The directors present the strategic report for the year ended 31 March 2025.

The business delivered another year of strong performance, driven by the continued resurgence of live, in-person event delivery. Client demand for face-to-face experiences remained high, reaffirming the importance of events as a key investment for organisations to connect with their audiences. We capitalised on this trend, achieving significant growth in revenue through increased event volume and scale.

Our Unique Venue of London portfolio remains a core part of the business, growing approximately 12% this year, whilst our international events and end-to-end event offering continues to grow exponentially.

A core part of our Go-To-Market strategy is building long-term client relationships, particularly in the key sectors of professional services, financial services, technology, and media & entertainment. This year, we concentrated on deepening engagement with our established client base while also onboarding new clients to diversify our portfolio. As a result, repeat business remained very strong and a majority of our revenue continues to come from returning clients, reflecting high client satisfaction and trust.

We remain totally focussed on the quality of our offering and service, ensuring that each event doesn’t only meet, but exceeds client expectations. This approach has helped solidify our reputation in the market and strengthen client loyalty across the UK and internationally.

Last year, we undertook a major rebrand and repositioning of the company. The refreshed brand identity and clarified market positioning have already begun to yield positive results. We have seen increased brand recognition and new business enquiries directly attributable to the rebrand. Internally, the repositioning has unified our team under a clear vision and set of values. Overall, the business enters FY 26 with positive momentum, a growing roster of key clients, and a strong platform for continued expansion in the live events industry.

Revenue for the year ended 31 March 2025 was £30,617,080, representing a substantial year-on-year growth driven by the surge in event delivery. This 29.8% increase from the prior year (2024: £23,590,065) reflects both higher event volumes and larger-scale projects delivered for clients.

The expansion in revenue was broad-based across our key client sectors, with particularly strong contributions from professional services and technology clients. We maintained disciplined cost management even as activity grew, allowing the increase in revenue to translate into improved profitability.

Gross profit for the year was £14,839,859, resulting in a gross profit margin of 48.5%. While this margin is slightly lower than the prior year (2024: 51.9%), it remains robust and within our expected range given the mix of events delivered. EBITDA increased markedly to £4,016,515, representing a material uplift from the prior year (2024: £2,097,819), this includes £1,000,000 recognised in relation to a business interruption insurance claim associated with the COVID-19 pandemic. The growth in EBITDA reflects the strong operating leverage in the business – as revenues have grown, our overheads have been managed carefully, resulting in an EBITDA margin of 13.1% (up from 8.9% in 2024).

Below is a summary of our key financial performance indicators for the year, compared with the prior year:

The financial position of the company remains very positive, and the improved EBITDA and cashflow provides a solid platform for re-investment in strategic initiatives and continued strengthening of the balance sheet.

We maintained good cash flow throughout the year and ended the year with a good cash position. Debtor management and credit control have been areas of focus to support the growth in revenue.

Overall, the company’s financial performance in 2025 reflects profitable growth, providing a stable foundation for the next phase of expansion.

Our team and culture are fundamental to our success. During the year, our headcount grew to 142, reflecting the deliberate investment in talent needed to support our business growth and maintain excellence in delivery.

This expansion brings our staffing to well above pre-pandemic levels, ensuring we have the capacity and skills to meet client demand. Even as the team has grown, we remain committed to retaining the close-knit, collaborative culture that defines Event Concept. We have continued to invest in our people through comprehensive training, development programmes, and supportive management.

A key initiative this year was the launch of our new Employee Value Proposition (EVP), which clearly articulates the value we offer to our employees in terms of career development, rewards, wellbeing, and growth opportunities. The EVP has been well received internally and is helping to align our team around our values and mission.

We believe these efforts have contributed to strong employee engagement and improving retention. By nurturing talent and maintaining a positive, inclusive work environment, we ensure our people are motivated and equipped to deliver outstanding experiences for our clients.

Accreditations

We have achieved Carbon Literate Organisation accreditation at bronze level by training a number of our team on the climate crisis and what they can do as individuals and within their roles to address it. We are currently looking to expand this to silver level by training a minimum of 30% of our workforce.

We also completed an EcoVadis assessment in 2024 and received a ‘Committed’ score.

We continue to hold the following ISO Accreditations: ISO 9001 Quality Management, ISO 14001 Environmental Management and ISO 45001 Occupational Health & Safety Management, ISO 27001 certification for Information Security Management.

Our dedication to these ISO accreditations demonstrates our unwavering commitment to excellence, safety and security throughout our operations.

Corporate Social Responsibility

Sustainability at EC is end-to-end, from the very beginning of our creative process, through to project delivery and beyond. Our mission remains to deliver '#ImpactWithoutImpact' which guides our efforts and informs our approach. We remain committed to our 2030 Pledge which focuses on reducing our environmental footprint, engaging our communities and partnering with our clients to improve outcomes.

Alongside our dedicated Sustainability Lead, we have a Green Team made up of 22 employees from across our departments to ensure sustainability remains front of mind for the business, regardless of job role.

Our emissions are measured by calendar year and therefore cover part of our financial year. For the year ending 31st December 2024, the breakdown of our emissions is as follows:

• Scope 1: 49.3 tCO2e

• Scope 2: 0 tCO2e

• Scope 3: 3996.7 tCO2e

Total emissions for 2024: 4046.0 tCO2e

The breakdown of our top emissions sources is as follows:

• Purchased goods & services: 3048.7 tCO2e

• Business travel: 458.9 tCO2e

• Capital goods: 295.4 tCO2e

• Fuel & energy-related activities: 95.4 tCO2e

• Employee commuting & home working: 57.9 tCO2e

This year, due to changes in government emissions factors and access to greater levels of data, we have taken the opportunity to revise our baseline reporting year. Our original baseline year of 2021 was somewhat of an outlier, as the events industry was still suffering significant impacts in the wake of the pandemic. This meant our 2021 emissions are not an accurate representation of our operational impact. We have therefore taken this opportunity to re-baseline using revised 2022 data.  

Our original ambitions around emissions reductions remain the same and our reduction targets are as follows: 

• 50% reduction from our baseline by 2030 

• 78% reduction from our baseline by 2035 

• Achieve Net Zero (or a minimum reduction of 95% with residual offsetting) by 2050 

The notable increases in 2024 are our purchased goods and services, transportation and distribution and our business travel. We are pleased to also report some key decreases in both operational waste and employee commuting totals.

Our overall emissions have increased by 673 tonnes (approximately 20%) compared to 2023. We delivered 11% more events so would expect an increase as the complexity and calibre of our events increase. That said, we want to see these numbers trending down, rather than up in line with our 2030 goals, and are developing comprehensive plans to address each category with this in mind.

The initiatives implemented during the reporting period aimed at addressing our impact include:

• Continuing to procure renewable electricity from our energy broker to ensure our Scope 2 emissions remain at 0 tCO2e.

• Switching our Tungsten lighting to LED to lower our energy use and associated emissions.

• Engaging our top 30 suppliers to gather primary emissions data for our purchased goods & services.

• Establishing a network of partners and charitable organisations to receive our post-event surplus goods, reducing our waste and improving our social impact.

• Purchasing an electric van to replace one of our diesel vans, lowering our transportation emissions and beginning the process of decarbonising our fleet.

• Writing a comprehensive ESG policy to clearly communicate our approach both internally and externally.
  

Community Engagement

Sustainability is about more than just emissions. We care as much about our social responsibility as we do about reaching our net zero targets. During the reporting period, we have made great progress when it comes to engaging and supporting our community, including:

• Another successful year of our apprenticeship scheme, supporting young people to establish careers in the industry.

• Encouraging our team to utilise their volunteering days, donating time to causes local to us and close to their hearts.

• Establishing a partnership with Event Cycle who repurpose post-event waste, donating it to non-profit organisations.

• Remaining a part of the Production Futures initiative that sees our team travelling around the country to engage school and university pupils and create opportunities for the next generation of event professionals.

• Continuing to add health and welfare benefits for our team, encouraging our diverse and thriving company culture and making EC a great place to work.

Moving forward

Sustainability is a broad and ever-evolving topic. Whilst we are proud of our work to date, we know we have a long way to go to meet our ambitious targets. Our clients, suppliers and employees are all on this journey with us and we will embrace the collaboration required to lower our collective impact and in turn, achieve our mission of '#lmpactWithoutlmpact'.

Event Concept has an in-depth and comprehensive risk management process. The company maintains a detailed Risk Register, which is reviewed regularly by the Leadership Team. This continual review allows us to identify emerging risks promptly and implement mitigating actions to reduce potential impacts on the business. It also ensures we remain agile and prepared to respond to new uncertainties in a dynamic operating environment.

The Directors have identified the following key principle risks and uncertainties for the business:

Talent Acquisition and Retention

Risk: Attracting and retaining top talent remains a critical challenge in our industry. The market for skilled events professionals is competitive, and employee expectations continue to evolve (for example, demand for flexible or remote working options). Rapid growth of the company has increased our staffing needs, and failure to recruit or keep the right talent could constrain our ability to deliver projects or maintain quality standards. High staff turnover could also erode our institutional knowledge and culture.

Mitigation: We have prioritised developing our people strategy that makes Event Concept a desirable place to build a career. During the year, we restructured and strengthened our People team – including appointing a dedicated Learning and Culture Manager alongside our People Director and People Manager – to focus on employee development and engagement. We have implemented clear career progression paths, competitive compensation, and a supportive work environment.

This year we launched a formal Employee Value Proposition (EVP) to articulate our commitment to our team’s growth and wellbeing. By fostering a progressive and inclusive culture with ample training, mentoring, and recognition, we aim to improve retention rates and attract high-calibre candidates who see a future with the company.

Client Expectations

Risk: Our clients expect exceptional service, creativity, and flawless execution in every event. As we grow, there is a risk that failing to meet or exceed client expectations – whether in terms of event quality, innovation, compliance, or data security – could result in client dissatisfaction or damage to our reputation. In addition, corporate clients in our key sectors often have stringent procurement standards and compliance requirements (including information security and sustainability criteria) that we must continuously uphold. Any shortfall in performance or a high-profile event failure could lead to loss of repeat business and could harm our ability to win new clients. In addition, budget pressure for clients continues to be a key challenge.

Mitigation: We place client satisfaction at the heart of our operations. To ensure consistently high quality, we invest in our creative design capabilities, project management processes, and quality control systems. Every project is subjected to thorough planning and review stages, and we solicit client feedback actively to drive continual improvement.

We have robust client account management in place, allowing us to understand evolving client needs and adapt our services accordingly. Additionally, we maintain relevant industry accreditations and standards (for example, ISO 9001 for Quality Management and ISO 27001 for Information Security) which give clients confidence in our processes and safeguards. By proactively communicating with clients and delivering on our promises, we aim to not only meet expectations but to regularly exceed them, thereby reinforcing long-term relationships.

In response to budget pressure, we’re developing our approach to ensuring we’re always able to demonstrate our value and return on investment to clients.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company continued to be focused on providing high end event production and design services mainly within the unique venues of London by our in-house production design, lighting, audio-visual, set and stage design teams and floral design.

The results for the year are set out on page 16.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report 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;

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

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

The 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.

We have audited the financial statements of Event Concept Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including 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 March 2025 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 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 contained within the annual report. 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.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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.

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.

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 purposes 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 auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 auditor's 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.

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Event Concept Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units B2-B4 Galleywall Trading Estate, Galleywall Road, London, England, SE16 3PB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of The Event Concept Group Limited. These consolidated financial statements are available from its registered office, Units B2-B4 Galleywall Trading Estate, Galleywall Road, London, England, SE16 3PB.

Atruet the time of approving the financial statements, based on the ongoing projected trading performance covering a period of at least 12 months from the date of approval of the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company made trading profits in the year of £2,650,552 (2024: £1,005,125), and has continued to make profits after the year end. At the year end the company had net current assets of £2,735,891 (2024: £1,887,492), which include a cash balance £1,589,016 (2024: £4,894,824) and cash deposits of £3,291,843 (2024: £nil) held within current asset investments. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue generated from the organisation of events is recognised on the date the event takes place.

Revenue generated from the hire of equipment is recognised over the rental period.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is charged from the date the website was brought into use. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks represents consumables held at cost for use at events and work in progress.

Work in progress represents costs incurred on events which occur post year end and is valued at the lower of cost and net realizable value.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, investments and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company makes an estimate of the value of works required at the end of the lease term for leasehold properties, dependent on the terms of the lease, to return the leasehold property to the state it was at the commencement of the term.

The annual depreciation and amortisation charges in respect of tangible and intangible assets are based on the directors' best estimate of useful economic lives and residual values of each asset class. The useful economic lives and residual values of each asset class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate.

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, the directors consider factors including the ageing profile of debtors and historical experience. Provision is made when there is significant uncertainty over the timing or likelihood of the recovery of debts.

Provisions for deferred tax assets and liabilities are made where the timing differences between the recognition of accounting and taxable profits can be assessed with reasonable certainty. Variances are provided for in full where the recognition criteria of FRS102 section 29 are met.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Investments include listed investments of £1,071,692 (2024: £nil). These investments are included in the financial statements at market value. The historical cost of these listed investments is £1,020,000 (2024: £nil)

The short-term deposits held at the year end have a maturity date of between 3 to 12 months from the date of acquisition with interest rates ranging from 4.07% to 4.83%

The Company has a business loan with National Westminster Bank Plc which is under the Coronavirus Business Interruption Loan Scheme and is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy and partially against assets of the Company. The loan has a fixed 2.81% interest rate and is repayable over 6 years.

The Company has a business loan with National Westminster Bank Plc which is under the Coronavirus Business Interruption Loan Scheme and is partially guaranteed by the Secretary of State for Business, Energy and Industrial Strategy and partially against assets of the Company. The loan has a fixed 2.81% interest rate and is repayable over 6 years.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The deferred tax liability relates wholly to accelerated capital allowances.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The balance outstanding at the year end in respect of defined contribution schemes was £10,848 (2024: £6,915).

Profit and loss reserves

Profit and loss reserves represent the retained earning of the business net of distributions to the owners.

Revaluation reserve

The revaluation reserve represents the accumulation of the unrealised gains and losses in regards to the fair value movements of fixed asset investments and is not distributable.

Other debtors includes a deposit of £51,516 (2024: £51,516) in relation to the office lease which is secured by way of a charge over the company.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

The company has taken advantage of the exemption under the terms of the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland, not to disclose transactions with members of the group where the corresponding entity is wholly owned by the parent company, The Event Concept Group Limited.

The company's immediate parent company is The Event Concept Group Limited, a company registered in England and Wales.

The smallest and largest group in which these financial statements are consolidated is The Event Concept Group Limited. A copy of their financial statements can be obtained from the company's registered office at Units B2-B4 Galleywall Trading Estate, Galleywall Road, London SE16 3PB.

The company's ultimate controlling party is P Beaver by virtue of his shareholding in The Event Concept Group Limited.