Company registration number 06678068 (England and Wales)
THE EVENTS HOUSE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE EVENTS HOUSE LIMITED
COMPANY INFORMATION
Directors
Mr A Tingle
Mr D House
J Wood
(Appointed 9 May 2024)
Company number
06678068
Registered office
Unit 6
Highwall Business Park
Tetron Way
Swadlincote
DE11 0AF
Accountants
Berry Accountants Ltd
Bowden House
36 Northampton Road
Market Harborough
Leicestershire
LE16 9HE
Business address
The Mill
Blakenhall Park
Bar Lane
Barton-Under-Needwood
DE13 8AJ
THE EVENTS HOUSE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Accountants' report
3
Income statement
4
Statement of comprehensive income
5
Statement of financial position
6 - 7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 23
THE EVENTS HOUSE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of providing corporate entertainment.
The company is a wholly owned subsidiary of The Events House Holdings Ltd.
Review of the business
As shown in the company's Statement of Comprehensive Income the company's turnover has increased significantly on the previous periods results.
The statement of financial position shows the companies improved financial position at the year end.
Principal risks and uncertainties
The directors consider credit risk to be the principle risk. The company manages its risk by providing added value services to its customers, and by maintaining strong relationships with customers.
Development and performance
Changes to the group structure are included on note 25 of the financial statements.
Key performance indicators
The Directors consider the key performance indicators to be revenue and gross profit margin.
The prior period is not entirely comparable due to the change in reporting period length.
Mr A Tingle
Director
23 September 2024
THE EVENTS HOUSE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Results and dividends
The results for the year are set out on page 4.
Ordinary dividends were paid amounting to £611,500. The directors do not recommend payment of a further 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 A Tingle
Mr D House
J Wood
(Appointed 9 May 2024)
Research and development
The company continues to invest in research and development. The directors regard R & D investment is necessary for continuing success in the medium to long term future.
Future developments
The company continues to focus on its core business and seeks to secure new contracts for its services.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr A Tingle
Director
23 September 2024
THE EVENTS HOUSE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE EVENTS HOUSE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Events House Limited for the year ended 31 December 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Events House Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of The Events House Limited and state those matters that we have agreed to state to the board of directors of The Events House Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Events House Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Events House Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Events House Limited. You consider that The Events House Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The Events House Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Berry Accountants Ltd
23 September 2024
Chartered Accountants
Bowden House
36 Northampton Road
Market Harborough
Leicestershire
LE16 9HE
THE EVENTS HOUSE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
10,971,111
5,892,805
Cost of sales
(7,580,720)
(3,936,311)
Gross profit
3,390,391
1,956,494
Administrative expenses
(1,789,359)
(674,093)
Operating profit
4
1,601,032
1,282,401
Interest receivable and similar income
7
815
486
Interest payable and similar expenses
8
(72,213)
(49,514)
Amounts written off investments
9
(2,732)
-
Profit before taxation
1,526,902
1,233,373
Tax on profit
10
(293,290)
(221,085)
Profit for the financial year
1,233,612
1,012,288
The income statement has been prepared on the basis that all operations are continuing operations.
THE EVENTS HOUSE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Year
Period
ended
ended
2023
2022
£
£
Profit for the year
1,233,612
1,012,288
Other comprehensive income
-
-
Total comprehensive income for the year
1,233,612
1,012,288
THE EVENTS HOUSE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,967,244
1,885,439
Investments
14
2,732
1,967,244
1,888,171
Current assets
Stocks
16
-
175,226
Debtors
17
2,169,440
1,610,317
Cash at bank and in hand
1,397,336
1,368,224
3,566,776
3,153,767
Creditors: amounts falling due within one year
18
(2,565,279)
(2,715,632)
Net current assets
1,001,497
438,135
Total assets less current liabilities
2,968,741
2,326,306
Creditors: amounts falling due after more than one year
19
(224,670)
(250,370)
Provisions for liabilities
Deferred tax liability
22
324,589
278,566
(324,589)
(278,566)
Net assets
2,419,482
1,797,370
Capital and reserves
Called up share capital
24
9
9
Share premium account
68
68
Profit and loss reserves
2,419,405
1,797,293
Total equity
2,419,482
1,797,370
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
THE EVENTS HOUSE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr A Tingle
Director
Company registration number 06678068 (England and Wales)
THE EVENTS HOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
9
68
980,205
980,282
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
1,012,288
1,012,288
Dividends
11
-
-
(195,200)
(195,200)
Balance at 31 December 2022
9
68
1,797,293
1,797,370
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
1,233,612
1,233,612
Dividends
11
-
-
(611,500)
(611,500)
Balance at 31 December 2023
9
68
2,419,405
2,419,482
THE EVENTS HOUSE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,835,566
1,689,925
Interest paid
(72,213)
(49,514)
Income taxes paid
(47,330)
(28,920)
Net cash inflow from operating activities
1,716,023
1,611,491
Investing activities
Purchase of tangible fixed assets
(1,229,105)
(1,283,996)
Proceeds from disposal of tangible fixed assets
522,554
19,225
Proceeds from disposal of subsidiaries
2,732
Proceeds from disposal of investments
(2,732)
Interest received
815
486
Net cash used in investing activities
(705,736)
(1,264,285)
Financing activities
Repayment of bank loans
(93,750)
(93,750)
Payment of finance leases obligations
(275,925)
349,976
Dividends paid
(611,500)
(195,200)
Net cash (used in)/generated from financing activities
(981,175)
61,026
Net increase in cash and cash equivalents
29,112
408,232
Cash and cash equivalents at beginning of year
1,368,224
959,992
Cash and cash equivalents at end of year
1,397,336
1,368,224
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
The Events House Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Highwall Business Park, Tetron Way, Swadlincote, DE11 0AF.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts for the year ended 31 December 2023, on the basis that the group of which this was the parent qualified as a small group.
The Events House Limited is a wholly owned subsidiary of The Events House Holdings Limited.
The financial statements present information about the company as an individual entity.
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 goods and services provided in the normal course of business, and is shown net of VAT.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
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:
Freehold land and buildings
2% Straight line
Leasehold improvements
33% Straight line
Plant and equipment
15-50% Straight line
Fixtures and fittings
33% Straight line
Computers
33% Straight line
Motor vehicles
25% Straight line
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.
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.9
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 liabilities are generally recognised for all timing differences. Deferred tax liabilities are offset when the company has a legally enforceable right to offset against current tax losses.
1.10
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.
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss 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.
1.13
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.
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
2023
2022
£
£
Turnover analysed by class of business
Corporate entertainment
10,971,110
5,892,805
2023
2022
£
£
Turnover analysed by geographical market
UK
10,380,285
5,572,585
Europe
141,712
61,940
Rest of the World
449,113
258,280
10,971,110
5,892,805
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 13 -
2023
2022
£
£
Other revenue
Interest income
815
486
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
2,044
11,236
Research and development costs
31,712
39,696
Depreciation of owned tangible fixed assets
720,150
489,881
Depreciation of tangible fixed assets held under finance leases
160,107
-
Loss/(profit) on disposal of tangible fixed assets
31,838
(2,401)
Operating lease charges
257,775
294,001
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
28
22
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
933,844
394,132
Social security costs
83,464
28,913
Pension costs
40,702
7,567
1,058,010
430,612
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
20,778
16,530
Company pension contributions to defined contribution schemes
16,919
64
37,697
16,594
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 14 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 1).
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
815
486
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
19,550
27,765
Other finance costs:
Interest on finance leases and hire purchase contracts
52,663
21,749
72,213
49,514
9
Amounts written off investments
2023
2022
£
£
Other gains and losses
(2,732)
-
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
295,167
144,382
Adjustments in respect of prior periods
(47,901)
(28,435)
Total current tax
247,266
115,947
Deferred tax
Origination and reversal of timing differences
46,024
105,138
Total tax charge
293,290
221,085
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 15 -
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
1,526,902
1,233,373
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 019%)
358,822
234,341
Tax effect of expenses that are not deductible in determining taxable profit
6,185
1,474
Tax effect of utilisation of tax losses not previously recognised
(24,960)
Adjustments in respect of prior years
(47,900)
Double tax relief
(15,610)
Depreciation on assets not qualifying for tax allowances
533
1,791
Research and development tax credit
(46,330)
Effect of revaluations of investments
642
Deferred tax adjustments in respect of prior years
54,769
Tax at marginal rate
(2,840)
Enhanced
(6,542)
Taxation charge for the year
293,290
221,085
The main rate of corporation tax increase to 25% for taxable profits over £500,000 from 1 April 2023 (2022 - 19%). There are marginal rates below £50,000.
Deferred tax has been calculated using the substantively enacted rates at the year end.
11
Dividends
2023
2022
£
£
Final paid
611,500
195,200
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Fixed asset investments
14
2,732
-
Recognised in:
Amounts written off investments
2,732
-
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Impairments
(Continued)
- 16 -
The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
628,388
7,015
3,018,864
17,192
29,800
381,192
4,082,451
Additions
1,372,980
2,496
1,749
115,574
1,492,799
Business combinations
5,750
17,905
23,655
Disposals
(229,666)
(688,214)
(113,000)
(1,030,880)
At 31 December 2023
398,722
7,015
3,709,380
19,688
31,549
401,671
4,568,025
Depreciation and impairment
At 1 January 2023
9,426
6,886
2,093,831
3,225
21,829
61,815
2,197,012
Depreciation charged in the year
371
129
775,022
4,115
4,680
95,940
880,257
Eliminated in respect of disposals
(9,149)
(453,214)
(14,125)
(476,488)
At 31 December 2023
648
7,015
2,415,639
7,340
26,509
143,630
2,600,781
Carrying amount
At 31 December 2023
398,074
1,293,741
12,348
5,040
258,041
1,967,244
At 31 December 2022
618,962
129
925,033
13,967
7,971
319,377
1,885,439
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 18 -
2023
2022
£
£
Freehold
628,387
618,962
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
308,658
218,791
Motor vehicles
137,909
216,809
446,567
435,600
Plant and motor vehicles with a carrying amount of £446,567 (2022 - £435,600) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
14
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
15
2,732
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 & 31 December 2023
2,732
Impairment
At 1 January 2023
-
Disposals
2,732
At 31 December 2023
2,732
Carrying amount
At 31 December 2023
-
At 31 December 2022
2,732
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Exsim Limited
UK
Simulator rentals
Ordinary A
74.00
0
Registered Office address:
1
Unit 6, Highwall Business Park, Tetron Way, Swadlingcote, DE11 0AF
16
Stocks
2023
2022
£
£
Raw materials and consumables
-
175,226
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,085,836
1,433,333
Corporation tax recoverable
55,879
Amounts owed by group undertakings
18,404
79,363
Other debtors
49,554
10,676
Prepayments and accrued income
15,646
31,066
2,169,440
1,610,317
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
20
93,750
Obligations under finance leases
21
183,519
146,395
Trade creditors
1,445,786
1,302,466
Amounts owed to undertakings in which the company has a participating interest
65,090
516,764
Corporation tax
288,440
144,382
Other taxation and social security
514,860
461,558
Other creditors
41,048
30,723
Accruals and deferred income
26,536
19,594
2,565,279
2,715,632
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
21
224,670
250,370
Other creditors includes an aggregate of £396,765 (2022- £46,790) hire purchase obligations which are secured by the associated assets.
20
Loans and overdrafts
2023
2022
£
£
Bank loans
93,750
Payable within one year
93,750
The long-term loans are secured by fixed and floating charges over all assets.
21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
183,519
146,395
In two to five years
224,670
250,370
408,189
396,765
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
324,589
278,566
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 21 -
2023
Movements in the year:
£
Liability at 1 January 2023
278,566
Charge to profit or loss
46,023
Liability at 31 December 2023
324,589
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,702
7,567
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.
24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
45,000
45,000
5
5
Ordinary A shares of £1 each
2
2
2
2
Ordinary B shares of £1 each
1
1
1
1
Ordinary C shares of £1 each
1
1
1
1
45,004
45,004
9
9
The holders of the A Ordinary shares are not entitled to vote at any general meeting.
Where a dividend is declared in respect of more than one class of shares the company may, by ordinary resolution, differentiate between such classes as to the amount or percentage of dividend payable, but in default the shares in each class shall be deemed to rank pari passu in all other respects as if they constituted one class of shares.
25
Group reconstruction
As part of it's long term strategic planning the following group structure changes occurred:
On 10 May 2023 The Events House Holdings Ltd acquired the entire share holding in The Events House Limited in exchange for its own shares.
On 1 January 2023 Exsim Ltd ceased to trade, all the subsidiaries assets and liabilities were transferred to The Events House Limited.
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
26
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
34,956
1,437
Between two and five years
58,960
93,916
1,437
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
42,505
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
2,673
-
28
Ultimate controlling party
The parent company of The Events House Limited is The Events House Holdings Ltd and its registered office is Unit 6, Highwall Business Park, Tetron way, Swadligcote, DE11 0AF.
THE EVENTS HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
29
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,233,612
1,012,288
Adjustments for:
Taxation charged
293,290
221,085
Finance costs
72,213
49,514
Investment income
(815)
(486)
Loss/(gain) on disposal of tangible fixed assets
31,838
(2,401)
Depreciation and impairment of tangible fixed assets
880,257
489,881
Other gains and losses
2,732
-
Movements in working capital:
Decrease/(increase) in stocks
175,226
(107,303)
Increase in debtors
(615,002)
(812,750)
(Decrease)/increase in creditors
(237,785)
877,332
Decrease in deferred income
-
(37,235)
Cash generated from operations
1,835,566
1,689,925
30
Analysis of changes in net funds
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
1,368,224
29,112
-
1,397,336
Borrowings excluding overdrafts
(93,750)
93,750
-
-
Obligations under finance leases
(396,765)
275,925
(287,349)
(408,189)
877,709
398,787
(287,349)
989,147
THE EVENTS HOUSE LIMITED
DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE FOLLOWING PAGES
DO NOT FORM PART OF THE STATUTORY ACCOUNTS
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