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Registered number: 08386638









SLEEK EVENTS LTD.









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
SLEEK EVENTS LTD.
 
 
COMPANY INFORMATION


Director
J Davidson 




Registered number
08386638



Registered office
4 Red Studios
Elm Grove

Wimbledon

SW19 4BX




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
SLEEK EVENTS LTD.
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Statement of Financial Position
 
 
10 - 11
Notes to the Financial Statements
 
 
12 - 24

 
SLEEK EVENTS LTD.
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Director presents their strategic report of the Company for the year ended 31 July 2024.

Business review
 
The principal activity of the Company in the year under review was that of B2B events management.
The results for the year and financial position of the Company are as shown in the annexed financial statements.  
The Company experienced another year of significant growth with turnover increasing by 39% from £15.8m to £22.0m. 
The Company continued its expansion into global markets with turnover from clients outside the UK increasing to £7.0m (2023: £3.7m).  
In order to service the increased demand the Company has expanded its team with average headcount growing to 40 (2023: 33) as well as strengthening its freelance talent pool.  
 
The balance sheet remains strong and net assets were £763k at 31 July 2024 (2023: £884k).

Principal risks and uncertainties
 
Management continually monitors key risks facing the Company along with assessing the controls used to manage these risks. The principal risks and uncertainties facing the Company are as follows:
(i) Market and economic conditions
Significant changes in the market and economic environment, particularly factors affecting the B2B events and marketing services market could have significant impact on the Company turnover. The Company continually monitors the pipeline of new opportunities and looks to develop relationships with a wide range of clients.
(ii) Loss of key personnel 
The loss of key individuals may limit the Company’s ability to grow the business as anticipated. Competitive remuneration packages are offered in order to retain staff. 
(iii) Reliance on key clients and sectors
The Company’s turnover is largely generated from the technology sector and is dominated by key clients. The Company is actively expanding its client base with recent success with new clients and diversifying into new sectors. 

Financial key performance indicators
 

   2024  2023  
Turnover   £22.0m £15.8m 
EBIT   £1.4m  £1.0m  
Shareholder funds £ 0.8m  £0.9m
The Company has no debt and net cash was £3.8m at the end of the year (2023: £2.5m).

Page 1

 
SLEEK EVENTS LTD.
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


This report was approved by the board and signed on its behalf.





J Davidson
Director

Date: 17 February 2025
Page 2

 
SLEEK EVENTS LTD.
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents her report and the financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 to enable her to ensure that the financial statements comply with the Companies Act 2006She is 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.

Principal activity

The principal activity of the Company is that of B2B events management. 

Results and dividends

The profit for the year, after taxation, amounted to £1,049,773 (2023 - £776,034).

During the year dividends of £1,173,906 (2023: £737,718) were paid. The director does not recommend payment of a final dividend. 

Director

The director who served during the year was:

J Davidson 

Future developments

The Board is pleased with the progress made in 2024 and believes in the continued success by growing existing client revenue along with expanding the client base.  This is already being achieved by expanding both geographical reach and sectors served.  This is being aided by expanding the services offered and strengthening the managing team including the appointment of non-executive directors to the Board.  

Page 3

 
SLEEK EVENTS LTD.
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company's auditors are unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J Davidson
Director

Date: 17 February 2025
Page 4

 
SLEEK EVENTS LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK EVENTS LTD.
 

Opinion


We have audited the financial statements of Sleek Events Ltd. (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 director's 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 director with respect to going concern are described in the relevant sections of this report.


Page 5

 
SLEEK EVENTS LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK EVENTS LTD. (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


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 Director's 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SLEEK EVENTS LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK EVENTS LTD. (CONTINUED)


Auditors' 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 Auditors' 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.


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:

Enquiring of management and those charged with governance around actual and potential litigation and claims; 
Enquiring of entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;
Reviewing minutes of meetings and those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Reviewing the general ledger in detail for all transactions with related parties;
Performing walkthrough testing to ensure systems and controls are operating as recorded where appropriate.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 purpose of expressing an opinion of 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 director.
Conclude on the appropriateness of the director's 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
Page 7

 
SLEEK EVENTS LTD.
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK EVENTS LTD. (CONTINUED)


that a material uncertainty exists, we are required to draw attention in our Auditors' 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 Auditors' 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.


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 2006Our 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 Auditors' 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.








Nick Bishop FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

17 February 2025
Page 8

 
SLEEK EVENTS LTD.
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,992,811
15,811,605

Cost of sales
  
(17,221,855)
(12,265,573)

Gross profit
  
4,770,956
3,546,032

Administrative expenses
  
(3,420,418)
(2,584,599)

Other operating income
 5 
-
19,433

Operating profit
 6 
1,350,538
980,866

Interest receivable and similar income
  
32,586
6,521

Interest payable and similar expenses
  
(3,713)
(242)

Profit before tax
  
1,379,411
987,145

Tax on profit
 10 
(329,638)
(211,111)

Profit after tax
  
1,049,773
776,034

  

  

Retained earnings at the beginning of the year
  
884,108
845,792

Profit for the year
  
1,049,773
776,034

Dividends declared and paid
 11 
(1,173,906)
(737,718)

Retained earnings at the end of the year
  
759,975
884,108
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
SLEEK EVENTS LTD.
REGISTERED NUMBER: 08386638

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
73,399
82,657

  
73,399
82,657

Current assets
  

Debtors: amounts falling due after more than one year
 13 
19,950
-

Debtors: amounts falling due within one year
 13 
2,815,434
3,491,178

Current asset investments
 14 
250,000
-

Cash at bank and in hand
  
3,836,206
2,506,051

  
6,921,590
5,997,229

Creditors: amounts falling due within one year
 15 
(6,209,426)
(5,179,214)

Net current assets
  
 
 
712,164
 
 
818,015

Total assets less current liabilities
  
785,563
900,672

Provisions for liabilities
  

Deferred tax
 16 
(15,488)
(16,464)

Other provisions
 17 
(10,000)
-

  
 
 
(25,488)
 
 
(16,464)

Net assets
  
760,075
884,208


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
759,975
884,108

  
760,075
884,208


Page 10

 
SLEEK EVENTS LTD.
REGISTERED NUMBER: 08386638
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J Davidson
Director

Date: 17 February 2025

The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Sleek Events Ltd is a private limited liability company incorporated in England & Wales.
The principal activity of the company is that of B2B events management.
The Registered Office address is 4 Red Studios, Elm Grove, Wimbledon, SW19 4BX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Sleek Group Limited as at 31 July 2024 and these financial statements may be obtained from the Registered Office.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due. 

Page 12

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue related to services provided in the preparation of upcoming events is recognised in the period in which the service is provided. 
Revenue related to the hosting and staging of the event is recognised at the time of the event or upon cancellation of the event.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 14

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
33%
Fixtures and fittings
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Current asset investments

Current asset investments are represented by cash deposits not immediately accessible. They are stated at cost plus accumulated interest. 

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 15

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties and loans to and from related parties.   
                                         
(i) Financial assets   
                     
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.                                            
Such assets are subsequently carried at amortised cost using the effective interest method.                               
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income and Retained Earnings.  
                                          
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.                                            
(ii) Financial liabilities 
                         
Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest.                                            
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.    
                                       
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.                                     
(iii) Offsetting          
          
Financial assets and liabilities are offset and 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgements or estimates that are materially significant to these accounts. 


4.


Turnover

The whole of the turnover is attributable to events management.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
14,963,019
12,099,113

Rest of Europe
5,327,115
2,695,873

Rest of the world
1,702,677
1,016,619

21,992,811
15,811,605



5.


Other operating income

2024
2023
£
£

Other operating income
-
19,433

-
19,433



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
42,162
27,361

Exchange differences
(53,583)
-

Other operating lease rentals
77,243
62,164

Defined contribution pension costs
56,626
61,983

Page 17

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,000
21,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,179,301
1,692,997

Social security costs
274,359
153,747

Cost of defined contribution scheme
56,626
61,983

2,510,286
1,908,727


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
39
32



Directors
1
1

40
33

Page 18

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Director's remuneration

2024
2023
£
£

Director's emoluments
12,504
12,270

Company contributions to defined contribution pension schemes
10,200
40,200

22,704
52,470


During the year retirement benefits were accruing to 1 directors (2023 - 1) in respect of defined contribution pension schemes.


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
330,614
197,143


Total current tax
330,614
197,143

Deferred tax


Origination and reversal of timing differences
(976)
13,968

Total deferred tax
(976)
13,968


Tax on profit
329,638
211,111
Page 19

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,379,411
987,145


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
344,853
207,300

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,726
3,203

Capital allowances for the year in excess of depreciation
21,196
934

Short-term timing difference leading to an increase (decrease) in taxation
(17,198)
-

Non-taxable income
(21,963)
-

Other differences leading to an increase (decrease) in the tax charge
(976)
(326)

Total tax charge for the year
329,638
211,111


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends
1,173,906
737,718

Page 20

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 August 2023
63,293
33,768
43,911
140,972


Additions
10,560
5,915
16,429
32,904



At 31 July 2024

73,853
39,683
60,340
173,876



Depreciation


At 1 August 2023
13,801
22,780
21,734
58,315


Charge for the year on owned assets
20,513
7,011
14,638
42,162



At 31 July 2024

34,314
29,791
36,372
100,477



Net book value



At 31 July 2024
39,539
9,892
23,968
73,399



At 31 July 2023
49,492
10,988
22,177
82,657

Page 21

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
19,950
-


2024
2023
£
£

Due within one year

Trade debtors
898,761
2,278,588

Amounts owed by group undertakings
517,420
-

Other debtors
-
174,619

Prepayments and accrued income
1,399,253
1,037,971

2,815,434
3,491,178


Amounts owed by group undertakings are unsecured, interest-free and are repayable on demand. 


14.


Current asset investments

2024
2023
£
£

Cash deposits
250,000
-



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
555,987
710,845

Amounts owed to group undertakings
-
250,000

Corporation tax
168,336
197,339

Other taxation and social security
117,556
46,774

Other creditors
18,448
57,697

Accruals and deferred income
5,349,099
3,916,559

6,209,426
5,179,214


Page 22

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Deferred taxation




2024


£






At beginning of year
(16,464)


Charged to profit or loss
976



At end of year
(15,488)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(17,983)
(16,464)

Short term timing differences
2,495
-

(15,488)
(16,464)


17.


Provisions




Dilapidationprovision

£





Charged to profit or loss
10,000



At 31 July 2024
10,000


18.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



19.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses. 

Page 23

 
SLEEK EVENTS LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £56,626 (2023: £61,983). Contributions totalling £9,979 (2023: £8,977) were payable to the fund at the reporting date and are included in creditors. 


21.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
76,443
26,647

Later than 1 year and not later than 5 years
52,633
5,423

129,076
32,070


22.Other financial commitments

The Company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency balances. As at 31 July 2024 there were three contracts maturing within 1 month of the balance sheet date, to buy €300,000 in aggregate and pay a fixed sterling amount.


23.


Related party transactions

Where possible, the Company has taken advantage of the exemptions in Section 33.1A of FRS 102 not to disclose transactions with other wholly-owned group undertakings.
Included within other creditors is an amount of £1,871 (2023: £519) owed to the director of the Company. 


24.


Controlling party

The immediate and ultimate parent undertaking is Sleek Group Limited, a company incorporated in England & Wales.
Consolidated financial statements of Sleek Group Limited are available from the Registered Office.
The ultimate controlling party is J Davidson.
 
Page 24