The directors present the strategic report for the year ended 31 March 2025.
The financial year ending March 2025 marks a significant milestone for Event Concept Group Limited with the establishment and launch of our US subsidiary, Event Concept Inc. The incorporation of a dedicated US entity reflects our long-term strategic ambition to grow our international footprint, serve global clients more effectively, and unlock opportunities in new markets.
The launch of Event Concept Inc., based in New York City, enables us to build closer relationships with our existing North American clients, respond to increased demand for international delivery, and develop new client relationships in a key event market. Our US presence strengthens our capacity to deliver end-to-end solutions for multinational brands.
The business launched to clients and the industry in January 2025 and we anticipate growth from this entity will begin to materialise in FY26 and beyond. Accordingly, this year’s Group results are primarily driven by the performance of our UK business, Event Concept Limited.
Event Concept Limited (EC) 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 marquee clients, and a strong platform for continued expansion in the live events industry.
Revenue for the year ended 31 March 2025 was £30,949,245, representing a substantial year-on-year growth driven by the surge in event delivery. This 31.2% 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 as activity grew, allowing the increase in revenue to translate into improved profitability.
Gross profit for the year was £14,971,802, resulting in a gross profit margin of 48.4%. Whilst 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 £3,711,880 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 12.2% (up from 8.9% in 2024).
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.
Cash generation has been strong and we end the year with a healthy liquidity 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.
Culture and People
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.
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 Error in formula ->#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.
Emissions Reporting
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 emissions’ 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.
Principal Risks and Uncertainties
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 Culture 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.
Economic Risks
Risk: Broader economic conditions continue to pose a potential risk to the business. Factors such as general economic downturns, high inflation, rising interest rates, tariff restrictions on trade, or reductions in corporate marketing budgets can impact client spending on events. Many of our clients’ industries are sensitive to economic cycles; in tougher economic climates, companies might scale back discretionary event spend or delay projects.
Additionally, cost inflation (e.g. higher venue, travel or supply costs) can put pressure on our margins if not managed carefully. Economic uncertainty (at both macro and micro levels) can therefore affect both our top-line growth and our profitability.
Mitigation: We mitigate economic risks by diversifying our client base across multiple sectors and geographies, which reduces over-reliance on any single industry. Our service offering includes a range of event services, and as they’re all in-house, this allows us to offer a level of pricing flexibility to meet specific budget constraints.
We maintain close relationships with our clients and emphasise the strong return on investment that well-executed events can deliver, even in challenging times – positioning our services as essential rather than discretionary.
On the cost side, we negotiate long-term agreements with key suppliers where possible to lock in favourable terms, and we continually seek efficiency improvements in our operations. The company also retains a prudent approach to financial management, with sufficient cash reserves and contingency plans to weather short-term economic volatility. These measures collectively help ensure the business remains resilient through economic cycles.
World Conflicts and War
Risk: Ongoing geopolitical conflicts - notably the war in Ukraine and tensions in the Middle East - continue to create uncertainty in the international environment.
While our operations are primarily UK-based, global conflicts can have indirect effects on our business. These include supply chain disruptions (for example, availability of certain event materials or equipment), increased energy and fuel costs, and general market instability that could influence client confidence or international event opportunities.
Furthermore, heightened security concerns or geopolitical instability can affect international travel and logistics for events, potentially causing postponements or additional costs. In a broader sense, global conflicts contribute to an unpredictable operating backdrop which can compound other risks (such as economic pressures or inflation).
Mitigation: We remain vigilant about the potential impacts of global events on our operations and plans. Our procurement strategy has been adapted to ensure we have flexible supply chains – for critical event supplies and equipment, we have identified multiple supplier options to mitigate the risk of international supply interruptions. We also maintain a close watch on cost trends (e.g. fuel, energy, commodities) and factor in contingencies for potential price fluctuations when budgeting events.
From a business development perspective, we stay agile, ready to pivot to different markets or service offerings if geopolitical changes demand it.
Our project teams develop robust contingency plans for international events, including travel alternatives and security protocols, to ensure we can deliver safely and reliably.
While we cannot control global events, our focus. on agility, diversification, and prudent planning helps cushion the business from the fallout of world conflicts and crises.
Cyber Security
Risk: Like any modern business, Event Concept is exposed to the risk of cyber security threats and IT system disruptions. We handle sensitive client information and rely on digital platforms for our event operations, communications, and data storage. A cyber-attack, data breach, or prolonged IT outage could significantly disrupt our business, compromise confidential data, cause financial loss, and damage our reputation. As the company grows and adopts more technology (including remote collaboration tools and cloud-based systems), our digital footprint and potential attack surface expand, making robust cyber security increasingly critical.
Mitigation: We take cyber security very seriously and have taken proactive steps this year to strengthen our resilience. We engaged an external IT auditor to conduct a comprehensive cyber security audit of our systems and practices. The findings have guided a series of investments in our IT infrastructure and policies. We have implemented enhanced network security measures, updated access controls, and improved data backup and recovery procedures to protect against ransomware or data loss.
In addition, achieving ISO 27001 certification has formalised our Information Security Management System and ensures we follow industry best practices in data security. We provide regular training and awareness programs for our staff to promote good cyber hygiene and vigilance against phishing and other threats. Ongoing monitoring and periodic penetration testing are in place to continually assess and improve our cyber defences. Through these efforts, we aim to minimise the likelihood of a cyber incident and be well-prepared to respond effectively should one occur.
Future Direction
The Directors remain confident about the future outlook for Event Concept. Profitable growth remains a key priority – having achieved strong results this year, we plan to build on this momentum through strategic expansion and constant innovation in our services.
In particular, we will continue to explore international expansion opportunities carefully, in order to broaden our geographic reach, without overextending our resources.
Developing an international presence (through partnerships or satellite operations) will allow us to serve our global clients more effectively and tap into new markets, all while
extending our expertise and creative offerings to a wider audience.
We will also continue to strengthen our strategic partnerships with venues and other key suppliers. Our ongoing collaboration with the Unique Venues of London remains an important differentiator, and we intend to deepen these venue relationships over the coming year.
Another focus for the coming years is building a more year-round events pipeline to mitigate the seasonal fluctuations inherent in our current delivery calendar. We aim to balance our portfolio between peak-season projects and off-season engagements, thereby ensuring more stable revenues and workload throughout the year. This will involve diversifying the types of events we deliver and encouraging long-term planning with our clients for their annual event calendars.
Coupled with this, we will invest in further developing our long-term client relationships. Our account management teams will focus on becoming ever more integrated partners to our clients, working consultatively to support their objectives year-round. By doing so, we expect to generate more repeat business and multi-year contracts that provide a more stable base of activity.
The recent rebrand has positioned us well in the market, and we will continue to build brand equity and grow market share. Innovation and creativity will remain at the forefront of our service delivery as we look ahead, as we plan to leverage new technologies such as AI to enhance our event experiences, while keeping sustainability and social responsibility in view. These efforts are expected to translate into sustainable, profitable growth in FY26, aligned with our long-term strategic objectives.
As a Group, our strategy is to build a globally connected agency with strong local delivery capability. The launch of our US subsidiary marks the first step in this journey, and we will continue to explore selective international growth in support of our clients’ global event ambitions. Our aim is to balance international expansion with sustainable, controlled growth, ensuring we retain the creative integrity and operational excellence that defines Event Concept.
In summary, the future direction of Event Concept is centred on sustainable growth, expanding our international reach, enhancing operational resilience, and deepening relationships - all underpinned by our ongoing investment in our people and our commitment to delivering quality and innovation in live events.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2025.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
No ordinary dividends were paid (2024: £80,000). The directors do not recommend payment of a further dividend.
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of The Event Concept Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
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.
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 group's or the parent 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 group or the parent company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 noncompliance 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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £nil (2024: £80,000)
The Event Concept Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Units B2-B4 Galleywall Trading Estate, Galleywall Road, London, United Kingdom, SE16 3PB.
The group consists of The Event Concept Group Limited and all of its subsidiaries.
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.
The consolidated group financial statements consist of the financial statements of the parent company The Event Concept Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
On 1 April 2015, the Group completed a reorganisation. The Company was incorporated to acquire all of the issued share capital of Event Concept Limited and Veevers-Carter Flowers Limited.
Merger accounting was used for this reorganisation, the effective date being 1 April 2015.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At 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 group has adequate resources to continue in operational existence for the foreseeable future. The group made trading profits in the year of £2,409,561 (2024: £1,005,125), and has continued to make profits after the year end. At the year end the group had net current assets of £2,515,985 (2024: £1,906,592), which include a cash balance of £1,667,815 (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.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 group 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 group 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 group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
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 group’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 if, and only if, there is 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.
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.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
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 leased 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 group’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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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 group and 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)
Investment income includes the following:
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).
Details of the company's subsidiaries at 31 March 2025 are as follows:
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%
Event Concept Limited 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.
Event Concept Limited 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 group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse as the groups tangible fixed assets are depreciated and relates to accelerated capital allowances that are expected to mature within the same period.
The group 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).
At the year-end, the company had 4,000 (2024: 4,000) outstanding share options with an average exercise price of £32, with remaining contractual life of 7 years.
No share-based payment expense relating to equity settled transactions was recognised in the year or to date, due to the charge being immaterial to the financial statements.
Merger reserves relate to the merger of the business under a group reorganisation.
On 1 April 2015, the Group completed a reorganisation. The Company was incorporated to acquire all of the issued share capital of Event Concept Limited and Veevers-Carter Flowers Limited. The merger reserve is a result of this reorganisation
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 group.
At the reporting end date the group 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: