Company registration number 02326716 (England and Wales)
ECLIPSE PRESENTATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ECLIPSE PRESENTATIONS LIMITED
COMPANY INFORMATION
Directors
Mr R Purslow
Mrs D Horseman
Mr J Castle
(Appointed 5 January 2024)
Secretary
Mrs C Purslow
Company number
02326716
Registered office
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
5 Chaffinch Business Park
Croydon Road
Beckenham
Kent
BR3 4AA
ECLIPSE PRESENTATIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
ECLIPSE PRESENTATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
This strategic report provides a detailed analysis of the Company’s current position, strategic initiatives, and financial outlook. It highlights our commitment to sustainable growth, operational excellence, and innovative service delivery. With just under 100 dedicated staff members, the Company is poised to leverage its strengths and seize new opportunities in the dynamic events industry.
The Company specializes in comprehensive creative event production services, encompassing corporate events, weddings, conferences, and virtual events both in the UK, Europe and globally. Our business model focuses on delivering high-quality, customized experiences through meticulous planning, execution, and post-event analysis.
Our short-term goals include increasing market share in the corporate events sector, enhancing our digital presence and online engagement. Longer term goals include developing international markets and leading the industry in the increasing demand for eco-friendly sustainable event solutions.
Sustainability and Excellence
In 2023 the Company committed to enhance our CRS with membership of ISLA and the Board voted to recruit both a Sustainability Lead and Health and Safety Manager. As proud partners of the AV Alliance, a community of eco-conscious technology partners, the Company is the sole UK supplier of AV Drop, as one of our key goals is to transition from a linear to a circular economy, aiming for zero waste and ensuring that custom scenic elements are less than 25% of the overall green scenic metric.
Our event-specific energy-efficient production technology spans from conception through to execution on-site, and we ensure an environmentally holistic approach to our work. The Company is EcoVadis certified and is looking to achieve ISO 9001:2015, ISO 45001:2018, and ISO 20121 certifications in the next 12 months.
Employees
Team is everything to us. We approach all projects with a carefully chosen team of individuals, each of whom bring their own talents and perspectives to the event. We are proud of our people and their passion for the job.
The directors recognise the value of the people it employs and makes sure that all employees are well prepared for any new opportunities and challenges to their working lives. The Company sets out to attract capable employees, and to retain and motivate them once they are employed. It does so by a combination of offering market rates of pay and benefits in kind, and training, together with involvement in some of the decision-making process, and consultation about major changes in policy and procedures. The Company is committed to providing regular training and development programs to keep staff updated with industry trends and skills. The Company fosters a positive work environment through workplace committees, recognition programs, team-building activities, and career development opportunities.
Results
Turnover for the financial year took an expected drop from £16.8m to £15.3m after an exceptional bounce back year after COVID -19 in 2022 where clients delivered more events as they caught up and wanted to make a big return to live events
The Company strategy of focusing on gross margin and overheads delivered outstanding results. Gross margin increased from 45.7% in 2022 to 48.8% in 2023. Profit before tax increased by 11%.
Net assets have increased to £5.5m (2022: £4.5m) of which fixed assets rose by 89% to £1.393m as the Company invested in new equipment and technology.
Staff numbers rose from 76 to 93 by the end of 2023.
ECLIPSE PRESENTATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The management of the business and the execution of the Company strategy are subject to a number of risks.
Interest rate risk
The Company has sufficient liquidity to fund its operations, therefore the company does not consider interest rate risk to be significant.
Liquidity risk
The Company monitors and manages its liquidity closely and pays particular attention to its cash flow. Debtors are checked for compliance with the Company's credit policy and monitored regularly for any other breach of credit terms.
Credit Risk
The Company’s credit policy is based on regular credit checks of new and existing customers, supplemented by credit agency reports, observing credit limits and visits by the Company’s sales staff. Customers are required to enter into agreements, which include clearly defined payment terms. Once trade credit has been granted, performance is monitored closely.
Exchange risk
The Company predominantly uses three currencies, Sterling, US Dollars and Euros. The level of funds held in each of the currencies is monitored regularly and any excess foreign currency is managed and actively traded into GBP when advantageous to do so.
Future Outlook
The economic outlook is expected to remain stable, and our strategy is to remain competitive and continue to outgrow the market. We are confident that we will continue to enlarge our customer base and grow our business further while maintaining a high level of performance in the future. The Company has a very positive outlook for 2024 across all departments of the business and expect a 20% increase in turnover and a further improvement in gross margin %.
Key Performance Indicators
Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
..............................
Mr R Purslow
Director
.........................
ECLIPSE PRESENTATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of engaging in support services for the staging of presentations and conferences.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £337,440. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R Purslow
Mrs D Horseman
Mr J Castle
(Appointed 5 January 2024)
Auditor
The auditor, Bryden Johnson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 UK 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
ECLIPSE PRESENTATIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr R Purslow
Mrs D Horseman
Director
Director
2 September 2024
ECLIPSE PRESENTATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ECLIPSE PRESENTATIONS LIMITED
- 5 -
Opinion
We have audited the financial statements of Eclipse Presentations Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ECLIPSE PRESENTATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ECLIPSE PRESENTATIONS LIMITED (CONTINUED)
- 6 -
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 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, 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 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, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 UK taxation, 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 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 management override of controls. Audit procedures performed by the engagement team included:
- Reviewing minutes of meetings of those charged with governance;
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
ECLIPSE PRESENTATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ECLIPSE PRESENTATIONS LIMITED (CONTINUED)
- 7 -
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Jackie Wilding
Senior Statutory Auditor
For and on behalf of Bryden Johnson Limited
11 September 2024
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
ECLIPSE PRESENTATIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
15,350,947
16,857,745
Cost of sales
(7,855,449)
(9,147,915)
Gross profit
7,495,498
7,709,830
Administrative expenses
(5,741,223)
(4,998,326)
Exceptional items
4
(1,341,365)
Operating profit
5
1,754,275
1,370,139
Interest receivable and similar income
8
20,598
Interest payable and similar expenses
9
(54,503)
(42,647)
Profit before taxation
1,720,370
1,327,492
Tax on profit
10
(402,223)
(483,789)
Profit for the financial year
1,318,147
843,703
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ECLIPSE PRESENTATIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
1,318,147
843,703
Other comprehensive income
-
-
Total comprehensive income for the year
1,318,147
843,703
ECLIPSE PRESENTATIONS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,393,981
734,147
Current assets
Stocks
13
19,259
16,000
Debtors
14
4,512,285
4,292,782
Cash at bank and in hand
4,103,560
3,384,700
8,635,104
7,693,482
Creditors: amounts falling due within one year
15
(3,523,183)
(3,381,817)
Net current assets
5,111,921
4,311,665
Total assets less current liabilities
6,505,902
5,045,812
Creditors: amounts falling due after more than one year
16
(658,674)
(396,598)
Provisions for liabilities
Deferred tax liability
19
346,008
128,701
(346,008)
(128,701)
Net assets
5,501,220
4,520,513
Capital and reserves
Called up share capital
21
24,000
24,000
Capital redemption reserve
8,400
8,400
Profit and loss reserves
5,468,820
4,488,113
Total equity
5,501,220
4,520,513
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr R Purslow
Mrs D Horseman
Director
Director
Company registration number 02326716 (England and Wales)
ECLIPSE PRESENTATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
24,000
8,400
3,888,252
3,920,652
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
843,703
843,703
Dividends
11
-
-
(243,842)
(243,842)
Balance at 31 December 2022
24,000
8,400
4,488,113
4,520,513
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,318,147
1,318,147
Dividends
11
-
-
(337,440)
(337,440)
Balance at 31 December 2023
24,000
8,400
5,468,820
5,501,220
ECLIPSE PRESENTATIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,053,273
2,954,805
Interest paid
(54,503)
(42,647)
Corporation tax paid
(418,568)
(71,703)
Net cash inflow from operating activities
1,580,202
2,840,455
Investing activities
Purchase of tangible fixed assets
(1,028,536)
(548,443)
Proceeds from disposal of tangible fixed assets
26,327
2,571
Repayment of loans
10,000
Interest received
20,598
Net cash used in investing activities
(981,611)
(535,872)
Financing activities
Repayment of bank loans
(104,000)
(104,000)
Proceeds received / (paid) from finance leases obligations
561,709
(72,524)
Dividends paid
(337,440)
(243,842)
Net cash generated from/(used in) financing activities
120,269
(420,366)
Net increase in cash and cash equivalents
718,860
1,884,217
Cash and cash equivalents at beginning of year
3,384,700
1,500,483
Cash and cash equivalents at end of year
4,103,560
3,384,700
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Eclipse Presentations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over period of the lease
Plant and machinery
25% and 33% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
over 6 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Pension contributions payable are charged to the profit and loss account in the year they are payable.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Such estimates are generally in relation to the application of depreciation policies, whereby the estimate is based on managements knowledge of the business and current environment.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 16 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,182,691
11,138,154
United States
1,204,906
1,605,500
Europe
663,600
2,709,281
Rest of the world
1,299,750
1,404,810
15,350,947
16,857,745
2023
2022
£
£
Other revenue
Interest income
20,598
-
4
Exceptional item
2023
2022
£
£
Expenditure
Intercompany loans written off
-
1,341,365
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
(74,643)
Fees payable to the company's auditors for the audit of the company's financial statements
10,500
8,550
Depreciation of owned tangible fixed assets
362,947
220,208
Profit on disposal of tangible fixed assets
(20,572)
(2,571)
Operating lease charges
241,370
280,988
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Employees
93
76
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,903,659
3,399,418
Social security costs
394,175
376,575
Pension costs
260,310
186,963
4,558,144
3,962,956
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
63,500
141,264
Company pension contributions to defined contribution schemes
136,500
69,500
200,000
210,764
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
20,598
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
24,983
16,574
Interest on finance leases and hire purchase contracts
29,520
26,073
54,503
42,647
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
248,856
418,568
Adjustments in respect of prior periods
(63,940)
Total current tax
184,916
418,568
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
217,307
65,221
Total tax charge
402,223
483,789
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,720,370
1,327,492
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
404,631
252,223
Tax effect of expenses that are not deductible in determining taxable profit
6,893
Tax effect of income not taxable in determining taxable profit
257,446
Under/(over) provided in prior years
(63,940)
Enhanced capital allowance
(162,670)
(25,880)
Deferred tax adjustment
217,309
Taxation charge for the year
402,223
483,789
11
Dividends
2023
2022
£
£
Interim paid
337,440
243,842
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
12
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
20,129
2,012,284
89,916
94,415
2,216,744
Additions
1,028,536
1,028,536
Disposals
(36,805)
(36,805)
At 31 December 2023
20,129
3,004,015
89,916
94,415
3,208,475
Depreciation and impairment
At 1 January 2023
20,129
1,377,876
84,592
1,482,597
Depreciation charged in the year
345,394
1,811
15,742
362,947
Eliminated in respect of disposals
(31,050)
(31,050)
At 31 December 2023
20,129
1,692,220
86,403
15,742
1,814,494
Carrying amount
At 31 December 2023
1,311,795
3,513
78,673
1,393,981
At 31 December 2022
634,408
5,324
94,415
734,147
The net book value of tangible fixed assets includes £682,965 (2022 : £94,415), in respect of assets held under finance lease or hire purchase contracts. The depreciation charge in respect of such assets amounted to £15,742 (2022 : £Nil).
13
Stocks
2023
2022
£
£
Stocks
19,259
16,000
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,946,280
2,215,294
Corporation tax recoverable
63,940
Amounts owed by group undertakings
2,244,518
1,823,939
Other debtors
5,794
4,228
Prepayments and accrued income
251,753
249,321
4,512,285
4,292,782
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
104,000
104,000
Obligations under finance leases
18
238,216
42,583
Trade creditors
1,396,782
1,186,546
Corporation tax
248,856
418,568
Other taxation and social security
619,496
428,187
Other creditors
53,644
20,533
Accruals and deferred income
862,189
1,181,400
3,523,183
3,381,817
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
208,000
312,000
Obligations under finance leases
18
450,674
84,598
658,674
396,598
17
Loans and overdrafts
2023
2022
£
£
Bank loans
312,000
416,000
Payable within one year
104,000
104,000
Payable after one year
208,000
312,000
There is a fixed / floating charge over all the assets of the company in respect of a bank loan.
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
238,216
42,583
In two to five years
450,674
84,598
688,890
127,181
Finance lease payments represent rentals payable by the company for certain items of plant and machinery.
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
346,008
128,701
2023
Movements in the year:
£
Liability at 1 January 2023
128,701
Other
217,307
Liability at 31 December 2023
346,008
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
260,310
186,963
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
24,000
24,000
24,000
24,000
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
203,878
203,878
Between two and five years
343,140
547,018
547,018
750,896
23
Related party transactions
As at the year end, the following related party transactions took place:
There was an amount due from RPG Live Limited of £2,244,518 (2022: £1,823,939), the holding company.
24
Ultimate controlling party
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is RPG Live Limited. Copies of RPG Live Limited consolidated financial statements can be obtained from Companies House.
The ultimate controlling party is Mr R Purslow, by virtue of his shareholding.
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,318,147
843,703
Adjustments for:
Taxation charged
402,223
483,789
Finance costs
54,503
42,647
Investment income
(20,598)
Gain on disposal of tangible fixed assets
(20,572)
(2,571)
Depreciation and impairment of tangible fixed assets
362,947
220,208
Movements in working capital:
(Increase)/decrease in stocks
(3,259)
3,259
Increase in debtors
(155,563)
(11,208)
Increase in creditors
115,445
1,374,978
Cash generated from operations
2,053,273
2,954,805
ECLIPSE PRESENTATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
26
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,384,700
718,860
4,103,560
Borrowings excluding overdrafts
(416,000)
104,000
(312,000)
Obligations under finance leases
(127,181)
(561,709)
(688,890)
2,841,519
261,151
3,102,670
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