Company registration number: 06496731
COMPANY INFORMATION
CONTENTS
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Page 1
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
Page 2
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Executive Sport Limited ("ESL") is a private company, limited by shares, registered in England and Wales. The company's registered number is 06496731 and the registered office address is Tuition House, 27-37 St George's Road, Wimbledon, SW19 4EU.
The financial statements have been prepared on a going concern basis, which the Directors consider appropriate for the reasons outlined below.
During the year, the company made a loss of £1,007,264. At the balance sheet date, it held cash of £505,254 and net assets amounted to £361,475.
On 30 November 2024, the parent company, Leaders Group Holding LLC ("LGH"), approved the conversion of the intercompany payable of £2,178,856 and intercompany loan of £900,000 into equity resulting in an increase in equity of £3,078,856.
Advance Publications Inc., (“Advance”), the company’s ultimate parent, has confirmed that it will continue to provide such financial resources, if required, for the company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
The directors are not aware of any likely events, conditions or business risks beyond this period that may cast significant doubt on the company's ability to continue as a going concern. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and so continue to prepare these financial statements on a going concern basis.
During the year, the company made a loss of £1,007,264. At the balance sheet date, it held cash of £505,254 and net assets amounted to £361,475.
On 30 November 2024, the parent company, Leaders Group Holding LLC ("LGH"), approved the conversion of the intercompany payable of £2,178,856 and intercompany loan of £900,000 into equity resulting in an increase in equity of £3,078,856.
Advance Publications Inc., (“Advance”), the company’s ultimate parent, has confirmed that it will continue to provide such financial resources, if required, for the company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
The directors are not aware of any likely events, conditions or business risks beyond this period that may cast significant doubt on the company's ability to continue as a going concern. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and so continue to prepare these financial statements on a going concern basis.
3.Accounting Policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting Policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.
The company generates and recognised its income from the following:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting Policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Accounting Policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financialassets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loansto related parties and investments in ordinary shares.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 7
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 8
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The financial statements have been adjusted to correct the following prior period errors:
i) Tax Loss Carry Back: An error occurred due to the omission of recognising the carry back of tax losses from the year ended 31 December 2021 to the years ended 31 December 2018 and 2019. The tax return and carry back claim were submitted in 2022, and the resulting tax repayment was received in 2024.
ii) Salary recharge to fellow group undertaking: Income from the recharge of salary costs was previously netted off within the salary costs included in administrative expenses.
The following adjustments have been made:
i) The previously reported retained earnings carried forward on 31 December 2022 of (£467,984) have been adjusted by £148,317 and resulting in restated amount of (£319,667).
ii) Tax recoverable carried forward on 31 December 2022 and 31 December 2023 has increased from £nil to £148,317.
iii) The other operating income for the year ended 31 December 2023 has increased from £nil to £671,560 and administrative expenses has increased by the same amount to reflect the reclassification of the recharge of salary costs of £671,560 to a fellow group undertaking. This reclassification had no impact on the profit, net liabilities or retained earnings.
The overall impact on net liabilities at 31 December 2023 has meant a decrease from (£1,858,434) to (£1,710,117) after the adjustment totalling £148,317. Retained earnings at 31 December 2023 have also improved from (£1,884,370) to (£1,736,053).
i) Tax Loss Carry Back: An error occurred due to the omission of recognising the carry back of tax losses from the year ended 31 December 2021 to the years ended 31 December 2018 and 2019. The tax return and carry back claim were submitted in 2022, and the resulting tax repayment was received in 2024.
ii) Salary recharge to fellow group undertaking: Income from the recharge of salary costs was previously netted off within the salary costs included in administrative expenses.
The following adjustments have been made:
i) The previously reported retained earnings carried forward on 31 December 2022 of (£467,984) have been adjusted by £148,317 and resulting in restated amount of (£319,667).
ii) Tax recoverable carried forward on 31 December 2022 and 31 December 2023 has increased from £nil to £148,317.
iii) The other operating income for the year ended 31 December 2023 has increased from £nil to £671,560 and administrative expenses has increased by the same amount to reflect the reclassification of the recharge of salary costs of £671,560 to a fellow group undertaking. This reclassification had no impact on the profit, net liabilities or retained earnings.
The overall impact on net liabilities at 31 December 2023 has meant a decrease from (£1,858,434) to (£1,710,117) after the adjustment totalling £148,317. Retained earnings at 31 December 2023 have also improved from (£1,884,370) to (£1,736,053).
Page 9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The parent of the smallest group for which the consolidated financial statements are drawn up is Leaders Group Holdings LLC . The company's registed office is 120 West Morehead Street, Suite 400, Charlotte, North Carolina, USA.
The audit report was signed on 26 September 2025 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP .
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