Event Concept Limited
Annual Report and Financial Statements
For the year ended 31 March 2024
Company Registration No. 02977277 (England and Wales)
Event Concept Limited
Company Information
Directors
P M Beaver
M F Beaver
A Stanley
Secretary
M P Beaver
Company number
02977277
Registered office
Units B2-B4 Galleywall Trading Estate
Galleywall Road
London
SE16 3PB
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Event Concept Limited
Contents
Page
Strategic report
1 - 6
Directors' report
7
Directors' responsibilities statement
8
Independent auditor's report
9 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 31
Event Concept Limited
Strategic Report
For the year ended 31 March 2024
Page 1

The directors present the strategic report for the year ended 31 March 2024.

Business Review

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 Limited
Strategic Report (Continued)
For the year ended 31 March 2024
Page 2
Financial Performance

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.

Event Concept Limited
Strategic Report (Continued)
For the year ended 31 March 2024
Page 3
Emissions Reporting

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:

 

Total emissions for 2023:     1562.8 tCO2e

 

The breakdown of our top emissions sources is as follows:

 

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:

 

The initiatives implemented during the reporting period aimed at bringing these totals down in line with our targets include:

 

 

Event Concept Limited
Strategic Report (Continued)
For the year ended 31 March 2024
Page 4
Community Engagement

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:

 

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.

Event Concept Limited
Strategic Report (Continued)
For the year ended 31 March 2024
Page 5

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.

Event Concept Limited
Strategic Report (Continued)
For the year ended 31 March 2024
Page 6

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

P M Beaver
Director
26 October 2024
Event Concept Limited
Directors' Report
For the year ended 31 March 2024
Page 7

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be focused on providing high end event production and design services mainly within the unique venues of London by our in-house production design, lighting, audio-visual, set and stage design teams and floral design.

Results and dividends

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.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P M Beaver
M F Beaver
A Stanley
Auditor

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
P M Beaver
Director
26 October 2024
Event Concept Limited
Directors' Responsibilities Statement
For the year ended 31 March 2024
Page 8

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Event Concept Limited
Independent Auditor's Report
To the Members of Event Concept Limited
Page 9
Opinion

We have audited the financial statements of Event Concept Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Event Concept Limited
Independent Auditor's Report (Continued)
To the Members of Event Concept Limited
Page 10

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

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.

Event Concept Limited
Independent Auditor's Report (Continued)
To the Members of Event Concept Limited
Page 11
Auditor's responsibilities for the audit of the financial statements

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:

 

 

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.

 

 

Event Concept Limited
Independent Auditor's Report (Continued)
To the Members of Event Concept Limited
Page 12

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:

 

 

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.

Event Concept Limited
Independent Auditor's Report (Continued)
To the Members of Event Concept Limited
Page 13

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.

Amar Shah
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
28 October 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Event Concept Limited
Statement of Comprehensive Income
For the year ended 31 March 2024
Page 14
2024
2023
as restated
Notes
£
£
Turnover
3
23,590,065
22,926,172
Cost of sales
(11,354,792)
(12,555,914)
Gross profit
12,235,273
10,370,258
Administrative expenses
(10,786,328)
(9,069,866)
Operating profit
4
1,448,945
1,300,392
Interest receivable and similar income
8
30,289
5,753
Interest payable and similar expenses
9
(25,079)
(36,706)
Profit before taxation
1,454,155
1,269,439
Tax on profit
10
(449,030)
(315,569)
Profit for the financial year
1,005,125
953,870

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Event Concept Limited
Balance Sheet
As at 31 March 2024
31 March 2024
Page 15
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
59,671
-
0
Tangible assets
13
1,925,439
2,405,332
1,985,110
2,405,332
Current assets
Stock
14
138,381
185,955
Debtors
15
1,645,480
1,956,837
Cash at bank and in hand
4,894,824
3,416,184
6,678,685
5,558,976
Creditors: amounts falling due within one year
16
(4,791,193)
(4,716,831)
Net current assets
1,887,492
842,145
Total assets less current liabilities
3,872,602
3,247,477
Creditors: amounts falling due after more than one year
17
(400,000)
(700,000)
Provisions for liabilities
Provisions
19
(450,000)
(450,000)
Deferred tax liability
20
(388,319)
(388,319)
(838,319)
(838,319)
Net assets
2,634,283
1,709,158
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
2,634,183
1,709,058
Total equity
2,634,283
1,709,158
The financial statements were approved by the board of directors and authorised for issue on 26 October 2024 and are signed on its behalf by:
P M Beaver
Director
Company Registration No. 02977277
Event Concept Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 16
Share capital
Profit and loss reserves
Total
Notes
£
£
£
For the period ended 31 March 2023:
Balance at 1 April 2022
100
755,188
755,288
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
953,870
953,870
Balance at 31 March 2023
100
1,709,058
1,709,158
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
1,005,125
1,005,125
Dividends
11
-
(80,000)
(80,000)
Balance at 31 March 2024
100
2,634,183
2,634,283
Event Concept Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 17
1
Accounting policies
Company information

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.

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.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of The Event Concept Group Limited. These consolidated financial statements are available from its registered office, Units B2-B4 Galleywall Trading Estate, Galleywall Road, London, England, SE16 3PB.

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. The company made strong trading profits in the year of £1,005,125 (2023: £953,870), and has continued to make profits after the year end. The company continues to have a healthy cash position post year end, with a positive year end balance of £4,894,824 (2023: £3,416,184). Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 18
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue generated from the organisation of events is recognised on the date the event takes place.

 

Revenue generated from the hire of equipment is recognised over the rental period.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is charged from the date the website was brought into use. Amortisation 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:

Website development
3 years straight line

As the website went live at the end of March 2024, amortisation has not been charged in the period.

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:

Leasehold improvements
Over the term of the lease
Plant and equipment
20-33% reducing balance
Fixtures and fittings
Straight line over the expected useful life
Motor vehicles
25% reducing balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 19

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.

1.7
Stock

Stocks represents consumables held at cost for use at events and work in progress.

Work in progress represents costs incurred on events which occur post year end and is valued at the lower of cost and net realizable value.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 20
Other financial assets

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 a 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.

Derecognition of financial assets

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.

Classification of financial liabilities

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

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.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 21
Other financial liabilities

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 22
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
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 balance sheet 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.

1.16
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.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 23
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidations

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.

Depreciation and amortisation

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.

Debtors provisions

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.

Deferred tax

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Organisation of events
23,360,971
22,926,172
Dry Hire of Equipment
229,094
-
23,590,065
22,926,172
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
3
Turnover and other revenue
(Continued)
Page 24
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,395,832
14,886,763
Europe
101,961
3,755,006
Rest of the world
7,092,272
4,284,403
23,590,065
22,926,172
2024
2023
£
£
Other significant revenue
Interest income
30,289
5,753
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(5,876)
(9,264)
Depreciation of owned tangible fixed assets
648,874
602,912
Loss/(profit) on disposal of tangible fixed assets
190,196
(26,027)
Operating lease charges
1,004,452
824,587
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,750
-
0
For other services
Other taxation services
3,750
2,500
All other non-audit services
9,500
10,500
13,250
13,000
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 25
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
3
Administration
13
13
Operations
102
89
Total
118
105

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,534,806
4,537,065
Social security costs
556,228
484,948
Pension costs
350,945
208,043
6,441,979
5,230,056
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
325,314
352,042
Company pension contributions to defined contribution schemes
165,733
119,748
491,047
471,790

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
186,860
136,250
Company pension contributions to defined contribution schemes
5,699
32,899
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 26
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
30,289
5,753
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
25,079
36,706
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
449,030
51,256
Deferred tax
Origination and reversal of timing differences
-
0
264,313
Total tax charge
449,030
315,569

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:

2024
2023
£
£
Profit before taxation
1,454,155
1,269,439
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
363,539
241,193
Tax effect of expenses that are not deductible in determining taxable profit
30,832
7,046
Tax effect of income not taxable in determining taxable profit
-
0
(4,945)
Tax effect of utilisation of tax losses not previously recognised
-
0
(47,869)
Permanent capital allowances in excess of depreciation
(107,560)
(258,722)
Depreciation on assets not qualifying for tax allowances
162,219
114,553
Impact of deferred tax not previously recognised
-
0
264,313
Taxation charge for the year
449,030
315,569
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 27
11
Dividends
2024
2023
£
£
Final paid
80,000
-
0
12
Intangible fixed assets
Website development
£
Cost
At 1 April 2023
-
0
Additions
59,671
At 31 March 2024
59,671
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
59,671
At 31 March 2023
-
0
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,237,348
4,986,956
1,221,013
194,965
7,640,282
Additions
19,600
495,401
26,894
-
0
541,895
Disposals
(36,146)
(1,553,598)
(249,545)
(72,655)
(1,911,944)
At 31 March 2024
1,220,802
3,928,759
998,362
122,310
6,270,233
Depreciation and impairment
At 1 April 2023
821,623
3,147,362
1,104,043
161,922
5,234,950
Depreciation charged in the year
126,583
388,181
126,832
7,278
648,874
Eliminated in respect of disposals
(22,208)
(1,094,460)
(359,281)
(63,081)
(1,539,030)
At 31 March 2024
925,998
2,441,083
871,594
106,119
4,344,794
Carrying amount
At 31 March 2024
294,804
1,487,676
126,768
16,191
1,925,439
At 31 March 2023
415,725
1,839,594
116,970
33,043
2,405,332
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 28
14
Stock
2024
2023
£
£
Work in progress
95,813
143,387
Consumables for use at events
42,568
42,568
138,381
185,955
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,066,721
1,011,949
Other debtors
65,871
120,985
Prepayments and accrued income
512,888
823,903
1,645,480
1,956,837
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
300,000
300,000
Obligations under finance leases
18
-
0
40,353
Trade creditors
993,507
1,468,782
Corporation tax
449,030
51,256
Other taxation and social security
481,835
469,900
Other creditors
56,440
88,599
Accruals and deferred income
2,510,381
2,297,941
4,791,193
4,716,831

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.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
400,000
700,000
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
17
Creditors: amounts falling due after more than one year
(Continued)
Page 29

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.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
40,353

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.

19
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
450,000
450,000
Movements on provisions:
Dilapidation provision
£
At 1 April 2023 and 31 March 2024
450,000
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
388,319
388,319
There were no deferred tax movements in the year.

The deferred tax liability relates wholly to accelerated capital allowances.

Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 30
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
350,945
208,043

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).

 

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
23
Financial commitments, guarantees and contingent liabilities

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.

24
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:

2024
2023
£
£
Within one year
1,002,000
460,009
Between two and five years
1,226,750
1,239,227
2,228,750
1,699,236
Event Concept Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 31
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
229,304
-

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.

26
Related party transactions

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.

27
Ultimate controlling party

The company's immediate parent company is The Event Concept Group Limited, a company registered in England and Wales.

 

The smallest and largest group in which these financial statements are consolidated is The Event Concept Group Limited. A copy of their financial statements can be obtained from the company's registered office at Units B2-B4 Galleywall Trading Estate, Galleywall Road, London SE16 3PB.

 

The company's ultimate controlling party is P Beaver by virtue of his shareholding in The Event Concept Group Limited.

28
Prior period adjustment

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.

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