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Registered number:
WMG MANAGEMENT EUROPE LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
COMPANY INFORMATION
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WMG MANAGEMENT EUROPE LIMITED
CONTENTS
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WMG MANAGEMENT EUROPE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Group Strategic Report for the year ended 31 December 2024.
The principal activities of the Group comprise the provision of representation services to premium sporting clients, sponsorship and sports marketing consultancy, rights management, event management and delivery, brand activations and physical branding activities. The Group’s strategy continues to focus on providing a full-service management and marketing capability, combining the representation of leading lifestyle and sporting talent with the needs of global brands and rights holders.
On 30 September 2023, Wasserman Media Group LLC acquired Wasserman (CSM) Holdings Limited group (formerly CSM Sport and Entertainment Holdings Limited). The CSM acquisition expanded Wasserman’s service offering capabilities and geographic footprint in the sports, music, entertainment, and culture industries. Post-acquisition, the near-term focus revolved around the integration of the CSM business into Wasserman to integrate the services and operating approaches of the two groups to ensure a best-in-class service offering to our clients on a global basis. Throughout 2024, Wasserman has remained at the forefront of major events across the sports and entertainment sector, playing a key role at the Paris 2024 Olympic and Paralympic Games, Euro 2024, Formula 1, and the MLB World Tour: London Series. The remit for MLB World Tour: London Series was all-encompassing, covering event marketing, ticket strategy, hospitality sales, strategic planning and venue operations, fan experience, in-game entertainment, venue dressing and transforming the London stadium pitch into a ballpark. The teams also delivered a number of industry leading campaigns and concluded multiple partnership agreements for our clients in the year.
The results for the Group for the year are set out in the Consolidated Statement of Comprehensive Income on page 15. The loss for the financial year was £6,839,000 (2023: loss of £2,214,000), which was in line with the directors’ expectations of the business.
During the year, the Group expanded its international operations with the following acquisitions:
∙On 30 September 2023, US-based Wasserman Media Group LLC acquired Wasserman (CSM) Holdings Limited group. In December 2024, an internal restructuring was undertaken whereby Wasserman (CSM) Holdings Limited group, previously acquired by the US parent company, Wasserman Media Group LLC, was transferred to WMG Management Europe Limited for a consideration of £8,755,000. The directors have assessed the requirements of IFRS 3 and concluded that the transaction represents a common control restructuring. Accordingly, the Company and the Group have accounted for the acquisition using the book value method. The 2023 results in the Consolidated Statement of Comprehensive Income include Wasserman (CSM) Holdings Limited group from 1 October 2023.
∙In April 2024, the Group acquired 100% of the shareholding of Volante Group Limited for £454,000.
∙In August 2024, the Group acquired 100% of the shareholding of IFM International Football Management GmbH and Wasserman Switzerland AG (formerly International Football Consulting AG) for CHF2,000,000 and CHF5,200,000 respectively.
These acquisitions strengthen the Group’s position in the provision of representation services to premium sporting clients and broadens its service offering across key European markets.
Turnover for the year was £382,981,000 (2023: £176,217,000), reflecting strong performance across the Group’s principal activities. The 2024 increase is attributable to the inclusion of Wasserman (CSM) Holdings consolidated results for the full twelve-month period.
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WMG MANAGEMENT EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors consider the principal risks and uncertainties facing the Group to be consistent with those reported in the consolidated accounts of its parent undertaking, Wasserman Media Group LLC. In addition to general economic and competitive risks, the key risks facing the Group include:
Credit risk The Group’s credit risk is primarily attributable to its trade receivables. Receivables are regularly reviewed as part of financial management processes, and provisions are recognised for both known and expected bad debts based on historical experience. Inflationary and wider economic risk The global economic environment remains uncertain due to post-Covid-19 economic conditions, ongoing conflicts in Ukraine and the Middle East, and the impact of sustained high interest rates. These factors increase the risk of reduced client spending. The Group mitigates these pressures through disciplined cost management, active wage control, and a diversified international strategy. Energy costs are monitored, but given the nature of operations, they are not expected to materially impact performance. Liquidity risk In line with Wasserman Media Group LLC’s treasury policy, the Group seeks to maintain a minimum level of liquidity, monitored on an ongoing basis. Current liquidity levels are significantly in excess of this minimum threshold. Currency risk The Group is exposed to fluctuations in exchange rates, primarily between sterling, the Euro, and the US Dollar. Where possible, contracts with clients are denominated in sterling to reduce exposure, and supply contracts are aligned to the same currency as client contracts. The Group centrally monitors foreign exchange exposures and assesses the impact of significant currency movements on a regular basis. Attraction and retention of key personnel The success of the Group depends on its ability to retain and attract high-quality staff. The Group benchmarks remuneration within its industry sectors, monitors retention rates, and continues to implement flexible and hybrid working practices. Wellbeing, training, and professional development initiatives are actively promoted to maintain its position as an attractive employer. Information systems and security A failure of the Group’s IT systems, cyber-security breaches, or the loss of confidential information could significantly impact operations and client relationships. The Group operates a programme of continuous review and investment in cyber-security infrastructure, ensures compliance with GDPR and other data protection legislation, and provides regular training to staff to maintain awareness and resilience.
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WMG MANAGEMENT EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group has no external bank loans and only minor exposure to foreign exchange risk, as the majority of transactions are conducted in sterling. Intercompany balances and overseas transactions represent the main exposures.
• Cash flow risk: Minimal, given predominance of sterling-based transactions. • Credit risk: Managed through careful monitoring of receivables, credit control, and provisioning. • Liquidity: Strong liquidity is maintained through regular central treasury oversight.
The key financial performance indicator used by management is turnover, which was £382,981,000 (2023: £176,217,000). The directors also monitor other financial performance indicators, such as profitability and liquidity, along with a key non-financial measure: client retention. Together, these indicators support the company’s long-term strategic objectives.
The Group remains committed to investing in opportunities that enhance its capabilities and expand into new markets. Integration of the 2024 acquisitions will be a key focus in 2025, alongside continued investment in digital and creative services to support client delivery and future growth.
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WMG MANAGEMENT EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are mindful of their duty under Section 172 of the Companies Act 2006 to act in the way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so to have regard, amongst other matters, to:
∙the likely consequences of decisions in the long-term;
∙the interests of the Company’s employees;
∙the need to foster the Company’s business relationships with suppliers, customers and others;
∙the impact of the Company’s operations on the community and the environment;
∙the desirability of maintaining a reputation for high standards of business conduct; and
∙the need to act fairly as between members of the Company.
The Directors of WMG Management Europe Limited, both individually and collectively, believe they have acted in good faith at all times during the year ended 31 December 2024 and have remained focused on promoting the success of the Group for the benefit of all stakeholders.
Key decisions and long-term considerations During the year, the Board approved the annual budget for the year ended 31 December 2024 and endorsed the three-year strategic plan for each business function, following a comprehensive review of the Group’s priorities and key risks. Employees The Directors recognise that employees are central to the success of the business. The Company is committed to promoting an engaged, inclusive, and healthy workforce, supporting both physical and mental wellbeing. Engagement is fostered through regular meetings, employee surveys, and an open-door policy that promotes transparent communication. Structured onboarding and training plans are provided to new joiners, with ongoing professional development supported by appraisals, goal-setting, and career progression opportunities. Applications for employment by disabled persons are fully considered, taking into account individual abilities. Where employees become disabled during employment, every effort is made to ensure continuity of employment and the provision of appropriate training. Policies on training, career development, and promotion apply equally to all employees. Suppliers The Company seeks to build strong and sustainable relationships with its suppliers, ensuring they align with our values and standards of conduct. The Directors are committed to honouring contractual obligations, including prompt payment in accordance with agreed terms, and place value on the loyalty and commitment of strategic suppliers. Customers The Group works to develop long-term relationships with customers, based on trust, collaboration, and service excellence. The aim is to understand customer needs and provide tailored solutions that deliver mutual benefit. Community and Environment The Directors recognise the importance of acting responsibly in relation to the wider community and the environment. The Group seeks to minimise the environmental impact of its operations through efficient use of resources and by embedding sustainable practices where possible. We regularly incorporate our environmental performance in business credentials presentations (including new business pitches) to clients and prospects, as we believe this is an important consideration when evaluating our approach to responsible and ethical trading.
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WMG MANAGEMENT EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 24 November 2025 and signed on its behalf.
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WMG MANAGEMENT EUROPE 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.
The loss for the year, after taxation, amounted to £6,839,000 (2023 - loss £2,214,000).
The directors do not recommend the payment of a dividend for the year ended 31 December 2024 (2023: £nil).
The directors who served during the year were:
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WMG MANAGEMENT EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors’ Report and the Group and parent Company financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Group and parent Company financial statements for each financial year. Under that law they have elected to prepare the Group financial statements in accordance with UK-adopted international accounting standards and applicable law and have elected to prepare the parent Company financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.
Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing the consolidated financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.
During the year the Group made charitable donations of £46,003 (2023: £38,866) principally to charities serving the business areas in which the group operates.
After reviewing the Group’s financial position, forecasts, and available resources, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis (See Note 1.2).
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WMG MANAGEMENT EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group continues to be committed to making further investments where they will enhance capabilities or extend access to new markets. The directors believe that the Group is well positioned for sustainable long-term growth.
The Group places considerable value on the involvement of its employees and seeks to keep them informed, and where appropriate consult with them, on matters affecting their roles and on factors influencing the Group’s performance. This is achieved through regular communication channels, including emails, team meetings, and both formal and informal functions.
The Group is committed to equality of opportunity for all employees. Selection and promotion decisions are based on merit, skills, and abilities, and no employee or job applicant is subject to discrimination on the basis of any protected characteristic. Job selection criteria and performance assessments are regularly reviewed to ensure they are relevant, proportionate, and applied fairly.
Suppliers
The directors seek to ensure our suppliers align with our values and the high standards of conduct that we set ourselves. The directors commit to honouring agreements with suppliers, including paying to agreed terms. The directors value the loyalty and commitment of our strategic suppliers. Customers The team works to ensure interactions with our customers are trusting, effective and meaningful, providing an excellent level of service. Our aim is to build long-term relationships with customers and to work with them collaboratively to provide specific solutions to their requirements.
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WMG MANAGEMENT EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group has used the GHG Protocol Corporate Accounting and Reporting Standard (revised edition) and emission factors from the International Energy Agency (IEA) to calculate the carbon footprint for the reporting period. This assessment ensures adherence to internationally recognised methodologies for corporate carbon accounting and sustainability reporting.
To enhance accuracy, transparency, and efficiency in emissions tracking and reporting, the Group utilises the Workiva Carbon Reporting platform, which provides an integrated and auditable framework for managing greenhouse gas data. This platform facilitates real-time data management, automated calculations, and regulatory compliance tracking, ensuring the integrity of reported emissions. Additionally, this verification has been conducted in compliance with the Streamlined Energy and Carbon Reporting (SECR) Regulations 2018, ensuring that the Group meets mandatory carbon reporting obligations for large UK-based companies. Our verification process confirms that all Scope 1 and Scope 2 emissions, as well as material Scope 3 emissions, are accounted for in alignment with SECR disclosure requirements, including emission intensity metrics and transparency in reporting methodologies. The Group's greenhouse gas emissions and energy consumption for the year are:
In 2023, the Company had no significant energy consumtion which fell in scope 1.
In May 2025, the Group, through its subsidiary Wasserman Benelux BV, acquired Wasserman Football Belgium BV (formerly Sportplus BV). The transaction represents a non-adjusting post balance sheet event and therefore has not been adjusted for, or presented in detail in these consolidated financial statements.
In November 2025, Wasserman Boxing has been approached by an investor to potentially acquire the business. Discussions are ongoing with no formal agreement reached.
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WMG MANAGEMENT EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, KPMG LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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WMG MANAGEMENT EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WMG MANAGEMENT EUROPE LIMITED
We have audited the financial statements of WMG Management Europe Limited (“the Company”) for the year ended 31 December 2024 which comprise the Profit or Loss and Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of cash flows and related notes, including the accounting policies in note 1.
In our opinion:
∙the financial statements give a true and fair view of the state of the Group's and the Parent Company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;
∙ the Group financial statements have been properly prepared in accordance with UK-adopted international
accounting standards;
∙the parent Company financial statements have been properly prepared in accordance with UK accounting
standards, including FRS 101 Reduced Disclosure Framework; and
∙the financial statements 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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Going Concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the Company or to cease their operations, and as they have concluded that the Group and the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors’ conclusions, we considered the inherent risks to the Group’s business model and analysed how those risks might affect the Group and Company’s financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
∙we consider that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and
∙we have not identified, and concur with the directors’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group or the Company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the Company will continue in operation.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our
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WMG MANAGEMENT EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WMG MANAGEMENT EUROPE LIMITED
risk assessment procedures included:
∙Enquiring of directors and inspection of policy documentation as to the Company’s high-level policies and procedures to prevent and detect fraud, and the Company’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.
∙Reading Board minutes.
∙Considering remuneration incentive schemes and performance targets.
∙Using analytical procedures to identify any unusual or unexpected relationships.
∙Our forensic professionals assisted us in identifying key fraud risks. This included attending the Risk Assessment and Planning Discussion, holding a discussion with the engagement partner, engagement manager and engagement quality control reviewer, and assisting with designing relevant audit procedures to respond to the identified fraud risks.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, and taking into account identified fraud risks, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular:
∙the risk that Group management may be in a position to make inappropriate accounting entries;
∙the risk that Revenue is overstated through recording revenues in the wrong period.
We did not identify any additional fraud risks.
We performed procedures including:
∙Identifying journal entries and other adjustments to test at the Group level based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual accounts.
∙Evaluated the business purpose of significant unusual transactions.
∙Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Identifying and responding to risks of material misstatement related to compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and others management (as required by auditing standards), and from inspection of the Group’s legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have
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WMG MANAGEMENT EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WMG MANAGEMENT EUROPE LIMITED
such an effect: health and safety, data protection laws, anti-bribery, employment law, relevant sporting regulations, environmental protection legislation, competition law, the modern slavery act and certain aspects of company legislation recognising the nature of the Group’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Strategic report and directors’ report
The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.
Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
∙we have not identified material misstatements in the strategic report and the directors’ report;
∙in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
∙in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006, we are required to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
Directors’ responsibilities
As explained more fully in their statement set out on page 6, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using
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WMG MANAGEMENT EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WMG MANAGEMENT EUROPE LIMITED
the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report.
Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
E14 5GL
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WMG MANAGEMENT EUROPE LIMITED
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 15
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WMG MANAGEMENT EUROPE LIMITED
REGISTERED NUMBER: 03584251
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
Page 16
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WMG MANAGEMENT EUROPE LIMITED
REGISTERED NUMBER: 03584251
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements on pages 15 to 83 were approved and authorised for issue by the board of directors on
The notes on pages 25 to 83 form part of these financial statements.
Page 17
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WMG MANAGEMENT EUROPE LIMITED
REGISTERED NUMBER: 03584251
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Page 18
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WMG MANAGEMENT EUROPE LIMITED
REGISTERED NUMBER: 03584251
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The Company's loss for the year was £853,000 (2023 - £8,416,000).
The financial statements on pages 15 to 83 were approved and authorised for issue by the board of directors on 24 November 2025 and were signed on its behalf by:
The notes on pages 25 to 83 form part of these financial statements.
Page 19
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Page 20
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Page 21
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WMG MANAGEMENT EUROPE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
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WMG MANAGEMENT EUROPE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
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WMG MANAGEMENT EUROPE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The notes on pages 25 to 83 form part of these financial statements.
Page 24
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
Page 25
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Changes in the Group's ownership interests in subsidiaries that do not result in the Group losing control
over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and its calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent account under IAS 39, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20 and 50 percent of the voting power of another entity.
Page 26
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The Group and company meets its day to day working capital requirements from trading balances with the group headed by Wasserman Media Group, LLC, the ultimate parent company. The directors have prepared cash flow forecasts and performed a going concern assessment which indicates that, in a reasonably possible downsides, the group and company will require additional funds, through funding from the group, to meet its liabilities as they fall due during the going concern assessment period. Wasserman Media Group, LLC has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts currently due to the group, which at 31 December 2024 amounted to £231,382,000, during the going concern assessment period. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Consequently, the directors are confident that the group and company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Page 27
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The Company applies the IFRS 15 ‘5-step model’ to each of the revenue streams across the Company, enabling the identification of distinct performance obligations within a contract, as well as the method for revenue recognition; either at a point in time when the performance obligation is satisfied, or over time as the performance obligation is satisfied. Where revenue is variable, revenue recognition is constrained to the extent that it is highly probable that a significant reversal for revenue already recognised will not occur, once the uncertainty about revenue is subsequently resolved.
Revenue is measured at the fair value of the consideration received or receivable and comprises the gross amounts billed to clients in respect of fees earned, expenses recharged and commission-based income. In line with IFRS 15, revenue is recognised in the income statement when the performance obligations detailed in the contract with the customer have been satisfied. Revenue is largely derived from services performed subject to specific agreement. Revenue is recognised over the contract term, proportionate to the progress in overall satisfaction of the performance obligations (the services performed by the Company), measured by cost incurred to date out of total estimated costs. Revenue relating to a specific event is recognised at a point in time, when the performance obligation in the contract has been satisfied. Contractual arrangements are reviewed to ascertain whether the Group acts as principal or agent with regard to third-party costs. If the relationship is that of agent then the amount of commission, plus any other amounts charged to the principal or other parties, net of corresponding sub-contractor costs, is recognised as revenue. Revenue and operating income are stated exclusive of VAT, sales taxes and trade discounts.
Financing expenses include interest payable, finance charges on shares classified as liabilities and finance charges on lease liabilities recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the income statement (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset.
Financing income comprise interest receivable on funds invested, dividend income, interest income on lease receivables and net foreign exchange gains. Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the income statement on the date the entity’s right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
Page 28
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
As a lessee The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred (and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located), less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, to the extent that the right-of-use asset is reduced to nil, with any further adjustment required from the remeasurement being recorded in profit or loss. The Group presents right-of-use assets that do not meet the definition of investment property in ‘property, plant and equipment’ and lease liabilities in ‘loans and borrowings’ in the statement of financial position.
Page 29
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Page 30
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Page 31
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. For income tax arising on dividends, the related tax is recognised in the income statement, statement of other comprehensive income, or in equity consistently with the transactions that generated the distributable profits.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination and does not give rise to equal taxable and deductible temporary differences, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:
Page 32
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Expenditure on internally generated intangibles and brands are recognised in the statement of profit and loss account as an expense as incurred. Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less accumulated impairment losses. The cost of an intangible asset acquired in a business combination is its fair value at the acquisition date.
Page 33
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs of disposal. 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 the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units, or (“CGU”). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Page 34
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the acquisition method. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group.
For business combinations with acquisition dates on or after 1 January 2024, the Group has determined whether a particular set of activities and assets is a business by assessing whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. This election can be applied on a transaction by transaction basis. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Acquisitions on or after 1 January 2010 For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as:
∙the fair value of the consideration transferred; plus
∙the recognised amount of any non-controlling interests in the acquiree; plus
∙the fair value of the existing equity interest in the acquiree; less
∙the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. On a transaction-by-transaction basis, the Group elects to measure non-controlling interests, which have both present ownership interests and are entitled to a proportionate share of net assets of the acquiree in the event of liquidation, either at its fair value or at its proportionate interest in the recognised amount of the identifiable net assets of the acquiree at the acquisition date. All other non-controlling interests are measured at their fair value at the acquisition date. Acquisitions between 1 January 2010 and 1 January 2023 For acquisitions between 1 January 2010 and 1 January 2023, goodwill represents the excess of the cost of the acquisition over the Group’s interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in profit or loss. Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection with business combinations were capitalised as part of the cost of the acquisition. Acquisitions prior to 1 January 2023 (date of transition to IFRSs) IFRS 1 grants certain exemptions from the full requirements of UK-adopted IFRSs in the transition period. The Group elected not to restate business combinations that took place prior to 1 January 2023. In respect of acquisitions prior to 1 January 2023, goodwill is included at 1 January 2023 on the basis of its deemed cost, which represents the amount recorded under UK GAAP which was broadly comparable
Page 35
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
save that only separable intangibles were recognised (and goodwill was amortised). On transition, certain items recognised as other intangibles under UK-adopted IFRSs have been/were separately accounted for with appropriate adjustments against goodwill and amortisation of goodwill ceased, as required by IFRS 1. The classification and accounting treatment of business combinations that occurred prior to 1 January 2023 by merger accounting was not reconsidered.
Recognition and initial measurement Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets (a) Classification On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI – debt investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
Page 36
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Impairment of financial assets (IFRS 9 ECL model) The Group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost, debt investments measured at fair value through other comprehensive income (FVOCI), and on contract assets (as defined in IFRS 15). The Group measures loss allowances at an amount equal to lifetime ECLs, except for bank balances and certain other debt securities for which credit risk has not increased significantly since initial recognition. For these assets, loss allowances are measured at an amount equal to 12-month ECLs. Loss allowances for trade receivables and contract assets that do not contain a significant financing component are always measured at an amount equal to lifetime ECLs. Trade receivables and contract assets that contain a significant financing component are measured using the general model described above. When determining whether the credit risk of a financial asset has increased significantly since initial recognition, and when estimating ECLs, the Group considers reasonable and supportable information that is available without undue cost or effort. This includes both quantitative and qualitative information based on the Group’s historical experience, informed credit assessment and forward-looking information. As a practical expedient, the Group assumes that credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group considers a financial asset to be in default when:
Page 37
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Derecognition Financial assets The Group derecognises a financial asset when: Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
The following UK-adopted IFRS has been issued but has not been applied in these financial statements. Its adoption is not expected to have a material effect on the financial statements, unless otherwise indicated: Amendments to IAS 21: Lack of exchangeability (effective 1 January 2025).
Page 38
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 39
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group’s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (collectively referred to as IFRS). The Company’s individual 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 financial statements were authorised for issue by the Board of Directors.
Details of the Group’s significant accounting policies, including any changes applied during the year, are set out in note 1. Use of judgements and estimates In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis, and revisions to estimates are recognised prospectively. The areas involving significant judgements and sources of estimation uncertainty that have the most significant effect on the amounts recognised in the consolidated financial statements are disclosed in note 5. Adoption of FRS 101 Reduced Disclosure Framework In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken. In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
∙Cash Flow Statement and certain related disclosures;
∙Certain disclosures regarding revenue;
∙Certain disclosures regarding leases;
∙Comparative period reconciliations;
∙Disclosures in respect of transactions with wholly owned subsidiaries;
∙The effects of new but not yet effective IFRSs;
∙Disclosures in respect of the compensation of Key Management Personnel;
∙Disclosures of transactions with a management entity that provides key management personnel
services to the Company; and
∙Disclosures required by IAS 16 Property, Plant and Equipment in respect of the cost and the
proceeds from the sale of items produced that are not an output of the company’s ordinary activities. As the consolidated financial statements of WMG Management Europe Limited include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures:
∙Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required
by IFRS 7 Financial Instrument Disclosures.
∙Certain disclosures required by IAS 7 Statement of Cash Flows in respect of supplier finance
arrangements.
Page 40
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Basis of preparation (continued)
∙Certain disclosures required by IAS 12 Income Taxes in respect of Pillar Two income taxes.
New standards, interpretations and amendments effective from 1 January 2023:
Transition to UK-adopted IFRSs: The Company has prepared its financial statements in accordance with FRS 101 – Reduced Disclosure Framework. The Company has applied the recognition and measurement principles of UK-adopted IFRS, with the disclosure exemptions permitted by FRS 101. The Group is preparing its financial statements in accordance with UK-adopted IFRS for the first time and consequently has applied IFRS 1. An explanation of how the transition from UK GAAP to UK-adopted IFRSs has affected the reported financial position, financial performance and cash flows of the Group is provided in note 3.2. The accounting policies set out in note 1 have been applied in preparing the financial statements for the year ended 31 December 2024, the comparative information presented in these financial statements for the year ended 31 December 2023 and in the preparation of an opening IFRS balance sheet at 1 January 2023. IFRS 1 grants certain exemptions from the full requirements of UK-adopted IFRSs in the transition period. The following exemptions have been taken in these financial statements: Business combinations – Business combinations that took place prior to 1 January 2023 have not been restated. Cumulative translation differences – Cumulative translation differences for all foreign operations have been set to zero at 1 January 2023. The following tables summarise the impacts of adopting new accounting standards on the Company and Group's consolidated financial statements.
Page 41
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 42
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 43
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The recent IFRS adoption did not have a material impact on the Group’s cash flows; therefore, no separate disclosure has been provided.
Under IFRS 3, goodwill is no longer amortised. Consequently, the goodwill amortisation previously recognised under FRS 102 has been reversed, resulting in a decrease in administrative expenses (£7,061,000) and an increase in the carrying amount of goodwill within intangible assets (£7,061,000). The implementation of IFRS 16 has affected property, plant and equipment, loans and borrowings, retained earnings, and administrative expenses. Right-of-use assets (£7,333,000,(1 Jan 2023: £8,135,000)) and corresponding lease liabilities (£7,536,000,(1 Jan 2023: £8,210,000)) have been recognised on the statement of financial position. Depreciation on right-of-use assets is now recorded within administrative expenses (£1,508,000), replacing the previous recognition of rent expense (£1,777,000). In addition, finance costs have increased due to the recognition of interest expense on lease liabilities (£401,000). Adoption of IFRS 9 has impacted trade and other receivables (£325,000) and retained earnings (£325,000) through the introduction of the expected credit loss (ECL) model. This has resulted in the recognition of additional impairment provisions for financial assets measured at amortised cost. From 1 Jan 2023, the foreign currency translation reserve has been re-presented seperately from retained earnings where it was previously reported.
Page 44
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 45
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The implementation of IFRS 16 has affected property, plant and equipment, loans and borrowings, retained earnings, and administrative expenses. Right-of-use assets (£5,368,000,(1 Jan 2023: £6,425,000)) and corresponding lease liabilities (£5,555,000,(1 Jan 2023: £6,499,000) have been recognised on the statement of financial position. Depreciation on right-of-use assets and interest expense less rent expense is reflected through the profit and loss (£187,000, (1 Jan 2023: £74,000)).
Adoption of IFRS 9 has impacted trade and other receivables (£325,000) and retained earnings/profit and loss (£325,000) through the introduction of the expected credit loss (ECL) model. This has resulted in the recognition of additional impairment provisions for financial assets measured at amortised cost.
Page 46
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
On 30 Septmber 2023, US-based Wasserman Media Group LLC acquired Wasserman (CSM) Holdings Limited. In December 2024, an internal restructuring was undertaken whereby Wasserman (CSM) Holdings Limited, previously acquired by the US parent company, Wasserman Media Group LLC, was transferred to WMG Management Europe Limited for a consideration of £8,755,000. The directors have assessed the requirements of IFRS 3 and concluded that the transaction represents a common control restructuring. Accordingly, the Company and the Group have accounted for the acquisition using the book value method.
For the purposes of Group consolidation, IAS 8 permits the results for the year ended 31 December 2023 to include the results of Wasserman (CSM) Holdings Limited from 30 September 2023, the date on which control was obtained, with comparative information restated on the same basis. The directors have elected to recognise any gain or loss arising on the restructuring directly in retained earnings within the consolidated financial statements, and as a capital contribution in the standalone parent company financial statements. The table below presents the impact on the consolidated results for the year ended 31 December 2023 (after the IFRS transition):
Page 47
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 48
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 49
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
IFRS 15 – Revenue from Contracts with Customers Revenue and costs are recognised on contracts, over-time, by reference to the stage of completion of activity under that contract at the balance sheet date. Management has considered the stage of completion of each contract determined by total costs incurred to date out of total estimated costs and made a number of assumptions in order to estimate the relevant revenues and costs to recognise under these contracts. Changes to these assumptions may lead to an increase or decrease in revenue recognised. Management are satisfied that the amounts recognised in the year are appropriate and consistent with the terms of the contracts and the stage of work completed. Contract Assets Revenue is recognised by reference to the satisfaction of performance obligation under that contract at the balance sheet date. Management has considered the stage of completion of each contract and made a number of assumptions in order to estimate the relevant revenues to recognise under these contracts, as well as the recoverability of this revenue. Revenue is accrued or deferred according to the revenue recognised. On any given project there is a net work in progress balance, which whilst the LLP expects to recover in full, such recoverability includes estimation. Intangible assets Management establish reliable estimates of the useful lives of intangible assets arising on business combinations or separate acquisitions. These estimates are based on a variety of factors such as the expected use of the acquired business, legal, regulatory or contractual provisions that may limit useful life, and assumptions that market participants would consider in respect of similar businesses. Management review the estimated useful lives of intangible assets at each reporting date, based on the expected utility of the assets
Impairment of goodwill and non-financial assets
For Goodwill management perform an annual impairment assessment, or more frequently if there are indications that Goodwill might be impaired. For other non-financial assests management asses whether there are indicators of impairment on an annual basis. Either through the annual impairment test or 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 key assumptions about future operating results, long term growth rate and the determination of a suitable discount rate. 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. Recoverability of investments in associates The directors have made an assessment that the investments in associates are recoverable on the basis that the value of the investments is expected to be realised through a variety of potential outcomes. However, the directors are unable to determine what that will be at present. Based on the current performance of the entities and relationships with the associates, the directors believe the carrying value of the investment is recoverable and there are no indicators of impairment. The directors will review this position annually to determine if there are any indicators of impairment.
These judgments and estimates are subject to uncertainty and may have a material impact on the timing
Page 50
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
and presentation of common control transactions in the Group’s consolidated financial statements.
The following table provides information about receivables, contract assets and contract liabilities from
contracts with customers.
The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting date on service contracts. The contract assets are transferred to receivables when the rights become unconditional. The contract liabilities primarily relate to the advance consideration received from customers for service contracts.
The amount of revenue recognised in current period from performance obligations satisfied (or partially satisfied) in previous periods was £13,919,000 (2023: £3,407,000). The amount of revenue recognised in current period that was included in the contract liability balance at the beginning of the period was £28,696,000 (2023: £7,295,000).
Page 51
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 52
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 53
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 54
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 55
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tax expense (continued)
Page 56
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tax expense (continued)
Page 57
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 58
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 59
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 60
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Intangible assets (continued)
Page 61
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Details of the Company's material subsidiaries at the end of the reporting period are as follows:
Page 62
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Wasserman Experience Limited owns 50% of the ordinary share capital of Ignite JV Limited, a company incorporated in the United Kingdom.
Wasserman Experience Limited owns 100% of the ordinary share capital of Ignite Music & Entertainment Limited, a company incorporated in the United Kingdom. Wasserman Boxing Limited owns 50% of the ordinary share capital of W&S Limited, a company incorporated in the United Kingdom. Wasserman Netherlands BV owns 100% of the ordinary share capital of Wasserman Netherlands Management BV, a company incorporated in the Netherlands. Wasserman Netherlands BV owns 100% of the ordinary share capital of Wasserman Cycling BV, a company incorporated in Belgium. Team Wasserman Spain S.L. owns 100% of the ordinary share capital of Top Value Players, S.L., a company incorporated in Spain. Key Sports Holdings Ltd owns 100% of the ordinary share capital of Key Sports Management Ltd, a company incorporated in the United Kingdom. Wasserman Rugby Holdings Ltd owns 100% of the ordinary share capital of Wasserman Rugby (UK) Ltd, a company incorporated in the United Kingdom. Wasserman Rugby Holdings Ltd owns 100% of the ordinary share capital of Wasserman Rugby Commercial Ltd, a company incorporated in the United Kingdom. Wasserman Rugby Holdings Ltd owns 100% of the ordinary share capital of Wasserman Australia Pty
Page 63
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ltd, a company incorporated in Australia.
Wasserman Rugby Holdings Ltd owns 100% of the ordinary share capital of Wasserman Japan KK, a company incorporated in Japan. Wasserman Rugby Holdings Ltd owns 100% of the ordinary share capital of Wasserman New Zealand Limited, a company incorporated in New Zealand. Wasserman Rugby Holdings Ltd owns 100% of the ordinary share capital of Wasserman South Africa Proprietary Limited, a company incorporated in South Africa. Wasserman Rugby (UK) Ltd owns 100% of the ordinary share capital of Wasserman Rugby (France), a company incorporated in France. Volante Group Limited owns 100% of the ordinary share capital of Volante Sports Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 1% of the members' capital and interest of Wasserman EMEA LLP, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of Wasserman Middle East Holdings Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 49% of the ordinary share capital of CSM Live for advertising W.L.L, a company incorporated in the state of Qatar. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of The Blaze Agency Pty Ltd, a company incorporated in Australia. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of Boostr Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of Curb Group Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of SPS Etech Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of Icon Display Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of CSM Motorsports Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of ABC Sports Management Limited, a company incorporated in United Kingdom. Wasserman (CSM) Holdings Limited owns 100% of the ordinary share capital of People Marketing UK Limited, a company incorporated in United Kingdom. Wasserman Middle East Holdings Limited owns 100% of the ordinary share capital of Wasserman Sport and Entertainment Middle East FZ-LLC, a company incorporated in Abu Dhabi. Curb Group Limited owns 100% of the ordinary share capital of Curb Media Limited, a company incorporated in United Kingdom.
Page 64
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
People Marketing UK owns 100% of the ordinary share capital of People Marketing Sport and Entertainment Hong Kong Limited, a company incorporated in Hong Kong.
Wasserman EMEA LLP owns 100% of the ordinary share capital of Wasserman Digital & Data Limited, a company incorporated in United Kingdom. Wasserman EMEA LLP owns 100% of the ordinary share capital of Wasserman International Limited, a company incorporated in United Kingdom. Wasserman EMEA LLP owns 100% of the ordinary share capital of Wasserman Cricket Limited, a company incorporated in United Kingdom. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Middle East FZ LLC, a company incorporated in Dubai, United Arab Emirates. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Live, a company incorporated in Kingdom of Saudi Arabia. Wasserman International Limited owns 70% of the ordinary share capital of CSM Sport and Entertainment LLC, a company incorporated in Oman. Wasserman International Limited owns 100% of the ordinary share capital of CSM Sport and Entertainment South Africa (Pty) Ltd, a company incorporated in South Africa. Wasserman International Limited owns 100% of the ordinary share capital of CSM Sport and Entertainment Southern Africa (Pty) Ltd, a company incorporated in South Africa. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Sport and Entertainment MENA Company, a company incorporated in Kingdom of Saudi Arabia. Wasserman International Limited owns 60% of the ordinary share capital of Doublet CSM Live SAS, a company incorporated in France. Wasserman International Limited owns 98.88% of the ordinary share capital of The Complete Leisure Group Limited, a company incorporated in United Kingdom. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Hong Kong Limited, a company incorporated in Hong Kong. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Live Australia Pty Ltd, a company incorporated in Australia. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Live Germany GmbH, a company incorporated in Germany. Wasserman International Limited owns 49% of the ordinary share capital of Wasserman Live Services LLC, a company incorporated in Dubai, United Arab Emirates. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Mass Participation Limited, a company incorporated in United Kingdom. Wasserman International Limited owns 80.95% of the ordinary share capital of Wasserman Rights Sales Spain S.L., a company incorporated in Spain. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman SG Pte. Limited, a company incorporated in Singapore.
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Talent France Limited, a company incorporated in United Kingdom. Wasserman International Limited owns 49% of the ordinary share capital of Wasserman Live Events Organizing LLC, a company incorporated in Abu Dhabi, United Arab Emirates. Wasserman International Limited owns 100% of the ordinary share capital of Wasserman Italy s.r.l., a company incorporated in Italy. The Complete Leisure Group Limited owns 100% of the ordinary share capital of Sebastian Coe Limited, a company incorporated in United Kingdom. The below subsidiaries have taken the exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary undertakings. The company has given a guarantee for all outstanding liabilities to which the entities are subject to at the reporting date.
∙Key Sports Holdings Ltd, incorporated in England and Wales with registered number 10727004
∙Key Sports Management Ltd, incorporated in England and Wales with registered number 03708015.
∙Wasserman Rugby Holdings Ltd, incorporated in England and Wales with registered number 12813013.
∙Wasserman Rugby Commercial Ltd, incorporated in England and Wales with registered number 04886408.
∙Wasserman Rugby (UK) Ltd, incorporated in England and Wales with registered number 05294295.
∙Wasserman Experience Limited, incorporated in England and Wales with registered number 04996976.
∙Wasserman Talent France Limited, incorporated in England and Wales with registered number 07877230.
∙Wasserman (CSM) Holdings Limited, incorporated in England and Wales with registered number 07795755.
∙Wasserman International Limited, incorporated in England and Wales with registered number 08268316.
∙Wasserman Digital and Data Limited, incorporated in England and Wales with registered number 13621120.
∙Wasserman Mass Participation Limited, incorporated in England and Wales with registered number 04986926.
∙Wasserman Cricket Limited, incorporated in England and Wales with registered number 10872412.
∙The Complete Leisure Group Limited, incorporated in England and Wales with registered number 05516278.
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
In June 2023, the group acquired control of Wasserman Cycling BV (formerly Squadra Sports Management BV) through the purchase of 100% of the share capital for total consideration of £2,274,000. The total identifiable net assets at the point of acquisition amounted to £721,000, realising a goodwill value of £1,553,000. 100% of the total comprehensive income for the period generated by the acquired business is attributed to the equity shareholder.
The following entities have been included in the consolidated financial statements using the equity
method:
During 2024 the Group impaired its full investment in WMG Portugal, Lda.
Share of profit in associate for the year ending 31 December 2024 is £364,000 (2023: £451,000).
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium
Capital redemption reserve
The difference between the carrying amount of the investment transferred and the consideration received has been recognized directly in equity within the capital contribution reserve, in accordance with the Group’s accounting policy for transactions under common control. This reserve represents the cumulative effect of capital contributions and other equity adjustments arising from group restructurings involving entities under common control. These amounts are not distributable to shareholders.
Foreign exchange reserve
Retained earnings
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group’s activities expose it to a variety of financial risks: market risk, credit risk, and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance.
Market risk is the risk that changes in market prices, the Groups main driver of this risk is the exposure of foreign exchange rate changes, this will affect the Group’s income or the value of its holdings of financial instruments.
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Financial instruments - fair values and risk management (continued)
The Group’s objectives when managing capital are to maintain a strong financial position, safeguard its ability to continue as a going concern, and support future business development. The Group’s capital comprises share capital, retained earnings, and other reserves, as it has no interest-bearing debt.
Capital is monitored through regular review of cash flows, working capital, and forecast funding requirements. The Group is not subject to any externally imposed capital requirements, and management believes that current capital resources are sufficient to support the Group’s operational and strategic needs.
The Group is exposed to credit risk arising from its financial assets, which primarily comprise trade receivables and contract assets. Credit risk represents the potential financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group manages credit risk by performing credit evaluations of customers prior to granting credit terms and by monitoring outstanding receivables on an ongoing basis. Credit limits are established for each customer based on internal assessments and, where appropriate, external credit ratings. No significant concentration of credit risk exists, as the Group’s customer base is diversified across various industries and geographical areas. The maximum exposure to credit risk is equal to the carrying value (see note 18). The Group has adopted a simplified impairment approach to measure the expected credit losses on its trade receivables and contract assets. Trade Receivables/Contract assets are shown net of an impairment provision of £325,000 . However, the Group maintains a bad debt provision to reflect specific balances that are doubtful of recovery. This provision is based on individual customer assessments and historical default experience.
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24.Financial instruments - fair values and risk management (continued)
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24.Financial instruments - fair values and risk management (continued)
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Financial instruments - fair values and risk management (continued)
24.7 Fair value measurements
This note provides information about how the Group determines fair values of various financial assets and liabilities.
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Financial instruments - fair values and risk management (continued)
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WMG MANAGEMENT EUROPE LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.
The company's immediate parent undertaking is WMG European Holdings LLC, a company incorporated
in Delaware, in the United States of America.
This company's ultimate parent undertaking and controlling party is Wasserman Media Group LLC, a company incorporated in Delaware, in the United States of America.
The largest and smallest of undertakings for which group accounts have been drawn up is that headed by Wasserman Media Group LLC, incorporated in the United States of America.
In May 2025, the Group, through its subsidiary Wasserman Benelux BV, acquired Wasserman Football Belgium BV (formerly Sportplus BV). The transaction represents a non-adjusting post balance sheet event and therefore has not been adjusted for or presented in detail in these consolidated financial statements.
In November 2025, Wasserman Boxing has been approached by an investor to potentially acquire the business. Discussions are ongoing with no formal agreement reached.
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