REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WORLDWIDE EVENTS GROUP LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WORLDWIDE EVENTS GROUP LTD |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WORLDWIDE EVENTS GROUP LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Pavilion View |
19 New Road |
Brighton |
East Sussex |
BN1 1EY |
BANKERS: |
Regent Street |
250 Regent Street |
London |
W1B 3BN |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Capital redemption reserve |
Share option reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Worldwide Events Group Ltd is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The directors have acknowledged that the Covid-19 Pandemic had a material negative impact on the company's trading for the years ended 31 December 2020 and 2021, as it did for many companies operating within the Events industry. Until the company has returned to its pre-pandemic levels of profitability for a sustained period of time, the company's balance sheet will continue to show net liabilities due principally to deferred income. |
The company's usual terms of business ensure that non-refundable payments are received in advance from its customers for the full sales price of future events, which contribute significantly to meeting the company's working capital requirements. The company also has relied upon the ongoing support of its bankers, in respect of which the balance remaining on the company's bank loan at the year-end was £1,133,333 (2022: £1,533,333). |
The directors are confident that the company's ability to generate cash from its events is strong and will continue to improve. Thanks to significant expansion in events in its Private Luxury Events brand group, 2023 company revenues exceeded Pre-Pandemic levels. In 2024, with the majority of the event programme already completed, further double-digit revenue growth is expected with the m&i events now fully recovered from the Pandemic. Investments in event and brand development and staffing in 2023 are expected to help deliver profit in 2024 well above anything achieved before the Covid-19 pandemic. |
The directors anticipate further growth in revenue and profit in 2025 and beyond. Furthermore, the directors are confident that the company will retain the support of its bankers. In these circumstances, the directors are satisfied that the going concern basis of preparing the financial statements is appropriate. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based in historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods. |
The areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic lives of assets, bad debt provision and accrued and prepaid expenditure. Although these areas are subject to judgement, they are not considered to be subject to significant estimation. |
Bad debts |
The year end aged debtor balances were assessed in terms of the risk of non collection. Where material doubt exists as to recoverability a provision has been made in the year end accounts. |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Meeting forums revenue relates to the provision of global events to facilitate client interaction with consumers. Revenue is recognised in the period in which the customer participates in an event. Advanced receipts are recognised as deferred income until such time as the event is complete. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation charges are recognised within admin expenditure in the statement of profit and loss. |
The Technology Assets are being amortised evenly over its estimated useful life of 3 years. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. |
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows: |
Plant & Machinery | - 3 year Straight Line |
Motor Vehicles | - 3 year Straight Line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the leases and depreciated over their estimated useful lives. The finance charges are allocated over the period of the lease in proportion to the capital amount outstanding. |
Rental costs under operating leases are charged to the profit and loss account in equal amounts over the periods of the leases. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Foreign currency transactions |
Foreign currency transactions are translated into sterling at the rates of exchange ruling at the dates on which the transactions occur. All monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange at the balance sheet date. Gains and losses arising from foreign currency translations are taken to the profit and loss account for the year. |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts 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, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged cancelled or expires. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Technology |
Assets |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | - | 953 |
Obligations under hire purchase contracts are secured against the assets to which they relate. |
The loan is secured by way of a debenture containing fixed and floating charges over all the property or undertakings of the company. |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 0.1p | 1,375 | 1,345 |
(2022 - 1,345,339 ) |
The following shares were issued during the year: |
29,436 Ordinary shares of 0.1p for cash of £ |
Ordinary share rights |
The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company. |
The holders of ordinary shares are entitled to receive dividends from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets and are non-redeemable. |
Called-up share capital represents the nominal value of shares that have been issued. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
No interest is charged on advances and credits in the year, however, 9% interest is charged on a £10,000 loan brought forward from a director to the company. |
WORLDWIDE EVENTS GROUP LTD (REGISTERED NUMBER: 03210436) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | RELATED PARTY DISCLOSURES |
At 31 December 2023, a balance of £40,750 (2022: £40,750) was owed to the spouses of the directors, these loans are subject to interest of 6%. |
At 31 December 2023, a balance of £64,561 (2022: £57,823) was owed to a company controlled by a director. |
15. | ULTIMATE CONTROLLING PARTY |
16. | SHARE-BASED PAYMENT TRANSACTIONS |
In 2023, 122,270 share options were issued with an exercise price of £0.34 per option share. The fair value of the service receivable is being recognised in profit and loss over the 1 year vesting period. The options had a remaining contractual life of 9 years and 3 months as at 31 December 2023. |