Company registration number 02449446 (England and Wales)
FESPA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FESPA LIMITED
COMPANY INFORMATION
Directors
C Duyckaerts (Belgium)
C Aussenac (France) President
G Kovacs (Hungary)
A Masserdotti (Italy)
O Skilbred (Norway) Vice President
D Sunderland (Mexico) Treasurer
W Van As (Netherlands)
N J Spencer (UK)
Company number
02449446
Registered office
Holmbury
The Dorking Business Park
Dorking
United Kingdom
RH4 1HJ
Auditor
Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ
FESPA LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income and retained earnings
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
FESPA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

FESPA is a global federation of 37 national associations, representing over 14,000 companies, for the screen printing, digital printing and textile printing community. As such the principal activity of the company is that of a trade association. It is also an organiser of successful worldwide events running exhibitions and conferences for the screen and digital printing industry. The profits from these events fund the group and are reinvested for the benefit of the global print community. FESPA supports many projects each year to educate and grow the industry.

 

Our mission is to be the leading globally connected imaging community re-investing its profits for the purpose of inspiring, educating and growing the industry.

 

The group's objective is the promotion of screen printing and digital imaging through each of its member Associations throughout the world. FESPA offers a comprehensive range of member services, and supports its National Associations by financing roadshows, research, membership and special projects. FESPA also runs educational initiatives including technical guidance notes, international seminars, and show conferences.

 

Headquartered in the UK but with offices in Mexico, Turkey and the UAE, as well as partners in Brazil and South Africa, FESPA has international scale and reach, which is demonstrated by the international team of directors as well as the diverse and extensive experience of the full-time employees.

 

The company is limited by guarantee and does not have share capital.

Review of activities

The group's largest event each year is Global Print Expo. In 2023 this was held in Munich in May. This was a very successful event and clearly there was much anticipation of the larger scale show. In addition other global events were held within the year which were also well attended and well received.

 

Industry standard accounting practice is to only recognise revenue and costs in relation to an event when it occurs. The group has reported revenue of €12.4m and profit for the year of €0.8m.

 

Key performance indicators

As the company represents the interests of its member associations, its key purpose is the generation of profit to reinvest in the printing community. As such the directors consider profit and payments to associations to be key performance indicators. In the period the group traded at a profit of 0.8m. Payments to associations increased to 362k, from 182k in 2022. In addition its retained earnings stand at €4.4m as at 31 December 2023, up from 3.6m as at 31 December 2022.

Principal risks and uncertainties

The group has identified and evaluated its major risks, the controls in place to manage those risks and the level of residual risk accepted. Risk management and control procedures are an integral part of the operation of the business. The board of directors are aware of these risk procedures through reporting via a centrally maintained risk register. The major risks identified include:

 

FESPA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The group has undertaken a series of measures through which as far as is possible the major risks are mitigated. The company retains cash in a range of different currencies in order to mitigate the risk of any foreign exchange fluctuations.

 

Changes in access to the European single market following the UK's exit from the European Union have not adversely influenced overall industry performance. Our international activities are well established, we have a good structure to manage and mitigate against difficulties which may arise from the new trading relationship between the UK and the EU. Equally, our operations in multiple territories provides a sound base from which to manage volatility in exchange rates.

 

The group continues to invest in its events ensuring they remain relevant and up to date. The systems and controls in place in planning for and staging events is highly developed. The investment in technology and cyber-security increase year on year. Some factors are clearly outside of the group's control but strategic planning at board level ensures the group is well placed to deal with these, one part of which is the maintenance of significant cash reserves within the group.

 

In light of recent events, the effects of the war in Ukraine as well as the crisis in the Middle East on the current economic climate and impacts on the industry are key areas of uncertainty for the company. As evidenced by results in the year, the impact has not been significant as yet, however the risk from inflationary pressures and increased costs needs to be considered. The directors have ensured these are referred to within their forecasts.

 

The directors have therefore considered the forecast position of both the company and the wider group in their conclusions in respect of going concern.

 

Future developments

The directors anticipate continued growth in the coming year and will continue to look at market opportunities as they arise in relation to new events and new services to members.

 

On behalf of the board

C Aussenac (France) President
D Sunderland (Mexico) Treasurer
Director
Director
1 August 2024
1 August 2024
FESPA LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a trade association. It is also an organiser of exhibitions and conferences for the screen and digital printing industry. The profits from these exhibitions fund the company, and are reinvested in the industry for the benefit of both suppliers and printers.

 

The company's objective is the promotion of screen printing and digital imaging through each of its member Associations throughout the world. FESPA offers a comprehensive range of member services, and supports its National Associations by financing roadshows, research, membership and special projects. FESPA also runs educational initiatives including technical guidance notes, international seminars, and show conferences.

 

The company is limited by guarantee and does not have share capital.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C Duyckaerts (Belgium)
C Aussenac (France) President
G Kovacs (Hungary)
A Masserdotti (Italy)
O Skilbred (Norway) Vice President
T Struckmeier (Germany)
(resigned 18 March 2024)
D Sunderland (Mexico) Treasurer
W Van As (Netherlands)
NJ Spencer (UK)
Results

The results for the year are set out on page 8.

Financial instruments

The group's principal financial instruments comprise bank balances, trade payables, trade receivables, deferred expenditure and accrued expenditure. The main purpose of these instruments is to provide funds to finance the group's operations. Trade payables liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due. Trade receivables are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Accrued and deferred expenditure relate to the accounting policies in place over revenue recognition. Bank balances are held in secure accounts and wherever possible exchange rate and bank failure risk is managed by regular risk reviews.

Auditor

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.

FESPA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

The directors have considered the forecast position of both the company and the wider group in reaching their conclusions in respect of going concern.

 

In assessing the appropriateness of the going concern assumption, the directors have considered the ability of the group to maintain adequate liquidity through the forecast period. Taking account of reasonably possible changes in trading performance, the group’s forecasts and projections show that the group is able to operate within the level of its current resources.

 

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that it remains appropriate to continue to adopt the going concern basis in preparing the annual report and financial statements.

On behalf of the board
D Sunderland (Mexico) Treasurer
Director
1 August 2024
FESPA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FESPA LIMITED
- 5 -
Opinion

We have audited the financial statements of Fespa Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

FESPA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FESPA LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. 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 UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 misrepresentations, or through collusion.

FESPA LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FESPA LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Sarf Malik (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP
1 August 2024
Chartered Accountants
Statutory Auditor
29/30 Fitzroy Square
London
W1T 6LQ
FESPA LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
Revenue
4
12,441,681
8,999,649
Cost of sales
(8,026,963)
(5,396,738)
Gross profit
4,414,718
3,602,911
Administrative expenses
(3,458,481)
(2,857,421)
Other operating income
133,918
19,653
Distribution on cessation of associated entity
3
-
0
670,137
Operating profit
5
1,090,155
1,435,280
Investment income
9
3,495
1,019
Finance costs
10
(6,292)
(3,655)
Profit before taxation
1,087,358
1,432,644
Tax on profit
11
(285,961)
(26,006)
Profit for the financial year
801,397
1,406,638
Other comprehensive income
Currency translation loss taken to retained earnings
(92,749)
(185,735)
Total comprehensive income for the year
708,648
1,220,903
Profit for the financial year is attributable to:
- Owners of the parent company
771,216
1,318,369
- Non-controlling interests
30,181
88,269
801,397
1,406,638
Total comprehensive income for the year is attributable to:
- Owners of the parent company
678,467
1,132,634
- Non-controlling interests
30,181
88,269
708,648
1,220,903
FESPA LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
Fixed assets
Goodwill
12
-
0
-
0
Intangible assets
12
735
891
Property, plant and equipment
13
2,753,863
2,823,571
2,754,598
2,824,462
Current assets
Trade and other receivables
17
6,163,999
4,976,535
Cash and cash equivalents
5,364,904
3,207,729
11,528,903
8,184,264
Current liabilities
18
(10,026,448)
(7,452,471)
Net current assets
1,502,455
731,793
Total assets less current liabilities
4,257,053
3,556,255
Provisions for liabilities
19
(5,686)
(13,536)
Net assets
4,251,367
3,542,719
Equity
Retained earnings
4,292,812
3,614,345
Non-controlling interests
(41,445)
(71,626)
4,251,367
3,542,719
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
01 August 2024
C Aussenac (France) President
D Sunderland (Mexico) Treasurer
Director
Director
FESPA LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
Fixed assets
Property, plant and equipment
13
2,743,458
2,820,125
Investments
14
-
0
-
0
2,743,458
2,820,125
Current assets
Trade and other receivables
17
5,447,998
4,492,347
Cash and cash equivalents
4,050,036
2,633,749
9,498,034
7,126,096
Current liabilities
18
(8,500,582)
(7,035,483)
Net current assets
997,452
90,613
Total assets less current liabilities
3,740,910
2,910,738
Provisions for liabilities
19
(5,686)
(13,536)
Net assets
3,735,224
2,897,202
Equity
Retained earnings
3,735,224
2,897,202

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was €838,022 (2022 - €1,083,865 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
01 August 2024
C Aussenac (France) President
D Sunderland (Mexico) Treasurer
Director
Director
Company Registration No. 02449446
FESPA LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Retained earnings
Non-controlling interest
Total
Balance at 1 January 2022
2,481,711
(159,895)
2,321,816
Year ended 31 December 2022:
Profit for the year
1,318,369
88,269
1,406,638
Other comprehensive income:
Currency translation differences
(185,735)
-
(185,735)
Total comprehensive income for the year
1,132,634
88,269
1,220,903
Balance at 31 December 2022
3,614,345
(71,626)
3,542,719
Year ended 31 December 2023:
Profit for the year
771,216
30,181
801,397
Other comprehensive income:
Currency translation differences
(92,749)
-
(92,749)
Total comprehensive income for the year
678,467
30,181
708,648
Balance at 31 December 2023
4,292,812
(41,445)
4,251,367
FESPA LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Retained earnings
Balance at 1 January 2022
1,813,337
Year ended 31 December 2022:
Profit and total comprehensive income for the year
1,083,865
Balance at 31 December 2022
2,897,202
Year ended 31 December 2023:
Profit and total comprehensive income for the year
838,022
Balance at 31 December 2023
3,735,224
FESPA LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
Cash flows from operating activities
Cash generated from operations
24
2,289,127
737,251
Interest paid
(6,292)
(3,655)
Income taxes paid
(20,555)
(36,729)
Net cash inflow from operating activities
2,262,280
696,867
Investing activities
Purchase of intangible assets
-
(1,155)
Purchase of property, plant and equipment
(15,851)
(31,389)
Interest received
3,495
1,019
Net cash used in investing activities
(12,356)
(31,525)
Net increase in cash and cash equivalents
2,249,924
665,342
Cash and cash equivalents at beginning of year
3,207,729
2,728,122
Effect of foreign exchange rates
(92,749)
(185,735)
Cash and cash equivalents at end of year
5,364,904
3,207,729
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Fespa Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Holmbury, The Dorking Business Park, Station Rd, Dorking, RH4 1HJ.

 

The group consists of Fespa Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest euro.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Fespa Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

The group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The strategic report further describes the financial position of the group; the group’s objectives and policies; its financial risk management objectives; details of its financial instruments; and its exposure to credit risk and liquidity risk.

 

The directors have considered the forecast position of both the company and the wider group in reaching their conclusions in respect to going concern. In assessing the appropriateness of the going concern assumption, the directors have considered the ability of the group to maintain adequate liquidity through the forecast period. Taking account of reasonably possible changes in trading performance the group’s forecasts and projections show that the group is able to operate within the level of its current resources.

 

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that it remains appropriate to continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Revenue

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Exhibition income is recognised when the event has taken place. To the extent that the costs are expected to be recoverable, exhibition costs arising in the year relating to future exhibitions are deferred until the exhibitions have taken place.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual property rights
3 - 15 years
1.7
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over 50 years
Fixtures fittings & equipment
25% and 33% Straight line
Motor vehicles
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Non-current investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

The company contributes to the personal pension schemes of certain employees. Contributions payable are charged to the profit and loss account in the period they are payable.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.18

Functional currency

Since the euro forms the main currency in which the Group's business is transacted, the Group's reporting currency is the euro.

1.19

Deferred expenditure

The amount included in debtors for deferred expenditure represents expenses incurred on future events.

1.20

Deferred income

The amount included in creditors for deferred income represents income received on future events.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, 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.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

Assessing whether the company is a going concern requires judgement. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared cash flow and profit forecasts which show that the company can meet its financial obligations as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Non-depreciable land

The company owns leasehold property at a cost of €3.1m of which €0.9m is considered to be non-depreciable land as an estimate. The estimate is based on the information available to the company. If that estimate was incorrect it could have an impact on the amount of depreciation charged.

 

There has also been an impairment review completed and an independent professional valuation obtained. There has been no change to the value of the land at €0.9m compared to the prior year.

3
Exceptional item
2023
2022
Expenditure
Distribution on cessation of associated entity
-
(670,137)

During 2022, upon the liquidation of an associated undertaking, Screenprinting Development Foundation, the liquidation proceeds were transferred to FESPA Limited.

4
Revenue
2023
2022
Revenue analysed by class of business
Exhibition organisers
12,441,681
8,999,649
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Revenue
(Continued)
- 21 -
2023
2022
Revenue analysed by geographical market
Europe
11,157,528
8,127,887
Rest of the world
1,284,153
871,762
12,441,681
8,999,649
2023
2022
Other revenue
Interest income
3,495
1,019
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
2,975
(360,210)
Depreciation of owned property, plant and equipment
85,559
118,531
Amortisation of intangible assets
156
311
Operating lease charges
35,227
39,451
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
For audit services
Audit of the financial statements of the group and company
36,000
33,350
Audit of the financial statements of the company's subsidiaries
126
-
36,126
33,350
For other services
Taxation compliance services
4,600
4,325
All other non-audit services
8,350
21,100
12,950
25,425
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
13
10
9
9
Exhibition
26
23
21
18
Total
39
33
30
27

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
Wages and salaries
1,567,003
1,853,642
1,339,337
1,661,007
Social security costs
248,192
232,234
214,554
209,471
Pension costs
122,061
91,412
122,061
91,412
1,937,256
2,177,288
1,675,952
1,961,890
8
Directors' remuneration
2023
2022
Remuneration for qualifying services
196,833
208,273

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

9
Investment income
2023
2022
Interest income
Interest on bank deposits
2,154
607
Other interest income
1,341
412
Total income
3,495
1,019
10
Finance costs
2023
2022
Interest on bank overdrafts and loans
6,292
3,655
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Taxation
2023
2022
Current tax
UK corporation tax on profits for the current period
301,210
12,470
Adjustments in respect of prior periods
(7,399)
-
0
Total current tax
293,811
12,470
Deferred tax
Origination and reversal of timing differences
(7,850)
13,536
Total tax charge
285,961
26,006

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
Profit before taxation
1,087,358
1,432,644
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
255,529
272,202
Tax effect of expenses that are not deductible in determining taxable profit
3,522
499
Tax effect of utilisation of tax losses not previously recognised
-
0
(244,715)
Depreciation on assets not qualifying for tax allowances
20,084
22,234
Under/(over) provided in prior years
(7,399)
-
0
Capital allowances
(2,506)
(8,032)
Effect of foreign tax charge
24,581
(29,718)
Deferred tax
(7,850)
13,536
Taxation charge
285,961
26,006

Changes to UK corporation tax rates were enacted by the Finance Bill 2021 including an increase in the corporation tax rate from 19% to 25% from 1 April 2023. Deferred tax is recognised at 25% in the current year.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Intangible fixed assets
Group
Goodwill on consolidation
Intellectual property rights
Total
Cost
At 1 January 2023 and 31 December 2023
744,123
1,380
745,503
Amortisation and impairment
At 1 January 2023
744,123
489
744,612
Amortisation charged for the year
-
0
156
156
At 31 December 2023
744,123
645
744,768
Carrying amount
At 31 December 2023
-
0
735
735
At 31 December 2022
-
0
891
891
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Property, plant and equipment
Group
Land and buildings Leasehold
Fixtures fittings & equipment
Motor vehicles
Total
Cost
At 1 January 2023
3,098,267
578,592
48,453
3,725,312
Additions
-
0
15,851
-
0
15,851
At 31 December 2023
3,098,267
594,443
48,453
3,741,163
Depreciation and impairment
At 1 January 2023
344,134
509,154
48,453
901,741
Depreciation charged in the year
43,025
42,534
-
0
85,559
At 31 December 2023
387,159
551,688
48,453
987,300
Carrying amount
At 31 December 2023
2,711,108
42,755
-
0
2,753,863
At 31 December 2022
2,754,133
69,438
-
0
2,823,571
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Property, plant and equipment
(Continued)
- 25 -
Company
Land and buildings Leasehold
Fixtures fittings & equipment
Motor vehicles
Total
Cost
At 1 January 2023
3,098,267
569,147
48,453
3,715,867
Additions
-
0
8,795
-
0
8,795
At 31 December 2023
3,098,267
577,942
48,453
3,724,662
Depreciation and impairment
At 1 January 2023
344,134
503,155
48,453
895,742
Depreciation charged in the year
43,025
42,437
-
0
85,462
At 31 December 2023
387,159
545,592
48,453
981,204
Carrying amount
At 31 December 2023
2,711,108
32,350
-
0
2,743,458
At 31 December 2022
2,754,133
65,992
-
0
2,820,125

The carrying value of land and buildings includes €909,788 (2022: €909,788) of non-depreciable land.

 

 

Group
Company
2023
2022
2023
2022
Long leasehold
2,711,108
2,754,134
2,711,108
2,754,134
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Investments in subsidiaries
-
0
-
0
-
0
-
0

The value of investments in subsidiary undertakings has previously been provided for in full and is carried at nil value, until such time as the impairment may be reversed as a result of the financial performance of the entities.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 26 -
Movements in non-current investments
Company
Shares in subsidiaries
Cost or valuation
At 1 January 2023 and 31 December 2023
806,250
Impairment
At 1 January 2023 and 31 December 2023
806,250
Carrying amount
At 31 December 2023
-
At 31 December 2022
-
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Fespa Eurasia Fuarilik A.S.
Turkey
Exhibition organisers
Ordinary
60.00
-
Fespa Mexico S De RL De CV
Mexico
Exhibition organisers
Ordinary
100.00
0
Fespa Exhibition Services Limited
UK
Exhibition organisers
Ordinary
100.00
0
Fespa Exhibition Organizing Co
UAE
Exhibition organisers
Ordinary
-
100.00
16
Financial instruments
Group
Company
2023
2022
2023
2022
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,036,084
2,902,213
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
9,643,565
7,293,303
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
Trade receivables
2,351,855
2,230,777
1,596,257
1,949,882
Deferred expenditure
2,600,713
1,752,750
2,145,027
1,752,750
Corporation tax recoverable
63,995
78,768
-
0
-
0
Amounts owed by group undertakings
-
-
811,132
-
Other receivables
131,176
51,441
121,226
44,021
Prepayments and accrued income
1,016,260
862,799
774,356
745,694
6,163,999
4,976,535
5,447,998
4,492,347
18
Current liabilities
Group
Company
2023
2022
2023
2022
Trade payables
971,104
925,091
720,545
735,703
Deferred income
8,184,086
5,977,192
7,087,864
5,906,721
Corporation tax payable
270,953
12,470
270,953
12,470
Other taxation and social security
111,930
146,698
56,433
118,569
Other payables
135,019
135,264
11,431
6,264
Accruals and deferred income
353,356
255,756
353,356
255,756
10,026,448
7,452,471
8,500,582
7,035,483
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
Accelerated capital allowances
5,686
13,536
Liabilities
Liabilities
2023
2022
Company
Accelerated capital allowances
5,686
13,536
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
Liability at 1 January 2023
13,536
13,536
Credit to profit or loss
(7,850)
(7,850)
Liability at 31 December 2023
5,686
5,686
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes
122,061
91,412

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
Within one year
795,446
919,523
795,446
919,523
Between two and five years
-
668,008
-
668,008
795,446
1,587,531
795,446
1,587,531
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
Aggregate compensation
606,883
780,296
FESPA LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Controlling party

Control of the company is vested in the individual members being the individual screen printing associations of member states. No one member has overall control.

24
Cash generated from group operations
2023
2022
Profit for the year after tax
801,397
1,406,638
Adjustments for:
Taxation charged
285,961
26,006
Finance costs
6,292
3,655
Investment income
(3,495)
(1,019)
Amortisation and impairment of intangible assets
156
311
Depreciation and impairment of property, plant and equipment
85,559
118,531
Movements in working capital:
Increase in trade and other receivables
(1,202,237)
(2,881,323)
Increase in trade and other payables
2,315,494
2,064,452
Cash generated from operations
2,289,127
737,251
25
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
Cash at bank and in hand
3,207,729
2,095,046
62,129
5,364,904
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100L.A. Barrow (British) PresidentP.H.J. Steijn (Dutch) TreasurerA. Nilsson (Swedish)G. Kovacs (Hungarian)A Masserdotti (Italian)C. Duyckaerts (Belgian)O. Skilbred (Norwegian)Y. Guvenen (Turkish)D Sunderland (Mexican)T. StruckmeierC. AussenacV A Wouter (Dutch)N J Spencer (UK)S 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