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Company registration number: 03951829







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022


MARCUS EVANS (INC) LTD






































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MARCUS EVANS (INC) LTD
 


 
COMPANY INFORMATION


Director
M Van Os 




Company secretary
M Studd



Registered number
03951829



Registered office
Magnus House
7th Floor

3 Lower Thames Street

London

EC3R 6HE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

Middlesex

TW18 4BP





 


MARCUS EVANS (INC) LTD
 



CONTENTS



Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6


 


MARCUS EVANS (INC) LTD
REGISTERED NUMBER:03951829



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
65,928
100,047

Cash at bank and in hand
  
96,620
22,085

  
162,548
122,132

Creditors: amounts falling due within one year
 6 
(2,128,537)
(2,139,869)

Net current liabilities
  
 
 
(1,965,989)
 
 
(2,017,737)

Total assets less current liabilities
  
(1,965,988)
(2,017,736)

Creditors: amounts falling due after more than one year
 7 
(90,273)
-

  

Net liabilities
  
(2,056,261)
(2,017,736)


Capital and reserves
  

Called up share capital 
  
501
501

Share premium account
  
3,900,500
3,900,500

Foreign exchange reserve
  
(282,912)
(235,639)

Profit and loss account
  
(5,674,350)
(5,683,098)

  
(2,056,261)
(2,017,736)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.

M Van Os
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 


MARCUS EVANS (INC) LTD
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


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

£
£
£
£
£


At 1 October 2020
501
3,900,500
(346,737)
(5,623,483)
(2,069,219)


Comprehensive income for the year

Loss for the year
-
-
-
(59,615)
(59,615)

Currency translation differences
-
-
111,098
-
111,098



At 1 October 2021
501
3,900,500
(235,639)
(5,683,098)
(2,017,736)


Comprehensive income for the year

Profit for the year
-
-
-
8,748
8,748

Currency translation differences
-
-
(47,273)
-
(47,273)


At 30 September 2022
501
3,900,500
(282,912)
(5,674,350)
(2,056,261)


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


MARCUS EVANS (INC) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.


General information

Marcus Evans (Inc) Limited  is a private company limited by shares, registered in England and Wales. The address of its registered office and principal place of business is Magnus House, 7th Floor, 3 Lower Thames Street, London, EC3R 6HE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net liabilities of £2,056,261 (2021 - £2,017,736) however within total liabilities of £2,218,810 there are intercompany creditors of £2,057,898 (2021 - £1,957,530).
Marcus Evans Holdings (IOM) Ltd has confirmed that currently, as a major creditor of the UK company, it will not demand repayment of the amounts outstanding until such a time that the Company is able to make repayments without having a detrimental impact on the Company. The period for not demanding payment is at least 12 months from the date of signing these financial statements.
Marcus Evans Holdings (IOM) Ltd has also confirmed that it will currently continue to provide financial resources as may be required for the Company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements.
At the time of approving the financial statements, the directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and Company also has group financial support available in case of financial difficulties. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional currency is the Euro, being the currency of the primary economic environment in which the company operates, and its presentational currency is GBP

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.

Page 3

 


MARCUS EVANS (INC) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue arises from the provision of services in respect of management and arrangement of conferences for fellow group companies. Revenue is measured at the fair value of the consideration received or receivable and represents amount for the provision of services in the normal course of business, net of discounts and other sales-related taxes.
Revenue is recognised at the completion of the conference.

  
2.5

Event related expenses

Directly attributable event expenses are recognised in the year in which the event has been completed. Expenses that relate to an event taking place in a subsequent financial year but paid prior to the year end are recorded as prepayments in the statement of financial position. 

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. 

 
2.9

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 


MARCUS EVANS (INC) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

3.


Employees

2022
£

Wages and salaries
283,162

283,162


The average monthly number of employees, including directors, during the year was 8 (2021 - 8).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2021
4,096,000



At 30 September 2022

4,096,000



Impairment


At 1 October 2021
4,095,999



At 30 September 2022

4,095,999



Net book value



At 30 September 2022
1


5.


Debtors

2022
2021
£
£


Other debtors
65,928
100,047

65,928
100,047


Page 5

 


MARCUS EVANS (INC) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
5,202
24,016

Amounts owed to group undertakings
2,057,898
1,957,530

Other taxation and social security
37,064
126,257

Other creditors
28,373
32,066

2,128,537
2,139,869



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other taxation and social security
90,273
-

90,273
-



8.


Commitments under operating leases

At 30 September 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
30,306
59,253

Later than 1 year and not later than 5 years
-
29,626

30,306
88,879


9.


Parent company

The parent company of the smallest and largest group of which the company is a member and for which group accounts are prepared is Marcus Evans Conferences Ltd, the address of its registered office is Magnus House, 7th Floor, 3 Lower Thames Street, London, EC3R 6HE. 


10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2022 was unqualified.

The audit report was signed on 17 September 2024 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6