The directors present the strategic report for the year ended 31 December 2024.

Byrom plc and its subsidiaries ("the Group") consolidated its position during the year as a leading service provider to major sporting events. During the year it provided record breaking Commercial Hospitality sales for the AFC Asian Cup held in the first quarter of 2024. It also provided the Hospitality services at the FIFA Intercontinental Cup 2024.

The Group also provided accommodation and related administration services for several CONCACAF events. In addition, it operated the Official Accommodation Bureau of The Open 2024.

The Group provided consultancy and other services to MATCH Hospitality AG, a related company, in preparation for the 2024 Silverstone Grand Prix.

Sales for the period at £83.1m were higher than the last year (£39.5m). This was mainly due to the success of the AFC Asian Cup 2023 and Intercontinental Cup events that occurred during the year.

Gross margin as a percent reduced due to an increase in the mix of lower margin activity, but operating expenses increased as a result of the increased trade.

Cash balances remained healthy at £24.8m (2023: £36.5m) with the prior year figure including significant deferred revenue from advanced sales for the AFC Asian Cup 2023 which had now been satisfied.

Following on from the success of AFC Asian Cup 2023, the Group is pleased to be appointed as the exclusive commercial hospitality operator and accommodation provider for the AFC Asian Cup 2027, due to be held in Saudi Arabia.

The Ryder Cup contract runs through to 2027. We therefore look forward as the official travel services operator to the event which will be held at Adare Manor, Ireland in 2027. We will continue to operate the official accommodation bureau of The Open for 2025 and provide accommodation management for CONCACAF and CONMEBOL and other major sporting events throughout the world.

The Group will continue to use its experience to proactively support MATCH Hospitality AG, a related Company, in preparation for the Madrid Grand Prix to be held from 2026 onwards.

We are currently in discussions with several major sporting organisations regarding future events.

The Group has, through its contractual arrangements, mitigated a substantial amount of commercial risk.

Unsold hotel inventory can usually be cancelled at various points prior to the event and therefore supply can be matched with customer demand. Credit risk is minimised by requiring full payment before accommodation is fulfilled.

When the Group acts as a service provider it monitors project progress, risks and costs incurred to ensure that costs overruns are minimised.

The Group does have some exposure to reduced revenue if future events are cancelled or postponed, albeit its contracts do usually contain “Force Majeure” clauses which outline the rights and responsibilities of each party should this occur.

As a large proportion of its assets and liabilities are denominated in currencies other than Sterling, the Group can benefit or suffer from movements in foreign exchange rates on the translation into Sterling. The Group manages this foreign exchange risk by holding foreign currency reserves.

The Directors continue to promote the success of the Group for the benefit of its shareholders through the initiatives shown below:

• The success in acquiring contracts for new events Worldwide will enhance the Group's growth strategies, and in the process expand the geographical footprint of the business.

• Long term planning and business risk is continually reviewed in order that the Group is well placed to deliver the growth expectations.

• Investing with resources in the geographical areas in which the Group operates for servicing the various events involved in around the World.

• Close relationships with both our customers and suppliers within the variety of events to give the best possible service and supply.

• Maintaining an effective culture within the organisation World wide through employee engagement, instilling a health and safety policy to ensure the safety of all our staff and guests.

• Involvement in new events around the World driving new business opportunities in territories new to the Group in order to enhance the Group’s reputation for providing a high standard of services.

• Legal and Compliance remains a key area supported by regular training to ensure adherence to the Group's Code of Conduct

• Operational policies are regularly reviewed within the business to minimise the impact on the environment.

• The Management act fairly between all members of the business providing equal pay and employee rights.

By order of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

As the Group has consumed more than 40,000 kWh of energy in this reporting period, it does not qualify as a low energy user under these regulations and is therefore required to report on its emissions, energy consumption or energy efficiency activities.

The following actions have been put in place to collect carbon reporting data for future disclosure in its financial statements:

• Recording all electricity and gas usage from supplier invoices and meter readings;

• Monitor the use of staff flights in relation to the business;

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of UK revenue, the recommended ratio for the sector.

The Company also uses a significant number of flights in relation to the Business in order for the staff to manage the various operational events around the World. During the year to 31 December 2024 the flight activity resulted in the consumption of 41.266 tonnes of carbon dioxide during those flights used. The Directors continue to monitor the usage of energy across the group, with a view to reducing the group’s carbon footprint where possible. Every effort is made to only use flights when essential and making trips longer in time where possible.

The directors are responsible for preparing the Annual Report 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 group and company, 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of Byrom Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above 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; 

• 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 entity 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.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's loss for the year was £4,235,222 (2023 - £41,974 loss).

Other reserves represent non-distributable fair value gains and losses on investment properties held by the group, net of deferred tax.

Other reserves represent non-distributable fair value gains and losses on investment properties held by the group, net of deferred tax.

Byrom Plc (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Seamos House, Brooks Drive, Cheadle Royal Business Park, Cheadle, Cheshire, United Kingdom, SK8 3SA.

The group consists of Byrom Plc and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of the Reduced Financial Reporting Regime, as permitted by FRS 102 regarding the disclosure requirements of Sections 3, 4, 7, 11, 12 and 33 of the standard.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Byrom plc and all entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The directors have prepared projections and cash flow forecats extending beyond the period 12 months from the date of signing the financial statements. Such forecasts support the directors expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The accounting policies for the recognition of income and expenditure for tournaments and events are set out as follows:

Turnover

Turnover for tournaments and events occurring during or after the period end are recognised on the following basis:

i) Accommodation, ticket and ancillary sales to end users are recognised in the profit and loss account on the date the event takes place or when the accommodation or service is provided.

ii) Turnover in relation to the provision of event organisation and management services provided under long term framework agreements are recognised in accordance with the provision of attributable services. Turnover relating to such services represents both invoiced and un-invoiced amounts approved and due to the group in accordance with long term framework agreements. Such turnover represents a portion of fixed, agreed amounts together with variable amounts relating to specific work undertaken in the period. Balances invoiced but unpaid are recognised in trade debtors, balances yet to be invoiced are recognised in accrued income.

Deferred income is recognised in relation to all amounts billed in advance of services provided and accrued income is recognised in relation to all services unbilled at the balance sheet date.

Future tournaments and events

Sales made for tournaments and events occurring after the year end are deferred until the event takes place and the services provided. The balance sheet also includes amounts relating to deposits paid on contractual dates in accordance with sales agreements reached with customers. Accruals are made for deposits that are payable to suppliers.

Deferred event expenditure

Overheads for tournaments and events occurring during and after the period end are recognised on the following basis:

i) Overheads relating to service fee income are recognised in the profit and loss account when the costs are incurred.

ii) Overheads relating to accommodation and hospitality services provided for future events are deferred to the balance sheet until the event has taken place.

Event development costs

Marketing and event development costs are written off as incurred except to the extent that the directors are wholly satisfied as to the commercial and financial viability of the project, in which case they are deferred.

Intangible assets represent non-refundable rights fees relating to future major sporting events as described in note 10. Such assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is calculated on a straight-line method over the estimated useful lives, in this case being the duration of the event to which it relates, and is recognised in the statement of profit and loss.

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 debtors 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 assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

The financial statements of overseas subsidiary undertakings are translated at the rate of exchange at the balance sheet date. All retranslation differences are taken to other comprehensive income.

In the application of the group’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.

Profit recognition

The directors consider that the key source of estimation uncertainty is the level of profit to be recognised in the group financial statements in relation to progress made against operational milestones set out in framework agreements connected to services provided for major sporting events.

Consolidation of subsidiaries

As discussed within note 14 to the financial statements, the directors have exercised judgement in consolidating the financial records of its Qatari based subsidiaries. Despite holding 49% of the issued share capital of these entities, the directors consider that Byrom plc holds the power to govern the financial and operational policies of these subsidiaries and exerts ultimate control over them.

The whole of turnover is attributable to the group's principal activity.

Turnover (stated net of all sales taxes) from continuing operations was in respect of events held or due to be held in:

The average monthly number of persons (including directors) employed by the group during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

On October 18, 2024, a subsidiary of Byrom PLC entered into an agreement with the Asian Football Confederation (AFC), obtaining the exclusive rights to provide hospitality services in connection with the AFC Asian Cup 2027 as well as other AFC events. Under the terms of the agreement, the subsidiary will share a portion of the net profit from the events with the AFC and is required to pay a non refundable minimum gurantee of USD 10,000,000 (£7,976,736), regardless of the actual event profitability. The payment is structured in three installments:

• USD 5,000,000 (£3,983,636) - paid within 10 days of the effective date

• USD 2,500,000 (£1,996,550) - due on 1 July 2025

• USD 2,500,000 (£1,996,550) - due on 1 July 2026

As of 31 December 2024, the subsidiary has recognised the full value of the exclusive rights as an intangible asset.

Amortisation will commence when the asset is available for use, expected closer to the commncement of the tournaments. The asset will be amortised over the economic benefit period, in line with FRS 102.

Investment properties have been valued based on directors' assessment after taking into account external market valuations for similar properties and relevant developments within the property market. Following such assessments, the directors consider the fair value of investment properties recognised to equate to their market value.

Details of the company's subsidiaries at 31 December 2024 are as follows:

In accordance with applicable accounting standards and the Group's accounting policy note 1.2 Byrom Plc is considered to have control over Byrom Consultancy LLC, MATCH Hospitality Asia WLL and MATCH Accommodation Asia WLL through its power to govern the financial and operational policies of the aforementioned entities and so the results of the entity have been consolidated in full.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Pension contributions of £37,986 (2023: £36,113) are included within other creditors at the balance sheet date.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: