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Registration number: 03972760

AOK Events Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

AOK Events Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 12

 

AOK Events Limited

Company Information

Directors

Mr Giles Toosey

Mrs Joanna Elisabeth Greenstock

Mr Alexander Robert Hewitt

Mr Daniel Bull

Mr Daniel Wheeler

Company secretary

Stephensons Solicitors LLP

Registered office

Stephensons Solicitors Llp Wigan Investment Centre
Waterside Drive
Wigan
Greater Manchester
WN3 5BA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

AOK Events Limited

(Registration number: 03972760)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

67,879

81,461

Tangible assets

5

97,594

107,023

Investments

6

64,171

64,170

 

229,644

252,654

Current assets

 

Debtors

7

3,429,225

2,622,883

Cash at bank and in hand

 

1,851,507

709,442

 

5,280,732

3,332,325

Creditors: Amounts falling due within one year

8

(4,895,580)

(2,928,164)

Net current assets

 

385,152

404,161

Total assets less current liabilities

 

614,796

656,815

Provisions for liabilities

(49,191)

(46,972)

Net assets

 

565,605

609,843

Capital and reserves

 

Called up share capital

9

976

888

Share premium reserve

196,126

8,340

Capital redemption reserve

347

347

Retained earnings

368,156

600,268

Shareholders' funds

 

565,605

609,843

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

AOK Events Limited

(Registration number: 03972760)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mr Alexander Robert Hewitt
Director

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stephensons Solicitors Llp Wigan Investment Centre
Waterside Drive
Wigan
Greater Manchester
WN3 5BA
United Kingdom

The principal place of business is:
The Engine Rooms
150A Falcon Road
London
SW11 2LW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

over the period of the lease

Office equipment

25% straight line method

Fixtures & fitttings

15% reducing balance basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line method

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Empoyee Ownership Trust

During the year, the shareholders of AOK Ltd sold 65% of the share capital of the company to a newly established Employee Ownership Trust, AOK EVENTS EOT LIMITED , a wholly owned subsidiary of AOK Events Ltd to act as the trustee and hold the shares in AOK Events Ltd on trust for the benefit of the AOK employees.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2022 - 21).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

108,625

108,625

At 31 December 2023

108,625

108,625

Amortisation

At 1 January 2023

27,164

27,164

Amortisation charge

13,582

13,582

At 31 December 2023

40,746

40,746

Carrying amount

At 31 December 2023

67,879

67,879

At 31 December 2022

81,461

81,461

The goodwill was acquired as part of the hive up of Memorable Events London Limited a 100% subsidiary of AOK Events Limited on the 1 April 2019. The goodwill will be amortised on a straight line basis over 8 years from 1 January 2021.

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Leasehold improvements
£

Total
£

Cost or valuation

At 1 January 2023

134,381

130,497

264,878

Additions

14,411

-

14,411

At 31 December 2023

148,792

130,497

279,289

Depreciation

At 1 January 2023

93,735

64,120

157,855

Charge for the year

12,748

11,092

23,840

At 31 December 2023

106,483

75,212

181,695

Carrying amount

At 31 December 2023

42,309

55,285

97,594

At 31 December 2022

40,646

66,377

107,023

6

Investments

2023
£

2022
£

Investments in subsidiaries

64,171

64,170

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

64,170

Additions

1

At 31 December 2023

64,171

Provision

Carrying amount

At 31 December 2023

64,171

At 31 December 2022

64,170

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of shares held

     

2023

2022

Subsidiary undertakings

Cavendish Consultancy Limited (The)

Stephensons Solicitors LLP
Sefton House
Bolton, BL6 9PQ

England and Wales

Ordinary £1 shares

100%

100%

AOK EVENTS EOT LIMITED

Stephensons Solicitors Llp Wigan Investment Centre, Waterside Drive, Wigan, Greater Manchester, United Kingdom, WN3 5BA

England and Wales

Ordinary £1 shares

100%

0%

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

1,031,353

1,265,722

Prepayments

88,175

73,504

Other debtors

2,309,697

1,283,657

3,429,225

2,622,883

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

885,955

440,418

Taxation and social security

225,182

375,021

Accruals and deferred income

3,428,165

1,839,589

Other creditors

356,278

273,136

4,895,580

2,928,164

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.01 (2022 - £1) each

23,310

233

666

666

Ordinary B of £0.01 (2022 - £1) each

5,845

58

167

167

Ordinary C of £0.01 (2022 - £0) each

3,080

31

-

-

Ordinary D of £0.01 (2022 - £1) each

1,925

19

55

55

Ordinary E of £0.01 (2022 - £1) each

63,440

634

45

45

 

97,600

976

933

933

 

AOK Events Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr Alexander Robert Hewitt

Amount owed to the company

42,458

50,000

92,458

       
     

Mr Giles Toosey

Amount owed to the company

60,000

(60,000)

-

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr Alexander Robert Hewitt

Amount owed to the company

42,458

-

42,458

       
     

Mr Giles Toosey

Amount owed to the company

-

60,000

60,000

       
     

 

Summary of transactions with subsidiaries

AOK Events EOT Ltd

AOK Events EOT Ltd is a trustee subsidiary company that acquired the 65% shares in AOK during the year and holding them in trust for the benefit of the AOK group employees. In order to put the EOT in funds to pay down the consideration owed to the sellers, a contribution of £1,521,990 has been made out of profits by AOK Events Limtied. These payments will be voluntary contributions and will be received by the trustee in its capacity as a trustee to achieve the purposes of the EOT.

Cavendish Consultancy Limited (the)

The money owed from Cavendish is £8,498 ( 2022 - -£ 223,286 ).