REGISTERED NUMBER: SC333566 (Scotland)

DF CONCERTS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

to

5

Report of the Directors

6

to

8

Report of the Independent Auditors

9

to

12

Consolidated Statement of Income and Retained Earnings

13

Consolidated Statement of Financial Position

14

Company Statement of Financial Position

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

to

29

DIRECTORS:

D Desmond

G C Ellis

S J Moran

S R Douglas

L Lavelle

SECRETARY:

Thorntons Law LLP

REGISTERED OFFICE:

272 St Vincent Street

Glasgow

G2 5RL

REGISTERED NUMBER:

SC333566 (Scotland)

SENIOR STATUTORY AUDITOR:

Kirsty Mackie BAcc CA

INDEPENDENT AUDITORS:

Azets Audit Services

Chartered Accountants

Statutory Auditor

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

BANKERS:

Clydesdale Bank Plc

7/8 High Street

Dundee

DD1 1SS

SOLICITORS:

Thorntons LLP

Whitehall House

Yeaman Shore

Dundee

DD1 4BJ

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

REVIEW OF BUSINESS

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

The key financial highlights are as follows:

2024

2023

2022

£

£

£

Turnover

76,566,794

72,545,808

81,118,633

Profit/(Loss) before tax

7,992,333

6,373,547

6,507,528

The net liabilities of the group were £1,827,650 at 31 December 2023. As at the 31 December 2024 the group had net liabilities of £481,247.

Financial key performance indicators

Key performance indicator used by DF Concerts Limited are number of shows and the results during the year are as follows:

2024

2023

2022

£

£

£

Number of shows

744

713

737

PRINCIPAL RISKS AND UNCERTAINTIES

Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the group. Monitoring exposure to risk and uncertainty is an integral part of the group's structured management processes. The principal risks that the group faces are operational risk, competition, regulatory and legislative impacts, recruitment and retention of staff and maintenance of reputation, as well as financial risk.

The group forms part of a larger group and the principal risks and uncertainties facing it are therefore integrated with those facing the Live Nation group as a whole. Accordingly, the nature of risk and its management are further detailed in the Annual Review and accounts of Live Nation Entertainment, Inc., which are available from the Live Nation website (www.livenation.com).

The group acknowledges increases in the cost of living and inflation rates during the year, however, does not consider these a principal risk and uncertainty.

SECTION 172(1) STATEMENT

The following statement describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) when performing their duty under section 172 of the Companies Act 2006.

As part of the Board's decision-making process the Directors consider the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the Group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term. Through open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture.

The Board recognises that the Group must adopt effective long-term strategies if the business is to continue to grow and respond to challenges in the short and medium term.

Key decisions and matters that are of strategic importance to the Group are appropriately informed by section 172 factors. The table below sets out our key stakeholders and provides examples of how we have engaged with them in the year and the impact of that engagement.

Stakeholder Group

Why and how we engage

Impact of engagement

Shareholders

Our shareholders are vital to the future success of our business, providing funds which aid business growth and the generation of returns.

Performance metrics and updates are provided by the Board to our parent company.

As a Board we aim to provide clear information to our parent company and ultimate shareholders, being honest and transparent as to the performance of the business. Value is generated for shareholders by supporting to deliver on the business plan.

Employees

Our business invests in people. Through continual investment in our workforce our people can develop their careers while contributing positively to our brand and initiatives.

We engage with our workforce during the year in a variety of ways. Information on matters of strategic importance are delivered by the Directors directly to the workforce via a combination of email updates and presentations. Conducting regular meetings between the Directors and local HR teams. Provision of training opportunities to help employees develop their skill set. In addition to regular informal discussions with employees, formal feedback is taken via the annual review process each year. We continue to provide support to our employees by offering flexible working arrangements and enabling discussions on mental health and wellbeing.

Good communication between the Board and employees has ensured that, where appropriate, the workforce is kept abreast of strategic matters.The impact of employee engagement has empowered local HR teams to deal with local office issues which has resulted in efficient resolution of local issues.As a direct response to feedback received during the annual review process, flexible working hours are offered to employees. Flexible working patterns have seen improvements reported in the work/life balance of our employees and our workplace culture.

Stakeholder Group

Why and how we engage

Impact of engagement

Suppliers, artists and fans

We operate a number of live music festivals and events in Scotland. Relationships with suppliers, artists and fans are integral to the successful delivery of our strategic plan. As the demand for live events continues to grow, we remain focused on our core mission of connecting artists with their fans.

We seek to directly engage with our core fanbase and supplier network. We maintain relationships with an extensive range of artists, from those beginning their career to established superstars. We operate festivals which are considered 'must-play' amongst artists and provide numerous opportunities for new artists beginning their careers. We engage with some of the most well recognised national and global brands, enabling them to connect with our fanbase.

Understanding the needs of our fanbase and maintaining productive relationships with artists and suppliers enables us to achieve our objectives of connecting more fans with live events through promoting more shows and selling more tickets.

Community and environment

Our festivals and events have an important role to play within the communities they operate. Contributing positively to wider society enables us to create stronger communities and have a positive environmental and cultural impact.

For a number of year we have collected charity donations at our festivals and events and supported a range of local and national charities. We work to reduce the environmental impact of our festivals and events to ensure we are being responsible global citizens, taking care of the communities where we operate, and doing our part to curb the most harmful impacts of global climate change.

Much of our customer base already act sustainably at home and expects the same when attending our festivals and events. Our engagement in the community and environment aligns our focus with that of our customers and suppliers, enabling us to achieve our strategic objectives.

FINANCIAL INSTRUMENTS

The group's principal financial instruments comprise group borrowings, trade debtors, bank balances and trade creditors. The main purpose of these instruments is to finance the group's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding.

The credit risk of liquid funds is limited because counterparties are banks with high credit ratings assigned by international credit rating agencies.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

FUTURE DEVELOPMENTS

The directors aim to maintain the management policies adopted during the year ended 31 December 2024 and consider the group and its subsidiaries are well placed to take advantage of opportunities which may arise in the current year.

ON BEHALF OF THE BOARD:

G C Ellis - Director

9 May 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of concert promotions.

DIVIDENDS

An interim dividend of £8,333.33 per share was paid on 30 August 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £5,000,000 (2023 - £5,500,000).

DIRECTORS

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

D Desmond

G C Ellis

S J Moran

S R Douglas

L Lavelle

GOING CONCERN

The Group is in a net liability position at year end due to the net liabilities position of the subsidiary King Tut's Recordings Limited, the Group has obtained a letter of support from the parent company LN-Gaiety Holdings Limited in respect of this net liability position.

Based on the above the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

STREAMLINED ENERGY AND CARBON REPORTING

This statement reports on the Group's energy and carbon emissions consumption in compliance with Streamlined Energy and Carbon Reporting (SECR) legislation introduced by the UK Government. It covers our UK energy use and associated greenhouse gas emissions, reports our intensity ratios and describes the measures taken to improve energy efficiency throughout the year.

Consumption is split into three categories, or 'scopes' as defined in the greenhouse gas protocol standard:

Scope 1 (direct) emissions are from activities owned or controlled by the organisation that release emissions into the atmosphere. . Examples of Scope 1 emissions include emissions from combustion in owned or controlled boilers, furnaces, vehicles; emissions from chemical production in owned or controlled process equipment.

Scope 2 (indirect) emissions are greenhouse gases released into the atmosphere as a result of the consumption of purchased electricity, steam, heat and cooling. Although these CO2e emissions result from an organisation's activities, they occur at sources it doesn't own or control. As a result, they are referred to as indirect emissions.

Scope 3 (other indirect) emissions are a consequence of the organisation's actions, which occur at sources which it does not own or control and which are not classed as scope 2 emissions. Examples of scope 3 emissions are business travel by means not owned or controlled by an organisation, waste disposal which is not owned or controlled, or purchased materials or fuels.

Quantification and Reporting Methodology

The Group has taken guidance from the UK Government Environmental Reporting Guidelines (March 2019), the GHG Reporting Protocol - Corporate Standard, and from the UK Government GHG Conversion Factors for Company Reporting document for calculating carbon emissions. Energy usage information (gas and electricity) has been obtained directly from our energy suppliers where available. For supplies where there wasn't complete 12 month energy usage available, annual estimates were calculated by using available data to create monthly or daily averages and multiplying accordingly. Transport mileage data was obtained from expense claims submitted for our employees business mileage. CO2e emissions were calculated using the appropriate emission factors from the UK Government GHG conversion information.

Intensity Ratio

An intensity ratio is a way of defining emissions data in relation to an appropriate business metric. This allows comparison of energy efficiency performance over time and with other similar types of organisations. The Group has chosen to calculate its ratio by dividing its emissions by its business premises square meterage.

Emission Source

Scope

2023 Consumption (kWh)

2023 Emissions (tCO2e)

2024 Consumption (kwh)

2024 Emissions (tCO2e)

Combustion of Gas

1

105,937

21.5

48,441

8.9

Combustion of Liquid Fuels

1

644,002

2.4

520,128

3.2

Combustion of Transport Fuel

1

-

-

-

Emissions from purchased electricity

2

104,639

22

99,030

20

Business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel

3

67,267

16.5

67,760

19,6

Total Gross

921,845

62.4

735,360

51.6

The organisation has chosen to use tonnes of CO2e per £million Turnover for its Intensity Ratio.

2023

2024

tC02E/£m

tC02E/£m

Intensity Ratio

0.86

0.67

Energy Efficiency Actions

All replacement light fittings are substituted with LED lighting where possible. Most toilets, offices, corridors, stairwells have light sensors and the close down procedures include switching off lighting for our office & venue. Where available, festivals and outdoor events carry out telemetric monitoring to evaluate if generators are oversized to aid next years planning. An energy audit has been carried out at our secondary office with plans in place to carry out further audits in our main office building and venue.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

AUDITORS

The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G C Ellis - Director

9 May 2025

Opinion

We have audited the financial statements of DF Concerts Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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.

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 eight, 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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

Use of our report

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

Kirsty Mackie BAcc CA (Senior Statutory Auditor)

for and on behalf of Azets Audit Services

Chartered Accountants

Statutory Auditor

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

9 May 2025

TURNOVER

3

76,566,794

72,545,808

Cost of sales

(63,677,643

)

(61,730,333

)

GROSS PROFIT

12,889,151

10,815,475

Administrative expenses

(5,412,680

)

(4,745,998

)

OPERATING PROFIT

7,476,471

6,069,477

Interest receivable and similar income

509,803

304,071

7,986,274

6,373,548

Interest payable and similar expenses

5

6,059

-

PROFIT BEFORE TAXATION

6

7,992,333

6,373,548

Tax on profit

7

(1,645,930

)

(1,170,881

)

PROFIT FOR THE FINANCIAL YEAR

6,346,403

5,202,667

Retained earnings at beginning of year

(1,828,250

)

(1,530,917

)

Dividends

9

(5,000,000

)

(5,500,000

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

(481,847

)

(1,828,250

)

Profit attributable to:

Owners of the parent

6,346,403

5,202,667

FIXED ASSETS

Tangible assets

10

1,098,884

1,031,212

Investments

11

-

-

1,098,884

1,031,212

CURRENT ASSETS

Stocks

12

13,703

10,498

Debtors

13

28,040,369

2,122,316

Investments

14

5,497,544

7,340,936

Cash at bank

12,765,738

12,382,069

46,317,354

21,855,819

CREDITORS

Amounts falling due within one year

15

47,383,735

24,382,670

NET CURRENT LIABILITIES

(1,066,381

)

(2,526,851

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,503

(1,495,639

)

CREDITORS

Amounts falling due after more than one year

16

513,750

332,011

NET LIABILITIES

(481,247

)

(1,827,650

)

CAPITAL AND RESERVES

Called up share capital

19

600

600

Retained earnings

20

(481,847

)

(1,828,250

)

SHAREHOLDERS' FUNDS

(481,247

)

(1,827,650

)

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:

G C Ellis - Director

FIXED ASSETS

Tangible assets

10

1,098,884

1,031,212

Investments

11

-

-

1,098,884

1,031,212

CURRENT ASSETS

Stocks

12

13,703

10,498

Debtors

13

30,521,964

4,603,913

Investments

14

5,497,544

7,340,936

Cash at bank

12,765,738

12,382,069

48,798,949

24,337,416

CREDITORS

Amounts falling due within one year

15

47,383,734

24,382,671

NET CURRENT ASSETS/(LIABILITIES)

1,415,215

(45,255

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,514,099

985,957

CREDITORS

Amounts falling due after more than one year

16

513,750

332,011

NET ASSETS

2,000,349

653,946

CAPITAL AND RESERVES

Called up share capital

19

600

600

Retained earnings

20

1,999,749

653,346

SHAREHOLDERS' FUNDS

2,000,349

653,946

Company's profit for the financial year

6,346,403

5,202,666

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2025 and were signed on its behalf by:

G C Ellis - Director

Cash flows from operating activities

Cash generated from operations

1

28,417,147

(236,070

)

Interest paid

6,059

-

Tax paid

(1,069,813

)

(1,263,943

)

Net cash from operating activities

27,353,393

(1,500,013

)

Cash flows from investing activities

Purchase of tangible fixed assets

(120,000

)

-

Movement in current asset investments

1,843,392

(7,340,936

)

Interest received

509,803

304,071

Net cash from investing activities

2,233,195

(7,036,865

)

Cash flows from financing activities

Intergroup loan movements

(24,204,387

)

(200,938

)

Amount introduced by directors

1,468

-

Equity dividends paid

(5,000,000

)

(5,500,000

)

Net cash from financing activities

(29,202,919

)

(5,700,938

)

Increase/(decrease) in cash and cash equivalents

383,669

(14,237,816

)

Cash and cash equivalents at beginning of year

2

12,382,069

26,619,885

Cash and cash equivalents at end of year

2

12,765,738

12,382,069

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

2024

2023

£

£

Profit before taxation

7,992,333

6,373,548

Depreciation charges

37,644

35,197

Loss on disposal of fixed assets

14,685

-

Finance costs

(6,059

)

-

Finance income

(509,803

)

(304,071

)

7,528,800

6,104,674

(Increase)/decrease in stocks

(3,205

)

1,272

(Increase)/decrease in trade and other debtors

(1,933,747

)

2,935,210

Increase/(decrease) in trade and other creditors

22,825,299

(9,277,226

)

Cash generated from operations

28,417,147

(236,070

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

12,765,738

12,382,069

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

12,382,069

26,619,885

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

12,382,069

383,669

12,765,738

12,382,069

383,669

12,765,738

Liquid resources

Current asset investments

7,340,936

(1,843,392

)

5,497,544

7,340,936

(1,843,392

)

5,497,544

Total

19,723,005

(1,459,723

)

18,263,282

1.	STATUTORY INFORMATION

D F Concerts Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC333566 and registered office address is Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, Scotland, DD1 4BJ.

The nature of the Company's operations and its principal activities for the year under review was that of concert promotions.

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.

The financial statements are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report and Directors' Report.

The Group is in a net liability position at year end due to the net liabilities position of the subsidiary King Tut's Recordings Limited, the Group has obtained a letter of support from the parent company LN-Gaiety Holdings Limited in respect of this net liability position.

Based on the above the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

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the requirement of paragraph 3.17(d);

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the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

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the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

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the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

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the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Live Nation Entertainment Inc as at 31 December 2024 and these financial statements may be obtained from 9348 Civic Center Drive, Beverly Hills, California, 90210, United States of America.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have not made any critical accounting judgements or utilised any key sources of estimation uncertainty.

Turnover

Turnover which is stated net of value added tax represents amounts receivable for goods and services. Turnover is attributable to the company's principal activities, and is all generated in the UK.

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Company will receive the consideration due;

• the costs incurred can be measured reliably.