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CAA Sports UK Limited Registered number: 06752349 Annual Report For the year ended 30 September 2024
CAA SPORTS UK LIMITED COMPANY INFORMATION
Directors | J E Burtson
| J M Freedman
| J Storey
Registered number | 06752349
Registered office | 12 Hammersmith Grove
| London
| England
| W6 7AP
Independent auditor | Forvis Mazars LLP
| Chartered Accountants & Statutory Auditor
| 30 Old Bailey
| London
| EC4M 7AU
Bankers | Barclay Bank Plc
| Business Services
| Level 27
| 1 Churchill Place
| London
| E14 5HP
CAA SPORTS UK LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 7
Independent Auditor's Report | 8 - 11
Consolidated Statement of Comprehensive Income | 12
Consolidated Statement of Financial Position | 13 - 14
Company Statement of Financial Position | 15
Consolidated Statement of Changes in Equity | 16
Company Statement of Changes in Equity | 17
Consolidated Statement of Cash Flows | 18
Consolidated Analysis of Net Debt | 19
Notes to the Financial Statements | 20 - 47
CAA SPORTS UK LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024
Introduction
The directors present their Group Strategic Report of CAA Sports UK Limited (the 'Company') and its subsidiary companies (together the 'Group') for the year ended 30 September 2024.
Business review
The Group made a pre-tax profit of £30,103,069 (2023: £20,073,096) for the year. The principal activities of the Group is that of sports and media representation services and agents acting for professional sports persons and personalities in the negotiation of playing contracts, and for football clubs in the transfer of players from one club to another. The Group has continued to build its international agency, consolidating its operations across Europe, the Americas, Asia and the Middle East. The directors are pleased with the performance of the Group in FY24 following a strong year. The Group remains a key player in the market and is well positioned in continuing to deliver on its strategic plans and also with an increasing global presence.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group are primarily those inherent in the Sports and Entertainment industry. As well as underlying economic factors, the Group's income is dependent on the continued popularity of sporting and media events. The Group's football business also faces regulatory risks from the proposed "FIFA Football Agent Regulation" ("FFAR") announced in December 2022, which were due to take effect in October 2023. However, following the conclusion of the legal case, there has been no change to current regulations. Treasury operation and financial instruments The Group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the Groups activities. The Group has various financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Liquidity risk The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business. Interest rate risk The Group is exposed to cash flow interest rate risk on bank deposits. There are no interest bearing short term financial liabilities. Foreign currency risk The Groups principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. All customers who wish to trade on credit terms are subject to credit verification procedures. Terms are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Page 1
CAA SPORTS UK LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Financial key performance indicators
The directors monitor the performance of the business using various key performance indicators ("KPIs"). The main KPIs were: ∙Turnover for the Group increased by 14% (2023: increased by 27%) compared to prior year. Turnover for the Company increased by 11% (2023: increased by 21%) compared to the previous year. ∙Operating profit for the Group increased by 49% to £29,576,574 (2023: decreased by 26% to £19,875,500) compared to the previous year. Operating profit for the Company increased by 27% (2023: decreased by 61%). The Group and Company turnover growth remains strong at 14% and 11% respectively. This represents sustainable growth and expected client activity fluctuations. Turnover in any year is susceptible to the activities of its clients, and there will be occasions where this can lead to significant fluctuations over the Group's accounting years. The underlying client base is increasing and the Group is able to withstand these movements.
Other key performance indicators
The directors do not consider there to be any other non financial key performance indicators.
Future developments
The Group continues to look for other opportunities to diversify its revenue streams, whilst developing existing partnerships in its core business and looking to forge new joint ventures around the world. During the current year the Group has continued to concentrate on the development of youth recruitment and its international activities across Europe, Japan, the Americas and the Middle East.
Directors' statement of compliance with duty to promote the success of the Group
The directors consider, both individually and collectively, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a-f) of the Act) in the decisions taken during the year ended 30 September 2024. In discharging their duties in relation to s172(1) of the Companies Act 2006, the directors have paid regard to the following matters: ∙the likely consequences of any decision in the long-term, such as strategic planning, Brexit impact and business development opportunities; ∙interests of the Group's· employees including health and safety, employee involvement and initiatives, diversity, inclusion and gender pay gap issues; ∙the need to foster relationships with suppliers, customers and others including supplier evaluation, social values and payment practices; ∙to act fairly between members of the Company; ∙impact of operations on community and the environment, including carbon management, climate crisis initiatives; and ∙reputation for high standards of business conduct including adoption of corporate governance standards training of directors and whistleblowing reporting. Page 2
CAA SPORTS UK LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 This report was approved by the board and signed on its behalf by:
J Storey Director
Date: 1 October 2025
Page 3
CAA SPORTS UK LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The directors present their annual report and the audited consolidated financial statements of CAA Sports UK Limited (the 'Company') and its subsidiary companies (together the 'Group') for the year ended 30 September 2024.
Principal activity
The principal activities of the Group is that of sports and media representation services and agents acting for professional sports persons and personalities in the negotiation of playing contracts, and for football clubs in the transfer of players from one club to another.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £18,947,715 (2023: profit of £12,784,423). The directors do not recommend the payment of a dividend for the year (2023: £nil).
Directors
The directors who served during the year and to the date of this report were:
J E Burtson
J M Freedman
J Sorey (appointed 25 March 2025)
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. The directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
CAA SPORTS UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation the Group has adequate resources to continue in operational existence for a minimum of 12 months from the date of approval of these financial statements. Further, a letter of support has been obtained from CAA Holdings LLC confirming that intragroup balances will not be recalled for a minimum of 12 months from the approval of the financial statements and support can be made available, where required. The strong and growing profitability and net asset position of the group further supports the going concern basis of accounting in preparing the financial statements.
Economic impact of global events
UK businesses are facing many uncertainties and challenges caused by political, economic, social, technological, legal and environmental factors. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and concluded that the greatest impact on the business is expected to be from the economic ripple effect on the global economy. The directors have taken account of these potential impacts in their going concern assessment. The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Engagement with suppliers, customers and others
The Directors maintain open and fair engagement with customers, suppliers and other stakeholders, focusing on quality service, timely dealings, and compliance with obligations to support sustainable operations and long term value.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Group's greenhouse gas emissions and energy consumption are as follows:
|  |  |  |  | 2024 | 2023
| Annual Energy Consumption (in KWh) | 79,725.6 | 73,431.6
| Energy consumption break down |  |
| Gas consumption | 2,860.9 | 2,335.6
| Purchased electricity | 66,512.0 | 66,266.8
| Business mileage | 10,352.7 | 4,829.1
Page 5
CAA SPORTS UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Greenhouse gas emissions, energy consumption and energy efficiency action (continued)
|  |  |  |  | Annual Greenhouse Gas Emissions | Annual Greenhouse Gas Emissions
|  |  |  |  | (in tonnes CO2e) | (in tonnes CO2e)
| Scope 1 emissions (metric tonnes CO2e) |  |
| Gas consumption | 0.5 | 0.4
| Scope 2 emissions (metric tonnes CO2e) |  |
| Purchased electricity | 13.8 | 13.7
| Scope 3 emissions (metric tonnes CO2e) |  |
| Business mileage | 2.5 | 1.2
| Total gross emissions (metric tonnes CO2e) | 16.8 | 15.3
| Intensity ratio (metric tonnes CO2e per £m turnover) | 0.39 | 0.41
| Quantification and reporting methodology We have followed the 2019 HM Government Environmental Reporting Guidelines. We have used the Greenhouse Gas (GHG) Reporting Protocol – Corporate Standard, the 2023 UK Government's Conversion Factors for Company Reporting and the 2024 UK Government's Conversion Factors for Company Reporting. Intensity measurement The chosen intensity measurement ratio is total gross emissions of CO2e in metric tonnes per £m turnover. Measures taken to improve energy efficiency CAA Sports UK Limited has recorded a small increase in absolute greenhouse gas emissions during the reporting period, however the company has taken significant steps to reduce its environmental impact, as evidenced by the reduction in the intensity ratio. An ESOS plan has been submitted, outlining measures to improve energy efficiency through standardising HVAC temperature settings, optimising operational schedules, and maximising the use of natural lighting. In 2024 CAA Sports UK Limited undertook the process of procuring a new headquarters, which was selected based on features including industry-leading energy efficiency design and low carbon certifications. The Company will not be moving into the building until around 2027. To support more sustainable travel choices, carbon emissions data has been integrated into the company’s travel portal, enabling employees to select lower-carbon travel options. CAA Sports UK Limited’s leadership continues to champion low-carbon practices, working closely with the CAA Foundation on a range of green initiatives.
Page 6
CAA SPORTS UK LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
Qualifying third party indemnity provisions
The directors benefit from a qualifying third party indemnity provision in the form permitted by the Section 234 of the Companies Act 2006 in respect of certain third party actions against directors. No claim or notice of claim in respect of these indemnities has been received in the period. The qualifying indemnity provision was in force throughout the financial period and at the date of approval of the Directors' Report.
Matters covered in the Group Strategic Report
The Group has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Group’s Strategic Report information required by Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008. Certain matters which are required to be disclosed in the Directors’ Report have been omitted as they are included in the Strategic Report on pages 1 to 3. These matters relate to the business review, principal risks and uncertainties and future developments.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
On 13 May 2025, after the reporting period, CAA Sports UK Limited acquired the majority of the share capital of Portas Consulting Group Limited, a management consulting firm registered in England and Wales. The results have not been reflected in the financial statements for the year ended 30 September 2024. In April 2025, the directors of Base Sports Holdings Limited approved a dividend of £19,375,020.
Auditor
During the year, Forvis Mazars LLP was appointed as auditor. The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf by:
J Storey Director
Date: 1 October 2025
Page 7
CAA SPORTS UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAA SPORTS UK LIMITED Opinion We have audited the financial statements of CAA Sports UK Limited (the ‘parent Company’) and its subsidiaries (the 'Group') for the year ended 30 September 2024 which comprise Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and 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 FRS 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 and the parent Company’s affairs as at 30 September 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 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. Page 8
CAA SPORTS UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAA SPORTS UK LIMITED 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 the 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. Matters on which we are required to report by exception In light of the knowledge and understanding of the Group and parent Company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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. Page 9
CAA SPORTS UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAA SPORTS UK LIMITED Responsibilities of Directors As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group and 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 intend either to liquidate the Group and parent Company or to cease operations, or have no realistic alternative but to do so. Auditor's 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 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. 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, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Group and parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: ∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; ∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities; ∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and ∙Considering the risk of acts by the Group and the parent Company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. Page 10
CAA SPORTS UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAA SPORTS UK LIMITED In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to: ∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; ∙Gaining an understanding of the internal controls established to mitigate risks related to fraud; ∙Discussing amongst the engagement team the risks of fraud; and ∙Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of the audit 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. Richard Karmel (Senior statutory auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 30 Old Bailey London EC4M 7AU 2 October 2025 Page 11
CAA SPORTS UK LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 79,370,742 | 69,401,998
Gross profit |  | 79,370,742 | 69,401,998
Administrative expenses |  | (49,794,168) | (49,526,498)
Operating profit | 5 | 29,576,574 | 19,875,500
Interest receivable and similar income | 8 | 555,100 | 279,763
Interest payable and similar expenses | 9 | (28,605) | (82,167)
Profit before taxation |  | 30,103,069 | 20,073,096
Tax on profit | 10 | (7,900,388) | (5,595,486)
Profit for the financial year |  | 22,202,681 | 14,477,610
Other comprehensive income |  | - | -
Total comprehensive income for the year |  | 22,202,681 | 14,477,610
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 3,254,966 | 1,693,187
Owners of the parent Company |  | 18,947,715 | 12,784,423
|  | 22,202,681 | 14,477,610
Total comprehensive income for the year attributable to: |  |  |
Non-controlling interest |  | 3,254,966 | 1,693,187
Owners of the parent Company |  | 18,947,715 | 12,784,423
|  | 22,202,681 | 14,477,610
The Consolidated Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
The notes on pages 20 to 47 form part of these financial statements.
Page 12
CAA SPORTS UK LIMITED REGISTERED NUMBER: 06752349 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024
|  |  |  | Restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets | 11 |  | 6,398,805 |  | 10,046,806
Tangible fixed assets | 12 |  | 494,586 |  | 158,640
|  |  | 6,893,391 |  | 10,205,446
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 14 | 11,608,795 |  | 4,590,619 |
Debtors: amounts falling due within one year | 14 | 114,563,828 |  | 98,272,151 |
Cash at bank and in hand | 15 | 34,323,624 |  | 22,602,500 |
|  | 160,496,247 |  | 125,465,270 |
Creditors: amounts falling due within one year | 16 | (98,350,236) |  | (91,556,166) |
Net current assets |  |  | 62,146,011 |  | 33,909,104
Total assets less current liabilities |  |  | 69,039,402 |  | 44,114,550
Creditors: amounts falling due after more than one year | 17 |  | (3,512,474) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | - |  | (790,303) |
|  |  | - |  | (790,303)
Net assets |  |  | 65,526,928 |  | 43,324,247
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1 |  | 1
Profit and loss account | 21 |  | 52,862,421 |  | 33,914,706
Equity attributable to owners of the parent Company |  |  | 52,862,422 |  | 33,914,707
Non-controlling interests |  |  | 12,664,506 |  | 9,409,540
Total equity |  |  | 65,526,928 |  | 43,324,247
Page 13
CAA SPORTS UK LIMITED REGISTERED NUMBER: 06752349 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Storey
Director
Date: 1 October 2025
The notes on pages 20 to 47 form part of these financial statements. Page 14
CAA SPORTS UK LIMITED REGISTERED NUMBER: 06752349 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 12 |  | 446,022 |  | 113,017
Investments | 13 |  | 29,268,509 |  | 29,268,509
|  |  | 29,714,531 |  | 29,381,526
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 35,756,170 |  | 32,439,326 |
Cash at bank and in hand | 15 | 17,286,314 |  | 10,223,792 |
|  | 53,042,484 |  | 42,663,118 |
Creditors: amounts falling due within one year | 16 | (42,075,573) |  | (43,952,064) |
Net current assets/(liabilities) |  |  | 10,966,911 |  | (1,288,946)
Total assets less current liabilities |  |  | 40,681,442 |  | 28,092,580
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (53,906) |  | - |
|  |  | (53,906) |  | -
Net assets |  |  | 40,627,536 |  | 28,092,580
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1 |  | 1
Profit and loss account | 21 |  | 40,627,535 |  | 28,092,579
Total equity |  |  | 40,627,536 |  | 28,092,580
The Company has elected to take exemption under Section 408 of the Companies Act not to present a Statement of Comprehensive Income. The profit for the year of CAA Sports UK Limited was £12,534,956 (2023: profit of £9,926,422). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J Storey
Director
Date: 1 October 2025
The notes on pages 20 to 47 form part of these financial statements. Page 15
CAA SPORTS UK LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £
At 1 October 2022 | 1 | 21,130,283 | 21,130,284 | 7,716,353 | 28,846,637
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | 12,784,423 | 12,784,423 | 1,693,187 | 14,477,610
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | 12,784,423 | 12,784,423 | 1,693,187 | 14,477,610
At 1 October 2023 | 1 | 33,914,706 | 33,914,707 | 9,409,540 | 43,324,247
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | 18,947,715 | 18,947,715 | 3,254,966 | 22,202,681
Other comprehensive income for the year | - | - | - | - | -
Total comprehensive income for the year | - | 18,947,715 | 18,947,715 | 3,254,966 | 22,202,681
At 30 September 2024 | 1 | 52,862,421 | 52,862,422 | 12,664,506 | 65,526,928
| The notes on pages 20 to 47 form part of these financial statements.
Page 16
CAA SPORTS UK LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2022 | 1 | 18,166,157 | 18,166,158
Comprehensive income for the year |  |  |
Profit for the year | - | 9,926,422 | 9,926,422
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 9,926,422 | 9,926,422
At 1 October 2023 | 1 | 28,092,579 | 28,092,580
Comprehensive income for the year |  |  |
Profit for the year | - | 12,534,956 | 12,534,956
Other comprehensive income for the year | - | - | -
Total comprehensive income for the year | - | 12,534,956 | 12,534,956
At 30 September 2024 | 1 | 40,627,535 | 40,627,536
| The notes on pages 20 to 47 form part of these financial statements.
Page 17
CAA SPORTS UK LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024
|  |  |  | Restated
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 22,202,681 | 14,477,610
Adjustments for: |  |
Amortisation of intangible assets | 3,648,001 | 3,374,071
Depreciation of tangible assets | 145,382 | 103,908
Interest paid | 28,605 | 82,167
Interest received | (555,100) | (279,763)
Taxation charge | 7,900,388 | 5,595,486
Increase in debtors | (23,454,911) | (47,059,112)
Increase in creditors | 16,247,655 | 26,803,896
(Decrease)/increase in amounts owed to group undertakings | (3,297,342) | 1,245,863
Corporation tax paid | (7,611,451) | (8,465,628)
Net cash generated from/(used in) operating activities | 15,253,908 | (4,121,502)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (481,328) | (107,726)
Interest received | 555,100 | 279,763
(Decrease)/increase in contingent consideration | (3,453,305) | 845,743
Net cash (used in)/generated from investing activities | (3,379,533) | 1,017,780
Cash flows from financing activities |  |
(Decrease)/increase in bank overdrafts | (124,646) | 42,664
Interest paid | (28,605) | -
Net cash used in financing activities | (153,251) | 42,664
Net increase/(decrease) in cash and cash equivalents | 11,721,124 | (3,061,058)
Cash and cash equivalents at beginning of year | 22,602,500 | 25,663,558
Cash and cash equivalents at the end of year | 34,323,624 | 22,602,500
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 34,323,624 | 22,602,500
The notes on pages 20 to 47 form part of these financial statements.
Page 18
CAA SPORTS UK LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2024
|  | At 1 October 2023 | Cash flows | At 30 September 2024
|  | £ | £ | £
Cash at bank and in hand | 22,602,500 | 11,721,124 | 34,323,624
Bank overdrafts | (124,646) | 124,646 | -
| 22,477,854 | 11,845,770 | 34,323,624
The notes on pages 20 to 47 form part of these financial statements.
Page 19
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. | General information
CAA Sports UK Limited is a private company limited by shares and is incorporated and registered in England and Wales. The Company's registered number is 06752349. The address of its registered office is 12 Hammersmith Grove, London, England, W6 7AP. The principal activities of the Group is that of sports and media representation services and agents acting for professional sports persons and personalities in the negotiation of playing contracts, and for football clubs in the transfer of players from one club to another. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The Company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102, para 1.12 (b) not to present the Company Statement of Cash Flows. The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates, and is rounded to the nearest pound. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation the Group has adequate resources to continue in operational existence for a minimum of 12 months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Page 20
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Group's functional and presentation currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit and loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'. The functional currency of CAA Base Spain SL is Euros; the Statement of Financial Position has been converted to sterling using the exchange rate at the Consolidated Statement of Financial Position date while the Statement of Comprehensive Income has been converted using the average rate over the year. Page 21
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Consulting Fees Turnover from a contract to provide services relating to consulting fees is recognised in the period in which the service is provided. Turnover is recognised based on milestones within the contract or spread over the life of the contract depending on the type of service and the terms and conditions. Turnover is recognised when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract. Endorsement Fees Turnover from a contract in which endorsement fees are derived are recognised at a point in time when the client receives funds from the sponsor. The sponsor will provide funds to the client in accordance with the contractual terms and the Group will recognise revenue when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; and ∙it is probable that the Group will receive the consideration due under the contract.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.
| 2.7 | Interest receivable and similar income
Interest receivable and similar income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.
| 2.8 | Interest payable and similar expenses
Interest payable and similar expenses are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 22
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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 Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 23
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.12 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Non compete | - | 3 | years
|  |  |  | Market related intangible assets | - | 3 | years
|  |  |  | Goodwill | - | 7 | years
|  |  |  | App development | - | 7 | years
|  |  |  | Trade name | - | 3 | years
|  |  |  | Customer relationships | - | 7 | years
Amortisation is included in ‘administrative expenses’ in the Consolidated Statement of Comprehensive Income.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Page 24
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
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:
|  |  |  | Fixtures, fittings and equipment | - | 25% straight line
|  |  |  | Computer equipment | - | 25% straight line
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 the Consolidated Statement of Comprehensive Income. Depreciation is included in "administrative expenses" in the Consolidated Statement of Comprehensive Income.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 25
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.15 | Impairment of fixed assets
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 Group 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 the Consolidated Statement of Comprehensive Income, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. 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 Consolidated Statement of Comprehensive Income, 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.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 26
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | 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 in the Consolidated Statement of Financial Position 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 Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 27
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 28
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the accounting policies, the directors are required to make judgements, estimates and assumptions affecting the carrying values 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, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. An estimate or judgement may be considered critical if it involves matters that are highly uncertain or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the company's results are likely to occur from period to period. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 3.1 Critical judgements in applying the Group’s accounting policies The critical judgements that the directors have made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. i) Deferred Tax Deferred tax liabilities are always provided in full. Deferred tax assets are recognised to the extent that it is probable that the underlying deductible temporary difference will be able to be offset against future taxable income. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the Consolidated Statement of Financial Position date. Deferred tax is recognised as a component of the tax expense in the Consolidated Statement of Comprehensive Income, except where it relates to items charged to other comprehensive income or directly to equity. 3.2 Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. i) Investments The directors consider that the judgement of whether or not to impair the Group's investments is critical. This judgement depends on the key estimate of their value. The carrying amount as at 30 September 2024 was £29,268,509 (2023: 29,268,509). ii) Impairment of intangible assets and goodwill The Group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. The carrying amount of Goodwill as at 30 September 2024 was £4,367,426 (2023: £6,862,913). Page 29
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 3.Judgements in applying accounting policies (continued) iii) Recoverability of debtors The Group establishes a provision for debts that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debts, past experience of recoverability, and the credit profile of individual or groups of customers. iv) Determining residual values and useful economic lives tangible fixed assets The Group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices. v) Deal bonus accruals The Group estimates the value of future bonus payments due to agents on guaranteed commissions, included within accruals. The bonus is calculated on a deal-by-deal basis and payment is contingent on cash collection from customers. The estimate is based on a percentage derived from average historical bonus payments made. Page 30
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Consulting fees | 11,305,253 | 9,304,611
| Endorsement fees | 30,388,448 | 27,860,158
| Agent commissions | 37,677,041 | 32,237,229
|  | 79,370,742 | 69,401,998
Analysis of turnover by geographical market:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 65,835,026 | 68,160,434
| Rest of the world | 13,535,716 | 1,241,564
|  | 79,370,742 | 69,401,998
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange losses | 3,283,949 | 7,682,068
| Other operating lease rentals | 1,666,613 | 1,284,932
| Depreciation of tangible fixed assets | 145,382 | 103,908
| Amortisation of intangible assets | 3,648,001 | 3,374,071
Page 31
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 140,000 | 88,000
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Taxation compliance services | 9,000 | -
| All non-audit services not included above | 32,654 | -
7. | Employees
| Staff costs, including directors' remuneration,, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Wages and salaries | 26,986,556 | 22,575,105 | 14,292,420 | 11,902,837
| Social security costs | 3,291,288 | 2,832,647 | 1,737,913 | 1,415,869
| Cost of defined contribution scheme | 507,520 | 279,203 | 360,291 | 193,584
|  | 30,785,364 | 25,686,955 | 16,390,624 | 13,512,290
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Agents and Sales | 96 | 89 | 50 | 44
|  | Other Support | 84 | 70 | 52 | 42
|  |  | 180 | 159 | 102 | 86
| The directors were not remunerated by the Company in the current or prior year and they provide negligible qualifying services to the Company.
Page 32
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. | Interest receivable and similar income
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 555,100 | 279,763
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Unwinding of discount on contingent consideration | - | 82,167
| Other interest payable | 28,605 | -
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 8,106,177 | 5,677,650
| Adjustments in respect of previous periods | (522,785) | 206,579
| Foreign tax on income for the year | 1,204,260 | -
| Total current tax | 8,787,652 | 5,884,229
| Deferred tax |  |
| Origination and reversal of timing differences | (723,553) | (288,743)
| Adjustments in respect of prior periods | (163,711) | -
| Total deferred tax (see note 19) | (887,264) | (288,743)
| Tax on profit | 7,900,388 | 5,595,486
Page 33
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023:22%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit before tax | 30,103,069 | 20,073,096
| Profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2023: 22%) | 7,525,767 | 4,416,081
| Effects of: |  |
| Expenses not deductible for tax purposes | 431,957 | 1,192,069
| Unutilised tax losses carried forward | - | 55,573
| Adjustments to tax charge in respect of prior periods | (522,785) | 10,312
| Non-taxable income | - | 12,384
| Effect of change in corporation tax rate | - | 15,886
| Permanent capital allowances in excess of depreciation | 5,290 | (14,343)
| Group relief | 623,872 | 196,267
| Adjustments in respect of prior periods (deferred tax) | (163,713) | (288,743)
| Total tax charge for the year | 7,900,388 | 5,595,486
| Factors that may affect future tax charges
There are no factors that may affect future tax charges for the Group. Page 34

|  | CAA SPORTS UK LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 11. | Intangible assets
|  | Group
|  | Customer relationships | Non compete | Trade name | App development | Goodwill | Market related intangible assets | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |  |
| At 1 October 2023 | 8,785,000 | 140,000 | 2,580,000 | 67,589 | 17,009,028 | 188,000 | 28,769,617
| At 30 September 2024 | 8,785,000 | 140,000 | 2,580,000 | 67,589 | 17,009,028 | 188,000 | 28,769,617
| Amortisation |  |  |  |  |  |  |
| At 1 October 2023 | 5,642,142 | 140,000 | 2,580,000 | 26,554 | 10,146,115 | 188,000 | 18,722,811
| Charge for the year | 1,142,858 | - | - | 9,656 | 2,495,487 | - | 3,648,001
| At 30 September 2024 | 6,785,000 | 140,000 | 2,580,000 | 36,210 | 12,641,602 | 188,000 | 22,370,812
| Net book value |  |  |  |  |  |  |
| At 30 September 2024 | 2,000,000 | - | - | 31,379 | 4,367,426 | - | 6,398,805
| At 30 September 2023 | 3,142,858 | - | - | 41,035 | 6,862,913 | - | 10,046,806
Page 35

CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 11.Intangible assets (continued)
| Company
|  | Customer relationships | Non compete | Market related intangible assets | Goodwill | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 October 2023 | 785,000 | 10,000 | 188,000 | 704,818 | 1,687,818
| At 30 September 2024 | 785,000 | 10,000 | 188,000 | 704,818 | 1,687,818
| Amortisation |  |  |  |  |
| At 1 October 2023 | 785,000 | 10,000 | 188,000 | 704,818 | 1,687,818
| At 30 September 2024 | 785,000 | 10,000 | 188,000 | 704,818 | 1,687,818
| Net book value |  |  |  |  |
| At 30 September 2024 | - | - | - | - | -
| At 30 September 2023 | - | - | - | - | -
Page 36
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
12. | Tangible fixed assets
| Group
|  | Computers | Fixtures, fittings and equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 October 2023 | 245,708 | 306,303 | 552,011
| Additions | 88,977 | 392,351 | 481,328
| At 30 September 2024 | 334,685 | 698,654 | 1,033,339
| Depreciation |  |  |
| At 1 October 2023 | 203,928 | 189,443 | 393,371
| Charge for the year | 85,820 | 59,562 | 145,382
| At 30 September 2024 | 289,748 | 249,005 | 538,753
| Net book value |  |  |
| At 30 September 2024 | 44,937 | 449,649 | 494,586
| At 30 September 2023 | 41,780 | 116,860 | 158,640
Page 37
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12.Tangible fixed assets (continued)
| Company
|  | Fixtures, fittings and equipment
|  | £
| Cost |
| At 1 October 2023 | 240,682
| Additions | 391,933
| At 30 September 2024 | 632,615
| Depreciation |
| At 1 October 2023 | 127,665
| Charge for the year | 58,928
| At 30 September 2024 | 186,593
| Net book value |
| At 30 September 2024 | 446,022
| At 30 September 2023 | 113,017
Page 38
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 October 2023 | 29,268,509
| At 30 September 2024 | 29,268,509
| Net book value |
| At 30 September 2024 | 29,268,509
| At 30 September 2023 | 29,268,509
Page 39
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Base Sport Holdings Limited | 12 Hammersmith Grove, London, England W6 7AP | Holding company | Ordinary | 75%
| Base Sport Ltd* | 12 Hammersmith Grove, London, England W6 7AP | Holding company | Ordinary | 75%
| CAA Base Limited** | 12 Hammersmith Grove, London, England W6 7AP | Agents for professional footballers | Ordinary | 75%
| Base Soccer Agency Limited** | 12 Hammersmith Grove, London, England W6 7AP | Dormant | Ordinary | 75%
| Base Soccer East Europe Limited** | 12 Hammersmith Grove, London, England W6 7AP | Dormant | Ordinary | 75%
| Base Soccer Europe Limited** | 12 Hammersmith Grove, London, England W6 7AP | Agents for professional footballers | Ordinary | 75%
| Base Soccer Italy Limited** | 12 Hammersmith Grove, London, England W6 7AP | Agents for professional footballers | Ordinary | 75%
| Base Soccer Management SA** | Viale Stefano Franscini 15, 6900 Lugano, Switzerland | Agents for professional footballers | Ordinary | 75%
| Base Soccer Spain SLU** | Plaza de la Lealtad, no 3, 5a planta, 28014 Madrid, Spain | Agents for professional footballers | Ordinary | 75%
| Time Management Global Limited** | 12 Hammersmith Grove, London, England W6 7AP | Dormant | Ordinary | 75%
| CAA Base Latam SAS*** | Av. Roosevelt, P. 16, Ed. Stradivarius 000 1605 Punta del Este, Uruguay | Agents for professional footballers | Ordinary | 70%
| CAA Base Italy Sarl*** | Via Napo Torriani 19/C, Como 22100, Italy | Agents for professional footballers | Ordinary | 49%
Page 40
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Subsidiary undertakings (continued)
| * Base Sport Ltd is indirectly held via Base Sport Holdings Limited. ** These entities are indirectly held via Base Sport Ltd, which is indirectly held by Base Sport Holdings Limited. *** CAA Base Latam SAS and CAA Base Italy Sarl are held indirectly via CAA Base Limited and Base Soccer Italy Limited, respectively, which are indirectly held via Base Sport Ltd, which is indirectly held by Base Sport Holdings Limited. The Company provides parental guarantee to Base Soccer Europe Limited (company number 09477418), Base Soccer Italy Limited (company number 11090198) and CAA Base Limited (company number 03493399), where the subsidiaries are entitled to an exemption from audit under section 479A of the Companies Act 2006 and members have not required these subsidiaries to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. Base Sport Holdings Limited (company number: 11877569) is exempt from the requirements relating to audit for the year ended 30 September 2024 by virtue of section 480 of the Companies Act 2006. Under Section 402 and 405(2) of the Companies Act, Base Soccer Agency Limited and CAA Base Latam SAS's results have not been included within the consolidated results as they are immaterial to the Group.
Page 41
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
14. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Prepayments and accrued income | 11,511,834 | 4,590,619 | - | -
| Deferred tax asset (note 19) | 96,961 | - | - | -
|  | 11,608,795 | 4,590,619 | - | -
|  | Group | Group Restated | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 49,614,458 | 44,218,253 | 19,165,872 | 19,183,636
| Amounts owed by group undertakings | 8,615,949 | 7,203,526 | 9,698,072 | 7,172,209
| Other debtors | 1,592,507 | 1,346,226 | 954,153 | 570,491
| Prepayments and accrued income | 54,219,445 | 43,328,235 | 3,195,598 | 3,337,079
| Corporation tax recoverable | 521,469 | 2,175,911 | 2,742,475 | 2,175,911
|  | 114,563,828 | 98,272,151 | 35,756,170 | 32,439,326
| Trade debtors are stated net of a provision for impairment for the Group of £4,692,170 (2023: £1,861,904) and for the Company of £2,473,168 (2023: £651,750). Amounts owed by group undertakings are unsecured, interest free and payable on demand.
15. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 34,323,624 | 22,602,500 | 17,286,314 | 10,223,792
Page 42
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
16. | Creditors: amounts falling due within one year
|  | Group | Group Restated | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | - | 124,646 | - | -
| Trade creditors | 4,834,300 | 2,435,981 | 411,496 | 701,328
| Amounts owed to group undertakings | 28,848,724 | 30,733,643 | 27,603,196 | 29,014,380
| Corporation tax | - | 478,241 | - | -
| Other taxation and social security | 4,033,080 | 3,486,708 | 1,121,848 | 1,590,342
| Other creditors | 6,522,474 | 4,254,814 | 6,278,296 | 3,866,582
| Accruals and deferred income | 54,111,658 | 46,588,828 | 6,660,737 | 5,326,127
| Contingent consideration | - | 3,453,305 | - | 3,453,305
|  | 98,350,236 | 91,556,166 | 42,075,573 | 43,952,064
| Amounts owed to group undertakings are unsecured, interest-free and repayable on demand. Included within other creditors is a amount of £5,373,321 (2023: £3,742,607) which relates to the Group and the Company’s contractual obligation for future provision of hospitality events packages to customers as part of its Brand Consulting offering. The directors have reclassified an amount of £3,742,607 in the prior year from accruals and deferred income to other creditors to be comparable with current year disclosure.
17. | Creditors: amounts falling due after more than one year
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Other creditors | 3,512,474 | -
| Other creditors due after more than one year relates to long term third-party payables on deals.
Page 43
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
18. | Financial instruments
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Cash and cash equivalents | 34,323,624 | 22,477,854 | 17,286,314 | 10,223,792
| Financial assets measured at amortised cost | 59,822,914 | 52,768,005 | 29,818,097 | 26,926,336
|  | 94,146,538 | 75,245,859 | 47,104,411 | 37,150,128
| Financial liabilities |  |  |  |
| Financial liabilities at amortised cost | (97,526,334) | (91,209,178) | (40,671,105) | (38,908,417)
| Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.
| Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors, and accruals.
19. | Deferred taxation
| Group
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (790,303) | (1,079,046)
| Credited to the Consolidated Statement of Comprehensive Income | 887,264 | 288,743
| At end of year | 96,961 | (790,303)
Page 44
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 19.Deferred taxation (continued)
| Company
|  | 2024
|  | £
| At beginning of year | -
| Charged to the Consolidated Statement of Comprehensive Income | (53,906)
| At end of year | (53,906)
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Fixed asset timing differences | (626,592) | (4,588) | (86,896) | -
| Short term timing differences | 723,553 | (785,715) | 32,990 | -
|  | 96,961 | (790,303) | (53,906) | -
20. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023: 1) Ordinary share of £1 | 1 | 1
| The Company has one class of ordinary shares; each share has attached to it full voting, dividend and capital distribution rights.
21. | Reserves
Profit and loss account The profit and loss account represents cumulative losses of the Group and Company.
22. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £507,520 (2023: £279,203). Contributions totalling £39,842 (2023: £nil) were payable to the fund at the balance sheet date and are included in other creditors. Page 45
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
23. | Commitments under operating leases
| At 30 September 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 895,455 | 99,587
| Later than 1 year and not later than 5 years | 1,268,561 | -
| The Company had no commitments under non-cancellable operating leases at the reporting date (2023: £nil).
24. | Related party transactions
| The Group has taken advantage of the exemption available in FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group where a subsidiary which is a party to the transaction is wholly owned by such a member. Company At the balance sheet date, the Company was owed £1,082,124 by CAA Base Limited, which is a 75% owned subsidiary of the Company (2023: £106,380 owed to CAA Base Limited). During the year the Company charged £927,260 to CAA Base Limited (2023: £nil) for services in relation to endorsement revenue. The Company also charged £13,861 (2023: £103,393) to CAA Base Limited in respect of intercompany recharges. At the balance sheet date, the Company was owed £268,170 by Base Soccer Italy Limited, which is a 75% owned subsidiary of the Company (2023: £nil). Group Included ln the balance of prepayments and accrued income as at 30 September 2024 is £4,734,357 (2023: £4,734,357) that relates to income contracted in the name of F Trimboli who holds the appropriate registrations to practice as an agent in Italy. All net income earned on these contracts is ultimately paid onwards to the Base Sport Limited Group in full.
25. | Post balance sheet event
On 13 May 2025, after the reporting period, CAA Sports UK Limited acquired the majority of the share capital of Portas Consulting Group Limited, a management consulting firm registered in England and Wales. The results have not been reflected in the financial statements for the year ended 30 September 2024. IIn April 2025, the directors of Base Sports Holdings Limited approved a dividend of £19,375,020. Page 46
CAA SPORTS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
26. | Prior year adjustment
In the prior year, balances included within prepayments and accrued income in debtors and accruals and deferred income within creditors were netted off. In the current year, this netting has been reclassified to show the gross amounts for each balance within debtors and creditors. This adjustment ensures that the separate contractual obligations with third parties are accurately reflected in the financial statements. The adjustment has resulted in a £24,564,785 increase to prepayments and accrued income and accruals and deferred income. There has been no impact on profit or loss for the prior year.
27. | Controlling party
The immediate parent undertaking is CAA Sports International LLC, a company incorporated and registered in the United States of America. CAA Holdings LLC, a company incorporated and registered in the United States of America, is the smallest and largest group into which the Company's financial statements are consolidated. Copies of these financial statements are not publicly available. The ultimate controlling party of the Company is Kerstars Inc, a company incorporated and registered in the United States of America, whose registered office is 1029 Orange Street, Wilmington, New Castle, DE 19801, United States of America.
Page 47