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Registered number: 14061552









SLEEK GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
SLEEK GROUP LIMITED
 
 
COMPANY INFORMATION


Director
J Davidson 




Registered number
14061552



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 GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Consolidated Statement of Comprehensive Income
 
 
9
Consolidated Statement of Financial Position
 
 
10 - 11
Company Statement of Financial Position
 
 
12
Consolidated Statement of Changes in Equity
 
 
13
Company Statement of Changes in Equity
 
 
14
Consolidated Statement of Cash Flows
 
 
15 - 16
Notes to the Financial Statements
 
 
17 - 30


 
SLEEK GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The Director presents their strategic report of the Company and the Group together with the consolidated statements of Sleek Group Ltd (the “Company”) and its subsidiaries (together the “Group”) for the year ended 31 July 2024.

Business review
 
The principal activity of the Group in the year under review was that of B2B events management.
The results for the year and financial position of the Group are as shown in the annexed financial statements.  
The Group experienced another year of significant growth with turnover increasing by 38% from £16.2m to £22.4m. Careful management of the cost base resulted in considerable improvement of EBIT from £1.0m to £1.3m.
The Group 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 Group has expanded its team with average headcount growing to 40 (2023: 33) and have also increased its office space.  
 
The balance sheet remains strong and net assets were £1.6m at 31 July 2024 (2023: £1.7m).

Principal risks and uncertainties
 
Management continually monitors key risks facing the Group along with assessing the controls used to manage these risks. The principal risks and uncertainties facing the Group 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 group turnover. The Group 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 Group’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 Group’s turnover is largely generated from the technology sector and is dominated by key clients. The Group is actively expanding its client base with recent success with new clients and diversifying into new sectors. 

Financial key performance indicators
 
  2024  2023
Turnover   £22.4m £16.2m
EBIT   £1.3m  £1.0m
Shareholder funds £1.6m  £1.7m
The Group has no debt and net cash was £3.8m at the end of the year (2023: £2.5m).

Page 1

 
SLEEK GROUP LIMITED
 

GROUP 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 GROUP LIMITED
 
 
 
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 Group Strategic Report, the Director's Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


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

make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

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

Results and dividends

The profit for the year, after taxation, amounted to £1,088,592 (2023 - £842,157).

During the year dividends of £1,173,906 (2023: £462,598) were paid.

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 GROUP LIMITED
 
 
 
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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

Following the year end, the Ordinary Share Capital has been redesignated into 95 A Ordinary Shares and 5 B Ordinary Shares. 

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 GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK GROUP LIMITED
 

Opinion


We have audited the financial statements of Sleek Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's 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 Group 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 Group's or the parent 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 GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK GROUP LIMITED (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SLEEK GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK GROUP LIMITED (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 Group 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 judgment 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 GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SLEEK GROUP LIMITED (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.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


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 GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,362,574
16,222,476

Cost of sales
  
(17,502,316)
(12,628,233)

Gross profit
  
4,860,258
3,594,243

Administrative expenses
  
(3,541,864)
(2,566,885)

Operating profit
 5 
1,318,394
1,027,358

Income from fixed assets investments
 9 
84,495
24,813

Interest receivable and similar income
  
32,586
6,521

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

Profit before taxation
  
1,431,762
1,058,450

Tax on profit
 10 
(343,170)
(216,293)

Profit for the financial year
  
1,088,592
842,157

Profit for the year attributable to:
  

Owners of the parent Company
  
1,088,592
842,157

  
1,088,592
842,157

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 30 form part of these financial statements.

Page 9

 
SLEEK GROUP LIMITED
REGISTERED NUMBER: 14061552

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
73,631
83,499

  
73,631
83,499

Current assets
  

Debtors: amounts falling due after more than one year
 14 
19,950
-

Debtors: amounts falling due within one year
 14 
2,298,015
3,491,178

Current asset investments
 15 
1,609,308
524,813

Bank and cash balances
  
3,836,437
2,506,342

  
7,763,710
6,522,333

Creditors: amounts falling due within one year
 16 
(6,242,991)
(4,935,192)

Net current assets
  
 
 
1,520,719
 
 
1,587,141

Total assets less current liabilities
  
1,594,350
1,670,640

Provisions for liabilities
  

Deferred taxation
 17 
(15,488)
(16,464)

Other provisions
 18 
(10,000)
-

  
 
 
(25,488)
 
 
(16,464)

Net assets
  
1,568,862
1,654,176


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account
 20 
1,568,762
1,654,076

Equity attributable to owners of the parent Company
  
1,568,862
1,654,176

  
1,568,862
1,654,176


Page 10

 
SLEEK GROUP LIMITED
REGISTERED NUMBER: 14061552
    
CONSOLIDATED 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 17 to 30 form part of these financial statements.

Page 11

 
SLEEK GROUP LIMITED
REGISTERED NUMBER: 14061552

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
288
200

  
288
200

Current assets
  

Debtors: amounts falling due within one year
 14 
-
249,900

Current asset investments
 15 
1,359,308
524,813

  
1,359,308
774,713

Creditors: amounts falling due within one year
 16 
(549,487)
(5,182)

Net current assets
  
 
 
809,821
 
 
769,531

Total assets less current liabilities
  
810,109
769,731

  

  

Net assets
  
810,109
769,731


Capital and reserves
  

Called up share capital 
 19 
100
100

Profit and loss account brought forward
  
769,631
-

Profit for the year
  
1,214,284
1,257,349

Other changes in the profit and loss account

  

(1,173,906)
(487,718)

Profit and loss account carried forward
  
810,009
769,631

  
810,109
769,731


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 17 to 30 form part of these financial statements.

Page 12

 
SLEEK GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
100
1,274,517
1,274,617


Comprehensive income for the period

Profit for the year
-
842,157
842,157
Total comprehensive income for the period
-
842,157
842,157


Contributions by and distributions to owners

Dividends: Equity capital
-
(462,598)
(462,598)


Total transactions with owners
-
(462,598)
(462,598)



At 1 August 2023
100
1,654,076
1,654,176


Comprehensive income for the year

Profit for the year
-
1,088,592
1,088,592
Total comprehensive income for the year
-
1,088,592
1,088,592


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,173,906)
(1,173,906)


Total transactions with owners
-
(1,173,906)
(1,173,906)


At 31 July 2024
100
1,568,762
1,568,862


The notes on pages 17 to 30 form part of these financial statements.

Page 13

 
SLEEK GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Profit for the period
-
1,257,349
1,257,349
Total comprehensive income for the period
-
1,257,349
1,257,349


Contributions by and distributions to owners

Dividends: Equity capital
-
(487,718)
(487,718)

Shares issued during the period
100
-
100


Total transactions with owners
100
(487,718)
(487,618)



At 1 August 2023
100
769,631
769,731


Comprehensive income for the period

Profit for the year
-
1,214,284
1,214,284
Total comprehensive income for the year
-
1,214,284
1,214,284


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,173,906)
(1,173,906)


Total transactions with owners
-
(1,173,906)
(1,173,906)


At 31 July 2024
100
810,009
810,109


The notes on pages 17 to 30 form part of these financial statements.

Page 14

 
SLEEK GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,088,592
842,157

Adjustments for:

Depreciation of tangible assets
42,772
27,883

Interest paid
3,713
242

Interest received
(32,586)
(31,334)

Taxation charge
343,170
216,293

Decrease/(increase) in debtors
1,173,214
(2,157,903)

Increase in creditors
1,323,270
2,379,407

Increase in provisions
10,000
-

Corporation tax (paid)
(359,618)
(63,396)

Income from current asset investments
(84,495)
-

Net cash generated from operating activities

3,508,032
1,213,349


Cash flows from investing activities

Purchase of tangible fixed assets
(32,904)
(96,879)

Purchase of short-term investments
(4,250,000)
(500,000)

Sale of short-term listed investments
3,500,000
-

Purchase of short-term unlisted investments
(250,000)
-

Interest received
32,586
6,521

Net cash from investing activities

(1,000,318)
(590,358)

Cash flows from financing activities

Dividends paid
(1,173,906)
(462,598)

Interest paid
(3,713)
(242)

Net cash used in financing activities
(1,177,619)
(462,840)

Net increase in cash and cash equivalents
1,330,095
160,151
Page 15

 
SLEEK GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
2,506,342
2,346,191

Cash and cash equivalents at the end of year
3,836,437
2,506,342


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,836,437
2,506,342

3,836,437
2,506,342


The notes on pages 17 to 30 form part of these financial statements.

Page 16

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Sleek Group Limited is a private limited liability company incorporated in England & Wales.
The principal activity of the company is that of a holding company.
The principal activity of the Group 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
These financial statements represent the consolidated group accounts of Sleek Group Limited, and reflect the results of the group for the year to 31 July 2024, and to 31 July 2023 based upon the following accounting policies:
Subsidiaries
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group 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 17

 
SLEEK GROUP LIMITED
 
 
 
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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 Group 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.

 
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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 18

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
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 and the Group operate and generate 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.

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:

Short-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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

  
2.13

Current asset investments

Investments are initially recognised at cost. Subsequent to initial recognition, current asset investments are revalued to fair value with movements recognised in the Statement of Comprehensive Income. 

 
2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
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.

 
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. 
                                          
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.
                                            
 
Page 20

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

(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.


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. 

Page 21

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Events management
22,362,574
16,222,476


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,332,782
12,509,984

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

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

22,362,574
16,222,476



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(53,648)
(19,434)

Other operating lease rentals
77,243
62,164


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,000
16,100

Fees payable to the Company's auditors in respect of:

The auditing of accounts of associates of the Company
19,000
21,000

Taxation compliance services
3,900
1,200

Page 22

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

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


Group
Group
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:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
39
32
-
-



Director
1
1
1
1

40
33
1
1


8.


Director's remuneration

2024
2023
£
£



Director's emoluments
12,504
12,270

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

22,704
52,470

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


9.


Income from investments

2024
2023
£
£

Income from current asset investments
84,495
24,813






Page 23

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Taxation


2024
 2023
£
£

Corporation tax


Current tax on profits for the year
343,745
202,325

Adjustments in respect of previous periods
401
-

344,146
202,325


Deferred tax


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

Total deferred tax
(976)
13,968


Tax on profit
343,170
216,293

Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - lower 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
1,431,696
1,058,450


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
357,924
222,275

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,775
940

Capital allowances for year/period in excess of depreciation
21,196
(13,034)

Utilisation of tax losses
(21,606)
-

Short-term timing difference leading to an increase (decrease) in taxation
(16,795)
-

Non-taxable income
(347)
-

Other differences leading to an increase (decrease) in the tax charge
(977)
6,112

Total tax charge for the year/period
343,170
216,293


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Dividends

2024
2023
£
£


Dividends
1,173,906
462,598


12.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 August 2023
63,293
33,768
45,494
142,555


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



At 31 July 2024

73,853
39,683
61,923
175,459



Depreciation


At 1 August 2023
13,801
22,780
22,475
59,056


Charge for the year on owned assets
20,513
7,011
15,248
42,772



At 31 July 2024

34,314
29,791
37,723
101,828



Net book value



At 31 July 2024
39,539
9,892
24,200
73,631



At 31 July 2023
49,492
10,988
23,019
83,499

Page 25

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 August 2023
200


Additions
88



At 31 July 2024
288





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Sleek Events Ltd.
4 Red Studios, Elm Grove, Wimbledon, SW19 4BX
Ordinary
100%
Sleek Collective Limited
4 Red Studios, Elm Grove, Wimbledon, SW19 4BX
Ordinary
100%
Sleek Events B.V.
John M. Keynesplein 10, 1066EP Amsterdam, Netherlands
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Sleek Events Ltd.
760,075
1,049,773

Sleek Collective Limited
(466,301)
86,227

Sleek Events B.V.
88
-

Sleek Collective Limited has taken advantage of an audit exemption under S479A of the Companies Act 2006 by way of having received a parent company guarantee under S479C.

Page 26

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
19,950
-
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
898,762
2,278,588
-
-

Amounts owed by group undertakings
-
-
-
249,900

Other debtors
-
174,619
-
-

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

2,298,015
3,491,178
-
249,900


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


15.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Unlisted investments
1,609,308
524,813
1,359,308
524,813

1,609,308
524,813
1,359,308
524,813


Page 27

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
555,988
710,846
-
-

Amounts owed to group undertakings
-
-
517,573
-

Corporation tax
187,050
202,521
18,714
5,182

Other taxation and social security
117,556
46,774
-
-

Other creditors
18,448
57,697
-
-

Accruals and deferred income
5,363,949
3,917,354
13,200
-

6,242,991
4,935,192
549,487
5,182


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


17.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(16,464)
(2,496)


Charged to profit or loss
976
(13,968)



At end of year
(15,488)
(16,464)







The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

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

Short term timing differences
2,495
-

(15,488)
(16,464)

Page 28

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

18.


Provisions


Group



Dilapidation provision

£





Charged to profit or loss
10,000



At 31 July 2024
10,000


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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



20.


Reserves

Profit and loss account

The profit and loss account is made up of all current and prior year profits and losses less dividends paid.


21.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  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.


22.


Commitments under operating leases

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


Group
Group
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
Page 29

 
SLEEK GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.Other financial commitments

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


24.


Related party transactions

Where possible, the company has taken advantage of the exemption within s33.1A of FRS 102 not to disclose related party transactions with other wholly owned group undertakings.
The director is considered key management and their salaries are disclosed in note 8 to the financial statements.
Included within other creditors is an amount of £1,871 (2023: £519) owed to a director of the Group.  


25.


Post balance sheet events

Following the year end, the Ordinary Share Capital has been redesignated into 95 A Ordinary Shares and 5 B Ordinary Shares.


26.


Controlling party

The ultimate controlling party is J Davidson by virtue of her majority shareholding.

 
Page 30