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Registered number: OC368517 WASSERMAN EMEA LLP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WASSERMAN EMEA LLP OFFICERS AND PROFESSIONAL ADVISERS INFORMATION
Designated members | Wasserman (CSM) Holdings Limited
| WMG Management Europe Limited
Registered number | OC368517
Registered office | 71-91 7th Floor
| Aldwych House
| Aldwych
| London
| United Kingdom
| WC2B 4HN
Independent auditors | KPMG LLP
| 15 Canada Square
| Canary Wharf
| London
| United Kingdom
| E14 5GL
WASSERMAN EMEA LLP CONTENTS
| Page
Members' Report | 1 - 4
Members' Responsibilities Statement | 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Members' Interests | 12
Notes to the Financial Statements | 13 - 30
WASSERMAN EMEA LLP MEMBERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The members present their report and the financial statements for the year ended 31 December 2024. Wasserman EMEA LLP (formerly CSM Sport and Entertainment LLP) ("LLP") business activities together with the factors likely to affect its future development, performance and position are set out below.
Firm structure
The LLP is a Limited Liability Partnership under the Limited Liability Partnerships Act 2000 registered in the United Kingdom. The LLP's immediate parent undertaking is Wasserman (CSM) Holdings Limited.
Principal activity
The LLP's Statement of Comprehensive Income is set out on page 10 and shows revenue for the year ended 31 December 2024 of £151.4m (2023: £140.8m) with a growth of 7.5% and a profit on ordinary activities before members' remuneration for the year ended 31 December 2024 of £2.7m (2023: £8.0m). The members expect to drive growth within the LLP through organic growth, which is supported, where it makes sense to do so, by selective acquisition. At the heart of this is a focus on: developing our strategy, consulting, digital and data services, a continued investment in talent, and securing new business whilst retaining and developing current client relationships.
Employment involvement
The LLP places considerable value on the involvement of its employees and has continued to keep them informed, and where appropriate consult with them on matters affecting them as employees and on the various factors affecting the performance of the LLP. This is achieved principally through emails and formal and informal functions. The LLP believes in an equality of opportunity for all employees based on merit and that no employee or job applicant suffers discrimination because of protected characteristics. Job selection criteria are regularly reviewed to ensure that they are relevant to the job and are not disproportionate, and that individuals are treated based on their relevant merits and abilities.
Employment of disabled persons
The LLP gives full and fair consideration to all applications for employment made by people of differing abilities, having regard to their particular aptitudes and abilities. Opportunities for training, career development and promotion do not disadvantage these employees whose abilities have changed during their time with us.
Environmental matters
We acknowledge that our clients, employees and other stakeholders have an interest in our impact on the environment and, therefore, we have committed to monitor and improve our environmental performance where possible. We regularly incorporate our environmental performance in business credentials presentations (including new business pitches) to clients and prospects, as we believe this is an important consideration when evaluating our approach to responsible and ethical trading. Page 1
WASSERMAN EMEA LLP MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Greenhouse gas emissions, energy consumption and energy efficiency action
The LLP has taken advantage of the exemption under the Limited Liability Partnerships (Accounts and Audit) Regulations 2008, as amended, from disclosing information on energy use and greenhouse gas emissions, on the basis that it is included in the consolidated report of its parent undertaking, WMG Management Europe Ltd, which is publicly available.
Principal risks and uncertainties
The members consider the principal risks and uncertainties facing the LLP to be consistent with those reported within the consolidated accounts of WMG Management Europe Limited. In addition to the general economic and competitive risks affecting the business, the members consider that the principal risks impacting the LLP are retention of key personnel, information systems and security, credit risk, inflationary risk and currency. Credit risk: The Group's credit risk is primarily attributable to its trade debtors. Trade debtors are reviewed regularly as part of financial management reviews and a provision is made for known and based on previous experience, expected bad debts. Inflationary and wider economic risk: Post Covid economics and ongoing conflicts in Ukraine and the Middle East combined with high interest rates have resulted in a deteriorating global economic environment and the potential for reduced client spend. Whilst our global strategy spreads the risk we continue to maintain active wage and cost controls. Ongoing investment in creative teams aims to support client value propositions. We are monitoring energy prices but due to the nature of the operations these are not expected to have a significant impact on performance. Liquidity risk: The Wasserman Media Group LLC treasury policy includes a minimum level of liquidity, which the Group seeks to maintain through regular monitoring. The Group's current liquidity levels are significantly in excess of the minimum level. Currency risk: Fluctuations in exchange rates between currencies, in which the LLP operates, relative to pounds sterling, may cause fluctuations in its financial results. The main foreign currencies which impact the LLP's operations are the Euro and US Dollar. On negotiation of contracts and, where possible, client commitments are made in sterling to alleviate risk. Additionally, supply and delivery contracts are, where possible, agreed in the same currency to minimise foreign exchange losses on a particular project. Assessments of the impact of significant fluctuations in exchange rates of the main foreign currencies used by the LLP are regularly performed and monitored centrally. Attraction and Retention of key staff: The LLP aims to maintain its position as a competitive employer, through benchmarking within the industry sectors the Group operates in, and by monitoring retention rates. The LLP reviews the latest trends in working practices to ensure it remains an attractive place to work. Flexible and hybrid ways of working and new policies and benefits to protect the wellbeing of its people have been introduced, together with training and personal development initiatives. Information systems and security: The failure of the LLP's information systems, a breach of its security infrastructure or loss of data could have a significant impact upon operations. Loss of confidential information, or failure to put in place established Security arrangements, could damage client relationships and have a detrimental impact upon our reputation. The LLP undertakes a process of continuous review of its cyber security arrangements, continues to take active steps to maintain and ensure continued compliance with GDPR and other data protection legislation, and has a programme of review and training in place, to ensure this continues to be a focus for all staff. Page 2
WASSERMAN EMEA LLP MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The company meets its day to day working capital requirements from trading balances with the group headed by Wasserman Media Group, LLC, the ultimate parent company. The directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, in a reasonably possible downsides, the company will require additional funds, through funding from the group, to meet its liabilities as they fall due during the going concern assessment period. Wasserman Media Group, LLC has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts currently due to the group, which at 31 December 2024 amounted to £19,035,000 during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Designated members
The designated members (as defined in the Limited Liability Partnerships Act 2000) are as follows: ∙Wasserman (CSM) Holdings Limited; and ∙WMG Management Europe Limited.
Members’ indemnities
As at the date of this report, indemnities are in force under which the LLP has agreed to indemnify the members, to the extent permitted by law and the LLP's members' agreement, in respect of all losses arising out of, or in connection with, the execution of their powers, duties and responsibilities, as members of the LLP. Wasserman Media Group LLC, the ultimate holding company, has purchased and maintains members' and officers' insurance cover against legal liabilities and costs for claims in connection with any act or omission by its members or officers in the execution of their duties, on behalf of the LLP.
Disclosure of other information to the auditor
The policy for members drawings is the payment of a monthly amount on account of each members profit share. These monthly drawings are determined by the Management Board, taking into account the need to retain sufficient funds to finance the working capital and other needs of the business. Capital requirements are determined from time to time by the Management Board, having regard to the needs of the business. The amount of profit to be distributed to members is determined by the members agreement, details of which are set out in the accounting policies. Page 3
WASSERMAN EMEA LLP MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of other information to the auditor
In the case of each of the persons who are members of the LLP at the date when this report is approved: ∙so far as each of the members is aware, there is no relevant audit information of which the LLP's auditor is unaware; ∙each of the members has taken all the steps that they ought to have taken as a member to make themselves aware of any relevant audit information and to establish that the LLP's auditor is aware of that information. The auditors, KPMG LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the members on 24 November 2025 and signed on their behalf by:.
Wasserman (CSM) Holdings Limited Director
Page 4
WASSERMAN EMEA LLP MEMBERS' RESPONSIBILITIES STATEMENT IN RESPECT OF THE MEMBERS' REPORT AND THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 The members are responsible for preparing the Members' Report, the Energy and Carbon Report and the financial statements in accordance with applicable law and regulations. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework. Under Regulation 8 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 the members 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 LLP and of its profit or loss for that period. In preparing these financial statements, the members are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgements and 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; ∙assess the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ∙use the going concern basis of accounting unless they either intend to liquidate the LLP or to cease operations or have no realistic alternative but to do so. Under Regulation 6 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that its financial statements comply with those regulations. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the LLP and to prevent and detect fraud and other irregularities. The members are responsible for the maintenance and integrity of the corporate and financial information included on the LLP's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Page 5
WASSERMAN EMEA LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EMEA LLP
Opinion
We have audited the financial statements of Wasserman EMEA LLP ("LLP") for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet and Statement of Changes in Members' Interests and related notes, including the accounting policies in note 2. In our opinion the financial statements: ∙give a true and fair view, of the state of affairs of the LLP as at 31 December 2024 and of its profit for the year then ended; ∙have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; and ∙have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the LLP in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Conclusions relating to going concern
The members have prepared the financial statements on the going concern basis as they do not intend to liquidate the LLP or to cease its operations, and as they have concluded that the LLP's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period"). In our evaluation of the members conclusions, we considered the inherent risks to the LLP's business model and analysed how those risks might affect the LLP's financial resources or ability to continue operations over the going concern period. Our conclusions based on this work: • we consider that the members use of the going concern basis of accounting in the preparation of the financial statements is appropriate; • we have not identified, and concur with the members assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for the going concern period. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the LLP will continue in operation. Page 6
WASSERMAN EMEA LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EMEA LLP (CONTINUED)
Fraud and breaches of laws and regulations - ability to detect
Identifying and responding to risks. Of material misstatement due to fraud To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: ∙enquiring of members, the audit committee and inspection of policy documentation as to the Group high level policies and procedures to prevent and detect fraud and the Group's channel for "whistleblowing", as well as whether they have knowledge of any actual, suspected or alleged fraud. ∙reading Board minutes. ∙considering remuneration incentive schemes and performance targets. ∙using analytical procedures to identify any usual or unexpected relationships We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition. In particular the risk that activation, branding, project and revenue from retainership is recorded in the wrong period and the risk that the management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgements such as recoverability of WIP and accrued income, valuation of goodwill and intangibles and valuation of trade receivables. We did not identify any additional fraud risks. In determining the audit procedures, we took into account the results of our evaluation and testing of the operating effectiveness of some of the Group wide fraud risk management controls. We also performed procedures including: ∙identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by specific users, those posted to unusual accounts, post close entries, unusual entries to cash account. ∙assessing significant accounting estimates for bias. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the members and other management, and from inspection of the LLP's regulatory and legal correspondence and discussed with the members and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. The LLP is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Firstly, the LLP is subject to many other laws and regulations, we did not identify any others where the Page 7
WASSERMAN EMEA LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EMEA LLP (CONTINUED) consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements. Secondly, the LLP is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery and employment law, recognising the nature of the LLP's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the members and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Other information
The members are responsible for the other information, which comprises the Members' Report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work, we have not identified material misstatements in the other information.
Matters on which we are required to report by exception
Under the Companies Act 2006 as applied to limited liability partnerships we are required 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 ∙we have not received all the information and explanations we require for our audit; We have nothing to report in these respects. Page 8
WASSERMAN EMEA LLP INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EMEA LLP (CONTINUED)
Responsibilities of members
As explained more fully in their statement set out on page 5, the members are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the LLP'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 they either intend to liquidate the LLP 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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities. The purpose of our audit work and to whom we owe our responsibilities.
Use of our report
This report is made solely to the LLP'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 LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. David Arnold (Senior Statutory Auditor) for and on behalf of David Arnold (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 15 Canada Square Canary Wharf London United Kingdom E14 5GL 26 November 2025 Page 9
WASSERMAN EMEA LLP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £000 | £000
Turnover | 4 | 151,436 | 140,783
Cost of sales |  | (126,053) | (83,117)
Gross profit |  | 25,383 | 57,666
Administrative expenses |  | (22,736) | (49,673)
Operating profit | 5 | 2,647 | 7,993
Interest receivable and similar income | 8 | 17 | -
Profit before members remuneration and profit share |  | 2,664 | 7,993
Profit for the financial year |  | 2,664 | 7,993
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 13 to 30 form part of these financial statements.
Page 10
WASSERMAN EMEA LLP REGISTERED NUMBER: OC368517 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 2,577 |  | 1,678
Tangible assets | 11 |  | 11,579 |  | 9,119
Investments | 12 |  | 2,437 |  | 2,429
|  |  | 16,593 |  | 13,226
Current assets |  |  |  |  |
Stocks | 13 | 678 |  | - |
Debtors: amounts falling due within one year | 14 | 62,515 |  | 41,536 |
Cash at bank and in hand | 15 | 8,663 |  | 7,006 |
|  | 71,856 |  | 48,542 |
Creditors: amounts falling due within one year | 16 | (67,251) |  | (45,200) |
Net current assets |  |  | 4,605 |  | 3,342
Total assets less current liabilities |  |  | 21,198 |  | 16,568
Creditors: amounts falling due after more than one year | 17 |  | (6,444) |  | (4,635)
Net assets |  |  | 14,754 |  | 11,933
Represented by: |  |  |  |  |
Members Capital Classified as a liability |  |  | 8,510 |  | 8,510
Hedge reserves |  |  | - |  | (157)
Other amounts owed |  |  | 6,244 |  | 3,580
|  |  | 14,754 |  | 11,933
The financial statements were approved and authorised for issue by the members and were signed on their behalf on 24 November 2025.
Wasserman (CSM) Holdings Limited
Designated member
The notes on pages 13 to 30 form part of these financial statements. Page 11
WASSERMAN EMEA LLP STATEMENT OF CHANGES IN MEMBERS' INTERESTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Members capital classified as a liability | Hedge reserves | Other amounts | Total members interest
| £000 | £000 | £000 | £000
At 1 January 2024 | 8,510 | (157) | 3,580 | 11,933
Profit for the year | - | - | 2,664 | 2,664
Realised to comprehensive income | - | 157 | - | 157
At 31 December 2024 | 8,510 | - | 6,244 | 14,754
STATEMENT OF CHANGES IN MEMBERS INTERESTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Members capital classified as a liability | Hedge reserves | Other amounts | Total members interest
| £000 | £000 | £000 | £000
At 1 January 2023 | 8,510 | (157) | (2,992) | 5,361
Profit for the year | - | - | 7,993 | 7,993
Loans (from)/ to corporate member | - | - | (1,421) | (1,421)
At 31 December 2023 | 8,510 | (157) | 3,580 | 11,933
| The notes on pages 13 to 30 form part of these financial statements.
Page 12
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Wasserman EMEA LLP (formerly CSM Sport and Entertainment LLP) ("LLP") is incorporated in the United Kingdom under the Limited Liability Partnership Act 2000. Its registered office is located at 71-91 7th Floor, Aldwych House, Aldwych, London, United Kingdom, WC2B 4HN. The nature of the group's operations and its principal activities are set out in the Members Report on pages 1 to 4. 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 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3). The LLP is exempt, by virtue of section 400 of the Companies Act 2006, from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group. Page 13
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.2 | Adoption of FRS 101 Reduced Disclosure Framework
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken. The Company’s parent undertaking, WMG Management Europe Limited, includes the Company in its consolidated financial statements. The consolidated financial statements of WMG Management Europe Limited are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from 7th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN. Exemptions In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures: ∙Cash Flow Statement and certain related disclosures; ∙Certain disclosures regarding revenue; ∙Certain disclosures regarding leases; ∙Comparative period reconciliations; ∙Disclosures in respect of transactions with wholly owned subsidiaries; ∙The effects of new but not yet effective IFRSs; ∙Disclosures in respect of the compensation of Key Management Personnel; ∙Disclosures of transactions with a management entity that provides key management personnel services to the Company; and ∙Disclosures required by IAS 16 Property, Plant and Equipment in respect of the cost and the proceeds from the sale of items produced that are not an output of the company’s ordinary activities. As the consolidated financial statements of WMG Management Europe Limited include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures: ∙Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instrument Disclosures. ∙Certain disclosures required by IAS 7 Statement of Cash Flows in respect of supplier finance arrangements. ∙Certain disclosures required by IAS 12 Income Taxes in respect of Pillar Two income taxes. Page 14
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The company meets its day to day working capital requirements from trading balances with the group headed by Wasserman Media Group, LLC, the ultimate parent company. The directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, in a reasonably possible downsides, the company will require additional funds, through funding from the group, to meet its liabilities as they fall due during the going concern assessment period. Wasserman Media Group, LLC has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts currently due to the group, which at 31 December 2024 amounted to £19,035,000 during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The LLP's functional and presentational 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 or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 15
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue 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 revenue is recognised: The LLP applies the IFRS 15 '5-step model' to each of the revenue streams, enabling the identification of distinct performance obligations within a contract, as well as the method for revenue recognition; either at a point in time when the performance obligation is satisfied, or over time as the performance obligation is satisfied. Where revenue is variable, revenue recognition is constrained to the extent that it is highly probable that a significant reversal for revenue already recognised will not occur, once the uncertainty about revenue is subsequently resolved. Revenue is measured at the fair value of the consideration received or receivable and comprises the gross amounts billed to clients in respect of fees earned, expenses recharged and commission based income. In line with IFRS 15, revenue is recognised in the Statement of Comprehensive Income when the performance obligations detailed in the contract with the customer have been satisfied. Revenue is largely derived from retainer fees and services performed subject to specific agreement. Revenue is recognised over the contract term, proportionate to the progress in overall satisfaction of the performance obligations (the services performed by the LLP), measured by cost incurred to date out of total estimated costs. In certain contracts, revenue is recognised when specific milestones are reached and the performance obligation is satisfied. Revenue from commission on sponsorship contracts and talent management is recognised at a point in time. Revenue relating to a specific event is recognised at a point in time when the performance obligation in the contract has been satisfied. Operating income is revenue less amounts payable on behalf of clients to external suppliers where they are retained to perform part of a specific client project or service, and represents fees, commissions and mark-ups on rechargeable expenses and marketing products. Contractual arrangements are reviewed to ascertain whether the LLP acts as principal or agent with regard to third-party costs. If the relationship is that of agent then the amount of commission, plus any other amounts charged to the principal or other parties, net of corresponding sub-contractor costs, is recognised as revenue.
| 2.6 | Leases
Wasserman EMEA LLP assesses whether a contract is or contains a lease at inception of the contract. This assessment involves the exercise of judgement about whether it depends on a specified asset, whether the LLP obtains substantially all the economic benefits from the use of that asset, and whether the LLP has the right to direct the use of the asset. The LLP recognises a right-of-use ("ROU") asset and a lease liability at the lease commencement date, except for short-term leases of 12 months or less and leases of low-value assets, which are expensed in the Statement of Comprehensive Income on a straight-line basis over the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounting using the interest rate implicit in the lease, or if this rate cannot be readily determined, using the LLP incremental borrowing rate. Generally, the incremental Page 16
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Leases (continued)
borrowing rate is used as the discount rate known at the commencement date; and extension option payments or purchase options, if the LLP is reasonably certain to exercise. The lease liability is subsequently measured at amortised cost using the effective interest rate method and remeasured (with a corresponding adjustment to the related ROU asset) when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options. At inception, the ROU asset comprises the initial lease liability, initial direct costs and the obligations to refurbish the asset, less any incentives granted by the lessors. The ROU asset is depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator for impairment, as for owned assets. ROU assets are included in the heading 'property, plant and equipment', and the lease liability is included in the heading 'other borrowings'.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss 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.
| 2.9 | Pensions
Defined contribution pension plan The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the LLP in independently administered funds. Page 17
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Intangible assets
Intangible assets are made up of computer software and client contracts. Computer software is capitalised based on the cost incurred to acquire and bring to use the specific software. In certain cases, software development expenditure is capitalised, where the members are satisfied as to the technical, commercial, and financial viability of individual projects and expect such expenditure to generate future economic benefits. Computer software is stated at cost net of accumulated amortisation and any provision for impairment. The cost is amortised over an estimated useful life of four years. In the event that the expected future economic benefits are no longer probable of being recovered or that the estimated useful economic life is revised, the development expenditure is written down to its recoverable amount. Client contracts entered into to provide right sales have been capitalised where an intangible asset is identifiable, future economic benefits are probable and the cost can be measured reliably. Client contracts have been assessed to have indefinite useful economic lives and are measured at cost less impairment losses, if any. The estimated useful lives range as follows:
|  |  |  | Computer software | - |  | 4 years
| 2.11 | 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. 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. The estimated useful lives range as follows:
|  |  |  | Freehold property | - |  | 4 years
|  |  |  | Motor vehicles | - |  | 6 years
|  |  |  | Fixtures and fittings | - |  | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 18
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | 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.
| 2.15 | 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. Page 19
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
| 2.17 | Financial instruments
The LLP recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The LLP's accounting policies in respect of financial instruments transactions are explained below: Financial assets and financial liabilities are initially measured at fair value. Financial assets All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets. Fair value through profit or loss All of the LLP's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. Impairment of financial assets The LLP always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the LLP's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. Financial liabilities Fair value through profit or loss Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship. Page 20
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
At amortised cost Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.
| 2.18 | Members interest
Members capital is repayable on retirement of the member and is therefore classified as a liability. Because members may retire with less than one year's notice and typically have their capital repaid within one year of serving notice, members' capital is shown as being due within one year.
| 2.19 | Divisible profits and members’ remuneration
All profits are allocated under the LLP members’ agreement. Profits are allocated to the corporate members; WMG Management Europe Limited and Wasserman (CSM) Holdings Limited .
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the LLP's accounting policies, which are described in note 2, the members are required to make estimates that may affect the financial statements. The estimates are based on historical experience and other factors that are considered to be relevant. However, actual results may differ from those anticipated. There are not considered to be any critical accounting judgements. The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, are discussed below: IFRS 15 – Revenue from Contracts with Customers Revenue and costs are recognised on contracts, over-time, by reference to the stage of completion of activity under that contract at the balance sheet date. Management has considered the stage of completion of each contract determined by total costs incurred to date out of total estimated costs and made a number of assumptions in order to estimate the relevant revenues and costs to recognise under these contracts. Changes to these assumptions may lead to an increase or decrease in revenue recognised. Management are satisfied that the amounts recognised in the year are appropriate and consistent with the terms of the contracts and the stage of work completed. Contract Assets Revenue is recognised by reference to the satisfaction of performance obligation under that contract at the balance sheet date. Management has considered the stage of completion of each contract and made a number of assumptions in order to estimate the relevant revenues to recognise under these contracts, as well as the recoverability of this revenue. Revenue is accrued or deferred according to the revenue recognised. On any given project there is a net work in progress balance, which whilst the LLP expects to recover in full, such recoverability includes estimation. Page 21
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Rendering of services | 151,436 | 140,783
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| United Kingdom | 93,689 | 97,967
| Rest of Europe | 28,306 | 29,535
| Rest of the world | 29,441 | 13,281
|  | 151,436 | 140,783
|  |  | 2024 | 2023
|  | Note | £000 | £000
| Contract Assets | 14 | 20,674 | 14,224
| Trade debtors | 14 | 25,712 | 18,208
| Contract liabilities | 16 | 32,149 | 28,555
The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting date on service contracts. The contract assets are transferred to receivables when the rights become unconditional. The contract liabilities primarily relate to the advance consideration received from customers for service contracts. The amount of revenue recognised in current period from performance obligations satisfied (or partially satisfied) in previous periods was £14,224,000 (2023: £13,728,000). The amount of revenue recognised in current period that was included in the contract liability balance at the beginning of the period was £28,555,000 (2023: £30,694,000). Page 22
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Net foreign exchange (losses) / gains |  | 33 | (467)
| Amortisation of intangible assets | 10 | 86 | 111
| Depreciation of tangible assets | 11 | 2,985 | 2,418
| Interest expense - Lease Liability | 18 | 412 | 473
| Staff Costs | 7 | 38,851 | 38,849
| Operating lease rentals - Land and Buildings |  | - | 510
6. | Auditors' remuneration
| The total audit fee in respect of the statutory audit of the LLP's financial statements for the year ended 31 December 2024 was £160,000 (2023: £150,000). The LLP has taken advantage of the exemption not to disclose amounts paid to the auditor for non-audit services, as these are disclosed in the consolidated financial statements of WMG Management Europe Limited, the smallest group undertaking for which consolidated financial statements are prepared.
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Wages and salaries | 34,240 | 34,076
| Social security costs | 3,088 | 3,807
| Cost of defined contribution scheme | 1,523 | 966
|  | 38,851 | 38,849
| The average monthly number of employees during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Employees | 537 | 502
Page 23
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Other interest receivable | 17 | -
|  | 17 | -
9. | Members' remuneration and transactions
Profits are shared among the members in accordance with the LLP members agreement. Discretionary shares of profits are not charged as expense to the profit and loss account and instead result in a debit directly to "Loans and other debts due to members within one year", The average number of members during the year was 2 (2023: 2) and the average profit per member was £1.3m (2023: Profit of £3.8m).
10. | Intangible assets
|  | Computer software | Rights | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 1 January 2024 | 4,082 | 1,494 | 5,576
| Additions - external | 28 | 957 | 985
| At 31 December 2024 | 4,110 | 2,451 | 6,561
| Amortisation |  |  |
| At 1 January 2024 | (3,898) | - | (3,898)
| Charge for the year on owned assets | (86) | - | (86)
| At 31 December 2024 | (3,984) | - | (3,984)
| Net book value |  |  |
| At 31 December 2024 | 126 | 2,451 | 2,577
| At 31 December 2023 | 184 | 1,494 | 1,678
| No impairment was identified from the impairment review for the year ended 31 December 2024.
Page 24
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Intangible assets (continued)
11. | Tangible fixed assets
|  | Freehold property | Right of use assets | Motor vehicles | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 1 January 2024 | 2,568 | 7,136 | 313 | 7,221 | 17,238
| Additions | 1,241 | 3,132 | 51 | 1,021 | 5,445
| Disposals | - | - | (41) | (82) | (123)
| At 31 December 2024 | 3,809 | 10,268 | 323 | 8,160 | 22,560
| Depreciation |  |  |  |  |
| At 1 January 2024 | (1,732) | (1,311) | (174) | (4,902) | (8,119)
| Charge for the year | (751) | - | (39) | (797) | (1,587)
| Charge for the year on right-of-use assets | - | (1,398) | - | - | (1,398)
| Disposals | - | - | 41 | 82 | 123
| At 31 December 2024 | (2,483) | (2,709) | (172) | (5,617) | (10,981)
| Net book value |  |  |  |  |
| At 31 December 2024 | 1,326 | 7,559 | 151 | 2,543 | 11,579
| At 31 December 2023 | 836 | 5,825 | 139 | 2,319 | 9,119
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Freehold | 1,326 | 836
| Right of use assets | 7,559 | 5,825
|  | 8,885 | 6,661
Page 25
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 January 2024 | 2,429
| Additions | 8
| At 31 December 2024 | 2,437
| Subsidiary undertakings
| The following were subsidiary undertakings of the LLP:
| Name | Registered office | Class of shares | Holding
| - Wasserman International Limited | 71-91 7th Floor, Aldwych House, Aldwych, London, United Kingdom, WC2B 4HN | Ordinary | 100%
| - Wasserman Cricket Limited (formerly Phoenix Management Group Limited) | 71-91 7th Floor, Aldwych House, Aldwych, London, United Kingdom, WC2B 4HN | Ordinary | 100%
| - Wasserman Digital and Data Limited (formerly Greenroom International Limited t/a CSM Digital and Data) | 71-91 7th Floor, Aldwych House, Aldwych, London, United Kingdom, WC2B 4HN | Ordinary | 100%
| - Wasserman Italy S.r.l. | Via Porlezza 12, Milano, CAP 20123, Italy | Ordinary | 100%
| In July 2024, the company incorporated an Italian business in which it holds 100% of the shareholding at a consideration of £8,466. The LLP holds 100% of the voting power in the above investments.
13. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Work in progress | 678 | -
Page 26
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade debtors | 26,418 | 18,208
| Amounts owed by group undertakings | 11,525 | 3,893
| Other debtors | 1,645 | 3,628
| Contract assets | 20,674 | 14,224
| Prepayments | 2,253 | 1,583
|  | 62,515 | 41,536
| In the current year, accrued income and work in progress have been combined and presented under the contract assets line item. Amounts owed by group undertakings are unsecured, interest free and repayable on demand. The cash pooling and overdraft facilities of the group and associated undertakings are supported by cross guarantees from all of the group undertakings involved in cash pooling arrangements. No liability is expected to accrue. Overdraft at 31 December 2024 was nil.
15. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 8,663 | 7,006
|  | 8,663 | 7,006
Page 27
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Trade creditors | 7,684 | 5,521
| Amounts owed to group undertakings | 19,035 | 1,962
| Lease liabilities | 1,176 | 1,390
| Other creditors | 2,729 | 3,593
| Accruals | 4,478 | 4,179
| Contract liabilities | 32,149 | 28,555
|  | 67,251 | 45,200
| In the current year, accrued expenses, deferred income and work in progress have been combined and presented under the contract liabilities line item. Amounts owed to group undertakings are non-interest bearing and payable on demand. No assets have been pledged as security for these liabilities.
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Lease liabilities | 6,444 | 4,635
|  | 6,444 | 4,635
Page 28
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Leases
| LLP as a lessee
| The Group leases land and buildings for its offices and warehouse space. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are typically made for a fixed period of five years and may include extension options which provide operational flexibility.
| Lease liabilities are due as follows:
|  |  |  | 2024 | 2023
|  |  |  | £000 | £000
| Not later than one year | 1,176 | 1,390
| Between one year and five years | 3,534 | 4,055
| Later than five years | 2,910 | 580
|  | 7,620 | 6,025
| The following amounts in respect of leases, where the LLP is a lessee, have been recognised in profit or loss:
|  |  |  | 2024 | 2023
|  |  |  | £000 | £000
| Interest expense on lease liabilities | 412 | 473
19. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the LLP in an independently administered fund. The pension cost charge represents contributions paid by the company to the fund and amounted to £1,523,000 (2023: £966,000). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date.
20. | Related party transactions
| The LLP has taken advantage of the exemption conferred by Financial Reporting Standard 101 – “Reduced Disclosure Framework” not to disclose transactions with group entities, on the grounds that 100% of the voting rights in the LLP are controlled within the group.
21. | Post balance sheet events
There have been no events since the balance sheet date that would have a material effect on the financial statements. Page 29
WASSERMAN EMEA LLP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
22. | Controlling party
The LLP's immediate controlling party is Wasserman (CSM) Holding Limited, a company incorporated in England and Wales. During the year, WMG Management Europe Limited acquired Wasserman (CSM) Holdings in a common control transaction The smallest group of undertakings for which consolidated financial statements are prepared headed by WMG Management Europe Limited, a company incorporated in England and Wales. Copies of the WMG Management Europe Limited group financial statements may be obtained from 7th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN. The LLP's ultimate parent undertaking, controlling party, and the company that heads the largest group of undertakings that prepares consolidated financial statements, is Wasserman Media Group LLC, a company incorporated in Delaware, United States of America.
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