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REGISTERED NUMBER: 05067979 (England and Wales)















EASYFAIRS UK LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2023






EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 16


EASYFAIRS UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: E P C Everard
M E Benyon
B David
M Hellemans
A Lafere





REGISTERED OFFICE: Second Floor
Regal House
70 London Road
Twickenham
Surrey
TW1 3QS





REGISTERED NUMBER: 05067979 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their strategic report for the year ended 30 June 2023.

The directors present their Strategic Report of the Company and Group for the year ended 30 June 2023.

REVIEW OF BUSINESS
The principal activity of the business is to organise trade shows / exhibitions. These events primarily occur in the UK and Europe.

Results and Performance

For the financial year the company achieved revenues of £22,923,855 (2022: £17,212,769), representing an increase of 33.2% (2022: increase 769.8%) from the previous year. Operating losses of £529,382 have fallen from £906,928 in 2022 as a direct result of the increased turnover. The increase in the company's revenues have been achieved through organic growth of existing shows coupled with successful merger strategy. As in the prior year the company have seen strong uptake of rebookings and are forecasting further growth in the 2024 year.

Although the company generated a loss before tax in both the current and prior year, this is inclusive of substantial amortisation charges relating to goodwill purchased as part of the merger growth strategy. The average remaining years of amortisation until goodwill is fully amortised stands at 4.9 (2022: 5.9 years).

Exhibitors and visitor numbers exceeded expectations, and led to record rebook numbers across the most events, with the majority reporting strong growth versus their respective previous editions.

Key Financial Performance Indicators

2023 2022
Turnover £22,923,855 £17,212,769
Gross Profit/(Loss) £10,714,713 £8,285,430
Gross Profit percentage 46.74% 48.14%
Net Profit/(Loss) before Tax (£1,090,497) (£1,378,336)
Balance at bank/(overdraft) £544,365 £415,901
Net current assets/(liabilities) (£8,699,022) (£10,222,955)
Net assets/(liabilities) (£1,204,063) (£549,963)


Business environment

The exhibition industry is highly fragmented. The business organises shows in niche markets, as part of its overall group strategy. The company is committed to investing in its shows and keeping abreast of technological advances in the industry.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors continually review and monitor the key risks facing the company in order to manage the business and deliver the company's strategy. The key risks and uncertainties affecting the company relate to the demand in the market for exhibitions and fairs, the affects on inflation and the risks associated with price. Risk management is a regular feature of board discussion and whilst the company does have material exposure in any of the areas mentioned, the board take appropriate action when necessary. The process of risk acceptance and risk management is addressed through periodic internal reviews and tracking mechanisms and through regular reviews of trading & operations the company is able to highlight and manage the financial impact.

The directors believe that it is reasonable to consider that the company will have the necessary resources to ensure its operational continuity for a period of at least 12 months from the date of signature of these Financial Statements.


EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

COMPETITION RISK
The company is one of the UK market leaders for organising fairs / exhibitions.The company mitigates the risk of competition by ensuring that the fairs being organised are captivating, innovative and provide technical expertise coupled with excellent customer service.

LIQUIDITY RISK
The company operates as part of the Easyfairs group that provides liquidity assurance in addition to the company's own cash reserves. The directors control and monitor the company's cash flow on a regular basis.

CREDIT RISK
The company monitors outstanding balances on a daily basis to identify potential problems and liaises with its customers. If this does not resolve the problem debt collection proceedings are initiated in order to minimise credit risk.

EVENTS SUBSEQUENT TO YEAR-END
There were no other significant events worthy of mention after the end of the financial year 2023.

ON BEHALF OF THE BOARD:





M E Benyon - Director


30 January 2024

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


The directors present their report with the financial statements of the company for the year ended 30 June 2023.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

E P C Everard
M E Benyon
B David
M Hellemans
A Lafere

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
In the case of each of the persons who are directors of the Company at the date when this report is approved:

- so far as each of the directors is aware, there is no relevant audit information (as defined in the Companies Act 1985) of which the company's auditors are unaware; and

- each of the directors has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information (as defined) and to establish that the company's auditors are aware of that information.

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023


AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M E Benyon - Director


30 January 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EASYFAIRS UK LIMITED


Opinion
We have audited the financial statements of Easyfairs UK Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EASYFAIRS UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EASYFAIRS UK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and
regulations related to building regulations and corporation tax legislation and we considered the extent to which
non-compliance might have a material effect on the financial statements. As part of this assessment we considered both quantitative and qualitative factors. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements which included the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of events and transactions that have occurred during or after the reporting period, and potential management bias in the determination of accounting estimates or judgements to manipulate results.

Audit procures performed by the engagement team include:

- Enquiring of and obtaining written representation from management in relation to known or suspected instances of
non-compliance with laws and regulations and fraud;
- Evaluation of management's controls designed to prevent and detect irregularities;
- Identifying and, where relevant, testing journal entries posted by senior management or with unusual combinations;
- Assessing and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Review of correspondence with regulators in so far as they are related to the financial statements;
- Incorporating elements of unpredictability into the nature, timing and/or extent of audit procedures performed.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with
laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
EASYFAIRS UK LIMITED


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 a Report of the Auditors 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.




Andrew Cribb FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

12 February 2024

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

TURNOVER 22,923,855 17,212,769

Cost of sales 12,209,142 8,927,339
GROSS PROFIT 10,714,713 8,285,430

Administrative expenses 13,383,606 10,884,767
(2,668,893 ) (2,599,337 )

Other operating income 2,139,511 1,692,409
OPERATING LOSS 5 (529,382 ) (906,928 )


Interest payable and similar expenses 8 561,115 471,408
LOSS BEFORE TAXATION (1,090,497 ) (1,378,336 )

Tax on loss 9 (436,397 ) (46,943 )
LOSS FOR THE FINANCIAL YEAR (654,100 ) (1,331,393 )

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (654,100 ) (1,331,393 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(654,100

)

(1,331,393

)

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 7,279,405 9,424,549
Tangible assets 12 215,554 248,443
7,494,959 9,672,992

CURRENT ASSETS
Debtors 13 6,067,086 6,134,884
Cash at bank and in hand 544,365 415,901
6,611,451 6,550,785
CREDITORS
Amounts falling due within one year 14 15,310,473 16,773,740
NET CURRENT LIABILITIES (8,699,022 ) (10,222,955 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,204,063

)

(549,963

)

CAPITAL AND RESERVES
Called up share capital 16 630,516 630,516
Share premium 17 20,562,284 20,562,284
Retained earnings 17 (22,396,863 ) (21,742,763 )
SHAREHOLDERS' FUNDS (1,204,063 ) (549,963 )

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





M E Benyon - Director


EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 July 2021 630,516 (20,411,370 ) 20,562,284 781,430

Changes in equity
Total comprehensive income - (1,331,393 ) - (1,331,393 )
Balance at 30 June 2022 630,516 (21,742,763 ) 20,562,284 (549,963 )

Changes in equity
Total comprehensive income - (654,100 ) - (654,100 )
Balance at 30 June 2023 630,516 (22,396,863 ) 20,562,284 (1,204,063 )

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,294,828 983,394
Interest paid (561,115 ) (471,408 )
Tax paid 18,961 27,279
Net cash from operating activities 3,752,674 539,265

Cash flows from investing activities
Purchase of intangible fixed assets (135,109 ) (136,364 )
Purchase of tangible fixed assets (114,087 ) (127,156 )
Repayment of intercompany loan (3,375,014 ) (82,273 )
Net cash from investing activities (3,624,210 ) (345,793 )

Increase in cash and cash equivalents 128,464 193,472
Cash and cash equivalents at beginning of
year

2

415,901

222,429

Cash and cash equivalents at end of year 2 544,365 415,901

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (1,090,497 ) (1,378,336 )
Depreciation charges 2,427,229 2,395,648
Finance costs 561,115 471,408
1,897,847 1,488,720
(Increase)/decrease in trade and other debtors (1,379,418 ) 2,224,324
Increase/(decrease) in trade and other creditors 3,776,399 (2,729,650 )
Cash generated from operations 4,294,828 983,394

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 544,365 415,901
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 415,901 222,429


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 415,901 128,464 544,365
415,901 128,464 544,365
Total 415,901 128,464 544,365

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Easyfairs UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

As at the balance sheet date of 30 June 2023, the company made a loss before tax of £1,090,497 and had net liabilities of £1,204,063. The parent company has given its continued financial support throughout recent periods and will continue to give such support in the year to come. The company's turnover and profits have surpassed pre coronavirus pandemic levels and are forecasted to continue in a similar manner in the year to come.

The company is a member of a larger group which has considerable financial resources with a number of customers and suppliers across different geographical areas, of which the company has access to a cashpooling facility, provided by its ultimate parent company, Everex SA.

The directors believe that the company and group are well placed to manage applicable business risks successfully. The directors believe it is appropriate to continue to prepare the accounts on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The Company prepares its financial statements in accordance with FRS 102, the application of which often requires judgements to be made by management when formulating the company's financial position and results. The directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Critical accounting judgements
There are no critical accounting judgements.

Key sources of estimation uncertainty
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the review and future periods if the revision affects both current and future periods.

Impairment of assets
Identifying whether there are indicators of impairment for assets involves a high level of estimation and a good understanding of the drivers of value behind the asset. At each reporting period an assessment is performed in order to determine whether there are any such indicators, which involves considering the performance of our business units, any significant changes to the markets in which we operate and future forecasts. Further details of investments are disclosed in note 15.

Turnover
Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and sales-related taxes, and provisions for returns and cancellations.

Turnover represents the invoiced sales of completed shows. Deposits received in advance are recorded as deferred income in the Balance Sheet.

Goodwill
Goodwill relates to the amounts paid in connection with the acquisition of the company's subsidiaries and the purchase of the entitlements and rights to run various shows and exhibitions. The goodwill is being amortised evenly over its useful economic life of 10 years from the date of acquisition.

Patents, licences and trade marks
Patents,licences and trade marks are initially measured at cost. After initial recognition, Patents, licences and trade marks are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents, licences and trade marks are being amortised evenly over their estimated useful life of between 4 and 10 years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any provision for impairment.

Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life:

Fixtures and fittings 10% - 50% on cost
Computer equipment 33% on cost

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


3. ACCOUNTING POLICIES - continued

Government grants
Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 7,595,980 5,616,652
Social security costs 855,725 697,592
Other pension costs 222,918 180,034
8,674,623 6,494,278

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Office & admin staff 124 111

2023 2022
£    £   
Directors' remuneration 417,900 425,562

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 217,900 384,653

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 617,121 447,338
Depreciation - owned assets 146,976 129,309
Goodwill amortisation 2,280,106 2,266,191
Patents and licences amortisation 147 147
Foreign exchange differences 200,179 (116,811 )

6. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

33,750

31,500

7. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional items - (186,349 )

Other exceptional items include £NIL (2022: £186,349) in respect of aborted acquisition costs.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest payable on amounts
owed to group undertakings 561,115 471,408
561,115 471,408

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Deferred tax (436,397 ) (46,943 )
Tax on loss (436,397 ) (46,943 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (1,090,497 ) (1,378,336 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

(207,194

)

(261,884

)

Effects of:
Expenses not deductible for tax purposes 395,530 397,756
Utilisation of tax losses (160,783 ) (128,870 )
Unrelieved tax losses - 226
Losses not probable to be unwound against future profits (459,553 ) (46,943 )
Super deduction on capital allowances (4,397 ) (7,228 )
Total tax credit (436,397 ) (46,943 )

10. GOVERNMENT ASSISTANCE

During the year the Company has received grant income under HM Government Coronavirus Job Retention Scheme totalling £NIL (2022: £5,010). Amounts recognised are included in Other Income.

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


11. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 July 2022 23,376,925 2,243,761 25,620,686
Additions 135,109 - 135,109
At 30 June 2023 23,512,034 2,243,761 25,755,795
AMORTISATION
At 1 July 2022 13,953,171 2,242,966 16,196,137
Amortisation for year 2,280,106 147 2,280,253
At 30 June 2023 16,233,277 2,243,113 18,476,390
NET BOOK VALUE
At 30 June 2023 7,278,757 648 7,279,405
At 30 June 2022 9,423,754 795 9,424,549

12. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 July 2022 6,239 702,978 428,839 1,138,056
Additions - 8,824 105,263 114,087
At 30 June 2023 6,239 711,802 534,102 1,252,143
DEPRECIATION
At 1 July 2022 2,496 542,222 344,895 889,613
Charge for year - 83,130 63,846 146,976
At 30 June 2023 2,496 625,352 408,741 1,036,589
NET BOOK VALUE
At 30 June 2023 3,743 86,450 125,361 215,554
At 30 June 2022 3,743 160,756 83,944 248,443

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,567,879 2,049,805
Amounts owed by group undertakings - 1,864,653
Other debtors 244,596 129,150
Tax - 18,961
VAT 96,216 -
Deferred tax asset 1 -
Prepayments and accrued income 2,217,418 1,567,736
5,126,110 5,630,305

Amounts falling due after more than one year:
Deferred tax asset 940,976 504,579

Aggregate amounts 6,067,086 6,134,884

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,132,722 944,754
Amounts owed to group undertakings 2,171,246 7,410,913
Social security and other taxes 229,199 205,652
VAT - 92,923
Other creditors 81,062 256,342
Deferred income 8,752,826 5,299,367
Accrued expenses 2,943,418 2,563,789
15,310,473 16,773,740

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 576,806 421,985
Between one and five years 1,318,115 74,204
1,894,921 496,189

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
630,516 Ordinary £1 630,516 630,516

EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2022 (21,742,763 ) 20,562,284 (1,180,479 )
Deficit for the year (654,100 ) (654,100 )
At 30 June 2023 (22,396,863 ) 20,562,284 (1,834,579 )

18. ULTIMATE PARENT COMPANY

The Company's immediate parent undertaking is Easyfairs SA, a company registered in Belgium by virtue of their direct and indirect holding of 100% of the Company's issued ordinary share capital.

The ultimate parent company is Everex SA by virtue of holding 90.44% of the ordinary share capital in Easyfairs International SA, a company registered in Belgium. Consolidated group accounts of Everex SA can be obtained from Rue St-Lambert 135, 1200 Brussels, Belgium.

19. POST BALANCE SHEET EVENTS

On 4th January 2024, Easyfairs UK Limited acquired 100% of the share capital of European Trade & Exhibition Services Ltd and thereby its subsidiary, Southern Manufacturing Show Limited, both companies registered in England and Wales. This acquisition grants Easyfairs UK Limited trading rights to Southern Manufacturing and Electronics Show, an annual event showcasing new technology in machinery, production equipment, electronic production and assembly, tooling and components as well as subcontract services, with the first show under Easyfairs UK Limited's ownership being held in February 2024.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is E P C Everard.