REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
FOR |
HUMAN EVENTS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
FOR |
HUMAN EVENTS LIMITED |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
HUMAN EVENTS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
STRATEGIC REPORT |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
The directors present their strategic report for the period 13 July 2023 to 29 February 2024. |
REVIEW OF BUSINESS |
The Human Network group of companies has continued to play a vital part in the revival of the events sector post-pandemic, and our efforts continue for the business to grow our market share and become the No.1 Events Agency in the UK. We have successfully delivered several high-profile events for the UK government and our Middle East clients in region during the financial year. |
Human Events Ltd was established in July 2023 as a holding company and 100% owns Identity Global Ltd. |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
STRATEGIC REPORT |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is highly adept at identifying, monitoring, and managing risks. The business is ready for any challenge that the year ahead may present. We have identified the key risks and uncertainties that could affect the business and have developed appropriate mitigations for each, outlined below. |
Potential risks associated with current events |
Global supply chains: |
The group derives part of our income from within the UK and purchases from UK suppliers and has a low proportion of staff from EU countries, the impact of Brexit on the company should continue to be minimal. Where suppliers bring goods into the UK, the group has discussed stock-holding levels and anticipates ongoing continuity of supply with minimal disruption. Furthermore, the groups vast network of suppliers allows us to source products from different suppliers and ensures that we are not dependent on any one brand of product, facilitating even greater resilience within the supply chain. |
Economic Risks: |
One of the key risks facing the company and businesses worldwide included a possible global recession or slowdown in the economy following a period of high inflation partially due to the ongoing Ukraine and Russia conflict, which has increased energy and fuel prices, and caused shortages in some supply chains. |
To mitigate this, the group will: |
- Continue to grow and develop our UK and International client bases. |
- Deliver efficiencies by implementing improved internal systems. |
Staff retention is a risk as the events industry recovers and the job market remains buoyant. To mitigate this: |
- The group is continually improving the offering to employees, while monitoring and measuring the Net Promotor Indicators. |
- The group has introduced additional training and development funding to allow people within the business to |
develop, grow and progress - this forms a key part of our staff retention and on-going growth planning. |
Potential financial risks typical for businesses in general |
We have robust policies and procedures set by the directors, to successfully manage the financial risk typical for a business such as Identity, to ensure the healthy financial performance of the company. The company does not use derivative financial instruments to manage interest rate risks. |
Price risk: |
We take pride in delivering events of the highest quality while achieving optimum value for money for its clients. We work closely with our suppliers to limit price risk in the supply chain and meet the demands to deliver year-on-year value for customers. Price risk is further mitigated by the size and strength of Identity's operations, as well as the company's financial security, robust policies, and procedures. |
Credit risk: |
The group has a rigorous credit risk assessment process for new customers. In advance of committing to large amounts of expenditure on projects, customers are required to pay a proportion in advance. This approach helps to mitigate the risk that some customers may not be able to pay their debts when required. Overall, due to strong supplier relationships and robust policies and procedures, the directors consider Identity's exposure in this area to be minimal risk. |
Liquidity risk: |
The group has sufficient cash resources, either our own funds or access to further bank facilities, to mitigate risk in relation to liquidity (difficulty in meeting obligations associated with a company's financial liabilities). The company has a responsible and rigorous approach to financial management. |
Foreign Exchange Risk: |
As the group expands into new territories there is greater exposure to fluctuations in foreign currency. The group looks at the size and length of contracts to assess exposure in this area and where it is appropriate, takes out foreign exchange contracts to minimise this risk. |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
STRATEGIC REPORT |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
SECTION 172(1) STATEMENT |
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members. The group's directors seek to ensure that their decision-making process considers the company's purpose, vision, and values, together with our strategic priorities, and reflects, as far as is practical and possible, the interests of all stakeholders. This commitment covers the: |
- Likely consequences of any decisions in the long-term |
- Interests of the group's employees |
- Need to foster the groups business relationships with suppliers, customers, and others. |
- Impact of the group's operations on the community and the environment |
- Desire for the group to maintain a reputation for exacting standards of business conduct. |
- Need to act fairly among members of Identity. |
The group's policy is to consult and discuss the interests of employees through staff meetings and quarterly Town Halls facilitated by the Executive Team. The groups wider internal communications strategy incorporates information bulletins and reports to employees, including a monthly update from the Managing Director. This celebrates team and individual achievements, as well as providing an opportunity to communicate important updates and strategic plans. |
The company builds and maintains strong client and supplier relationships via personal meetings, interactions, events, promotional activities, communications, and site visits. |
In support of Section 172, Identity holds Directors and Officers liability insurance. |
ON BEHALF OF THE BOARD: |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
The directors present their report with the financial statements of the company for the period 13 July 2023 to 29 February 2024. |
INCORPORATION |
The company was incorporated on 13 July 2023 and commenced trading on the same date. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of a holdings company. |
DIVIDENDS |
No dividends will be distributed for the period ended 29 February 2024. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 13 July 2023 to the date of this report are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 certain information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 is set out in the strategic 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, 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 |
HUMAN EVENTS LIMITED |
Opinion |
We have audited the financial statements of Human Events Limited (the 'company') for the period ended 29 February 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 29 February 2024; |
- | 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 |
HUMAN EVENTS 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 five, 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 |
HUMAN EVENTS 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 and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws 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. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. |
Audit procedures performed by the engagement team included: |
- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws; |
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities; |
- challenging assumptions and judgements made by management in their significant accounting estimates; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users. |
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. |
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 |
HUMAN EVENTS 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 |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
INCOME STATEMENT |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
Notes | £ |
TURNOVER |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL PERIOD |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
Notes | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
BALANCE SHEET |
29 FEBRUARY 2024 |
Notes | £ |
FIXED ASSETS |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Balance at 29 February 2024 |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Human Events Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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. |
Taxation |
Taxation for the period 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 balance sheet date. |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
No significant judgements have had to be made by management in preparing these financial statements. |
There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the period ended 29 February 2024. |
The average number of employees during the period was NIL. |
£ |
Directors' remuneration |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period. |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
6. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the period | ( |
) | 4,601,255 |
Human Events Limited Acquired 100% of the issued share capital in Identity Global Limited on 31 August 2023. |
Identity Global Limited owns 100% of the issued share capital in Identity Events Management Limited, a subsidiary business registered in England and Wales with aggregate capital and reserves of £42,410,398 (Aug-22: £42,116,992) and a profit/(loss) for the period of £293,406 (Aug-22: £20,328,103). |
Identity Global Limited also owns 100% of the issued share capital in Identity Events Management L.L.C, a subsidiary business registered in the United Arab Emirates with aggregate capital and reserves of £15,007,915 and a profit/(loss) for the period of £15,040,173. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to group undertakings |
9. | CALLED UP SHARE CAPITAL |
Class of Shares | Number Allotted | Aggregate Nominal Value |
A | 1166 | 11.66 |
B | 424 | 4.24 |
C | 236 | 2.36 |
D | 98 | 0.98 |
Total | 1924 | 19.24 |
10. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
At 29 February 2024 |
HUMAN EVENTS LIMITED (REGISTERED NUMBER: 15001202) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 13 JULY 2023 TO 29 FEBRUARY 2024 |
11. | POST BALANCE SHEET EVENTS |
On 1st July 2024 the group acquired the entire share capital of Smyle Creative Group Limited, utilising a rolling credit facility. |