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Registered number: 04996976 WASSERMAN EXPERIENCE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
WASSERMAN EXPERIENCE LIMITED COMPANY INFORMATION
Directors | Ecvet, F.K.H.
| Ueltzen, L.M.C.
| Coetzee, D.
Registered number | 04996976
Registered office | 71-91 7th Floor
| Aldwych House
| Aldwych
| London
| United Kingdom
| WC2B 4HN
WASSERMAN EXPERIENCE LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 7
Statement of Comprehensive Income | 8
Balance Sheet | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 28
WASSERMAN EXPERIENCE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors, in preparing this Strategic report, have complied with Section 414C of the Companies Act 2006.
Business review
Wasserman Experience Limited is an award-winning and globally renowned Experiential Agency based in London. The Company fuses insight, ideas, and innovation to create unforgettable campaigns, events, partnerships, digital experiences, and content for brands and rights holders to connect them with the audiences they need. The Company continues to be at the forefront of industry moves to improve sustainability and CSR initiatives, remaining alone in holding eight audited and accredited ISO certificates across quality, sustainability, data security, DEI and more. The company continues to lead the charge on sustainability and DEI and now sits on three Industry association Councils. The company has continued to build from the sustainability initiative at the end of 2022 where commitment was made to a formal measurement framework, built off global recognised Science-Based Targets, to meet the company’s net zero ambitions by 2030. Initiatives such as measurable employee pledges, guiding clients to measure their campaigns as part of their own net zero targets and speaking on various industry panels in front of hundreds of peers are just some of the examples that have been seen in 2024. The Company continues to concentrate its efforts on alignment with its parent company and integration with the services they specialise in (including commercial consulting, sport and entertainment partnerships and insight and measurement), to offer a stronger and more integrated service for clients. This extends to collaboration and cross-servicing clients with additional Wasserman offices in Europe, the US and further afield. Increased billings in these areas have been witnessed as the collaboration have borne fruit. A focus on the Middle East (including Saudi Arabia) in yielded strong results and this focus will continue moving into 2025 and beyond, as the strength of client spend in this region from sport and entertainment increases. In addition, best practises continue to expand into wider-groups and acquisitions as part of the Centre of Excellent (COE) program to ensure that the wider business benefits and that synergies and competitive advantage are created. These efforts continue to yield positive results as regards diversification and mitigation of risk as the market ebbs and flows with trends in demand. The business continues to focus on operating efficiencies which benefit both the Company and clients alike, along with the further development of existing and new relationships. The company continues to experience a strong return of live events and continues to balance and maintain its resources and relevant expertise, alongside digital, creative, and content output. Due to the continued strengthening in the live events area, the company has concentrated on ensuring that the resource mix is correct and appropriate to allow it to remain nimble whilst at the same time keeping overheads in check.
Principal risks and uncertainties
The Company’s activities do not expose it to any significant financial risks. The Company currently has no bank loans and only limited exposure to foreign exchange risk as most transactions are in Sterling. If the transactions are not in sterling, they are hedged by sales and purchase transactions being denominated in the same currency. Page 1
WASSERMAN EXPERIENCE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Going concern
The company made a loss on activities after tax for the year of £109,380 (2023: £515,054 - profit) and has net current liabilities of £958,642 (2023: £1,232,922). The directors have reviewed the company's budgets and forecasts for the foreseeable future, its liquid resources and medium term plans. The company and group continue to have financial support available from its parent, Wasserman Media Group LLC, for a period of at least 12 months from the signing of these accounts, which has been confirmed in writing and legally binding. As a result the annual financial statements have thus been prepared on a going concern basis.
Cash flow risk
The Company’s activities can introduce the financial risks of changes in foreign currency and on occasion unfavourable client payment terms. However, the quality of receivables balances are high, with long standing client relationships. The Company trades in multiple currencies, however most projects effectively self-hedge as income and costs are mostly incurred in the same currency. The risk is therefore considered to be minimal.
Credit risk
The Group’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the ability to recover the cash flows.
Financial key performance indicators
A number of Key Performance Indicators (KPIs) are used by the Company in managing and monitoring business performance. Financial KPIs include turnover, margins and overall profitability. Key performance indicators used for management of the Company are turnover and gross profit. Turnover in 2024 of £22,925,947 (2023: £24,105,721) resulted in supporting gross profit increase to £2,826,708 (2023: £2,717,098). The directors are confident that the KPI’s achieved to date are an accurate reflection of the underlying strength of the business. This report was approved by the board on 30 September 2025 and signed on its behalf.
Ecvet, F.K.H. Director 71-91 7th Floor Aldwych House Aldwych London United Kingdom WC2B 4HN
Page 2
WASSERMAN EXPERIENCE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The company's strategy continues to focus on owning the creation and delivery at powerful, consumer connections. By offering the broadest, deepest suite of experiential services and executing against them with unparalleled excellence and an unwavering commitment to client service. In Addition, the company actively seeks cooperation with other Wasserman Group companies where synergies and relationships with existing Wasserman clients can be further developed. The company's core services of marketing services include, but are not imited to, the following: - Brand, Campaign and Creative Strategy, - Measurement, Research, and Insight. - Greative & Design. - Digital & Technology. - Project Management. - Account Management. - Hospitality. - Event Production. - Show Production. - Content Production. - Warehousing, Logisties and Staffing. - Principal risks and uncertainties. Page 3
WASSERMAN EXPERIENCE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Results and dividends
The loss for the year, after taxation, amounted to £109,380 (2023 - profit £515,054). The directors do not recommend the payment of a dividend for the year ending 31 December 2024 (2023: £Nil).
Directors
The directors who served during the year were:
Ecvet, F.K.H.
Ueltzen, L.M.C.
Coetzee, D.
Employees
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group and the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group and the company. This is achieved through formal and informal meetings and company training and ERP systems.
Qualifying third party indemnity provisions
There are qualifying third party indemnity provisions in place.
Post balance sheet events
There have been no significant events affecting the Company since the year end. This report was approved by the board on 30 September 2025 and signed on its behalf.
Ecvet, F.K.H. Director 71-91 7th Floor Aldwych House Aldwych London United Kingdom WC2B 4HN
Page 4
WASSERMAN EXPERIENCE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EXPERIENCE LIMITED
Opinion
We have audited the financial statements of Wasserman Experience Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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. Page 5
WASSERMAN EXPERIENCE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EXPERIENCE LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 Company or to cease operations, or have no realistic alternative but to do so. Page 6
WASSERMAN EXPERIENCE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WASSERMAN EXPERIENCE LIMITED (CONTINUED)
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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: [Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.] 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 Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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 Company and the Company'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 KPMG LLP 30 September 2025 Page 7
WASSERMAN EXPERIENCE LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 22,925,947 | 24,105,721
Cost of sales |  | (20,099,239) | (21,388,623)
Gross profit |  | 2,826,708 | 2,717,098
Administrative expenses |  | (3,159,938) | (1,945,453)
Operating (loss)/profit | 5 | (333,230) | 771,645
Income from fixed assets investments |  | 3,904 | -
Interest receivable and similar income | 8 | 24,248 | 26,417
Interest payable and similar expenses | 9 | (1) | (395)
(Loss)/profit before tax |  | (305,079) | 797,667
Tax on (loss)/profit | 10 | 195,699 | (282,613)
(Loss)/profit for the financial year |  | (109,380) | 515,054
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 12 to 28 form part of these financial statements.
Page 8
WASSERMAN EXPERIENCE LIMITED REGISTERED NUMBER: 04996976 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 249,441 |  | 312,345
Investments | 12 |  | 1 |  | 320,757
|  |  | 249,442 |  | 633,102
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 8,759,800 |  | 9,023,393 |
Cash at bank and in hand | 14 | 662,702 |  | 1,787,440 |
|  | 9,422,502 |  | 10,810,833 |
Creditors: amounts falling due within one year | 15 | (10,381,144) |  | (12,043,755) |
Net current liabilities |  |  | (958,642) |  | (1,232,922)
Total assets less current liabilities |  |  | (709,200) |  | (599,820)
Net assets excluding pension asset |  |  | (709,200) |  | (599,820)
Net liabilities |  |  | (709,200) |  | (599,820)
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 2,355 |  | 2,355
Share premium account | 19 |  | 225,550 |  | 225,550
Profit and loss account | 19 |  | (937,105) |  | (827,725)
|  |  | (709,200) |  | (599,820)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
Ecvet, F.K.H.
Page 9
WASSERMAN EXPERIENCE LIMITED REGISTERED NUMBER: 04996976 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
Director 71-91 7th Floor Aldwych House Aldwych London United Kingdom WC2B 4HN
The notes on pages 12 to 28 form part of these financial statements. Page 10
WASSERMAN EXPERIENCE LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 2,355 | 225,550 | (827,725) | (599,820)
Loss for the year | - | - | (109,380) | (109,380)
At 31 December 2024 | 2,355 | 225,550 | (937,105) | (709,200)
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 2,355 | 225,550 | (1,342,779) | (1,114,874)
Profit for the year | - | - | 515,054 | 515,054
At 31 December 2023 | 2,355 | 225,550 | (827,725) | (599,820)
| The notes on pages 12 to 28 form part of these financial statements.
Page 11
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Wasserman Experience Limited (the "Company") is a private company limited by shares & incorporated in England and Wales. Its registered head office is located at 7th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN. 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 Company's accounting policies (see note 3). Page 12
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment ∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations ∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations ∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; - paragraph 118(e) of IAS 38 Intangible Assets; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and - paragraph 50 of IAS 41 Agriculture ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 74A(b) of IAS 16 ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets. ∙the requirements of paragraph 88C and 88D of IAS 12 Income Taxes. This information is included in the consolidated financial statements of WMG Management Europe Ltd as at 31 December 2024 and these financial statements may be obtained from 7th Floor, Aldwych House, 71-91 Aldwych, London, WC2B 4HN. Page 13
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Going concern
The company made a loss on activities after tax for the year of £109,380 (2023: £515,054 - profit) and has net current liabilities of £958,642 (2023: £1,232,922). The directors have reviewed the company's budgets and forecasts for the foreseeable future, its liquid resources and medium term plans. The company and group continue to have financial support available from its parent, Wasserman Media Group LLC, for a period of at least 12 months from the signing of these accounts, which has been confirmed in writing and legally binding. As a result the annual financial statements have thus been prepared on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company'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 14
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised in accordance with IFRS 15 using the five-step model applied to each of the Company’s revenue streams. This enables the identification of distinct performance obligations within a contract and determines whether revenue is recognised at a point in time or over time, depending on when the performance obligation is satisfied. Where revenue is variable, recognition is constrained to the extent that it is highly probable that a significant reversal of revenue already recognised will not occur once the uncertainty 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. Revenue is stated exclusive of VAT, sales taxes, and trade discounts. Revenue is largely derived from the rendering of services performed under specific contractual agreements. Revenue is recognised over the contract term in proportion to the progress made in satisfying the performance obligations, measured by costs incurred to date relative to total estimated contract costs. Revenue relating to specific events is recognised at a point in time, when the performance obligation in the contract has been fulfilled. Contractual arrangements are reviewed to determine whether the Company acts as principal or as agent in respect of third-party costs. Where the Company acts as agent, only the commission element, together with any amounts charged net of corresponding subcontractor costs, is recognised as revenue.
| 2.6 | Operating leases
Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
| 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. Page 15
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 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. The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Page 16
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | over the lease term
|  |  |  | Plant and machinery | - | 3 - 5 years
|  |  |  | Motor vehicles | - | 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 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).
| 2.13 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | 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. Page 17
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.16 | 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.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Financial instruments
The Company 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 Company'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 Company'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 Company 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 Company'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 Page 18
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.18 | Financial instruments (continued)
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. 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, management have made a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. However, the nature of estimation means that actual outcomes could differ from those estimates. The key areas of estimation uncertainty in the preparation of these accounts are as follows. Impairment of investments Management assess whether there are indicators of impairment on an annual basis. Where there are indicators of impairment of individual assets, management estimate the recoverable amount of each asset based on expected future cash flows and use an appropriate interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate. See note 12. Loans and receivables Management assess the recoverability of loans, trade debtors and other receivable balances and record a provision to the extent that the balances are not considered recoverable. See note 13.
4. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 10,328,502 | 11,720,781
| Rest of Europe | 6,103,372 | 8,466,291
| Rest of the world | 6,494,073 | 3,918,649
|  | 22,925,947 | 24,105,721
Page 19
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 131,223 | 113,194
| Defined contribution pension cost | 214,696 | 220,104
| Durung the year, no director received any emolumenmts (2023: £Nil).
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 4,790,397 | 4,378,220
| Social security costs | 521,844 | 480,907
| Cost of defined contribution scheme | 214,696 | 220,104
|  | 5,526,937 | 5,079,231
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Sales | 70 | 69
|  | Directors | 3 | 3
|  |  | 73 | 72
7. | Income from investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Income from fixed asset investments | (3,904) | -
Page 20
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 24,248 | 26,417
|  | 24,248 | 26,417
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 1 | 395
|  | 1 | 395
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | (197,948) | 197,948
| Adjustments in respect of previous periods | - | 80,240
|  | (197,948) | 278,188
| Total current tax | (197,948) | 278,188
| Deferred tax |  |
| Origination and reversal of timing differences | (472) | 4,425
| Adjustments in respect of prior periods | 2,721 | -
| Total deferred tax | 2,249 | 4,425
| Tax on (loss)/profit | (195,699) | 282,613
Page 21
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (305,079) | 797,667
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%) | (76,270) | 187,452
| Effects of: |  |
| Fixed asset differences | 151 | 112
| Expenses not deductible for tax purposes | 14,834 | 14,548
| Adjustments to tax charge in respect of prior periods | (197,948) | 80,240
| Adjustments to tax charge in respect of prior periods - deferred tax | 2,721 | (1)
| Remeasurement of deferred tax changes in tax notes | - | 262
| Income not taxable for tax purposes | (976) | -
| Group relief surrendered/(claimed) | 61,789 | -
| Total tax charge for the year | (195,699) | 282,613
Page 22
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 394,905 | 220,527 | 20,793 | 636,225
| Additions | - | 14,239 | - | 14,239
| At 31 December 2024 | 394,905 | 234,766 | 20,793 | 650,464
| Depreciation |  |  |  |
| At 1 January 2024 | (102,940) | (217,820) | (3,120) | (323,880)
| Charge for the year on owned assets | - | (2,972) | (4,159) | (7,131)
| Charge for the year on right-of-use assets | (70,012) | - | - | (70,012)
| At 31 December 2024 | 172,952 | 220,792 | 7,279 | 401,023
| Net book value |  |  |  |
| At 31 December 2024 | 221,953 | 13,974 | 13,514 | 249,441
| At 31 December 2023 | 291,965 | 2,707 | 17,673 | 312,345
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Long leasehold | 221,953 | 291,965
|  | 221,953 | 291,965
Page 23
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2024 | 320,757
| Amounts written off | (320,756)
| At 31 December 2024 | 1
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Ignite Music & Entertainment Limited | C/O Grant Thornton Uk Advisory & Tax Llp 11th Floor Landmark St Peter's Square, 1 Oxford Street, Manchester, M1 4PB | Ordinary | 100%
| Ignite JV Limited | Sea Containers House,18 Upper Ground,London, England, SE19GL | Ordinary | 50%
| Ignite Music & Entertainment Limited was placed into liquidation in November 2024 and the Company's investment was written off. The entity is currently in the process of being wound up prior to being struck off the register. An application to strike off Ignite JV Limited was submitted in January 2025 and the company has not yet been dissolved.
13. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 4,162,501 | 4,778,874
| Amounts owed by group undertakings | 3,709,761 | 3,770,456
| Other debtors | 644,652 | 178,521
| Prepayments and accrued income | 241,441 | 291,117
| Deferred taxation | 1,445 | 4,425
Page 24
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13.Debtors (continued)
|  | 8,759,800 | 9,023,393
| Amounts owed by group undertakings are unsecured, repayable on demand and interest free.
14. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 662,702 | 1,787,440
|  | 662,702 | 1,787,440
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 1,348,587 | 560,424
| Amounts owed to group undertakings | 5,914,389 | 4,149,482
| Corporation tax | - | 81,386
| Lease liabilities | 218,432 | 288,444
| Other creditors | 1,559 | 430
| Accruals and deferred income | 2,898,177 | 6,963,589
|  | 10,381,144 | 12,043,755
| Amounts owed by group undertakings are unsecured, repayable on demand and interest free.
Page 25
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Leases
| Company as a lessee
| The company leases a warehouse.
|  | 2024 | 2023
|  | £ | £
| Not later than one year | 73,593 | 70,012
| Between one year and five years | 144,839 | 218,432
|  | 218,432 | 288,444
The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
|  | 2024 | 2023
|  | £ | £
| Interest expense on lease liabilities | 12,488 | 23,485
|  | 12,488 | 23,485
17. | Deferred taxation
|  | 2024 | 2023
|  | £ | £
| At beginning of year | 3,694 | 731
| Charged to profit or loss | (2,249) | 3,694
| At end of year | 1,445 | 4,425
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fixed asset timing differences | 1,445 | 4,425
|  | 1,445 | 4,425
Page 26
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,355 (2023 - 2,355) Ordinary "A" shares shares of £1.00 each | 2,355 | 2,355
| Ordinary class "A" are entitled to full voting, dividend and capital distribution rights.
19. | Reserves
Share premium account Includes only premiums received on issue of share capital. Any transaction cost associated with issuing of shares are deducted from share premium. Profit and loss account Includes all current and prior period retained profit and losses.
20. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. The pension cost charge represents contributions paid by the company to the fund and amounted to £214,696 (2023: £220,104). Contributions totalling £Nil (2023: Nil) were payable to the refund at the reporting date.
21. | Post balance sheet events
The directors confirm that there have been no events since the balance sheet date that would have a material effect on the financial statements.
22. | Related party transactions
| The Company 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 Company are controlled within the group. The key management personnel of the Company are considered to be the directors. There were no related party transactions with directors during the current year.
Page 27
WASSERMAN EXPERIENCE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. | Controlling party
The ultimate parent company of Wasserman Experience Limited is Wasserman Media Group LLC, a company registered in Delaware in the United States of America. WMG Management Europe Limited, a company registered in England and Wales, is the immediate parent company of Wasserman Experience Limited. The parent undertaking of the largest group which includes the company for which group financial statements are prepared is Wasserman Media Group LLC. The parent undertaking of the smallest group is WMG Management Europe Limited. Copies of the WMG Management Europe Limited group financial statements may be obtained from 7th Floor Aldwych House, 71-91 Aldwych, London, England WC2B 4HN.
Page 28