Company registration number: 03951829
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FOR THE YEAR ENDED
30 SEPTEMBER 2022
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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MARCUS EVANS (INC) LTD
REGISTERED NUMBER:03951829
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STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The notes on pages 3 to 6 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Comprehensive income for the year
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Currency translation differences
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Comprehensive income for the year
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Currency translation differences
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The notes on pages 3 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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
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Basis of preparation of financial statements
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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:
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.
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Foreign currency translation
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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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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.
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.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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The average monthly number of employees, including directors, during the year was 8 (2021 - 8).
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Investments in subsidiary companies
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Creditors: Amounts falling due after more than one year
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Other taxation and social security
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Commitments under operating leases
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At 30 September 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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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.
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.
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