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04036523
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Financial statements
31 December 2024
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Directors and other information
|
|
|
|
Directors |
S Hainsworth |
|
|
R Naik |
|
|
|
|
|
|
|
Company number |
04036523 |
|
|
|
|
|
|
|
Registered office |
Altar Farm |
|
|
Marley |
|
|
Bingley |
|
|
West Yorkshire |
|
|
BD16 2DW |
|
|
|
|
|
|
|
Business address |
Alexander Stadium |
|
|
Walsall Road |
|
|
Birmingham |
|
|
B42 2LR |
|
|
|
|
|
|
|
Auditor |
Sutton McGrath Hartley |
|
|
5 Westbrook Court |
|
|
Sharrow Vale Road |
|
|
Sheffield |
|
|
S11 8YZ |
|
|
|
|
|
|
|
Accountants |
Shepherd Partnership |
|
|
Carleton Business Park |
|
|
Skipton |
|
|
BD23 2DE |
|
|
|
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Strategic report
Period ended 31 December 2024
Principal activity and business review
The principal activity of the company is that of the management of transport, travel and accommodation for major corporate and sporting events.
CSE continue to ensure our focus remains on the delivery of logistics services (transport, travel and accommodation) for major sporting events as the primary driver of revenue for the business.
Our operations extend to areas outside the UK, including across Europe, North America and Australia. We also retain a core clientele that utilise our services in relation to general travel management including air and rail as well as individual and conference accommodation needs.
The company successfully navigated the pandemic and recovered strongly from the impact with a return to substantial growth, which was consolidated in 2024; due to the nature of the industry there have been fewer events during the current shortened period leading to a reduction in turnover for the period.
Financial risk management objectives and policies
The annual outcome will potentially vary depending on the number of significant sporting events that are managed in each financial year. Gross profit is driven by the risks that we undertake when securing accommodation and on the understanding that for certain events, the contractual liabilities rest with CSE if the event does not achieve the expected entry levels. These risks are mitigated where possible and great attention to detail is taken by the senior management to monitor cancellation deadlines.
The business continues to be relatively immune to risks relating to the war in Ukraine and the general UK wide economic performance as these major sporting events continue to happen across the continent regardless of changes to the economic landscape.
We managed the effects of the pandemic well and have emerged from this with a strong recovery; should a similar situation arise and restrictions be imposed again, the business has proven strategies and the agility to react and adapt accordingly.
CSE's business model is now well established and shows long term results with a consistent performance, whilst controlling business overheads; we are able to maintain this position thanks to our strong balance sheet and highly efficient and experienced staff.
Key performance indicators
The company monitors its performance primarily on gross margins achieved. This is because turnover will rise and fall depending on the timelines for major events that we manage.
The costs of operations remains broadly consistent and these are not expected to change in any significant way over the next three years.
The gross profit level comparison over the last four years is:
- 2021 37.18%,
- 2022 20.76%
- 2023 18.65%
- 2024 18.84%
- Dec 2024 15.48%
Margins during the pandemic were higher than average due to tight control of costs and human resources.
Gross profit margins continue to demonstrate exceptional performances given the low gross margin commissions offered by suppliers that we engage and where clients also have the opportunity to source the services we provide directly from the purveyors of transport, travel and accommodation.
Financial review
The company generated turnover of £5,299,273 for the 8 month period to 31 December 2024 (2024: £19,218,633), yielding gross profits of £820,560 (2024: £3,621,720), leaving the company with net assets of £8,409,835 at 31 December 2024 (2024: £8,533,287).
The results for the financial period are set out in the Statement of comprehensive income on page 10. Gross profit margins for the period have decreased to 15.5% (2024: 18.8%).
This report was approved by the board of directors on 13 June 2025 and signed on behalf of the board by:
S Hainsworth
Director
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Directors report
Period ended 31 December 2024
The directors present their report and the financial statements of the company for the period ended 31 December 2024.
Directors
The directors who served the company during the period were as follows:
Dividends
The directors have recommended and have paid a dividend totalling £500,000 (2024: £1,220,000). Dividends are disclosed in note 13.
Future developments
We rermain determined to continue to win significant new clients that will maintain the momentum of the business and its primary operations for the foreseeable future.
We expect to remain the market leader worldwide in sporting logistsics delivery.
Financial instruments
We retain funds in all major currencies to reduce ongoing trading risks.
Qualifying indemnity provision
The Company has, as permitted by s234 and 235 of the Companies Act 2006, maintained insurance cover on behalf of the Directors indemnifying them against certain liabilities which may be incurred by them in relation to the Company.
Other matters
The financial statements are prepared on the going concern basis which assumes the Company will continue in operational existence for the forseeable future. In assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant available information about future trading, profit and cash forecasts. It is therefore considered appropriate to adopt the going concern basis of accounting in preparation of the annual financial statements.
Disclosure of information in the strategic report.
Details of the principal risks and uncertainties facing the Company and its financial risk management objectives and policies are given in the Strategic report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
13 June 2025
and signed on behalf of the board by:
S Hainsworth
Director
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Independent auditor's report to the members of
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Period ended 31 December 2024
Opinion
We have audited the financial statements of CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED (the 'company') for the period ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the period 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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report has 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 directors' report. We have nothing to report in respect of the following matters where 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 the returns; or - certain disclosures of directors' 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our assessment of the susceptibility to material misstatement, whether by fraud or error, is made in a risk based approach. In this approach, laws and regulations applicable to the entity, such as the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102, the relevant tax compliance regulations within the UK, employment law, and Health and Safety law is considered, and the policies and controls the entity has in place to comply with these laws are reviewed, by discussion, reviews of correspondence and registrations monitored by external bodies. The engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Policies and controls relating to the risk of material misstatement as a result of fraud are also considered. These are assessed by obtaining an understanding of the company's operations and control environment. The policies and controls have been reviewed by discussion, review and sample testing of accounting entries, challenging assumptions and judgements, reviewing and evaluating related parties transactions, and wider background searches. Testing of income recognition and cut off, along with testing of salary costs is also completed. We have ensured that the engagement team have appropriate levels of competence and experience to effectively monitor these risks and carry out work relevant to our assessment of each risk, including consideration of the industry the company operates in and its size and complexity. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
James Salim FCCA
(Senior Statutory Auditor)
For and on behalf of
Sutton McGrath Hartley
Chartered Accountant and Statutory Auditor
5 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
13 June 2025
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of comprehensive income
Period ended 31 December 2024
|
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|
Period |
|
Year |
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
31/12/24 |
|
30/04/24 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
5,299,273 |
|
19,218,633 |
|
|
|
Cost of sales |
|
|
|
(
4,478,713) |
|
(
15,596,913) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Gross profit |
|
|
|
820,560 |
|
3,621,720 |
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
755,218) |
|
(
1,027,093) |
|
|
|
Other operating income |
|
5 |
|
275,880 |
|
1,038,426 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Operating profit |
|
6 |
|
341,222 |
|
3,633,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
9 |
|
174,953 |
|
- |
|
|
|
Interest payable and similar expenses |
|
10 |
|
(
14,111) |
|
- |
|
|
|
Profit before taxation |
|
|
|
502,064 |
|
3,633,053 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax on profit |
|
11 |
|
(
125,516) |
|
(
908,810) |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
Profit for the financial period and total comprehensive income |
|
|
|
376,548 |
|
2,724,243 |
|
|
|
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of financial position
31 December 2024
|
|
|
31/12/24 |
|
|
|
30/04/24 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
|
Tangible assets |
|
14 |
15,665 |
|
|
|
18,075 |
|
|
|
Investments |
|
15 |
136,364 |
|
|
|
136,364 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
152,029 |
|
|
|
154,439 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
Debtors |
|
16 |
3,250,818 |
|
|
|
3,854,954 |
|
|
|
Cash at bank and in hand |
|
|
6,559,541 |
|
|
|
7,748,399 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
9,810,359 |
|
|
|
11,603,353 |
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
|
within one year |
|
17 |
(
1,548,637) |
|
|
|
(
3,219,986) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
Net current assets |
|
|
|
|
8,261,722 |
|
|
|
8,383,367 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Total assets less current liabilities |
|
|
|
|
8,413,751 |
|
|
|
8,537,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
18 |
|
|
(
3,916) |
|
|
|
(
4,519) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Net assets |
|
|
|
|
8,409,835 |
|
|
|
8,533,287 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
|
Called up share capital |
|
21 |
|
|
45,001 |
|
|
|
45,001 |
|
Profit and loss account |
|
22 |
|
|
8,364,834 |
|
|
|
8,488,286 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
Shareholders funds |
|
|
|
|
8,409,835 |
|
|
|
8,533,287 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
13 June 2025
, and are signed on behalf of the board by:
S Hainsworth
Director
Company registration number:
04036523
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of changes in equity
Period ended 31 December 2024
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023 |
|
45,001 |
|
6,984,043 |
7,029,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
2,724,243 |
2,724,243 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
Total comprehensive income for the period |
|
- |
|
2,724,243 |
2,724,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
1,220,000) |
(
1,220,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
1,220,000) |
(
1,220,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
At 30 April 2024 and 1 May 2024 |
|
45,001 |
|
8,488,286 |
8,533,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
|
|
|
376,548 |
376,548 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
Total comprehensive income for the period |
|
- |
|
376,548 |
376,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
500,000) |
(
500,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
500,000) |
(
500,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2024 |
|
45,001 |
|
8,364,834 |
8,409,835 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Statement of cash flows
Period ended 31 December 2024
|
|
Period |
|
Year |
|
|
|
ended |
|
ended |
|
|
|
31/12/24 |
|
30/04/24 |
|
|
|
£ |
|
£ |
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Profit for the financial period |
|
376,548 |
|
2,724,243 |
|
|
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
Depreciation of tangible assets |
|
2,410 |
|
4,519 |
|
|
Other interest receivable and similar income |
|
(
174,953) |
|
- |
|
|
Interest payable and similar expenses |
|
14,111 |
|
- |
|
|
Tax on profit |
|
125,516 |
|
908,810 |
|
|
Accrued expenses/(income) |
|
(
478,161) |
|
253,090 |
|
|
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
|
Trade and other debtors |
|
604,136 |
|
(2,308,560) |
|
|
Trade and other creditors |
|
(
1,105,235) |
|
(404,831) |
|
|
|
_______ |
|
_______ |
|
|
Cash generated from operations |
|
(
635,628) |
|
1,177,271 |
|
|
|
|
|
|
|
|
Interest paid |
|
(
14,111) |
|
- |
|
|
Interest received |
|
174,953 |
|
- |
|
|
Tax paid |
|
(
335,889) |
|
(1,057,612) |
|
|
|
_______ |
|
_______ |
|
|
Net cash (used in)/from operating activities |
|
(
810,675) |
|
119,659 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchase of tangible assets |
|
- |
|
(
3,883) |
|
|
|
_______ |
|
_______ |
|
|
Net cash from/(used in) investing activities |
|
- |
|
(
3,883) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Directors' curent account movement |
|
121,817 |
|
378,309 |
|
|
Equity dividends paid |
|
(
500,000) |
|
(
1,220,000) |
|
|
|
_______ |
|
_______ |
|
|
Net cash used in financing activities |
|
(
378,183) |
|
(
841,691) |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
1,188,858) |
|
(
725,915) |
|
|
Cash and cash equivalents at beginning of period |
|
7,748,399 |
|
8,474,314 |
|
|
|
_______ |
|
_______ |
|
|
Cash and cash equivalents at end of period |
|
6,559,541 |
|
7,748,399 |
|
|
|
_______ |
|
_______ |
|
|
|
|
|
|
|
CORPORATE & SPORTING EVENTS MANAGEMENT LIMITED
Notes to the financial statements
Period ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Altar Farm, Marley, Bingley, West Yorkshire, BD16 2DW.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Rendering of services |
|
5,299,273 |
19,218,633 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Commission receivable |
|
224,880 |
902,426 |
|
Management charges receivable |
|
51,000 |
136,000 |
|
|
|
_______ |
_______ |
|
|
|
275,880 |
1,038,426 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
Period |
Year |
|
|
|
|
ended |
ended |
|
|
|
|
31/12/24 |
30/04/24 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
2,410 |
4,519 |
|
Impairment of trade debtors |
|
|
63,706 |
293 |
|
Foreign exchange differences |
|
|
51,839 |
12,010 |
|
Fees payable for the audit of the financial statements |
|
|
9,000 |
10,000 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
Administrative staff |
|
12 |
13 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The aggregate payroll costs incurred during the period were:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
314,175 |
454,440 |
|
Social security costs |
|
26,950 |
42,117 |
|
Other pension costs |
|
103,102 |
176,398 |
|
|
|
_______ |
_______ |
|
|
|
444,227 |
672,955 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Remuneration |
|
30,334 |
45,500 |
|
Company contributions to pension schemes in respect of qualifying services |
|
80,000 |
120,000 |
|
Compensation for loss of office |
|
7,608 |
9,555 |
|
|
|
_______ |
_______ |
|
|
|
117,942 |
175,055 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
Number |
Number |
|
Defined contribution plans |
|
2 |
2 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
174,953 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
Period |
Year |
|
|
|
|
ended |
ended |
|
|
|
|
31/12/24 |
30/04/24 |
|
|
|
|
£ |
£ |
|
Other interest payable and similar expenses |
|
|
14,111 |
- |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
11.
Tax on profit
Major components of tax expense
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
126,119 |
908,969 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
603) |
(
159) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
125,516 |
908,810 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Reconciliation of tax expense
The tax assessed on the profit for the period is the same as (2024: higher than) the
standard rate of corporation tax in the UK
of
25.00
% (2024: 25.00%).
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Profit before taxation |
|
502,064 |
3,633,053 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Profit multiplied by rate of tax |
|
125,516 |
908,263 |
|
Effect of expenses not deductible for tax purposes |
|
- |
547 |
|
Effect of capital allowances and depreciation |
|
603 |
159 |
|
Deferred tax movement |
|
(
603) |
(
159) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
125,516 |
908,810 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Profit for the period attributable to the owners of the company |
|
376,548 |
2,724,243 |
|
|
|
_______ |
_______ |
|
|
|
|
|
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Earnings/(loss) used in calculation of basic earnings/(loss) per share |
|
376,548 |
2,724,243 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Dividends
Equity dividends
|
|
|
Period |
Year |
|
|
|
ended |
ended |
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year) |
|
500,000 |
1,220,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
14.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 May 2024 and 31 December 2024 |
87,441 |
87,441 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 May 2024 |
69,366 |
69,366 |
|
|
|
|
|
|
Charge for the year |
2,410 |
2,410 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2024 |
71,776 |
71,776 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2024 |
15,665 |
15,665 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 30 April 2024 |
18,075 |
18,075 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.
Investments
|
|
Other investments other than loans |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 May 2024 and 31 December 2024 |
136,364 |
136,364 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 May 2024 and 31 December 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2024 |
136,364 |
136,364 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 April 2024 |
136,364 |
136,364 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
16.
Debtors
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Trade debtors |
|
452,598 |
1,811,293 |
|
Amounts owed by undertakings in which the company has a participating interest |
|
2,752,000 |
2,002,000 |
|
Prepayments and accrued income |
|
46,220 |
41,661 |
|
|
|
_______ |
_______ |
|
|
|
3,250,818 |
3,854,954 |
|
|
|
_______ |
_______ |
|
|
|
|
|
17.
Creditors: amounts falling due within one year
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Trade creditors |
|
527,747 |
1,552,355 |
|
Accruals and deferred income |
|
69,320 |
547,481 |
|
Corporation tax |
|
345,325 |
555,095 |
|
Social security and other taxes |
|
33,892 |
87,969 |
|
Director loan accounts |
|
562,955 |
441,138 |
|
Other creditors |
|
9,398 |
35,948 |
|
|
|
_______ |
_______ |
|
|
|
1,548,637 |
3,219,986 |
|
|
|
_______ |
_______ |
|
|
|
|
|
18.
Provisions
|
|
Deferred tax (note 19) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 May 2024 |
4,519 |
4,519 |
|
|
|
|
Charges against provisions |
(
603) |
(
603) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 December 2024 |
3,916 |
3,916 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
19.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Included in provisions (note 18) |
|
3,916 |
4,519 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
31/12/24 |
30/04/24 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
(
603) |
(
159) |
|
|
|
_______ |
_______ |
|
|
|
|
|
20.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
103,102
(2024: £
176,398
).
21.
Called up share capital
Issued, called up and fully paid
|
|
|
31/12/24 |
|
|
|
30/04/24 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
45,001 |
|
45,001 |
|
45,001 |
|
45,001 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
22.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
23.
Analysis of changes in net debt
|
|
At 1 May 2024 |
Cash flows |
At 31 December 2024 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
7,748,399 |
(1,188,858) |
6,559,541 |
|
|
|
|
Debt due within one year |
(441,138) |
(121,817) |
(562,955) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
7,307,261 |
(
1,310,675) |
5,996,586 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
24.
Charge on assets
The company is subject to a charge over a cash deposit which is secured by a fixed charge.
25.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 31/12/24 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
S Hainsworth |
(
441,138) |
(
500,000) |
378,183 |
(
562,955) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Year ended 30/04/24 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
S Hainsworth |
(
62,829) |
(
1,222,000) |
843,691 |
(
441,138) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
26.
Related party transactions
During the period the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
Period |
Year |
Period |
Year |
|
|
ended |
ended |
ended |
ended |
|
|
31/12/24 |
30/04/24 |
31/12/24 |
30/04/24 |
|
|
£ |
£ |
£ |
£ |
|
Luxe Rentals Ltd |
750,000 |
2,002,000 |
2,752,000 |
2,002,000 |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
Luxe Rentals Ltd is controlled by
S Hainsworth
by virtue of his majority shareholding.
27.
Controlling party
The company is controlled by S Hainsworth by virtue of his majority shareholding.