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2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10090344









EVENT PROTECT LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EVENT PROTECT LIMITED
 
 
COMPANY INFORMATION


Directors
Mr David Franks 
Mr Michael Honiball (appointed 1 January 2024)




Registered number
10090344



Registered office
Suite 3 Indigo Blu
14 Crown Point Road

Leeds

LS10 1EL




Independent auditors
Wisteria Audit Ltd
Chartered Accountants & Statutory Auditors

The Grange Barn

Pikes End

Pinner

Middlesex

HA5 2EX





 
EVENT PROTECT LIMITED
 

CONTENTS



Page
Group Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Profit and Loss Account
8
Consolidated Balance Sheet
9 - 10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 34


 
EVENT PROTECT LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Our principal activity is that of a global insurtech group, sometimes referred to as ‘embedded insurance’, for online and telesales businesses in a variety of verticals. 

Business review
 
Our founder James Hastie died in November 2023 and will be sorely missed by his friends and business associates. We pay tribute to his creativity and drive, and loving personality. He left the business robust enough to cope with his loss.
Our consolidated profit before tax in 2023 was $10.6 million on $25.5 million sales. Year end’s consolidated net worth was $10.0 million, with $14.7 million cash in the bank.

Principal risks and uncertainties
 
Main risks and uncertainties are:
 
1.Another pandemic: this would affect all of our customers as well as ourselves. We have sufficient capital and can quickly reduce overheads, exactly as we did in 2020. It can be argued that the  pandemic created a boost for business once lockdown ended.
 
2.Loss of major customers: this is mitigated by us having long-term contracts and providing a superior service. Our Trustpilot score is excellent at 4.8.
 
3.Regulatory changes: we update our legal advices regularly and stay attuned to any potential changes, which may offer as many opportunities as they do threats. The  global scope of our business mitigates this risk as not all countries change at the same time. There have been no significant legislative or regulatory changes since the company was incorporated in 2016.

Financial key performance indicators
 
Group Turnover decreased by 17.8% year on year with a 1.0% decrease in Gross Profit. Net Profit before tax increased by $9.6 million. 
Cash decreased by $3.5 million, a 19.4% decrease year on year. Operations expanded into South Africa, Japan, China, Korea and Indonesia in the 2023 financial year with local entities being established, headcount growth and local spend on marketing via events and conferences. 

Other key performance indicators

Due to the nature of the business our Trustpilot score is a critical KPI. Our score has remained steady at an excellent 4.8 for 2022 and 2023.


This report was approved by the board on 4 September 2024 and signed on its behalf.



Mr David Franks
Director

Page 1

 
EVENT PROTECT LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity

The principal activity is that of a global insurtech group.

Results and dividends

The profit for the year, after taxation, amounted to $8,165,082 (2022 (unaudited) - $879,171).

No dividends have been paid or declared in the year (2022 (unaudited) - $nil)

Directors

The directors who served during the year were:

Mr David Franks 
Mr James Hastie (deceased 16 November 2023)

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

 
EVENT PROTECT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Financial Instruments

The financial risk management objectives and policies of the Group, including exposure to currency risk, credit risk, interest rate risk and liquidity risk are set out in note 19 to the financial statements. Refer to note 2.4 for exposure to cash flow risk.

Going concern

After reviewing the Group’s forecasts and projections, which cover the 12-month period from the date of signing the financial statements, the directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future.  The Group therefore continues to adopt the going concern basis in preparing its consolidated and company financial statements.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWisteria Audit Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 4 September 2024 and signed on its behalf.
 





Mr David Franks
Director

Page 3

 
EVENT PROTECT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVENT PROTECT LIMITED
 

Opinion


We have audited the financial statements of Event Protect Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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


We are responsibile for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the director's conclusion, we considered the inherent risks associated with the  company’s business model including obtaining management going concern forecasts for the period covering 12 months from the expected date of signing and gained an understanding of the key assumptions and scenarios.
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 or the 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.


Page 4

 
EVENT PROTECT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVENT PROTECT LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 its 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' Responsibilities Statement set out on page 2, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
EVENT PROTECT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVENT PROTECT LIMITED (CONTINUED)


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 an Auditors' 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.


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

We obtained an understanding of the legal and regulatory frameworks applicable to the Company, and sector in which they operate. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as: Financial Reporting Standard 102 applicable in the UK and Republic of Ireland ('United Kingdom Generally Accepted Accounting Practice), Companies Act 2006 and taxation laws.

We understood how the Company are complying with those legal and regulatory frameworks through discussions with management and those charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

οidentifying and assessing the design effectiveness of control management has in place to prevent and detect fraud;
οunderstanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
οchallenging assumptions and judgements made by management in its significant accounting estimates;
οidentifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
οassessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.

Our procedures to obtain sufficient appropriate audit evidence in response to the assessment risks of material misstatement due to fraud included:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
Performing a detailed review of the company's year-end adjusting entries;
Enquiring of management with regard to actual and potential litigation and claims;
Obtaining and reviewing minutes of Board meetings, evidence of legal fees incurred, and any correspondence with HMRC, for indicators of possible fraud and non-compliance;
Testing the appropriateness of the accounting policies relating to revenue recognition and performing specific procedures over the existence and cut-off of revenue around the year end;
Carrying out substantive testing of journal entries to assess whether they are appropriate, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
Performing a detailed review of key accounting estimates, including a respective review of outcomes against estimates included in the prior year's financial statements and assessing whether the judgements made in arriving at he accounting estimates are indicative of potential bias; and
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.
Page 6

 
EVENT PROTECT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EVENT PROTECT LIMITED (CONTINUED)



These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.


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 Auditors' Report.


Other matters

The company was not required to have a statutory audit for the year ended 31 December 2022 as it was entitled from the provisions of Companies Act 2006 relating to the audit of the financial statements virtue of section 477 and no members had requested an audit pursuant to section 476 of the Act. Accordingly, the corresponding figures for the year ended 31 December 2022 are unaudited.


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 2006Our 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 Auditors' 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.





Barry Au FCA (Senior Statutory Auditor)
  
for and on behalf of
Wisteria Audit Ltd
 
Chartered Accountants & Statutory Auditors
  
The Grange Barn
Pikes End
Pinner
Middlesex
HA5 2EX

4 September 2024
Page 7

 
EVENT PROTECT LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

Unaudited
2023
2022
Note
$
$

  

Turnover
 4 
25,471,846
30,992,527

Cost of sales
  
(9,309,913)
(14,674,834)

Gross profit
  
16,161,933
16,317,693

Administrative expenses
  
(5,863,514)
(15,999,012)

Other operating income
 5 
-
660,436

Operating profit
 6 
10,298,419
979,117

Interest received
 10 
288,801
3

Interest paid
 11 
(3,273)
(10,031)

Profit before tax
  
10,583,947
969,089

Tax on profit
 12 
(2,418,865)
(89,918)

Profit for the financial year
  
8,165,082
879,171

Profit for the year attributable to:
  

Owners of the parent
  
8,165,082
879,171

  
8,165,082
879,171

The notes on pages 16 to 34 form part of these financial statements.

Page 8

 
EVENT PROTECT LIMITED
REGISTERED NUMBER: 10090344

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

Unaudited
2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 13 
345,341
329,719

Investments
 14 
-
3,748

  
345,341
333,467

Current assets
  

Debtors: amounts falling due after more than one year
 15 
40,333
-

Debtors: amounts falling due within one year
 15 
7,960,606
6,437,450

Cash at bank and in hand
 16 
14,700,727
18,234,557

  
22,701,666
24,672,007

Creditors: amounts falling due within one year
 17 
(9,059,084)
(18,167,895)

Net current assets
  
 
 
13,642,582
 
 
6,504,112

Total assets less current liabilities
  
13,987,923
6,837,579

Creditors: amounts falling due after more than one year
 18 
(3,942,234)
(4,386,533)

Provisions for liabilities
  

Deferred taxation
  
-
(2,206)

  
 
 
-
 
 
(2,206)

Net assets
  
10,045,689
2,448,840


Capital and reserves
  

Called up share capital 
  
413
393

Share premium account
 23 
3,430,881
3,260,550

Foreign exchange reserve
 23 
(18,180)
(12,905)

Profit and loss account
 23 
6,632,575
(799,198)

Equity attributable to owners of the parent Company
  
10,045,689
2,448,840


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.

Mr David Franks
Director

The notes on pages 16 to 34 form part of these financial statements.
Page 9

 
EVENT PROTECT LIMITED
REGISTERED NUMBER: 10090344
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


Page 10

 
EVENT PROTECT LIMITED
REGISTERED NUMBER: 10090344

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

Unaudited
2023
2022
Note
$
$

Fixed assets
  

Tangible assets
 13 
74,866
72,973

Investments
 14 
787,688
432,762

  
862,554
505,735

Current assets
  

Debtors: amounts falling due within one year
 15 
8,513,430
6,374,083

Cash at bank and in hand
 16 
14,375,066
18,018,015

  
22,888,496
24,392,098

Creditors: amounts falling due within one year
 17 
(8,861,522)
(17,642,654)

Net current assets
  
 
 
14,026,974
 
 
6,749,444

Total assets less current liabilities
  
14,889,528
7,255,179

  

Creditors: amounts falling due after more than one year
 18 
(3,942,234)
(4,386,533)

  

Net assets
  
10,947,294
2,868,646


Capital and reserves
  

Called up share capital 
  
413
393

Share premium account
 23 
3,430,881
3,260,550

Profit and loss account
 23 
7,516,000
(392,297)

  
10,947,294
2,868,646


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.


Mr David Franks
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
EVENT PROTECT LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

$
$
$
$
$


At 1 January 2022 (unaudited)
438
3,637,722
(22,453)
(1,662,863)
1,952,844


Comprehensive income for the year

Profit for the year (unaudited)
-
-
-
879,171
879,171

Unrealised foreign currency gain (unaudited)
-
-
-
1,047,177
1,047,177


Other comprehensive income for the year
-
-
-
1,047,177
1,047,177

Currency translation on reserves (unaudited)
(45)
(377,172)
9,548
(1,062,683)
(1,430,352)



At 1 January 2023 (unaudited)
393
3,260,550
(12,905)
(799,198)
2,448,840


Comprehensive income for the year

Profit for the year
-
-
-
8,165,082
8,165,082

Unrealised foreign currency loss
-
-
-
(913,955)
(913,955)


Other comprehensive income for the year
-
-
-
(913,955)
(913,955)

Currency translation on reserves
20
170,331
(5,275)
180,646
345,722


At 31 December 2023
413
3,430,881
(18,180)
6,632,575
10,045,689


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
EVENT PROTECT LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

$
$
$
$


At 1 January 2022 (unaudited)
438
3,637,722
(1,881,165)
1,756,995


Comprehensive income for the year

Profit for the year (unaudited)
-
-
1,375,138
1,375,138

Unrealised foreign currency gain (unaudited)
-
-
1,055,447
1,055,447


Other comprehensive income for the year
-
-
1,055,447
1,055,447

Currency translation on reserves (unaudited)
(45)
(377,172)
(941,717)
(1,318,934)



At 1 January 2023 (unaudited)
393
3,260,550
(392,297)
2,868,646


Comprehensive income for the year

Profit for the year
-
-
8,600,038
8,600,038

Unrealised foreign currency loss
-
-
(911,176)
(911,176)


Other comprehensive income for the year
-
-
(911,176)
(911,176)

Currency translation on reserves
20
170,331
219,435
389,786


At 31 December 2023
413
3,430,881
7,516,000
10,947,294


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
EVENT PROTECT LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
$
(unaudited) $

Cash flows from operating activities

Profit for the financial year
8,165,082
879,171

Adjustments for:

Depreciation of tangible assets
135,584
99,591

Gain on disposal of tangible assets
-
(451)

Interest paid
3,273
10,031

Interest received and other income
(288,801)
(660,440)

Taxation charge
2,418,865
89,918

Decrease/(increase) in debtors
1,841,634
(1,333,738)

(Increase) in amounts owed by related parties
(3,000,488)
(4,189,900)

(Decrease)/increase in creditors
(11,644,029)
7,129,468

Corporation tax (paid)
(23,958)
(79,965)

Net cash generated from operating activities

(2,392,838)
1,943,685


Cash flows from investing activities

Purchase of tangible fixed assets
(149,213)
(81,951)

Sale of intangible fixed assets
-
641,687

Interest received
288,801
660,440

Net cash from investing activities

139,588
1,220,176

Cash flows from financing activities

New unsecured loans
-
5,444,099

Repayment of loans
(443,667)
(18,512)

Interest paid
(3,273)
(10,031)

Net cash used in financing activities
(446,940)
5,415,556

Net (decrease)/increase in cash and cash equivalents
(2,700,190)
8,579,417

Cash and cash equivalents at beginning of year (unaudited)
18,234,557
8,796,357

Foreign exchange gains and losses
(833,640)
858,783

Cash and cash equivalents at the end of year
14,700,727
18,234,557



Cash at bank and in hand
14,700,727
18,234,557


Page 14

 
EVENT PROTECT LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023






At 1 January 2023 (unaudited)
Cash flows
Non-cash movements
Foreign exchange
At 31 December 2023
$

$

$

$

$

Cash at bank and in hand

18,234,557

(2,700,191)

-

(833,640)

14,700,726

Debt due within 1 year

(1,962,710)

(2,153,555)

(632)

-

(4,116,897)

Debt due after 1 year

(4,386,533)

443,667

632

-

(3,942,234)


11,885,314
(4,410,079)
-
(833,640)
6,641,595

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. 

 
2.3

Going concern

After reviewing the Group’s forecasts and projections, which cover the 12-month period from the date of signing the financial statements, the directors have a reasonable expectation that the Group and Company have adequate resources to continue in operational existence for the foreseeable future.  The Group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Page 16

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency
 
The Company's functional currency is GPB and the presentation currency is USD.
 
Transactions and balances
 
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
 
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
 
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
 
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
 
On consolidation, the results of overseas operations are translated into Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

The company services Booking Agents' (BAs) refund policies. Income is recognised in the month the BAs events take place.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees in the relevant jurisdictions. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
 
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over 3 years
Motor vehicles
-
Over 3 years
Fixtures and fittings
-
Over 3 years
Office equipment
-
Over 3 years
Computer equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Page 19

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial assets and liabilities are offset, with 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, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 20

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgement had a significant effect on the amounts recognised in the financial statements:
 
Revenue recognition
As detailed in note 2.5 the group recognises revenue in the month BA events are held. Management considers that until the event has occurred revenue from the event cannot be reliably measured.
 
Critical Estimates
There were no estimates required to be made in preparing the accounts, which had, or could have had, a
material impact on the accounts.


4.


Turnover

An analysis of turnover by class of business is as follows:


Unaudited
2023
2022
$
$

Sales
25,471,846
30,992,527

25,471,846
30,992,527


Page 21

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country:


2023
2022
$
$



Canada
7,587,069
5,414,950

Australia
6,269,498
8,294,525

Rest of world
4,250,553
4,241,028

USA
4,039,751
4,241,361

United Kingdom
1,340,751
1,872,294

Netherlands
1,273,024
1,230,107

Spain
711,200
5,698,262

25,471,846
30,992,527


5.


Other operating income

2023
2022
$
$

Other income
-
660,436

-
660,436



6.


Operating profit

The operating profit is stated after charging:

Unaudited
2023
2022
$
$

Depreciation
135,584
99,591

Exchange differences
92,250
(154,773)

Operating lease expense
425,483
253,999


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


Unaudited
2023
2022
$
$

Fee payable to the company's auditor for the audit of the Parent Company and Group's consolidated financial statements
33,374
-

Page 22

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022
$
$
$
$


Wages and salaries
3,653,243
12,853,228
1,197,872
11,645,999

Social security costs
166,872
101,828
19,138
36,379

Cost of defined contribution scheme
70,392
12,280
20,186
5,248

3,890,507
12,967,336
1,237,196
11,687,626


The average monthly number of employees, including the directors, during the year was as follows:


Group
Group
Company
Company
2023
Unaudited
2022
2023
Unaudited
2022


133
124
26
26


9.


Directors' remuneration

Unaudited
2023
2022
$
$

Directors' emoluments
409,195
11,198,464

409,195
11,198,464


The highest paid director received remuneration of $218,850 (2022 (unaudited) - $2,974,223).


10.


Interest received

Unaudited
2023
2022
$
$


Interest received
288,801
3

288,801
3

Page 23

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest paid

Unaudited
2023
2022
$
$


Other loan interest payable
973
1,275

Other interest payable
2,300
8,756

3,273
10,031


12.


Taxation


Unaudited
2023
2022
$
$

Corporation tax


Current tax on profits for the year
2,422,620
-

Foreign tax


Foreign tax on income for the year
39,357
89,918

Total current tax
2,461,977
89,918

Deferred tax


Origination and reversal of timing differences
(43,112)
-

Total deferred tax
(43,112)
-


Taxation on profit on ordinary activities
2,418,865
89,918
Page 24

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

Unaudited
2023
2022
$
$


Profit on ordinary activities before tax
10,583,947
969,089


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
2,487,228
184,127

Effects of:


Expenses not deductible for tax purposes
8,201
1,231

Movement on provisions
-
(125,777)

Depreciation in excess of capital allowances
(1,006)
1,077

Capital gains
-
13,259

Effects of difference foreign tax rates
(56,276)
151,615

Losses utilised in period
(19,282)
(135,614)

Total tax charge for the year
2,418,865
89,918

Page 25

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets

Group






Leasehold improvements
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

$
$
$
$
$
$



Cost or valuation


At 1 January 2023
(unaudited)
51,796
44,279
74,060
118,871
211,774
500,780


Additions
-
-
16,690
42,903
89,620
149,213



At 31 December 2023

51,796
44,279
90,750
161,774
301,394
649,993



Depreciation


At 1 January 2023
(unaudited)
18,360
4,175
4,145
39,247
105,134
171,061


Charge for the year
15,867
8,211
8,755
34,510
68,241
135,584


Exchange adjustments
(644)
154
399
(134)
(1,768)
(1,993)



At 31 December 2023

33,583
12,540
13,299
73,623
171,607
304,652



Net book value



At 31 December 2023
18,213
31,739
77,451
88,151
129,787
345,341



At 31 December 2022
(unaudited)
33,436
40,104
69,915
79,624
106,640
329,719

Page 26

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           13.Tangible fixed assets (continued)


Company






Leasehold improvements
Office equipment
Computer equipment
Total

$
$
$
$

Cost or valuation


At 1 January 2023 (unaudited)
19,238
29,494
138,238
186,970


Additions
-
24,677
22,438
47,115



At 31 December 2023

19,238
54,171
160,676
234,085



Depreciation


At 1 January 2023 (unaudited)
6,413
20,416
87,168
113,997


Charge for the year
6,593
8,495
32,962
48,050


Exchange adjustments
(515)
(275)
(2,038)
(2,828)



At 31 December 2023

12,491
28,636
118,092
159,219



Net book value



At 31 December 2023
6,747
25,535
42,584
74,866



At 31 December 2022 (unaudited)
12,825
9,078
51,070
72,973






Page 27

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Group





Investments in subsidiary companies

$





At 1 January 2023 (unaudited)
3,748


Disposals
(3,748)



At 31 December 2023
-




Company





Investments in subsidiary companies

$



Cost or valuation


At 1 January 2023 (unaudited)
432,762


Additions
358,674


Disposals
(3,748)



At 31 December 2023
787,688





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Protect (Shanghai) International Co. Ltd
China
Ordinary
100%
Protect International USA Inc
America
Ordinary
100%
Protect Group Oceania (Pty) Ltd
Australia
Ordinary
100%
Protect Group Brazil LTDA
Brazil
Ordinary
100%
Protect Financial International Ltd
England and Wales
Ordinary
100%
Protect Group North America Inc
Canada
Ordinary
100%
Protect Southern (Pty) Ltd
South Africa
Ordinary
100%
Protect Group International Ltd
England and Wales
Ordinary
100%
Reimburse Protect Technology Private Limited
India
Ordinary
100%

Page 28

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group

Group
Unaudited
Company

Company
Unaudited
2023
$
2022
$
2023
$
2022
$

Due after more than one year

Deferred tax asset
40,333
-
-
-

40,333
-
-
-


Group

Group
Unaudited
Company

Company
Unaudited
2023
$
2022
$
2023
$
2022
$

Due within one year

Trade debtors
1,711,814
3,575,477
1,653,547
3,304,972

Amounts owed by group undertakings
-
-
884,397
302,330

Amounts owed by related parties
5,710,253
2,345,464
5,664,403
2,320,282

Other debtors
79,086
356,999
36,337
355,211

Prepayments and advances
459,453
159,510
274,746
91,288

7,960,606
6,437,450
8,513,430
6,374,083


Amounts owed by group undertakings and related parties are interest-free, unsecured and repayable on demand.
For details of related parties see note 23.


16.


Cash and cash equivalents

Group

Group
Unaudited
Company

Company
Unaudited
2023
2022
2023
2022
$
$
$
$

Cash at bank and in hand
14,700,727
18,234,557
14,375,066
18,018,015

14,700,727
18,234,557
14,375,066
18,018,015


Page 29

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group

Group
Unaudited
Company

Company
Unaudited
2023
2022
2023
2022
$
$
$
$

Bank loans
12,730
12,098
12,730
12,098

Trade creditors
145,098
489,413
126,840
175,320

Amounts owed to group undertakings
-
-
128,011
-

Amounts owed to related parties
1,267,206
1,169,964
1,175,867
1,118,657

Corporation tax
2,449,231
11,888
2,422,620
-

Other taxation and social security
202,461
134,545
122,085
93,038

Other creditors
40,170
144,263
25,711
113,828

Accruals and deferred income
4,942,188
16,205,724
4,847,658
16,129,713

9,059,084
18,167,895
8,861,522
17,642,654


Amounts owed to group undertakings and related parties are interest-free, unsecured and repayable on demand.
For details of related parties see note 23.


18.


Creditors: Amounts falling due after more than one year

Group

Group
Unaudited
Company

Company
Unaudited
2023
2022
2023
2022
$
$
$
$

Bank loans
20,156
31,253
20,156
31,253

Amounts owed to related parties
3,922,078
4,355,280
3,922,078
4,355,280

3,942,234
4,386,533
3,942,234
4,386,533




Page 30

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group

Group
Unaudited
Company

Company
Unaudited
2023
2022
2023
2022
$
$
$
$

Amounts falling due within one year

Bank loans
12,730
12,098
12,730
12,098


12,730
12,098
12,730
12,098



Amounts falling due after more than 5 years

Bank loans
20,156
31,253
20,156
31,253

32,886
43,351
32,886
43,351



20.


Financial instruments

Group

Group
Unaudited
Company

Company
Unaudited
2023
2022
2023
2022
$
$
$
$

Financial assets

Financial assets measured at amortised cost
22,122,794
24,155,498
22,577,413
23,945,598


Financial liabilities

Financial liabilities measured at amortised cost
(5,890,487)
(12,294,634)
(5,863,552)
(11,914,205)


Financial assets consist of cash at bank, trade debtors and amounts owed by group undertakings, as these represent contractual entitlement to receive cash.


Financial liabilities consist of trade creditors, accruals, bank loans and amounts owed to related parties as they represent a contractual obligation to pay cash.

Financial risk management

Risk management objectives and policies

The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category are summarised above. The Group has exposures to three main areas of risk, they are foreign exchange currency exposure, liquidity risk and customer credit exposure. To a lesser extent the Group is exposed to interest rate risk.

Page 31

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial instruments continued

The Group’s risk management is coordinated at its headquarters, in close cooperation with the board of directors, and focuses on actively securing the Group’s short to medium-term cash flows by minimising the exposure to volatile financial markets. The Group does not actively engage in the trading of financial assets for speculative purposes, nor does it write options.
 
The most significant financial risks to which the Group is exposed are described below.
 
Foreign exchange transactional currency exposure

The Group is exposed to currency exchange rate risk on the translation of it’s overseas operations and non-US Dollar receivables and payables.  
 
The net exposure of each currency in monitored and managed by the use of different dominated currency bank accounts.
 
Liquidity risk

The objective of the Group in managing liquidity risk is to ensure that it can meet its financia obligations as and when they fall due. The Group expects to meet its financial obligations through operating cash flows and current bank balances
 
Customer credit exposure

The Group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The Group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships.


21.


Deferred taxation


Group



2023


$






At beginning of year (unaudited)
(2,206)


Charged to profit or loss
42,539



At end of year
40,333

Group

Group
Unaudited
2023
2022
$
$

Accelerated capital allowances
40,333
(2,206)

40,333
(2,206)

Page 32

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£



26,300 (2022 - 26,300) ordinary shares of £0.01 each
263
263

6,200 (2022 - 6,200) A1 ordinary shares of £0.01 each
62
62

325
325

All shares carry full rights with regards to dividends and voting.


23.


Reserves

Share premium account

The share premium reserve contains the premium arising an issue of equity shares, net of issue expenses.

Foreign exchange reserve

The foreign exchange reserve represents cumulative changes in translation adjustments.

Profit and loss account

The profit and loss reserve represents cumulative profits and losses.


24.


Related party transactions

At the year end the group has the following amounts owed to/(from) related parties:


2023
2022
$
$

Related party
James Hastie (Director)
(2,509,316)
(2,722,050)
David Franks (Director)
(2,558,463)
(2,722,050)
Protect International SA
5,567,576
2,236,827
Adisene SA
(30,167)
(29,837)
Event Group Organizasyon Danismanligi Anonim Sirkeri
25,915
-

Page 33

 
EVENT PROTECT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Related party transactions continued

During the year the group entered into the following transactions with related parties:

2023
Income
2023
Expenses
2023
Recharges
2022
Income
2022
Expenses
2022
Recharges
        $
        $
        $
        $
        $
        $
Related party

Protect International SA

1,912,504

(703,297)

8,365,400
 
859,767
 
(1,349,391)

3,111,305

Adisene SA

-

-

-
 
-
 
(232,787)

-

Event Group Organizasyon Danismanligi Anonim Sirkeri

-

-

-
 
-
 
(225,587)

-



25.


Post balance sheet events

There are no post balance sheet events.


26.


Controlling party

No individual shareholder holds a majority of voting rights. Therefore, there is no parent entity or ultimate controlling party by virtue of shareholdings.

Page 34