797,341 |  |

Cash at bank and in hand | 7,949,755 |  | 10,730,449 |  |

38,369,399 |  | 41,800,896 |  |

CREDITORS

Amounts falling due within one year | 14 | (18,923,130 | ) | (20,069,174 | ) |

NET CURRENT ASSETS | 19,446,269 |  | 21,731,722 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 28,381,739 |  | 30,256,204 |  |

PROVISIONS FOR LIABILITIES | 17 | (728,554 | ) | (672,269 | ) |

NET ASSETS | 27,653,185 |  | 29,583,935 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 516 |  | 516 |  |

Capital redemption reserve | 19 | 584 |  | 584 |  |

Retained earnings | 19 | 27,652,085 |  | 29,582,835 |  |

SHAREHOLDERS' FUNDS | 27,653,185 |  | 29,583,935 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:

L Lovatt - Director

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

COMPANY BALANCE SHEET

31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 8,786,233 |  | 8,333,123 |  |

Investments | 11 | 81,399 |  | 81,399 |  |

8,867,632 |  | 8,414,522 |  |

CURRENT ASSETS

Stocks | 12 | 22,788,125 |  | 23,273,106 |  |

Debtors | 13 | 7,619,839 |  | 7,780,842 |  |

Cash at bank and in hand | 7,417,798 |  | 9,757,321 |  |

37,825,762 |  | 40,811,269 |  |

CREDITORS

Amounts falling due within one year | 14 | (18,819,767 | ) | (19,925,658 | ) |

NET CURRENT ASSETS | 19,005,995 |  | 20,885,611 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 27,873,627 |  | 29,300,133 |  |

PROVISIONS FOR LIABILITIES | 17 | (514,243 | ) | (455,540 | ) |

NET ASSETS | 27,359,384 |  | 28,844,593 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 516 |  | 516 |  |

Capital redemption reserve | 19 | 584 |  | 584 |  |

Retained earnings | 19 | 27,358,284 |  | 28,843,493 |  |

SHAREHOLDERS' FUNDS | 27,359,384 |  | 28,844,593 |  |

Company's profit for the financial year | 3,109,610 |  | 7,183,677 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:

L Lovatt - Director

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 516 |  | 27,564,409 |  | 584 |  | 27,565,509 |  |

Changes in equity

Dividends | - |  | (5,160,000 | ) | - |  | (5,160,000 | ) |

Total comprehensive income | - |  | 7,178,426 |  | - |  | 7,178,426 |  |

Balance at 31 December 2023 | 516 |  | 29,582,835 |  | 584 |  | 29,583,935 |  |

Changes in equity

Dividends | - |  | (4,594,819 | ) | - |  | (4,594,819 | ) |

Total comprehensive income | - |  | 2,664,069 |  | - |  | 2,664,069 |  |

Balance at 31 December 2024 | 516 |  | 27,652,085 |  | 584 |  | 27,653,185 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 516 |  | 26,819,816 |  | 584 |  | 26,820,916 |  |

Changes in equity

Dividends | - |  | (5,160,000 | ) | - |  | (5,160,000 | ) |

Total comprehensive income | - |  | 7,183,677 |  | - |  | 7,183,677 |  |

Balance at 31 December 2023 | 516 |  | 28,843,493 |  | 584 |  | 28,844,593 |  |

Changes in equity

Dividends | - |  | (4,594,819 | ) | - |  | (4,594,819 | ) |

Total comprehensive income | - |  | 3,109,610 |  | - |  | 3,109,610 |  |

Balance at 31 December 2024 | 516 |  | 27,358,284 |  | 584 |  | 27,359,384 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 5,466,703 |  | 13,439,394 |  |

Tax paid | (2,288,793 | ) | (1,050,572 | ) |

Net cash from operating activities | 3,177,910 |  | 12,388,822 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,682,048 | ) | (3,448,695 | ) |

Sale of tangible fixed assets | 289,658 |  | 66,579 |  |

Interest received | 28,605 |  | 53,594 |  |

Net cash from investing activities | (1,363,785 | ) | (3,328,522 | ) |

Cash flows from financing activities

Equity dividends paid | (4,594,819 | ) | (5,160,000 | ) |

Net cash from financing activities | (4,594,819 | ) | (5,160,000 | ) |

(Decrease)/increase in cash and cash equivalents | (2,780,694 | ) | 3,900,300 |  |

Cash and cash equivalents at beginning of year | 2 | 10,730,449 |  | 6,830,149 |  |

Cash and cash equivalents at end of year | 2 | 7,949,755 |  | 10,730,449 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 4,023,085 |  | 9,316,399 |  |

| Depreciation charges | 1,232,988 |  | 946,426 |  |

| Profit on disposal of fixed assets | (251,586 | ) | (62,383 | ) |

| Finance income | (28,605 | ) | (53,594 | ) |

4,975,882 |  | 10,146,848 |  |

| Decrease in stocks | 484,981 |  | 3,488,706 |  |

| Decrease/(increase) in trade and other debtors | 165,822 |  | (342,954 | ) |

| (Decrease)/increase in trade and other creditors | (159,982 | ) | 146,794 |  |

| Cash generated from operations | 5,466,703 |  | 13,439,394 |  |

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 | 7,949,755 |  | 10,730,449 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 10,730,449 |  | 6,830,149 |  |

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 | 10,730,449 |  | (2,780,694 | ) | 7,949,755 |  |

10,730,449 |  | (2,780,694 | ) | 7,949,755 |  |

| Total | 10,730,449 |  | (2,780,694 | ) | 7,949,755 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Ping Europe Limited is a private company, limited by shares, registered in England and Wales. The registered number is 01129505 and the registered office is Corringham Road, Gainsborough, Lincolnshire, DN21 1XZ.

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 as modified by the revaluation of certain assets.

| The presentation currency is the same as the functional currency which is £ sterling.

| Basis of consolidation

| The group financial statements consolidate the financial statements of the company and all of its subsidiaries for the year ended 31 December 2024. Any internal sales and profits are eliminated on consolidation and any goodwill arising on consolidation has been written off against accumulated profits carried forward.

| Critical accounting judgements and key sources of estimation uncertainty

| 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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

| Trade debtors recoverability

| Amount recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amount settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

| Stock valuation

| Stock is initially measured at the cost price and subsequently measured at cost less obsolescence provision.

| As new lines are released the directors make estimates as to the the recoverability of cost on the older stock items and provide for them prudently.

| Provisions

| A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

| Where the company enters into financial guarantee contracts to guarantee the indebtness of other companies within its group, the company treats the guarantee contract as a contingent liability in its individual financial statements until such time as it becomes probable that the company will be required to make a payment under the guarantee.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents sales of goods and services, net of discounts, rebates and value added taxes. Turnover is recognised at the point of sale to the customer or on despatch to third party courier for delivery to the customer.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property |  | - 2.5% to 15% on cost |  |

| Plant and machinery |  | - varying rates of reducing balance and cost |  |

| Fixtures & fittings |  | - at varying rates on cost |  |

| Motor vehicles |  | - 25% to 33% on cost |  |

| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

| Certain elements of the group's financial freehold property are not depreciated because their residual values are at least equal to their cost, as stated in the accounts.

| At each balance sheet date the group reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

| Departure from FRS 102

| The group owns a warehouse that was not bought for investment purposes , which is currently occupied by a third-party tenant, who make rental payments to the group. Under FRS 102 this property would be classified as investment property under Section 16 of FRS 102. The group considers that this treatment would be misleading as the group intends to use the property as a warehouse as soon as practicable, and the rental income received is incidental to the group's intention to use the property. As such any fair value adjustments would not reflect the value of the property to the group which is more accurately reflected by its "value-in-use" and as such the group have classified this property as part of freehold land and buildings with the consequential accounting treatment.

| Were the group to treat this property as an investment property, no depreciation would be recognised and instead the property would be held at fair value. The group does not consider the expected fair value would differ materially from the carrying value in the current year.

| Stocks

| Stock is valued at the lower of cost and net realisable value. Cost is the actual invoice price in the case of goods bought in for manufacture.

| Finished goods and short term work in progress include materials, labour, and related overhead expenditure incurred in bringing each product to its present location and position.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised when the group 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 debtors, other debtors, amounts owed by group undertakings, amounts owed by related parties and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

| 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 creditors, other creditors, amounts owed to group undertakings, and amounts owed to related parties, 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 are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

| Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non monetary assets, liabilities and transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used.

| Exchange differences arising on the translation of the group companies are recognised in other comprehensive income.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

| Exceptional items

| Exceptional items are charges or credits which the directors consider to be material, in aggregate, and either non-recurring in nature or the directors consider they require separate disclosure due to their size.

| Going concern

| Based on the current trading and future expectations the directors consider that the Group has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the Group.

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Golf equipment and accessories | 95,620,397 |  | 106,335,031 |  |

| Thonock Park | 1,419,560 |  | 1,245,596 |  |

97,039,957 |  | 107,580,627 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | TURNOVER - continued

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 49,305,278 |  | 53,778,699 |  |

| Europe | 44,745,673 |  | 51,519,866 |  |

| Rest of the world | 2,989,006 |  | 2,282,062 |  |

97,039,957 |  | 107,580,627 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 13,181,085 |  | 12,920,426 |  |

| Social security costs | 1,216,974 |  | 1,184,012 |  |

| Other pension costs | 1,020,934 |  | 1,025,400 |  |

15,418,993 |  | 15,129,838 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Production and distribution | 108 |  | 97 |  |

| Administration | 142 |  | 143 |  |

| Golf club | 55 |  | 55 |  |

305 |  | 295 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 789,261 |  | 1,006,820 |  |

| Directors' pension contributions to money purchase schemes | 17,015 |  | 21,408 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 316,581 |  | 501,048 |  |

| Pension contributions to money purchase schemes | 17,015 |  | 21,408 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 20,952 |  | 6,183 |  |

| Depreciation - owned assets | 1,232,988 |  | 946,426 |  |

| Profit on disposal of fixed assets | (251,586 | ) | (62,383 | ) |

| Auditors' remuneration | 34,715 |  | 27,500 |  |

| Auditors' remuneration for non audit work | 2,360 |  | - |  |

| Foreign exchange (gains)/losses | 269,788 |  | 1,145,384 |  |

| Changes in fair value of derivatives | 904,983 |  | (626,466 | ) |

| Research recharge | 57,225 |  | 22,111 |  |

| Auditors' remuneration for non audit work related to taxation services.

| Research recharge is in respect of services provided on behalf of Ping Inc.

6. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 1,302,731 |  | 1,993,449 |  |

| Deferred tax | 56,285 |  | 144,524 |  |

| Tax on profit | 1,359,016 |  | 2,137,973 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 4,023,085 |  | 9,316,399 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 23.520 %) | 1,005,771 |  | 2,191,217 |  |

| Effects of:

| Expenses not deductible for tax purposes | 72,313 |  | 11,600 |  |

| Depreciation in excess of capital allowances | 47,361 |  | 39,947 |  |

| Adjustments to tax charge in respect of previous periods | (11,565 | ) | (52,786 | ) |

| Deferred tax movement | 56,285 |  | 144,524 |  |

| Adjustments in respect of fair value movements | 226,246 |  | (147,345 | ) |

| Ping Scandinavia AB taxation | 12,605 |  | 816 |  |

| RDEC provision | (50,000 | ) | (50,000 | ) |

| Total tax charge | 1,359,016 |  | 2,137,973 |  |

7. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

8. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of 1 each

| Final | 4,594,819 |  | 5,160,000 |  |

9. | PENSION COSTS

| The company operates a defined contribution pension scheme.

|  | 2024 |  |  | 2023 |  |

|  | £ |  |  | £ |  |

| Pension cost charged to the income statement |  | 1,020,934 |  |  | 992,620 |  |

| Contributions outstanding, included under creditors within one year |  | 3,043 |  |  | 5,100 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 11,131,749 |  | 4,051,954 |  | 2,376,098 |  | 1,700,203 |  | 19,260,004 |  |

| Additions | 700 |  | 347,062 |  | 295,411 |  | 1,038,875 |  | 1,682,048 |  |

| Disposals | - |  | (356,813 | ) | (69,679 | ) | (679,968 | ) | (1,106,460 | ) |

| At 31 December 2024 | 11,132,449 |  | 4,042,203 |  | 2,601,830 |  | 2,059,110 |  | 19,835,592 |  |

| DEPRECIATION

| At 1 January 2024 | 4,623,810 |  | 3,156,282 |  | 1,737,693 |  | 1,217,737 |  | 10,735,522 |  |

| Charge for year | 302,653 |  | 262,102 |  | 243,728 |  | 424,505 |  | 1,232,988 |  |

| Eliminated on disposal | - |  | (340,917 | ) | (65,886 | ) | (661,585 | ) | (1,068,388 | ) |

| At 31 December 2024 | 4,926,463 |  | 3,077,467 |  | 1,915,535 |  | 980,657 |  | 10,900,122 |  |

| NET BOOK VALUE

| At 31 December 2024 | 6,205,986 |  | 964,736 |  | 686,295 |  | 1,078,453 |  | 8,935,470 |  |

| At 31 December 2023 | 6,507,939 |  | 895,672 |  | 638,405 |  | 482,466 |  | 8,524,482 |  |

| If the freehold property had not been revalued it would have been included at the following historical cost:

|  | 2024 |  |  | 2023 |

| £ |  |  | £ |  |

| Cost |  | 14,008,843 |  |  | 14,008,843 |

| Aggregate depreciation |  | 5,804,622 |  |  | 5,454,401 |

| Value of land in freehold land and buildings |  | 1,948,163 |  |  | 1,948,163 |

| Freehold land and buildings consist of the golf club and the factory. Freehold land and buildings were revalued at 31 December 1999 at an open market value, having regard to the trading potential. The valuation has been made in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation manual.

| The valuation of the golf club was carried out by T E Marriott ARICS and A J Hillier ARICS, directors of Chesterton HMH. The valuation of the factory and residential property was carried out by A I Willows FRICS, a partner in Drewery & Wheeldon.

| Plant and machinery, fixtures and fittings and motor vehicles are included at cost.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2024 | 11,131,749 |  | 3,830,016 |  | 2,376,098 |  | 1,541,145 |  | 18,879,008 |  |

| Additions | 700 |  | 347,062 |  | 295,411 |  | 1,038,875 |  | 1,682,048 |  |

| Disposals | - |  | (308,149 | ) | (69,679 | ) | (679,968 | ) | (1,057,796 | ) |

| At 31 December 2024 | 11,132,449 |  | 3,868,929 |  | 2,601,830 |  | 1,900,052 |  | 19,503,260 |  |

| DEPRECIATION

| At 1 January 2024 | 4,623,810 |  | 2,936,205 |  | 1,737,693 |  | 1,248,177 |  | 10,545,885 |  |

| Charge for year | 302,653 |  | 219,980 |  | 243,728 |  | 424,505 |  | 1,190,866 |  |

| Eliminated on disposal | - |  | (292,253 | ) | (65,886 | ) | (661,585 | ) | (1,019,724 | ) |

| At 31 December 2024 | 4,926,463 |  | 2,863,932 |  | 1,915,535 |  | 1,011,097 |  | 10,717,027 |  |

| NET BOOK VALUE

| At 31 December 2024 | 6,205,986 |  | 1,004,997 |  | 686,295 |  | 888,955 |  | 8,786,233 |  |

| At 31 December 2023 | 6,507,939 |  | 893,811 |  | 638,405 |  | 292,968 |  | 8,333,123 |  |

| If the freehold property had not been revalued it would have been included at the following historical cost:

|  | 2024 |  |  | 2023 |

| £ |  |  | £ |  |

| Cost |  | 14,008,843 |  |  | 14,008,843 |

| Aggregate depreciation |  | 5,804,622 |  |  | 5,454,401 |

| Value of land in freehold land and buildings |  | 1,948,163 |  |  | 1,948,163 |

| Freehold land and buildings consist of the golf club and the factory. Freehold land and buildings were revalued at 31 December 1999 at an open market value, having regard to the trading potential. The valuation has been made in accordance with the Royal Institute of Chartered Surveyors Appraisal and Valuation manual.

| The valuation of the golf club was carried out by T E Marriott ARICS and A J Hillier ARICS, directors of Chesterton HMH. The valuation of the factory and residential property was carried out by A I Willows FRICS, a partner in Drewery & Wheeldon.

| Plant and machinery, fixtures and fittings and motor vehicles are included at cost.

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 81,399 |  |

| NET BOOK VALUE

| At 31 December 2024 | 81,399 |  |

| At 31 December 2023 | 81,399 |  |

| The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Ping Scandinavia AB

| Registered office: PING Scandinavia AB Dannfeltsgstan 12 B

| Nature of business: Agents for the sale of golf equipment

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

12. | STOCKS

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Stocks | 17,297,411 |  | 20,348,700 |  | 17,297,411 |  | 20,348,700 |  |

| Work-in-progress | 15,906 |  | 24,198 |  | 15,906 |  | 24,198 |  |

| Finished goods | 5,474,808 |  | 2,900,208 |  | 5,474,808 |  | 2,900,208 |  |

22,788,125 |  | 23,273,106 |  | 22,788,125 |  | 23,273,106 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Trade debtors | 6,081,116 |  | 6,568,733 |  | 6,075,787 |  | 6,567,905 |  |

| Amounts owed by group undertakings | - |  | - |  | 35,876 |  | 35,122 |  |

| Other debtors | 813,793 |  | 400,893 |  | 789,552 |  | 367,733 |  |

| Amounts owed by related

| parties | 12,175 |  | 2,002 |  | 12,175 |  | 2,002 |  |

| Prepayments and accrued income | 724,435 |  | 825,713 |  | 706,449 |  | 808,080 |  |

7,631,519 |  | 7,797,341 |  | 7,619,839 |  | 7,780,842 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Trade creditors | 9,944,781 |  | 7,322,372 |  | 9,928,870 |  | 7,306,303 |  |

| Tax | 191,013 |  | 1,192,067 |  | 191,013 |  | 1,192,067 |  |

| Social security and other taxes | 852,304 |  | 1,707,259 |  | 852,304 |  | 1,707,259 |  |

| Other creditors | 1,236,186 |  | 427,054 |  | 1,176,225 |  | 355,924 |  |

| Amounts owed to related

| parties | 1,447,479 |  | 3,070,841 |  | 1,447,479 |  | 3,070,841 |  |

| Accruals and deferred income | 5,251,367 |  | 6,349,581 |  | 5,223,876 |  | 6,293,264 |  |

18,923,130 |  | 20,069,174 |  | 18,819,767 |  | 19,925,658 |  |

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 191,214 |  | 60,000 |  |

| Between one and five years | 205,642 |  | 50,000 |  |

396,856 |  | 110,000 |  |

| Company

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 191,214 |  | 60,000 |  |

| Between one and five years | 205,642 |  | 50,000 |  |

396,856 |  | 110,000 |  |

16. | FINANCIAL INSTRUMENTS

| The company makes annual purchases in foreign currencies, primarily US dollars and Euros. The company aims to hold currency assets and forward purchase contracts to ensure that sufficient purchases are at known rates of exchange.

| At the year end the company had committed to entering into foreign currency forward contracts in 2024 to buy US dollars amounting to a Sterling equivalent cost of £28,409,326 (2023: £26,735,501). At the year end, these forward contracts had a fair value of £29,430,888 (2023: £26,852,080). The difference between the cost and fair value has been recognised as a financial liability in the financial statements.

| All financial instruments are held at amortised cost

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

17. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Deferred tax | 728,554 |  | 672,269 |  | 514,243 |  | 455,540 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 672,269 |  |

| Utilised during year | 56,285 |  |

| Balance at 31 December 2024 | 728,554 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 455,540 |  |

| Provided during year | 58,703 |  |

| Balance at 31 December 2024 | 514,243 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 516 | Ordinary | 1 | 516 |  | 516 |  |

19. | RESERVES

| Group

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 29,582,835 |  | 584 |  | 29,583,419 |  |

| Profit for the year | 2,664,069 |  | 2,664,069 |  |

| Dividends | (4,594,819 | ) | (4,594,819 | ) |

| At 31 December 2024 | 27,652,085 |  | 584 |  | 27,652,669 |  |

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

19. | RESERVES - continued

| Company

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 28,843,493 |  | 584 |  | 28,844,077 |  |

| Profit for the year | 3,109,610 |  | - |  | 3,109,610 |  |

| Dividends | (4,594,819 | ) | - |  | (4,594,819 | ) |

| At 31 December 2024 | 27,358,284 |  | 584 |  | 27,358,868 |  |

20. | CAPITAL COMMITMENTS

| At 31 December 2024 the company had approved but not contracted for capital expenditure of £148,172 (2023: £316,870).

PING EUROPE LIMITED (REGISTERED NUMBER: 01129505)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

21. | RELATED PARTY DISCLOSURES

| Group and Company

| During the year under review the company has taken the exemption conferred by FRS 102 Section 33.1A not to disclose transactions with fellow group companies where those companies are wholly owned.

| JA Solheim, who is a director of the company, is also a director of Ping Inc. which supplies goods to the company. The value of goods supplied during the year was £721,485 (2023:£801,890). Ping Europe Limited also paid to Ping Inc. a sum of £13,500,000 (2023: £14,000,000) in respect of management charges. During the year the group also supplied goods to Ping Inc. amounting to £1,115,264 (2023: £689,339). At the year end, an amount of £1,372,644 (2023: £2,919,000) was due to Ping Inc.

| L Lovatt is also a director of Karsten Worldwide Corporation which is a subsidiary of Ping Inc. During the year the company paid a commission charge of £3,727,374 (2023: £4,035,565) to Karsten Worldwide Corporation. At the year end, an amount of £nil (2023: £nil) was due to Karsten Worldwide Corporation.

| During the year the group supplied goods to Ping Japan amounting to £145,357 (2023: £33,867) and purchased goods from that company amounting to £825,979 (2023: £399,917). At the year end, an amount of £8,452 was due from Ping Japan (2023: £5,967 due to).

| During the year the group supplied goods to Ping Canada amounting to £572 (2023: £12,527). At the year end, an amount of £876 was due to Ping Canada (2023: £2,002 due from).

| During the year the group supplied goods to Ping Hong Kong amounting to £9,166 (2023: £2,137). At the year end, an amount of £3,723 was due from Ping Hong Kong (2023: £1,428 due to).

| At the year end, an amount of £43,755 (2023: £44,059) was due to Ping France, a company under common control.

| At the year end, an amount of £27,839 (2023: £49,896) was due to Ping Germany, a company under common control.

| At the year end, an amount of £2,365 (2023: £46,244) was due to Ping Spain, a company under common control.

| All of the above transactions were carried out on an arm's length basis.

22. | ULTIMATE CONTROLLING PARTY

| The ultimate control of the group and company lies with the Solheim family members who are directors.