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REGISTERED NUMBER: 08481914 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024










Page

Company Information 1

Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 10

Statement of Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14 to 23


FULL CIRCLE EVENTS & EXHIBITIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: S P Comar
S Green
K Thomas
P Webb
P G O'Neill



REGISTERED OFFICE: Engels House
Victoria Mills
Weaste Trading Estate
Salford
Greater Manchester
M5 5HD



REGISTERED NUMBER: 08481914 (England and Wales)



AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR



BANKERS: Natwest Bank PLC
Bolton Customer Service Centre
PO Box 2027 Parklands
De Havilland Way
Bolton
BL6 4YU

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their strategic report for the year ended 30 November 2024.

Principal Activities of the company

The company provides exhibition services to organisers of events, conferences and exhibitions across exhibitions venues.

REVIEW OF BUSINESS
The financial year marked a significant milestone for the business with the successful completion of a Management Buy-Out (MBO). This transition represents a new chapter in the company's evolution, empowering the leadership team to implement a clear and focused strategic direction.

Under the guidance of the new management team, the business has strengthened its market position and expanded its presence across core and emerging sectors. Our diverse team, comprising individuals with a broad range of industry experience and technical expertise, continues to be a key driver of innovation and performance. Over the past year, we have further enriched our collective skill set through targeted recruitment, development programs, and a commitment to inclusive leadership.

The business has seen growth in customer engagement and market recognition, driven by strategic investments in client focused solutions. We remain confident that our people, supported by a clear vision and a robust operating model, will continue to deliver long-term value for all stakeholders.

The results of the audit show a pre-tax profit of £2,118,128 which is an increase of 39% compared to the previous year of £1,524,801. Revenue has increased year on year by 12% from £21,144,307 in 2023 to £23,684,472 in 2024. The directors are pleased with the company performance over the year with significant growth in all areas of the business.

The company recognises its responsibilities in terms of equality and human rights towards its employees and individuals involved with the group. To these ends a high priority is given to ethical considerations in supplier and employee selection and partnership. The group has well established codes in respect of employee welfare and respect for the community and the group operates these.

KPIs

KPIs for Turnover, Gross Profit, year on year trading, performance against budget are reviewed by the company and board at the monthly meetings.

The companies Gross Profit margin have been maintained year on year.

Turnover was up year on year by £2,540,165, an increase of 12%.

There will a continued focus on the upselling to exhibitors where we are the main contractors on site to drive revenue and increase margin.

We have taken a strategic approach to how we invested in 2024, with sustainability principals in mind, to reduce our environmental impact. Transitioning from conventional timber products to sustainable stock is at the centre of our design thinking process.

The directors review cash flow on a weekly and monthly basis to ensure all our short- and long-term obligations and strategies can be met.


FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

Credit Risk
The company is exposed to credit risk arising from its contractual arrangements with customers. However, this risk is mitigated by the nature of the company's billing model, whereby a significant proportion of the contracted value is collected in advance of the service being delivered. This upfront collection significantly reduces the risk of non-payment.

Additionally, the company operates a robust internal credit checking process to assess the creditworthiness of potential customers before agreements are finalised. This process ensures that credit is only extended to customers who meet defined financial criteria.

During the reporting period, all customers adhered to agreed payment terms, and there were no significant credit defaults. The company continues to monitor credit exposure closely and regularly reviews its credit control procedures to ensure they remain effective.

Marketing Risk
The company faces marketing risk related to changing customer preferences, competitive activity and the Economic conditions impacting client budgets.

Inflation and cost pressures: Increasing costs of materials and personnel may affect margins.

Operational risks: Delivery risks associated with event or project execution.

The company mitigates both these risks through maintaining strong relationships with our clients and careful project planning.

Interest Rate Risk

The company has a long-term loan in place with a fixed interest rate, which significantly reduces exposure to interest rate volatility. As a result, fluctuations in market interest rates are not expected to have a material impact on the cost of borrowing over the term of the loan.

This fixed-rate structure provides certainty over interest payments and supports more accurate financial planning and forecasting. The company continues to monitor market conditions and reviews its financing strategy periodically to ensure it remains aligned with long-term objectives.


FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

EVENTS AFTER THE POSTING DATE
Following the reporting period, the business has entered a phase focused on consolidation and strategic growth. Immediate post-year-end actions have been centred on stabilising operations post-MBO, ensuring continuity in service delivery, and reinforcing organisational resilience.

Key initiatives underway include the refinement of internal processes, alignment of the leadership structure, and a review of strategic priorities to capitalise on emerging market opportunities. Early indicators suggest positive momentum, with strengthened client relationships and increased interest in our offerings.

The business remains committed to sustainable growth, supported by ongoing investment in talent, technology, and market development. These post-year-end developments position the company to build on recent successes and deliver continued value in the coming year.

ON BEHALF OF THE BOARD:




S Green - Director


29 August 2025

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30 November 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £2,858,397.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors who have held office during the period from 1 December 2023 to the date of this report are as follows:

H A Jones - resigned 23 August 2024
S T Barratt - resigned 23 August 2024
S P Comar - appointed 23 August 2024
S Green - appointed 23 August 2024
K Thomas - appointed 3 September 2024
P Webb - appointed 3 September 2024
P G O'Neill - appointed 3 September 2024

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 in relation to future developments of the company.

The strategic report can be found on page 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. 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 of 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 judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2024


AUDITORS
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006

ON BEHALF OF THE BOARD:





S Green - Director


29 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FULL CIRCLE EVENTS & EXHIBITIONS LIMITED


Opinion
We have audited the financial statements of FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FULL CIRCLE EVENTS & EXHIBITIONS LIMITED


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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FULL CIRCLE EVENTS & EXHIBITIONS LIMITED


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 a Report of the Auditors 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit
evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance including the design of the company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the company documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of
fraud or irregularities. Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FULL CIRCLE EVENTS & EXHIBITIONS LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on 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 directors.
- Conclude on the appropriateness of the directors' 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 that a material uncertainty exists, we are required to draw attention in our Report of the Auditors 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 Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

29 August 2025

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £   

TURNOVER 23,684,472 21,144,307

Cost of sales (15,381,223 ) (14,219,419 )
GROSS PROFIT 8,303,249 6,924,888

Administrative expenses (6,062,575 ) (5,250,014 )
OPERATING PROFIT 5 2,240,674 1,674,874


Interest payable and similar expenses 6 (122,545 ) (150,073 )
PROFIT BEFORE TAXATION 2,118,129 1,524,801

Tax on profit 7 (444,380 ) (387,695 )
PROFIT FOR THE FINANCIAL YEAR 1,673,749 1,137,106

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,673,749

1,137,106

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2024

30.11.24 30.11.23
Notes £    £   
FIXED ASSETS
Tangible assets 9 2,537,102 2,660,519

CURRENT ASSETS
Stocks 10 672,770 492,861
Debtors 11 2,363,248 2,079,550
Cash at bank and in hand 1,301,757 4,500,229
4,337,775 7,072,640
CREDITORS
Amounts falling due within one year 12 (5,448,041 ) (6,369,111 )
NET CURRENT (LIABILITIES)/ASSETS (1,110,266 ) 703,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,426,836

3,364,048

CREDITORS
Amounts falling due after more than one
year

13

-

(551,213

)

PROVISIONS FOR LIABILITIES 17 (516,670 ) (525,041 )
NET ASSETS 910,166 2,287,794

CAPITAL AND RESERVES
Called up share capital 18 100 100
Other reserves - 192,980
Retained earnings 910,066 2,094,714
SHAREHOLDERS' FUNDS 910,166 2,287,794

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2025 and were signed on its behalf by:





S Green - Director


FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 December 2022 100 957,608 192,980 1,150,688

Changes in equity
Total comprehensive income - 1,137,106 - 1,137,106
Balance at 30 November 2023 100 2,094,714 192,980 2,287,794

Changes in equity
Redemption of preference
shares

-

-

(192,980

)

(192,980

)
Dividends - (2,858,397 ) - (2,858,397 )
Total comprehensive income - 1,673,749 - 1,673,749
Balance at 30 November 2024 100 910,066 - 910,166

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024


1. STATUTORY INFORMATION

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. During the year ended 30 November 2024, its financial statement are consolidated into the financial statements of LivExpo Holdings Limited which can be obtained from Engels House, Weaste Lane, Salford, M5 5HD. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. ACCOUNTING POLICIES - continued

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:


Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

(i)Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See notes to the financial statements for details.

GOING CONCERN
The negative net assets position is primarily due to the impact of the management buyout (MBO), during which all long-term liabilities were settled. The repayment of these liabilities was funded from existing cash reserves. As a result, the company's cash balance was materially reduced, leading to a negative net asset position. This outcome reflects a strategic decision to deleverage the business, positioning it for greater financial stability moving forward.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

REVENUE RECOGNITION
Revenue from exhibition activities is recognised on the date the exhibition opens. This reflects the point at which the significant risks and rewards of ownership have been transferred, and the performance obligation is considered satisfied. Any fees received in advance of the exhibition opening are recorded as deferred revenue and recognised as income when the exhibition commences.

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Hire equipment - 10% on cost
Theatre systems - 10% reducing balance
Plant and machinery - 10% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 33.33% reducing balance

Tangible assets are initially recorded at cost, and 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.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity 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.

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 are 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.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


3. ACCOUNTING POLICIES - continued
CORPORATION TAX
Taxation for the year comprises current and deferred tax. 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 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
£    £   
Wages and salaries 3,690,705 3,446,632
Social security costs 407,736 77,912
Other pension costs 217,027 297,342
4,315,468 3,821,886

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.11.24 30.11.23

Administration and management 71 71

30.11.24 30.11.23
£    £   
Directors' remuneration 141,911 48,226
Directors' pension contributions to money purchase schemes 4,597 240,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.24 30.11.23
£    £   
Other operating leases 384,387 376,831
Depreciation - owned assets 404,653 300,614
Loss/(profit) on disposal of fixed assets 29,903 (3,536 )
Auditors' remuneration 19,650 7,973
Taxation compliance services - 155

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
£    £   
Bank interest 92,495 59,934
Hire purchase interest 30,050 90,139
122,545 150,073

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
£    £   
Current tax:
UK corporation tax 452,751 300,484

Deferred tax (8,371 ) 87,211
Tax on profit 444,380 387,695

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


7. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.24 30.11.23
£    £   
Profit before tax 2,118,129 1,524,801
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

529,532

381,200

Effects of:
Expenses not deductible for tax purposes 15,663 15,561
Income not taxable for tax purposes (5,412 ) -
Depreciation in excess of capital allowances 14,964 -
Changes in tax rates - (5,365 )
Super deduction uplift - (3,701 )
Group relief (101,996 ) -
Deferred tax (8,371 ) -
Total tax charge 444,380 387,695

8. DIVIDENDS
30.11.24 30.11.23
£    £   
Ordinary shares of £1 each
Final 2,858,397 -

9. TANGIBLE FIXED ASSETS
Hire Theatre Plant and
equipment systems machinery
£    £    £   
COST
At 1 December 2023 138,644 101,452 2,990,917
Additions 1,200 - 254,363
Disposals - - -
At 30 November 2024 139,844 101,452 3,245,280
DEPRECIATION
At 1 December 2023 90,513 64,432 987,515
Charge for year 5,047 3,874 264,585
Eliminated on disposal - - -
At 30 November 2024 95,560 68,306 1,252,100
NET BOOK VALUE
At 30 November 2024 44,284 33,146 1,993,180
At 30 November 2023 48,131 37,020 2,003,402

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 372,071 480,836 274,953 4,358,873
Additions 38,068 - 39,509 333,140
Disposals - (97,500 ) (26,954 ) (124,454 )
At 30 November 2024 410,139 383,336 287,508 4,567,559
DEPRECIATION
At 1 December 2023 185,471 266,898 103,525 1,698,354
Charge for year 28,596 38,925 63,626 404,653
Eliminated on disposal - (47,907 ) (24,643 ) (72,550 )
At 30 November 2024 214,067 257,916 142,508 2,030,457
NET BOOK VALUE
At 30 November 2024 196,072 125,420 145,000 2,537,102
At 30 November 2023 186,600 213,938 171,428 2,660,519

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


Plant &
Machinery
£
At 30 November 2024497,354
At 30 November 2023840,461

10. STOCKS
30.11.24 30.11.23
£    £   
Stocks 672,770 492,861

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 1,360,696 753,638
Amounts owed by group undertakings 389,000 689,957
Other debtors 100 100
Prepayments and accrued income 613,452 635,855
2,363,248 2,079,550

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

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts (see note 14) 8,082 133,793
Hire purchase contracts (see note 15) 123,388 279,571
Trade creditors 1,674,388 2,620,647
Amounts owed to group undertakings 833,092 947,672
Tax 331,010 285,183
Social security and other taxes 107,425 91,954
VAT 167,655 29,936
Other creditors 199,490 343,316
Accruals and deferred income 2,003,511 1,637,039
5,448,041 6,369,111

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

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans (see note 14) - 245,779
Hire purchase contracts (see note 15) - 305,434
- 551,213

14. LOANS

An analysis of the maturity of loans is given below:

30.11.24 30.11.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 8,082 133,793

Amounts falling due between one and two years:
Bank loans - 1-2 years - 125,104

Amounts falling due between two and five years:
Bank loans - 2-5 years - 120,675

The bank loan is with GC Business Finance and is repayable by monthly instalments of £2,033. The loan was repaid in full on 15 March 2025.

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
30.11.24 30.11.23
£    £   
Net obligations repayable:
Within one year 123,388 279,571
Between one and five years - 305,434
123,388 585,005

Non-cancellable
operating leases
30.11.24 30.11.23
£    £   
Within one year 425,257 432,811
Between one and five years 1,063,978 1,099,871
In more than five years 303,445 377,832
1,792,680 1,910,514

16. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Bank loans 8,082 379,572
Hire purchase contracts 123,388 585,005
131,470 964,577

The hire purchase liabilities are secured on the related assets.

The bank loans are secured by a fixed and floating charge over the assets of the company.

There is a fixed and floating charge dated 23 August 2024 over the property or undertaking of the company in favour of Shawbrook Bank Limited.

There is a floating charge dated 23 August 2024 over the property or undertaking of the company in favour of Panoramic Sme Fund 3 LP.

17. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax
Accelerated capital allowances 516,670 525,041

FULL CIRCLE EVENTS & EXHIBITIONS LIMITED (REGISTERED NUMBER: 08481914)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 December 2023 525,041
Credit to Statement of Comprehensive Income during year (8,371 )
Balance at 30 November 2024 516,670

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: £    £   
100 Ordinary £1 100 100

19. ULTIMATE PARENT COMPANY

LivExpo Holdings Limited is regarded by the directors as being the company's ultimate parent company.

20. POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statement by the board.

21. ULTIMATE CONTROLLING PARTY

There is no one ultimate controlling party of the parent undertaking.

22. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.