The Directors present their strategic report for year ended 31 December 2025.
The principal activity of the Group is the management and exploitation of media assets owned by the ATP Masters 1000s Tournaments and the ATP Tour. ATP Media also acts as the television production host broadcaster for the ATP Masters 1000s Tournaments and the Nitto ATP Finals and is the international production and distribution partner for all sixteen ATP 500s, thirty-eight ATP 250s and ATP Next Gen tournaments. ATP Media operates the 'Tennis TV' direct to consumer digital subscription streaming service and creates and distributes editorially driven multi-platform original series and feature content.
The Group holds a 20% stake in Tennis Data Innovations Group (TDI) which was set up by ATP Media and ATP Tour, Inc. to represent the data and streaming rights of the two entities. ATP Media contributes certain data rights as well as the streaming rights for the ATP Masters 1000s and Nitto ATP Finals and receives license fee revenue from the exploitation of the rights, as well as revenue from the provision of streaming production services and certain centralised corporate services to TDI.
Top line revenue growth is 4%, which includes growth in media rights, Tennis TV subscriber revenues and Original Programming revenues.
Compared to the prior year, there were relatively few media rights regional contract renewals, which tend to run from 3-5 years, so there was less scope for growth in that area and growth netted out to 3% overall. The betting rights delivered 23% growth on prior year, helped by a catch up on dividends received, but mostly delivered by strong sales growth in the TDI business.
The Tennis TV OTT streaming service grew subscriber revenues by 7% compared to 2024. Subscription demand levels are sensitive to the big stories in Tennis, including the rivalry between Alcaraz and Sinner, and by nationalistic sentiment. During 2025 Tennis TV have created an all-new mobile and tablet app which launched in March 2026. Already the home of live streaming, full match replays, highlights and more, the Tennis TV app was completely redesigned and rebuilt with an innovative user interface for accessing live matches and scores, new in-match clips, improved draws, schedules, more historical data and insights.
The Original Programming and Non-Live Content department has a remit to grow younger audiences for the game and enable commercialisation of content by Tournaments and ATP Tour. They have been responsible for some notable social media content shared by Tournaments and the ATP Tour, including a piece at Cincinnati Open that won “Best Original Content by a Rights Holder” award at the Broadcast Sport Awards “Cincinnati Open Fan Cam”. This was the second win of this category in as many years. Revenues are growing, but still small in relation to Broadcast Rights.
Cost of sales was in line with the prior year including a decrease in distribution costs as a result of reducing satellite reliance in favour of IP.
ATP Media Studios, a dedicated, technologically advanced, remote production hub in White City, London, continues to deliver efficiency and innovation. ATP Media’s remote production strategy seeks, over time, to reduce the amount of kit and people travelling to tournament sites, which saves cost, reduces risk and assists with sustainability.
Administrative costs were 18% higher than the prior year, including some exceptional costs relating to settlement of a lawsuit filed against ATP Media in April 2025. The full estimated cost of settling has been provided for in the accounts.
Other operating income is higher than prior year due to an additional $1.4m dividend distribution from Tennis Data Innovations Group, possible due to a release of retained earnings.
Profit before tax at $8.4m (2024 $6.7m) is 3.6% of turnover (2024: 3.0%) impacted by the additional TDI dividend, and also including a year end $2.4m unrealised exchange loss on revaluation of forward foreign currency contracts and $0.3m of additional interest on cash investments.
An interim dividend of $5.8m, including onward distribution of the TDI Dividend, was declared in line with the dividend policy and approved by shareholders in the year (2024: $4.6m) and paid to A and B Shareholders in 2026.
As for many businesses in a global environment, the Group will face several challenges during the forthcoming year, including potential exposure to adverse exchange rate movements. The Group has net income in Euros and net costs in GBP. Directors have hedged against this to the extent possible.
The nature of the core broadcast business is that the majority of revenue and cost is under contract before the year begins, which means the main exposures are the failure of a major broadcaster to meet their payment obligations or a failure of ATP Media to meet their broadcast obligations if tournaments are cancelled. ATP Media carries insurance cover for cancellation arising from a variety of causes, excluding communicable disease and war. Over the past few years, ATP Tour and ATP Media have dealt with the consequences of communicable disease and war on tennis and have developed processes to mitigate the risk posed.
On 11 March 2026, the company signed a Heads of Terms to enter into a new lease agreement for larger office premises located in Clapham Junction. The business will relocate from its existing premises in Wimbledon and expects to be operating from the new premises from December 2026. As now, the new office will be the base of operations in the UK for ATP Media, ATP Tour and TDI and allows for all three entities to grow to their full potential.
In October 2025 the ATP Tour announced an expansion of the Masters 1000 category, to include a new tournament to be hosted in Saudi Arabia. As part of the agreement, the new event, operated by SURJ Sports Investment Partners will join ATP and the existing Masters 1000 tournaments as an A shareholder in ATP Media coinciding with the tournament’s introduction, which could be as early as 2028. Until then, SURJ will hold a non-voting, non participating C Share.
Towards the end of 2025, ATP Media announced a new multi-year strategic partnership to bring innovative new products to global tennis. Sony and ATP Media will collaborate to develop the next generation of innovations, to enhance the fan experience and engagement across the ATP Tour’s global broadcast coverage and the award-winning OTT service Tennis TV, including developing a new Tennis TV mobile app (launching early 2026). This leverages Sony’s sports businesses including Hawk-Eye Innovations, Beyond Sports, Pulselive, KinaTrax, and STATSports, as well as Sony’s professional services.
The ATP Media Directors are monitoring and planning for risks associated with geo-political events that have been unfolding since the end of the year.
The Group’s policy is to consult and discuss with employees, at meetings, matters likely to affect employee’s interests, including the strategy, development, and performance of the Group. Information about matters of concern to employees is given through relevant information channels which seek to achieve a common awareness on the part of all employees of all factors that affect the Group’s growth and development. All employees share a responsibility for the culture of the Group.
The Group is committed to promoting equal opportunities in employment and embraces the moral, ethical, legal and business case for equality and diversity.
Going Concern
These accounts have been prepared on a going concern basis as the directors confirm that the entity is a going concern when considering the financial position, liquidity and solvency of the group.
During the year, the Board of ATP Media considers that it has always acted to promote the success of the Group, in the short and long term, for the benefit of its Shareholders as a whole, while having regard to the wider stakeholder groups. It has at all times had regard for:
The potential long-term consequences of decisions made
The need to act fairly between the Shareholders as a whole
The interests of the Group’s employees
The Interests of the ATP and the ATP Tour tournament groups represented
Need to foster the Group’s relationships with its broadcasters and understand their technical challenges, strategy and audience
The need for strong long-term partnerships with its suppliers to ensure a high-quality product into the future
Maintenance of a reputation in the industry for high quality productions using the latest innovations
The interests of the tennis consumer, globally, whether via linear broadcast, streaming service or social media
Environmental, societal and economic risks facing the business
Every five years the Group produces a formal five-year Strategic Plan, analysing the broadcast industry, related industries, and relevant trends, and providing the strategic direction for the group over the coming years. The newest version of this plan, covering 2022 to 2026, was completed and approved by Shareholders in November 2021 with the intention that it be used as the basis for all future planning. This plan was reviewed by the Board during 2024 and 2025 and updates have been incorporated into the three year business plan.
Each year the Group undertakes a robust and detailed three-year business planning process, in consultation with advisory groups and all stakeholder groups, and informed by the Strategic Plan. This includes detailed financials and KPIs. It is approved by the Shareholders in November of each year. This plan always ensures that the Board act in accordance with a Shareholder agreed strategy, and it also forms the basis of departmental strategy, staff KPIs and the senior management bonus assessments.
The Board is required to meet at least 8 times a year andconsists of ATP Media CEO, ATP Media CFO, and three A Shareholder representatives (one of which is the ATP Tour Chair). There are two Board Observers nominated by the B Shareholder Group. There is also a Finance and Remuneration Committee, that typically meets 5 times a year, made up of ATP Media and Shareholder representatives. Their role is to advise the Board on all financial matters and to advise the Shareholders on remuneration of senior management. They also convene an Audit Committee each year to meet with the auditors prior to finalisation of these Statutory accounts.
The A Shareholders, and representatives from the B Shareholder groups, meet at least quarterly and are informed on key developments and the up-to-date financial position, and to vote on any reserved matters.
Every two years the Group aims to invite its key Media Rights Partners to a forum in the UK. In 2025, ATP Media’s Partners Forum saw 125 delegates from 28 International Media Rights partners come together in London for 2 days of insightful discussions, network opportunities, and knowledge sharing. We reviewed all aspects of the ATP Media service during the forum, including our plans for the future, latest innovations, and best practice. Now in its 5th iteration, this event is a key pillar in the calendar for our Media Partners, who travel from all around the world to attend. It is seen to be industry leading amongst rightsholders.
The Group’s policy regarding employee consultation is included above.
The Board believe that the financial results, and the continued investment in the future of the business demonstrates the effectiveness of the Board’s decisions and strategy.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 14.
Ordinary dividends were paid amounting to $5,750,000. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group has costs and revenue in a mixture of USD, EUR and GBP typically, which results in foreign exchange risk. This is mitigated by entering into forward exchange contracts so that exchange values are predetermined.
The group undertakes research and development activity to continually improve the way in which Broadcasters and Consumers can enjoy the media and broadcasting rights that it markets.
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Reporting Period
1 January 2025 to 31 December 2025, corresponding with the Group's financial year.
Organisational Boundary
This report lays out information for all reporting units within ATP Media Operations Limited. No information relating to connected companies is included as their impact on environmental KPI’s is immaterial.
Base Year
The base year was set in 2021. Prior to this the company was exempt.
The following areas were calculated using proxies alongside primary data. Explanations as to why these proxies are necessary, which proxies were chosen and why they have been deemed accurate in the absence of primary data is also listed.
Electricity
Electricity usage is provided in kWh, which has been converted to kg CO2e
Gas
No estimations required as no gas was used or produced by the Group in a primary capacity.
Transport Fuel
Data relating to all UK personal car mileage claims has been downloaded and collated into a standardised format.
Submissions of personal car mileage claims are based on a mileage calculator integrated within the expense system.
ATP Media does not run a company car scheme.
Fuel type has been selected per person according to the car they drive.
Litres/100km has been calculated using the Department for Transport Statistics: Table ENV0103 (TSGB0303)
Total litres of fuel consumed has been translated into kWh and kg CO2e.
Fuel consumed abroad has been estimated at less than 10% of total transport fuels consumed in 2025 by ATP Media.
Normalising factors have been used to standardise the data and provide a basis for year on year comparison.
The base figures applied in calculating the energy consumption intensity rations of the group are as follows:
FTE staff: 103.00 (2024: 95.78)
Occupied floor space: 739.10 metres squared (2024: 739.10 metres squared)
Turnover: £233m (2024: £224m)
The majority of the Company’s activities happen outside of the UK, at the location of the tournaments, and when staff are located in the UK office, they are encouraged to access it via public transport. Company premises based in Wimbledon, which is easily accessible by public transport.
The current premises hold an EPC B rating and as such is complicit with the Government’s forthcoming ‘Minimum Energy Efficiency Standards’ which impose new regulations in 2027 and 2030.
The company will continue to monitor their usage and emissions and strive to reduce this where possible in the future.
We have audited the financial statements of ATP Media Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.
Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was $5,750,000 (2024 - $4,550,000 profit).
ATP Media Holdings Limited (“the company”) is a private limited company limited by shares and incorporated in England and Wales. The registered office is 4th Floor 22-24 Worple Road, Wimbledon, SW19 4DD.
The group consists of ATP Media Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in United States of America dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $1.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available group financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the group financial statements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The group financial statements incorporate those of ATP Media Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The group income statement and statement of cash flows include the results and cash flows of ATP Media Holdings Limited, ATP Media Tennis Limited, ATP Media Licensing Limited and ATP Media Operations Limited.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Development expenditure capitalised includes that of website costs. These costs are classified as intangible fixed assets.
Intangible assets acquired comprise internally developed software and website costs that meet the definition of internally generated assets as per paragraph 18.8H of FRS 102. Such assets are defined as having finite useful economic life. They are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include trade and other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than United States of America dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Management make an assessment of the fair value of trade receivables on a periodic basis. When assessing if impairment is applicable management consider factors including the aged profile of trade receivables, historical experience and specific evidence in respect of individual debts outstanding.
Management include the fair value of its forward exchange contracts as at each year end using third party valuation reports.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 0).
The number of directors who are entitled to receive remuneration under long term incentive schemes during the year was 2 (2024 - 2).
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Included in wages and salaries is an amount of $3,714,820 (2024: $2,094,419) relating to a long term benefit agreement between the company and some members of staff.
The actual charge for the year can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:
Details of the company's subsidiaries at 31 December 2025 are as follows:
Investments in subsidiaries are all stated at cost. All subsidiaries are included in the consolidated group financial statements of ATP Media Holdings Limited. Each investment is in the ordinary share capital of the subsidiary. The registered address of all subsidiaries is 4th Floor 22-24 Worple Road, Wimbledon, London, SW19 4DD.
Financial liabilities measured at fair value are measured using industry accepted valuation techniques for measurement of similar derivatives. Measurement includes assessment of and assumptions relating to foreign exchange risk and fluctuation and other macroeconomic factors.
The dilapidations provision is in respect of the premises used by the company and reflects the estimated cost of restoring the premises to its original conditional in line with the underlying rental agreements. The provision is expected to reverse at the end of the lease term.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability is expected to reverse over the remaining period in which the assets are held.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
On incorporation the company issued and allotted 100 ordinary shares. During the prior year, the company reclassified these shares to Ordinary A shares and issued a further 37,340 to the existing shareholders. The company also issued 7,020 B1 shares and 2,275 B2 shares to new shareholders.
In the event of the company declaring a dividend, dividends are paid 80% to A Shareholders, 15% to B1 shareholders and 5% to B2 shareholders and then pro rata within the group according to shareholding. This excludes any proceeds, distributions or other revenues received from Tennis Data Innovations (UK) Limited or its subsidiaries, which shall be ringfenced for Ordinary A shareholders.
There are a number of different shareholder reserved matters upon which the A Shareholders are entitled to vote on all and the B1 and B2 Shareholder representatives (on behalf of the B1 and B2 Shareholders) are entitled to vote on some. Within those Shareholder reserved matter there are a variety of different approval thresholds some of which require just certain A Shareholder approval and some of which require a positive vote of one or more of the ATP, ATP 500 or ATP 250 representatives.
On liquidation, dissolution or winding up, a return of capital will be paid out in accordance with the voting right percentages. Ordinary A shares will get preference over the Ordinary B1 and Ordinary B2 shares. In addition, any proceeds, distributions or other revenues from the Tennis Data Innovations (UK) Limited group will be ringfenced for Ordinary A shares only.
The other reserve reflects the difference between the nominal value of shares given as part of the group reorganisation and the nominal value of the shares received.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Amounts contracted for but not provided in the financial statements:
Group
During the year the group considered the shareholders to be related parties.
Other related parties include ATP Tour, Inc, Trans World International Inc T/A IMG Media and Tennis Data Innovations (UK) Limited. ATP Tour Inc and Trans World International Inc T/A IMG Media are considered to be a related party by virtue of being shareholders of the company. Tennis Data Innovations (UK) Limited is considered to be a related party by virtue of ATP Media Tennis Limited (subsidiary) holding 20% of the company's shares during 2025. Any transactions with subsidiaries of this company are also included.
The income statement includes expenses totalling $151,078,735 (2024: $152,540,230), payable to the above related parties and their connected parties in respect of trading expenses.
During the year the company also made sales to related party entities and their connected parties included in the above totalling $45,331,541 (2024: $44,194,333).
Agency activities resulted in payments to Shareholders and related parties of $606,615 (2024: $274,519). These are offset against net agency sales to generate Net Agency Income of $53,227 (2024: $67,669) and is included in the revenue figure.
As at 31 December 2025, amounts owed from related parties are disclosed in note 16. Amounts owed to such parties are disclosed in note 17.
Key management personnel include all persons who have the authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the group totalled $4,272,469 (2024: $3,899,457).
Company
As at 31 December 2025 the company was owed $132 (2024: $132) in respect of unpaid share capital from the shareholders of the company.