Executive Sport Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06496731 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

Executive Sport Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Worrall

S W L Lau

K Shaw

W R Shaw

REGISTERED OFFICE:

3rd Floor

Tuition House

27-37 George's Road

Wimbledon

SW19 4EU

REGISTERED NUMBER:

06496731 (England and Wales)

AUDITORS:

KPMG LLP

Chartered Accountants

15 Canada Square

London

E14 5GL

FIXED ASSETS

Tangible assets

4

9,101

15,369

CURRENT ASSETS

Debtors

5

646,947

1,808,581

Cash at bank

4,172,137

1,927,045

4,819,084

3,735,626

CREDITORS

Amounts falling due within one year

6

1,181,326

680,133

NET CURRENT ASSETS

3,637,758

3,055,493

TOTAL ASSETS LESS CURRENT LIABILITIES

3,646,859

3,070,862

PROVISIONS FOR LIABILITIES

8

905

2,389

NET ASSETS

3,645,954

3,068,473

CAPITAL AND RESERVES

Called up share capital

9

2,122

2,122

Share premium

10

23,814

23,814

Retained earnings

10

3,620,018

3,042,537

SHAREHOLDERS' FUNDS

3,645,954

3,068,473

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

S W L Lau - Director

1.	STATUTORY INFORMATION

Executive Sport Limited is a private company, limited by shares, registered in England and Wales. The

company's registered number is 06496731 and the registered office address is Tuition House, 27-37 St George's

Road, Wimbledon, SW19 4EU.

The principal activity of Executive Sport Limited is running premium, invitation-only global summits and private

networking forums for business executives and performance practitioners across the world of sports.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's parent undertaking, ACBJ (UK) Limited included the company in its consolidated financial

statements. The consolidated financial statements of ACBJ (UK) Limited are prepared in accordance with

Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of

Ireland ("FRS 102") and are available to the public and may be obtained from Vogue House, Hanover Square,

London, W1S 1JU. In these financial statements, the company is considered to be a qualifying entity (for the

purposes of this FRS) and has applied the exemptions available under FRS102 in respect of the following

disclosures:

* Reconciliation of the number of shares outstanding from the beginning to end of the period;

* Cash Flow Statement and related notes; and

* Certain disclosures required by FRS102.11 Basic Financial Instruments and FRS102.12 Other Financial

Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of

Paragraph 36(4) of Schedule 1.

The accounting policies below have, unless otherwise stated, been applied consistently to all periods presented in

the financial statements.

Going Concern

After making enquiries the directors have a reasonable expectation that the company has adequate resources to

continue in operational existence for the foreseeable future. Thus, they have adopted the going concern basis of

accounting in preparing the annual financial statements.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and

the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received,

excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Fixed assets are stated at cost less depreciation.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of

each part of an item of tangible fixed assets. Depreciation is provided at the following annual rates in order to

write off each asset over its estimated useful life:

Furniture and Equipment - 33.3% on cost

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of

Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other

comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive

income or directly in equity, respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or

substantively enacted by the balance sheet date in the countries where the company operates and generates

income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the balance sheet date, except that:

* The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

* Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances

have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business

combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and

the future tax deductions available for them and the differences between the fair values of liabilities acquired and

the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and are readily convertible to known amounts of cash with insignificant risk

of change in value.

Creditors

Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business

from suppliers.

Creditors are recognised initially at fair value and subsequently measure at amortised cost using the effective

interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 39 ).

4.	TANGIBLE FIXED ASSETS

Furniture

& Equipment

£

COST

At 1 January 2018

79,319

Additions

5,625

Disposals

(49,793

)

At 31 December 2018

35,151

DEPRECIATION

At 1 January 2018

63,950

Charge for year

7,846

Eliminated on disposal

(45,746

)

At 31 December 2018

26,050

NET BOOK VALUE

At 31 December 2018

9,101

At 31 December 2017

15,369

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

220,212

397,555

Amounts owed by group undertakings

-

1,207,686

Other debtors

48,288

-

Withholding tax receivable

51,690

-

VAT

54,772

61,081

Prepayments and accrued income

271,985

142,259

646,947

1,808,581

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

443,960

178,032

Corporation tax

130,649

2,078

Social security and other taxes

68,207

-

Other creditors

7,942

29,391

Directors' current accounts

1,786

1,786

Accruals and deferred income

528,782

468,846

1,181,326

680,133

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.18

31.12.17

£

£

Within one year

118,580

118,580

Between one and five years

69,172

326,095

187,752

444,675

8.	PROVISIONS FOR LIABILITIES

31.12.18

31.12.17

£

£

Deferred tax

905

2,389

Deferred

tax

£

Balance at 1 January 2018

2,389

Credit to Income Statement during year

(1,484

)

Balance at 31 December 2018

905

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

2,122

Ordinary

£1

2,122

2,122

10.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2018

3,042,537

23,814

3,066,351

Profit for the year

577,481

577,481

At 31 December 2018

3,620,018

23,814

3,643,832

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Lynton Richmond (Senior Statutory Auditor)

for and on behalf of KPMG LLP

12.	RELATED PARTY DISCLOSURES

During the year ACBJ(UK) paid the company £1,248,538 for shares bought from directors in 2017.

In addition, ACBJ (UK) Limited paid consultancy and legal costs of £54,613 and £4,535 respectively on behalf

of the directors as agreed as part of the buyout completed in 2017.

During the year the company incurred costs of £34,775 (2017: £8,800) with Crystal Umbrella for operations

consultancy work. The balance outstanding at 31 December 2018 was £9,240 (2017: £51,975). Crystal

Umbrella changed its name to Pendragon Consultancy during 2018.

In December 2018, Executive Sport Limited was invoiced by American City Business Journals, Inc £108,715

for salary and expenses related to employees in the USA (2017: £105,548 - paid in June 2018).This amount was

still outstanding at 31st December 2018.

13.	ULTIMATE CONTROLLING PARTY

The immediate parent undertaking of the company at 31 December 2018 was A/NPC SBG Holdings LLC, which

owns 100% of the issued share capital. The registered address of A/NPC SBG Holdings LLC is 120 West

Morehead Street, Suite 400, Charlotte, North Carolina, USA. During 2019 A/NPC SBG Holdings LLC changed

its legal name to Leaders Group Holdings LLC at the same registered address.

The ultimate controlling party is Advance Publications Incorporated, a company incorporated in the United

States of America. Advance Publications Incorporated is privately owned and is not required to publish its

financial statements.