REGISTERED NUMBER: |
EASYFAIRS UK LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
30 JUNE 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Sidings House |
Sidings Court |
Lakeside |
Doncaster |
South Yorkshire |
DN4 5NU |
EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(2,668,893 | ) | (2,599,337 | ) |
Other operating income |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Interest payable and similar expenses | 8 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 9 | ( |
) | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
EASYFAIRS UK LIMITED (REGISTERED NUMBER: 05067979) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 | (22,396,863 | ) | (21,742,763 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 June 2022 | 630,516 | (21,742,763 | ) | 20,562,284 | (549,963 | ) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Repayment of intercompany loan | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
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 | ( |
) | ( |
) |
Depreciation charges |
Finance costs | 561,115 | 471,408 |
1,897,847 | 1,488,720 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Social security costs |
Other pension costs |
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 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Goodwill amortisation |
Patents and licences amortisation |
Foreign exchange differences | ( |
) |
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 |
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 | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
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 | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2022 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Utilisation of tax losses | ( |
) | ( |
) |
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 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Amortisation for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
Tax |
VAT |
Deferred tax asset | 1 | - |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset | 940,976 | 504,579 |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | - | 92,923 |
Other creditors |
Deferred income |
Accrued expenses |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 | ( |
) | (1,180,479 | ) |
Deficit for the year | ( |
) | ( |
) |
At 30 June 2023 | ( |
) | (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 |