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Company registration number: 04891572







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2022


MARCUS EVANS WORLDWIDE SUMMITS LTD






































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MARCUS EVANS WORLDWIDE SUMMITS LTD
 


 
COMPANY INFORMATION


Directors
D Conway 
M Van Os 




Company secretary
M Studd



Registered number
04891572



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 WORLDWIDE SUMMITS LTD
 



CONTENTS



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

 


MARCUS EVANS WORLDWIDE SUMMITS LTD
REGISTERED NUMBER:04891572



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
42,855
25,323

Cash at bank and in hand
  
45,814
47,470

  
88,669
72,793

Creditors: amounts falling due within one year
 5 
(472,716)
(1,420,799)

Net current liabilities
  
 
 
(384,047)
 
 
(1,348,006)

Total assets less current liabilities
  
(384,047)
(1,348,006)

  

Net liabilities
  
(384,047)
(1,348,006)


Capital and reserves
  

Called up share capital 
  
1
1

Foreign exchange reserve
  
210,100
211,399

Other reserves
  
421,250
421,250

Profit and loss account
  
(1,015,398)
(1,980,656)

  
(384,047)
(1,348,006)


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 by: 




................................................
M Van Os
Director
Date: 7 October 2024

The notes on pages 3 to 6 form part of these financial statements.
Page 1


 
MARCUS EVANS WORLDWIDE SUMMITS LTD

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



Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£



At 1 October 2020
1
288,142
421,250
(1,912,662)
(1,203,269)



Comprehensive income for the year


Loss for the year
-
-
-
(67,994)
(67,994)


Currency translation differences
-
(76,743)
-
-
(76,743)





At 1 October 2021
1
211,399
421,250
(1,980,656)
(1,348,006)



Comprehensive income for the year


Profit for the year
-
-
-
965,258
965,258


Currency translation differences
-
(1,299)
-
-
(1,299)



At 30 September 2022
1
210,100
421,250
(1,015,398)
(384,047)



The notes on pages 3 to 6 form part of these financial statements.
Page 2

 


MARCUS EVANS WORLDWIDE SUMMITS LTD
 


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

1.


General information

Marcus Evans (SA) 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Going concern

Company has net liabilities of £384,047 (2021 - £1,348,006) however within total liabilities of £472,716 there are inter-company creditors of £367,860.
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 South African Rand, 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 WORLDWIDE SUMMITS 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. 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, until which point the amounts invoiced are recorded as a deferred income.

  
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 finanicial year but not paid prior to the year end are recorded as prepayments in the statement of financial position.

 
2.6

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. 

 
2.7

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.

 
2.8

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.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

 


MARCUS EVANS WORLDWIDE SUMMITS LTD
 


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

3.


Employees

The average monthly number of employees during the year was 30 (2021 - 16).


4.


Debtors

2022
2021
£
£


Trade debtors
18,021
2,405

Other debtors
10,186
10,535

Prepayments and accrued income
14,648
12,383

42,855
25,323



5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
1,060
2,948

Amounts owed to group undertakings
367,860
1,381,356

Other taxation and social security
8,033
2,283

Other creditors
20,930
11,039

Accruals and deferred income
74,833
23,173

472,716
1,420,799



6.


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
30,971
23,186

Later than 1 year and not later than 5 years
26,124
58,838

57,095
82,024

Page 5

 


MARCUS EVANS WORLDWIDE SUMMITS LTD
 


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

7.


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. 


8.


Auditors' information

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

The audit report was signed on 7 October 2024 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6