The directors present the strategic report for the year ended 31 March 2024.
The business has demonstrated robust performance, propelled by the ongoing return of live, in-person events and experiences. We grew revenues by a further 3%, after revenue growth in the prior year of 149%. The size of the business has more than doubled since the end of the Covid pandemic, and we are immensely proud of these results.
Businesses have reaffirmed the significance of face-to-face interactions and the impact they can create, cementing events as a pivotal investment within their budgets. Events are an essential tool for brands to connect with their clients, engage with their communities, and inspire their employees.
In response to this heightened demand, we have maintained an unwavering focus on client obsession and satisfaction, delivering solutions with creativity, ingenuity, and innovation at their heart.
The profile of our work has evolved significantly over the past two years. London remains a core market, with approximately half our revenue driven from our accredited partnerships at historic museums and art galleries, such as The Natural History Museum, The V&A, and TATE. The majority of these projects are executed using our in-house production services.
Beyond London and the UK, our global work has increased exponentially. We’ve adopted a consultative, agency model to deliver large, complex projects in countries such as Dubai, Tokyo and The Bahamas. The projects have been conceptualised and planned from our London office, activated through partnerships with local partners and overseen by our meticulous onsite teams. Our global expansion into other markets will allow us to have more of an international presence extending our expertise and offerings.
In response to the evolving demands of our clients, we undertook a comprehensive re-evaluation of our service offerings and proposition throughout the year. This initiative culminated in the launch of our new brand and proposition in March 2024, positioning us as a ‘Creative Event Agency and Production Company’. This repositioning allows clients to procure end-to-end event delivery, encompassing upfront creative and event strategy to production delivery and project management, all under one roof. Benefits include streamlining consistent project planning and execution that results in cost efficiencies for clients.
Building on 30 years of heritage and client trust, combined with a comprehensive new business strategy, we are confident that this new approach and proposition will drive our future growth, with the promise to our clients of ‘making the extraordinary, everlasting’.
Event Concept’s revenue for this year is £23,590,000 representing 3% growth from the previous year (2023: £22,926,000) and an EBITDA of £2,100,000 an increase of 10% (2023: £1,900,000).
The directors have adopted the below KPIs to measure the company’s financial health and growth:
Measure | 2024 | 2023 |
Gross Profit Margin | 52% | 45% |
EBITDA Margin | 8% | 8% |
Staff cost ratio | 66% | 58% |
Debtor days | 17 | 16 |
Creditor days | 32 | 44 |
Current ratio | 1.37 | 1.18 |
Gross profit margin has been a key focus across the business and continues to remain a priority, ensuring we are operating efficiently and utilising the breadth of our in-house services and capability. Our staff cost ratio has increased, as we invest in great people and gear up for our next phase of growth.
Culture and People
Our team has increased from 105 to 120 people. We are now back at staffing levels slightly higher than pre-Covid. We’ve continued to invest heavily in our people through training, development and support, with a focus on maintaining employee retention.
Accreditations
We have maintained our ISO 9001 Quality Management, ISO 14001 Environmental Management and ISO 45001 Occupational Health & Safety Management. We’re also pleased to have achieved our ISO 27001 certification for Information Security Management. Our dedication shows our unwavering commitment to excellence, safety and security throughout our operations.
In addition to our ISO accreditations, we remained certified as an Alcumus SafeContractor, a Living Wage Employer and received our Carbon Literate Organisation accreditation.
Corporate Social Responsibility
Sustainability remains central to our strategy, with ongoing efforts aligned with our 2030 Pledge focusing on reducing carbon footprint, educating our community, and partnering with clients.
Our mission is to deliver # ImpactWithoutImpact and we continue to invest significant resource into taking a sustainable approach towards end-to-end event delivery.
Our emissions are measured by calendar year and therefore cover part of our financial year. For the year ending 31st December 2023, the breakdown of our emissions is as follows:
Scope 1: 38.7 tCO2e
Scope 2: 0 tCO2e
Scope 3: 1524.2 tCO2e
Total emissions for 2023: 1562.8 tCO2e
The breakdown of our top emissions sources is as follows:
Purchased goods & services: 928.4
Business travel: 359.5
Capital goods: 123.0
Employee commuting: 84.9
Fuel & energy-related activities: 13.1
Overall, we are pleased with our emissions reduction progress. Certain categories have increased, namely business travel, due to a combination of low emissions during our 2021 baseline year as a result of the pandemic and our ongoing international expansion. However, other areas such as waste and capital goods have reduced significantly:
Waste emission have decreased 97.5% from 16.3 tCO2e in our 2021 baseline year to 0.4 tCO2e in 2023
Capital goods emissions decreased 89% from 1,137.7 tCO2e in our 2021 baseline year to 123 tCO2e in 2023
Business Travel emissions rose significantly from 14.2 tCO2e in our 2021 baseline year to 395.6 tCO2e in 2023
The initiatives implemented during the reporting period aimed at bringing these totals down in line with our targets include:
Continuing to improve our waste streams to ensure all post-event waste is sorted and re-used or recycled, with a total of 88.25% of all our waste being recycled.
Ensuring we’re certified to the ISO 14001 Environmental Management standard with the aim of effectively managing and reducing the impact of our business processes on the environment.
Our floral division has replaced plastic wrap with reusable covers when transporting floral arrangements. This industry leading initiative has the potential to remove over 40km of plastic wrap from our outbound supply chain.
Educating and upskilling our team on climate action and achieving Carbon Literate Organisation, Bronze certification.
Reducing emissions isn’t the only pillar of our sustainability plan. We take our social responsibility as seriously as our commitment to climate action. Over the reporting period, we have continued to live by our values and work with our community to create lasting positive impact, including:
The continuation of our apprenticeship scheme to support career development within the industry.
Introducing volunteering days for our entire team, enabling them to donate their time to causes of their choosing.
Community outreach with schools and universities as part of the Production Futures initiative to improve opportunities for the next generation of events professionals.
Staff wellbeing and health benefits via MediCash which have seen a 60% uptake as well as enhanced policies around sick pay and menopause.
Moving forward
We are proud of our efforts to date and have managed to fulfil several of our goals including improved data quality and emissions decreases. That said, we know there is more to be done to balance our continued growth with our sustainability ethos. Therefore, we will continue to prioritise sustainability into the next reporting period.
We are committed to making change from within our business and beyond our own value chain. We believe we can use our influence with our suppliers and in the wider events community to encourage action, share resources, and collaborate with our peers to deliver # ImpactWithoutImpact.
Principle risks and uncertainties
Event Concept has an in-depth and comprehensive Risk Register which is constantly reviewed by the Leadership Team. This continual review ensures the business can mitigate any impact on business operation and remains agile to continually assess and then respond to new risks.
The directors have identified the below key risks and uncertainties.
Talent Acquisition and Retention
The competitive landscape for attracting and retaining top talent continues to be a challenge in the industry, exacerbated by evolving employee expectations and the rise of remote working opportunities.
Mitigation measures include: a restructure of our people team to include a dedicated Learning and Culture Manager in conjunction with our Culture Director and People Manager, ensuring we’re committed to creating a progressive, passionate and inspiring culture and working environment, where our people can grow and develop their careers. We’ve recently launched a new Employee Value Proposition and this forms the basis of our People Strategy.
We regularly monitor employee engagement levels through internal net promotor scores. We’ve enhanced a range of benefits and policies, and continue to invest heavily into learning, training and development opportunities for our people.
Client Expectations
Clients are increasingly operating under tighter budgets whilst still requiring the same levels of delivery.
This is leading to heightened sensitivity to pricing and demand for cost-effective solutions. In conjunction with this, lead times appear to have shortened, increasing the requirement to have free capacity available at short notice, to respond to quicker turnaround times. This has also had an impact on our supply chain and creates pressure on our profit margins.
Mitigation measures: as part of our revised repositioning, we can offer end-to-end solutions more cost effectively by having all solutions in house. This reduces reliance on third party suppliers and mark-ups, which sets us apart from competitors.
Part of our mission is to become ‘the partner of choice’ for our clients, deepening relationships as their go-to, trusted agency. In conjunction with this, it’s essential for us to demonstrate our value and return on investment to clients. We’re also continuously reviewing and improving our service quality and efficiency, to ensure we exceed client expectations.
Economic Risks
High inflation rates in the UK have had an impact on our operational costs, including raw materials, labour and rates. This has put pressure on our profit margins as we seek to ensure our pricing remains competitive.
Mitigation measures: our procurement team ensure stringent cost control measures are in place to negotiate better terms with suppliers and bulk purchase where possible.
A change in government can lead to significant shifts in policy, regulation, and economic priorities, which will likely impact businesses. The uncertainty surrounding a new government’s agenda may cause businesses to postpone investment in events until the new Budget has been announced and key priorities and plans set out.
From a business operation perspective, a change in government may introduce or revise regulations related to environmental targets, employment law, taxation and compliance. However, once new policies are communicated, we do predict a sizeable pick up in in-person events as clients seek to communicate with customers and staff following the changes.
Mitigation measures: stay informed about potential regulatory changes through industry associations, legal advisors, and government consultations. Regularly review and adjust the company’s tax strategy to align with potential changes in tax laws. Continuously monitor economic indicators and market trends to anticipate changes in the business environment.
Pandemic-Related Disruption
The COVID-19 pandemic highlighted the significant vulnerability of the event industry to global health crises. As an event company, our operations are inherently dependent on the ability to bring people together in physical spaces. During the COVID-19 lockdowns, government-imposed restrictions on gatherings and social distancing measures led to the suspension of in-person events, resulting in severe revenue loss and operational challenges. The threat of future pandemics or similar public health emergencies presents a considerable risk to our business, potentially leading to abrupt event cancellations, reduced client demand, and disruptions in the supply chain.
Mitigation measures: diversification of services - we’ve have expanded our offerings to include virtual and hybrid events, allowing us to continue operating and generating revenue even when in-person gatherings are restricted. This diversification reduces our dependency on physical events and opens new revenue streams. Crisis management planning - we have strengthened our crisis management and business continuity plans to ensure rapid and effective responses to future pandemics or similar crises. Financial reserves - we have prioritised building our financial reserves to provide a buffer in case of sudden revenue loss. These reserves will enable us to weather short-term disruptions and continue investing in key areas of the business during challenging periods.
World Conflicts and War
Global conflicts in the Middle East and between Russia and Ukraine continue to disrupt supply chains, create economic instability and make it challenging for businesses to plan and respond effectively, potentially affecting their overall stability and growth.
Association with regions or entities involved in conflicts can impact a company’s reputation and brand value, especially if customers or stakeholders perceive the company as being complicit or indifferent to the issues. Internally, members of our team or wider supply chain may not be comfortable working with certain businesses or organisations.
Mitigation measures: we’ve reduced dependency on suppliers from high-risk regions and where required maintain a strategic buffer of critical raw material and products to mitigate short-term disruptions. We continue to ensure that clients and partners we engage with adhere to high ethical standards, avoiding involvement with conflict zones or parties to the conflict. We’ve recently achieved our ISO 27001 Certification for Information Security, and have robust procedures and processes in place to protect against cyber and data security threats.
Future Direction
The directors are looking ahead to the next year with confidence. Event Concept’s new proposition and branding, combined with a comprehensive and enhanced client acquisition and growth strategy, will fuel further revenue growth through larger projects with increased lead time. We are confident that this will increase our profit margins and enable us to further invest in our outstanding talent and delivery capabilities. This strategic approach positions us to capitalise on emerging opportunities, deepen relationships with existing clients, build valuable new client relationships and strengthen our overall market presence.
Our unwavering commitment to creativity, client satisfaction, and operational excellence will continue to drive our success and solidify our position as a leader in the event industry.
We are incredibly proud of what we have achieved in the three years since the Covid pandemic. We look forward to the year ahead where we’ll deliver on our promise to our clients of ‘making the extraordinary, everlasting’.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2024.
The results for the year are set out on page 14.
Ordinary dividends were paid amounting to £80,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Moore Kingston Smith LLP were appointed as auditor to the company and is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Other matters
The comparative figures have not been audited as there was no statutory requirement for the financial statements to be audited in the prior year.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Event Concept Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units B2-B4 Galleywall Trading Estate, Galleywall Road, London, England, SE16 3PB.
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 £.
As the website went live at the end of March 2024, amortisation has not been charged in the period.
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The company makes an estimate of the value of works required at the end of the lease term for leasehold properties, dependent on the terms of the lease, to return the leasehold property to the state it was at the commencement of the term.
The annual depreciation and amortisation charges in respect of tangible and intangible assets are based on the directors' best estimate of useful economic lives and residual values of each asset class. The useful economic lives and residual values of each asset class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate.
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, the directors consider factors including the ageing profile of debtors and historical experience. Provision is made when there is significant uncertainty over the timing or likelihood of the recovery of debts.
Provisions for deferred tax assets and liabilities are made where the timing differences between the recognition of accounting and taxable profits can be assessed with reasonable certainty. Variances are provided for in full where the recognition criteria of FRS102 section 29 are met.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
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:
The Company has a business loan with National Westminster Bank Plc which is under the Coronavirus Business Interruption Loan Scheme and is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy and partially against assets of the Company. The loan has a fixed 2.81% interest rate and is repayable over 6 years.
The Company has a business loan with National Westminster Bank Plc which is under the Coronavirus Business Interruption Loan Scheme and is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy and partially against assets of the Company. The loan has a fixed 2.81% interest rate and is repayable over 6 years.
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 less than 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The deferred tax liability relates wholly to accelerated capital allowances.
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.
The balance outstanding at the year end in respect of defined contribution schemes was £6,915 (2023: £Nil).
Other debtors includes a deposit of £51,516 (2023 - Nil) in relation to the office lease which is secured by way of a charge over the company.
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:
Amounts contracted for but not provided in the financial statements:
At the year end, the company had committed to purchasing an LED wall, with the commitment at the year end representing current and non-current payments due.
The company has taken advantage of the exemption under the terms of the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland, not to disclose transactions with members of the group where the corresponding entity is wholly owned by the parent company, The Event Concept Group Limited.
Commissions payable of £898,953 were reclassified from administrative expenses to cost of sales in the prior year financial statements. Temporary staff of £66,275 and Motor running costs of £390,907 were reclassified from cost of sales to administrative expenses in the prior year financial statements. These changes were made to ensure that the nature of the costs are accurately reflected on the face of the financial statements.