REGISTERED NUMBER: 07914010 (England and Wales)

SPORTS BETTING COMMUNITY LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

D G Knight

R Sojmark

REGISTERED OFFICE:

2nd Floor

212 New Kings Road

London

SW6 4NZ

REGISTERED NUMBER:

07914010 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

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

Introduction

This report, prepared in accordance with the Companies Act 2006, offers stakeholders a comprehensive insight into our business's current position, achievements, and strategic direction for sustained growth.

Sports Betting Community Limited ('SBC') operates as the parent company for a Group based in the United Kingdom, Malta, USA, Canada and Brazil.

Business Overview

The Group operates in the media and events industry, organising large-scale exhibitions across key markets and publishing leading business news websites and magazines, catering specifically to the sports betting and igaming sectors.

Our flagship event, 'SBC Summit', draws major industry leaders and sets a benchmark in the sector. In 2024, the SBC Summit relocated from Barcelona to Lisbon. This move was driven by unparalleled growth, as the new venue more than doubled capacity from ~38,000 m² in Barcelona to over 100,000 m² in Lisbon, allowing the Group to accommodate some 25,000 delegates and 600 exhibitors. The event attracted attendees from over 134 countries and was officially opened by Portugal's Minister of Economy.

We launched a new event in Rio de Janeiro in March 2024. The inaugural SBC Summit Rio exceeded expectations, welcoming 4,000 attendees versus the projected 3,000, and showcasing over 70 exhibitors. Affiliate engagement outpaced forecasts, with 447 affiliates participating, an increase of nearly 49% from the original target. High-profile elements included a keynote address by football legend Zé Roberto and the launch of AMIG, the industry's Women in Gaming Association.

REVIEW OF BUSINESS

Financial Performance

During the year the Group delivered a strong operational performance, with continued growth across both the events and media divisions reflecting our commitment to excellence and sound business practices. Key financial highlights include:

Revenue: Our financial results for the year ended 31 December 2024 reflect the effectiveness of our strategic initiatives and disciplined growth approach, resulting in a 59.6% (2023: 59.5%) increase in revenue to £32.6m (2023: £20.4m). This performance underscores our commitment to expanding our market presence and delivering value to stakeholders.

Gross Profit: We maintained a healthy gross profit margin of 50.2% (2023: 52.2%) across the business, in line with budget and highlighting our approach to achieving profitable growth through efficient cost management.

Operating Expenses: Operating expenses remained in line with budgeted projections, driven by strategic investments in talent acquisition, technology advancements, and regional expansion efforts, aimed at strengthening our market position.

Profit Before Tax: Profit before tax for the year was £3.3m (2023: Loss before tax of £506k). This is as a direct result of the significant investments made in scaling the business in existing markets and into new regions, most notably Brazil. The business overall is performing and has exceeded its financial growth objectives for 2024.

Cash Flows: Net cash from operating activities increased from £1.7m in 2023 to £5.9m in 2024, reflecting stronger trading performance and growth in sponsorship income across our events. The improvement also benefited from disciplined working capital management and timely cash collections.

Key Achievements

Throughout 2024, the Group reached key milestones that not only enhanced our market position but also aligned with our long-term vision of becoming the premier global platform for industry leaders. In December 2024, we sold the business and trading assets of our loss-making Esports Insider brand for £1m.

Event growth: We successfully grew our events business by 66% (2023: 70%) since last year. This success has solidified SBC as an industry leader in the sector and allows us to leverage this success to pilot new events in core and emerging markets.

Specialised services: As the largest B2B news publisher in the betting and gaming industry, we continue to build on growth from last year in our media business. Coupled with the provision of consulting services, SBC provides a well-rounded and complete package for clients in the industry.

Investment: The expansion of our events, design, media and marketing teams allows us to manage our events internally from idea to implementation and execution. All our teams are developing deep sector expertise and becoming recognised in the industry for their achievements.

Diverse pool of talent: Our global team's diverse expertise and cultural insights have been instrumental in creating unforgettable events, embodying SBC's core values of delivery excellence and unwavering commitment to client success.

Principal Risks and Uncertainties

The Group is subject to a number of risks and uncertainties, the most significant of which are:

Regulatory Risk: Potential changes in gambling legislation affecting the attractiveness of certain markets and participation levels at events;

Macroeconomic Risk: The impact of inflationary pressures, and foreign exchange movements on operating costs and customer budgets; and

Competitive Risk: Competition from alternative industry events and digital content providers;

The Board actively monitors these risks and has implemented mitigation strategies, including ongoing regulatory engagement, diversification of revenue streams, continued investment in digital security, and prudent financial management.

Future Strategy

Looking ahead to 2025, the Group anticipates sustained demand for high-quality industry events and remains committed to a client-centric approach alongside the pursuit of profitable growth. Strategic priorities include deepening our presence in emerging markets, most notably Brazil, where the Group is well positioned to leverage its established expertise and industry reputation. Investment in talent will continue to ensure the highest standard of service delivery and operational capability. The Board remains confident in the Group's ability to generate sustainable, long-term value through disciplined expansion, innovative event programming, and a continued focus on operational excellence.

Events after the reporting date

In January 2025, we sold the website and intellectual property relating to our Casinobeats brand. This was followed by the launch of our iGaming Expert website and the rebranding of our Casinobeats event in Malta as SBC Summit Malta. The sale had no adverse impact on the profitability of the event or on the Group's overall trading performance, as the value was carried forward through the rebrand and relaunch.

ON BEHALF OF THE BOARD:

D G Knight - Director

21 October 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of sport betting events.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

D G Knight

R Sojmark

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D G Knight - Director

21 October 2025

Opinion

We have audited the financial statements of Sports Betting Community Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment forgery,collusion, omission or misrepresentation.

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

Use of our report

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

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

21 October 2025

TURNOVER

32,648,628

20,438,343

Cost of sales

16,272,105

9,774,098

GROSS PROFIT

16,376,523

10,664,245

Administrative expenses

14,584,907

11,189,565

1,791,616

(525,320

)

Other operating income

439,771

433

OPERATING PROFIT/(LOSS)

4

2,231,387

(524,887

)

Profit/loss on sale of intangible fixed assets

5

995,210

-

3,226,597

(524,887

)

Interest receivable and similar income

77,526

18,575

3,304,123

(506,312

)

Interest payable and similar expenses

6

818

33

PROFIT/(LOSS) BEFORE TAXATION

3,303,305

(506,345

)

Tax on profit/(loss)

7

414,793

36,635

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

2,888,512

(542,980

)

Profit/(loss) attributable to:

Owners of the parent

2,888,512

(542,980

)

PROFIT/(LOSS) FOR THE YEAR

2,888,512

(542,980

)

OTHER COMPREHENSIVE INCOME

Foreign exchange movement

(372,226

)

60,241

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(372,226

)

60,241

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,516,286

(482,739

)

Total comprehensive income attributable to:

Owners of the parent

2,482,568

(447,536

)

Non-controlling interests

33,718

(35,203

)

2,516,286

(482,739

)

FIXED ASSETS

Intangible assets

9

1,129,189

1,203,697

Tangible assets

10

120,645

82,104

Investments

11

-

-

1,249,834

1,285,801

CURRENT ASSETS

Debtors

12

20,405,874

9,173,753

Cash at bank

7,546,270

2,021,262

27,952,144

11,195,015

CREDITORS

Amounts falling due within one year

13

27,709,651

13,504,775

NET CURRENT ASSETS/(LIABILITIES)

242,493

(2,309,760

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,492,327

(1,023,959

)

PROVISIONS FOR LIABILITIES

14

452

452

NET ASSETS/(LIABILITIES)

1,491,875

(1,024,411

)

CAPITAL AND RESERVES

Called up share capital

15

100

100

Foreign currency translation reserve

16

(416,843

)

(44,617

)

Retained earnings

16

1,984,092

(870,702

)

SHAREHOLDERS' FUNDS

1,567,349

(915,219

)

NON-CONTROLLING INTERESTS

17

(75,474

)

(109,192

)

TOTAL EQUITY

1,491,875

(1,024,411

)

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2025 and were signed on its behalf by:

D G Knight - Director

FIXED ASSETS

Intangible assets

9

419,496

313,880

Tangible assets

10

91,372

77,003

Investments

11

1,157,835

1,155,969

1,668,703

1,546,852

CURRENT ASSETS

Debtors

12

2,677,162

3,038,945

Cash at bank

345,217

162,274

3,022,379

3,201,219

CREDITORS

Amounts falling due within one year

13

5,298,570

4,444,564

NET CURRENT LIABILITIES

(2,276,191

)

(1,243,345

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(607,488

)

303,507

PROVISIONS FOR LIABILITIES

14

5,281

5,281

NET (LIABILITIES)/ASSETS

(612,769

)

298,226

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

(612,869

)

298,126

SHAREHOLDERS' FUNDS

(612,769

)

298,226

Company's loss for the financial year

(910,995

)

(198,277

)

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2025 and were signed on its behalf by:

D G Knight - Director

Foreign

Called up

currency

share

Retained

translation

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

100

(362,925

)

(104,858

)

Changes in equity

Total comprehensive income

-

(507,777

)

60,241

Balance at 31 December 2023

100

(870,702

)

(44,617

)

Changes in equity

Total comprehensive income

-

2,854,794

(372,226

)

Balance at 31 December 2024

100

1,984,092

(416,843

)

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

(467,683

)

(73,989

)

(541,672

)

Changes in equity

Total comprehensive income

(447,536

)

(35,203

)

(482,739

)

Balance at 31 December 2023

(915,219

)

(109,192

)

(1,024,411

)

Changes in equity

Total comprehensive income

2,482,568

33,718

2,516,286

Balance at 31 December 2024

1,567,349

(75,474

)

1,491,875

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

496,403

496,503

Changes in equity

Total comprehensive income

-

(198,277

)

(198,277

)

Balance at 31 December 2023

100

298,126

298,226

Changes in equity

Total comprehensive income

-

(910,995

)

(910,995

)

Balance at 31 December 2024

100

(612,869

)

(612,769

)

Cash flows from operating activities

Cash generated from operations

1

5,917,661

1,725,691

Interest paid

(818

)

(33

)

Tax paid

(165,508

)

(19,133

)

Net cash from operating activities

5,751,335

1,706,525

Cash flows from investing activities

Purchase of intangible fixed assets

(244,256

)

(123,728

)

Purchase of tangible fixed assets

(102,526

)

(50,285

)

Purchase of fixed asset investments

(1,866

)

-

Sale of intangible fixed assets

60,186

-

Sale of tangible fixed assets

87

653

Interest received

77,526

18,575

Net cash from investing activities

(210,849

)

(154,785

)

Cash flows from financing activities

Amount introduced by directors

4,144

-

Amount withdrawn by directors

(19,622

)

(4,144

)

Net cash from financing activities

(15,478

)

(4,144

)

Increase in cash and cash equivalents

5,525,008

1,547,596

Cash and cash equivalents at beginning of year

2

2,021,262

473,666

Cash and cash equivalents at end of year

2

7,546,270

2,021,262

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) before taxation

3,303,305

(506,345

)

Profit on disposal of fixed assets

(488

)

(653

)

Foreign Exchange movement

(372,158

)

60,241

Profit on sale of intangible fixed asset

(995,077

)

-

Depreciation and amortisation charges

297,633

262,185

Finance costs

818

33

Finance income

(77,526

)

(18,575

)

2,156,507

(203,114

)

Increase in trade and other debtors

(10,198,812

)

(709,867

)

Increase in trade and other creditors

13,959,966

2,638,672

Cash generated from operations

5,917,661

1,725,691

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

7,546,270

2,021,262

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

2,021,262

473,666

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

2,021,262

5,525,008

7,546,270

2,021,262

5,525,008

7,546,270

Total

2,021,262

5,525,008

7,546,270

1.	STATUTORY INFORMATION

Sports Betting Community Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key sources of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable

There is estimation uncertainty in calculating the holiday pay accrual. Whilst every attempt is made to ensure that the the provision is as accurate as possible, there remains a risk that the accrual does not match the level of holiday pay that ultimately proves to be payable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable in the normal course of business, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when it is probable that economic benefits will flow to the Group and the amount of revenue can be measured reliably, based on the following:

Turnover from events, together with event sponsorship, ticket sales and stand build, is recognised when the event is held, with advance receipts recognised as deferred income in the balance sheet until the events take place. Cancellation revenue is also included in "turnover".

Advertising revenue is recognised on publication or over the period of the online display. Subscription revenue arising from subscriptions to directories is recognised evenly over the period of the subscription.

All other media revenue is recognised when the performance obligations detailed in the associated contract have been fulfilled.

Where agreements include multiple elements, consideration is allocated to each element based on relative value, and revenue is recognised as the services are delivered.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Computer Equipment 33% Straight Line

Fixtures & Fittings 33% Straight Line

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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