Company Registration No. 07974757 (England and Wales)
INVNT UK Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
INVNT UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
INVNT UK Limited
Statement of financial position
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,146
10,779
Current assets
Work in progress
5
414,965
36,188
Debtors
6
3,155,056
1,389,547
Cash at bank and in hand
129,645
620,121
3,699,666
2,045,856
Creditors: amounts falling due within one year
7
(6,512,951)
(3,380,047)
Net current liabilities
(2,813,285)
(1,334,191)
Net liabilities
(2,795,139)
(1,323,412)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(2,796,139)
(1,324,412)
Total equity
(2,795,139)
(1,323,412)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Wolfgang Karbe
Director
Company Registration No. 07974757
INVNT UK Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

INVNT UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company acknowledges that the ongoing trading losses of the business, as well as the current economic uncertainties raise a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. The nature of the business activity in planning and delivering client events can be inherently uncertain and difficult to forecast. The Company makes prudent revenue assessments, but the uncertain timeline of exact income and costs can make it difficult to accurately assess profitability and cash flows. Ttruehe Company during the year and post year end had the financial support of the parent company in the form of an intercompany loan which is interest free, and will not be recalled at the detriment of third party creditors. The company has measures to control overheads and cash flow in line with changes in business activity.

 

The Company has received assurances that they will continue to be supported by Fury Events Holding Company LLC, the parent Company, for a period of not less than 12 months from the signing of these financial statements. Fury Events Holdings LLC has external financial support, this in the form of a bank revolving credit facility with a maturity date in December 2025. Whilst the credit facility has a maturity date within the twelve months from date of approval of the financial statements, the directors and parent company are satisfied this will not impact the going concern position.

 

The directors have therefore deemed it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements, acknowledging the nature of the material uncertainty which exists and is disclosed appropriately.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Profit is recognised on long-term contracts if the final outcome can be assessed with reasonable certainty by including in the profit and loss account turnover and related costs as contract activity progresses. For shorter term contracts, turnover in relation to event planning is recognised once the event has been completed.

1.4
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.

INVNT UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3

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:

Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

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.

1.6
Work in progress

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value. The types of items included in stock vary each year depending on the make up of events but usually includes work in progress which is based on the cost of staff time and other items purchased for future events.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

INVNT UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.8
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 statement of financial position 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, 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.

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.

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

INVNT UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at exchange rate set by management with reference to external rates. 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 are included in the income statement for the period.

2
Critical accounting 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued/deferred income and costs

The inherent uncertainties involved in the timing and recognition and thereby calculation of accrued and deferred income and costs are a key source of estimation uncertainty. These estimates affect the reported amounts of assets, liabilities, income and expenses.

Overhead allocation

The calculation, allocation and apportionment of overheads across the group is another key source of estimation uncertainty. This estimate affects the reported expenses.

3
Employees

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

2023
2022
Number
Number
Total
13
7
INVNT UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
10,820
Additions
9,824
At 31 December 2023
20,644
Depreciation and impairment
At 1 January 2023
41
Depreciation charged in the year
2,457
At 31 December 2023
2,498
Carrying amount
At 31 December 2023
18,146
At 31 December 2022
10,779
5
Work in progress
2023
2022
£
£
Work in progress
414,965
36,188
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,460,122
942,887
Amounts owed by group undertakings
1,486,642
89,606
Other debtors
208,292
357,054
3,155,056
1,389,547

The parent company, Fury Events Holding Company LLC, will underwrite other group intercompany debts payable to INVNT UK Limited to the extent the Company does not suffer financial losses from unsettled intercompany balances. It is the parent company intention where relevant any intercompany losses are suffered by the ultimate parent company.

INVNT UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
540,180
169,389
Amounts owed to group undertakings
3,304,088
2,848,212
Taxation and social security
735,424
38,756
Other creditors
1,933,259
323,690
6,512,951
3,380,047
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which records the directors assessment of going concern. This notes that the company is dependent on the support of its ultimate parent undertaking Fury Events Holding Company LLC and the continuation of the parent company external finance facility which matures during the going concern period.

 

These conditions, along with other matters as set forth in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Roger Weston
Statutory Auditors:
Saffery LLP
Date of audit report:
11 February 2025
9
Operating lease commitments
At the reporting date, the company had no operating lease commitments due after more than one year (2022: nil).
10
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group.

 

During the year the company purchased consultancy services totalling £nil (2021: £30,059) from The Marketects Limited, a related party by virtue of a Director in common.

INVNT UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
11
Parent company

The company is a wholly owned subsidiary of Fury Events Holding Company LLC, a company registered in the United States of America. Fury Events Holding Company LLC is the parent of the smallest group of which the company is a member that prepares consolidated accounts. These are available from its registered office at 101 Greenwich Street, Floor 26, New York, NY, 10006.

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