Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the *Companies Act 2006*. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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. Jonathan Da Costa (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants Third Floor One London Square Cross Lanes Guildford Surrey GU1 1UN Date: 4 September 2023 REPORT AND FINANCIAL STATEMENTS 2022 31

# Financial





|                                                                                           | Year ended   | Period ended   |           |
|-------------------------------------------------------------------------------------------|--------------|----------------|-----------|
| 31 December                                                                               |              | 31 December    |           |
|                                                                                           | 2022         | 2021           |           |
| Notes                                                                                     | £000         | £000           |           |
| Turnover                                                                                  | 4            | 414,786        | 169,069   |
| Cost of sales                                                                             | (103,418)    | (48,414)       |           |
| Gross profit                                                                              | 311,368      | 120,655        |           |
| Administrative expenses                                                                   | 5            | (360,840)      | (127,601) |
| Share of loss of associates                                                               | 12           | (5,985)        | (1,221)   |
| Investment (loss)/income                                                                  | 13           | (5,081)        | 8,813     |
| Interest income                                                                           | 6            | 3,188          | 2,139     |
| Interest expense                                                                          | 7            | (39,097)       | (6,972)   |
| Loss before taxation                                                                      | (96,447)     | (4,187)        |           |
| Tax                                                                                       | 8            | 8,036          | (6,329)   |
| Loss for the period                                                                       | (88,411)     | (10,516)       |           |
| Other comprehensive income Translation of foreign entities                                | (93)         | (80)           |           |
| Total comprehensive loss for the period                                                   | (88,504)     | (10,596)       |           |
| Loss for the period attributable to: Loss due to owners of the parent                     | (88,057)     | (10,632)       |           |
| (Loss)/profit due to non-controlling interests                                            | (354)        | 116            |           |
|                                                                                           | (88,411)     | (10,516)       |           |
| Total comprehensive loss for the period attributable to: Loss due to owners of the parent | (88,141)     | (10,704)       |           |
| (Loss)/profit due to non-controlling interests                                            | (363)        | 108            |           |
|                                                                                           | (88,504)     | (10,596)       |           |

The Group had no extraordinary items or material discontinued operations during the period. The notes on pages 39 to 67 form part of these financial statements.

| As at 31 December 2022                                      | 2022      | 2021      |           |
|-------------------------------------------------------------|-----------|-----------|-----------|
| Non-current assets                                          | Notes     | £000      | £000      |
| Intangible assets                                           | 9         | 751,587   | 362,668   |
| Tangible assets                                             | 10        | 43,499    | 22,219    |
| Investment properties                                       | 11        | 9,894     | 9,339     |
| Investment in associates                                    | 12        | 8,916     | 14,901    |
| Other investments                                           | 13        | 151,161   | 171,860   |
| Debtors due in more than one year                           | 16        | 121,933   | 115,754   |
|                                                             | 1,086,990 | 696,741   |           |
| Current assets Stocks                                       | 15        | 6,344     | 6,629     |
| Debtors due within one year                                 | 16        | 542,129   | 183,523   |
| Cash at bank and in hand                                    | 23        | 121,677   | 49,766    |
|                                                             | 670,150   | 239,918   |           |
| Current liabilities Creditors due within one year           | 17        | (955,956) | (442,924) |
| Borrowings                                                  | 19        | (30,000)  | (5,000)   |
|                                                             | (985,956) | (447,924) |           |
| Net current liabilities                                     | (315,806) | (208,006) |           |
| Total assets less current liabilities                       | 771,184   | 488,735   |           |
| Non-current liabilities Creditors due in more than one year | 18        | (87,131)  | (80,516)  |
| Borrowings                                                  | 19        | (525,019) | (173,788) |
| Provisions                                                  | 20        | (40,620)  | (27,513)  |
|                                                             | (652,770) | (281,817) |           |
| Net assets                                                  | 118,414   | 206,918   |           |
| Capital and reserves Called up share capital                | 22        | -         | -         |
| Share premium                                               | 22        | 218,195   | 218,195   |
| Foreign currency translation reserve                        | 22        | (156)     | (72)      |
| Profit and loss account                                     | (98,689)  | (10,632)  |           |
| Equity attributable to the owners of the Parent             | 119,350   | 207,491   |           |
| Non-controlling interests                                   | (936)     | (573)     |           |
| Total shareholders' equity                                  | 118,414   | 206,918   |           |

The financial statements on pages 33 to 67 were approved by the Board of Directors and authorised for issue on 4 September 2023 and are signed on its behalf by: K J Barber Director Company Registration No. 13073792. The notes on pages 39 to 67 form part of these financial statements.

34 **MARKERSTUDY GROUP**

|                                                   |       | 2022      | 2021     |
|---------------------------------------------------|-------|-----------|----------|
|                                                   | Notes | £000      | £000     |
| Fixed assets Investments in subsidiaries          | 13    | 218,195   | 218,195  |
| Current assets Debtors                            | 16    | 130,010   | 14,406   |
| Current liabilities Creditors due within one year | 17    | (130,077) | (14,406) |
| Net assets                                        |       | 218,128   | 218,195  |
| Capital and reserves Called up share capital      | 22    | -         | -        |
| Share premium                                     | 22    | 218,195   | 218,195  |
| Profit and loss account                           |       | (67)      | -        |
| Total shareholders' equity                        |       | 218,128   | 218,195  |

The Company has taken advantage of s408 of the *Companies Act 2006* not to publish its own Statement of Comprehensive Income. The Company made a loss after tax of £67k (2021: £Nil). The financial statements on pages 33 to 67 were approved by the Board of Directors and authorised for issue on 4 September 2023 and are signed on its behalf by: K J Barber Director Company Registration No. 13073792 The notes on pages 39 to 67 form part of these financial statements.