REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 22 AUGUST 2023 TO 30 JUNE 2024 |
FOR |
TRADE EVENTS WEST AFRICA LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 22 AUGUST 2023 TO 30 JUNE 2024 |
FOR |
TRADE EVENTS WEST AFRICA LIMITED |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 22 August 2023 to 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TRADE EVENTS WEST AFRICA LIMITED |
COMPANY INFORMATION |
for the period 22 August 2023 to 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & |
Statutory Auditors |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
BALANCE SHEET |
30 June 2024 |
Notes | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 22 August 2023 to 30 June 2024 |
1. | STATUTORY INFORMATION |
Trade Events West Africa Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
As described in the financial statements the company has net current liabilities of £555,119. These net current liabilities include amounts due to the company's shareholders Angus Montgomery and the directors Mr G Pearson and Mr J Pearson totalling of £368,022. Accordingly the company is dependant upon the continued support of its shareholders and directors in order to meet its day to day working capital requirements. |
Angus Montgomery Limited and GJP Business Ventures have indicated that they will continue to support the company for a period of at least one year from the approval date of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities. |
Turnover |
Revenue represents the income receivable from the organisation and management of exhibitions that occur in the financial period, net of value added tax. |
Revenue is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebate. |
Income and directly allocable costs arising from exhibitions are to be taken to the profit and loss account in the financial period in which the relevant exhibitions take place. Income and directly related costs arising from exhibitions to be held at a date subsequent to the balance sheet date are not taken to the profit and loss account but are treated as deferred exhibition income and deferred expenditure and included in the balance sheet as deferred exhibition income and deferred exhibition costs respectively. |
Investments in subsidiaries |
Investments in subsidiary companies is held at cost less accumulated impairment losses. |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 22 August 2023 to 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
The financial statements are presented in sterling which is also the the functional currency of the company. |
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the |
standard exchange rate ruling for the period.. |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of |
exchange ruling at the reporting date. |
Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was |
determined. |
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on |
non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 22 August 2023 to 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
a) Basic financial assets |
Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic 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 profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Bank overdrafts and invoice discounting facility are presented within creditors: amounts falling due within one year. |
Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 22 August 2023 to 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
During the year, the Company acquired 100% of shares in Business & Trade Events Nigeria Limited, a company incorporated in Nigeria. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts owed by related undertakings are stated after provision for impairment of £367,022. Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to related undertakings |
Other creditors |
Other loans | 181,614 |
Accruals and deferred income |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 22 August 2023 to 30 June 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Amounts owed to related undertakings are unsecured, interest free, have no fixed date of repayment and are |
repayable on demand. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 100 |
100 Ordinary shares of £1 each were allotted and fully paid for |
9. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 30 June 2024 | ( |
) |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
Emphasis of matter |
We draw your attention to note 3 in the financial statements, concerning the company's ability to continue as a going concern. We have reviewed the directors assertions in relation to cashflow and forecasts over the next 12 months and consider these to be adequately disclosed in the financial statements. As such we emphasise this matter but our report is not qualified in respect of this matter. |
Neil Usher (Senior Statutory Auditor) |
for and on behalf of Thorne Lancaster Parker |
Date: 18 March 2025 |
TRADE EVENTS WEST AFRICA LIMITED (REGISTERED NUMBER: 15087633) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 22 August 2023 to 30 June 2024 |
11. | RELATED PARTY DISCLOSURES |
Afrocet Montgomery Exhibitions & Events PTY |
At the year end Angus Montgomery Limited owns 50% of Afrocet Montgomery Exhibitions & Events PTY. |
As at 30 June 2024, the Company is owed £367,022 in respect of the above, and this amount is interest free and has no fixed date for repayment.This debt has been provided in full at the year end date. |
Angus Montgomery Limited |
At the year end Angus Montgomery Limited owns 50% of the Company. |
As at 30 June 2024, the company owed Angus Montgomery Limited £185,908 in respect of the above, and this amount is interest free and has no fixed date for repayment. |
During the year, Angus Montgomery Limited charged the company £250,378 for direct costs and overheads. At 30 June 2024 the amount outstanding in respect of the above £98,645 and this is shown within trade creditors. |
G Pearson |
Mr G Pearson is the director of the company and a shareholder of GJP Business Ventures Limited. As at 30 June 2024, the company owed Mr G Pearson £80,432 in respect of the above, and this amount is interest free and has no fixed date for repayment. |
J Pearson |
Mr J Pearson is the director of the company and a shareholder of GJP Business Ventures Limited. As at 30 June 2024, the company owed Mr J Pearson £101,182 in respect of the above, and this amount is interest free and has no fixed date for repayment. |
GJP Business Ventures Limited |
At the year end GJP Business Ventures Limited owns 50% of the Company. |
As at 30 June 2024, the company owed GJP Business Ventures Limited £500 in respect of the above, and this amount is interest free and has no fixed date for repayment. |
12. | ULTIMATE CONTROLLING PARTY |
The company is owned equally by Angus Montgomery Limited and GJP Business Ventures Limited. |