Worldwide Events Group Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 03210436 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WORLDWIDE EVENTS GROUP LTD

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

J P Gould

R Barnes

REGISTERED OFFICE:

First Floor, 5-7 Marshalsea Road

London

SE1 1EP

REGISTERED NUMBER:

03210436 (England and Wales)

AUDITORS:

Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

BANKERS:

NatWest Bank

Regent Street

250 Regent Street

London

W1B 3BN

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Worldwide Events Group operates principally as a leading organiser of B2B events for international travel professionals through its two divisions-M&I and Private Luxury Events.

The Group's Turnover increased by £2,554,518 (23.2%) versus prior year to £13,519,802 (2023: £10,965,284). Private Luxury Events expanded its program to five events and was responsible for the majority of this growth. Significantly, M&I revenues achieved their highest ever level, exceeding pre-Covid levels for the first time. Along with the acquisition of a subsidiary specialising in providing boutique travel services.

The Group's Gross Profit was £2,941,282 (2023: £2,412,672), growing by 21.9%. Despite cost pressure on event venues, and aided by pricing strategies to improve yields, Gross Margin decreased slightly to 21.8% (2023: 22.0%).

The Group's Profit before Taxation was £921,119 (2023: £217,354), an increase driven by higher turnover and better utilization of event capacity. The Group has traded increasingly profitably each year since since 2022. Net Liabilities, which originated due to losses during the Covid-19 pandemic were £4,766,064 (2023: £5,697,223), a decrease of 16.3%.

During 2024, the Group delivered 14 events (2023: 13).

The debut of "M&I Fest" in Marrakesh exemplified the Company's hybrid event strategy, blending the intimacy of hotel-based forums with larger exhibition-style experiences.

The Company invested further in technology and additional staff to enhance client experience, drive operational efficiencies, and support scalable growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the Group and the execution of the Group's strategies are subject to a number of risks and uncertainties, including those which are inherent in the events and hospitality industries.

The Group faces macroeconomic and geopolitical risks. Reduced client spending and travel restrictions may impact event attendance. The Group mitigates these risks by operating in a wide range of different regions and sectors so that it is not heavily exposed to one region or market segment. The successful expansion and improved profitability of its Private Luxury Events division has mitigated historic reliance on the Meetings and Incentives space which is susceptible to changing patterns of corporate travel.

As evidenced by the Covid-19 pandemic and its effects on the Company in 2020-21, live events are exposed to disruptions from pandemics and other public health emergencies.

Operational risks are also significant. Ensuring consistent quality and delivery of events across multiple geographies requires robust systems, experienced personnel, and contingency planning. The Group mitigates these risks by early confirmation of its future program where possible including multi-year anchoring of events. The Group has increased its expenditure on developing key talent.

The events industry is competitive, with new entrants who focus on smaller events being aided by relatively low barriers to entry in that segment. The Group attempts to mitigate these risks by constant innovation in event formats, event technology and diversifying more towards larger hybrid and exhibition formats.

The majority of the Group's income is earned in foreign currencies, namely Euro and US dollar, while a large part of the company's cost base is in the UK. The Company has foreign exchange strategies to mitigate its exposure to exchange rate fluctuations impact on margins.

The Board continuously monitors these risks and has implemented mitigation measures such as diversifying event formats and maintaining flexible cost structures.

OBJECTIVES AND STRATEGY

Following divestments in 2016-19, the Group's business has been exclusively in the events and travel sector. Within the business, the Commercial, Sales and Marketing functions are split into two key operational delivery units or divisions, M&I and Private Luxury Events, while other functions including event delivery operate more centrally. This structure enables an appropriate level of specialism and expertise to be concentrated in the operational divisions, which are each seen as critical profit centres. The directors see both divisions as significant engines of future growth and believe there are considerable economic opportunities in the event formats and technologies developed.

The Group's objective is to provide and grow a world-class service across all aspects of its offer to clients and to differentiate its products with innovative formats, event technologies and captivating execution. This offer consists of providing services to clients which enable them to interact better with their consumers - either directly, B2C, or indirectly B2B2C, or via their channels to market, B2B.

KEY PERFORMANCE INDICATORS

The key performance measures that the directors use to monitor the progress of the company's objectives are as follows:

Gross Profit - an increase of 21.9% in 2024 over the previous year to £2,941,282.

Gross Profit Margin - a decrease of 0.2% to 21.8% from 22.0% in the previous year

Turnover - an increase of 23.3% in 2024 over the previous year to £13,519,802

Operating Profit Margin - an increase of 4.2% to 6.7% from 2.5% in the previous year.

The year ended 31 December 2024 marked another strong period of growth and development for the Company. All Key Performance Indicators moved positively, benefiting from higher event table volumes and improved yields as well as upselling of branded space within the Private Luxury Events division.

FUTURE PROSPECTS

At 31 December 2024, the Group maintained a strong financial and operational position. Cash flow remains robust, supported by the Group's prepayment business model, which materially reduces working capital requirements.

The Group's balance sheet continues to strengthen following the challenges of the Covid-19 pandemic, when the Company was unable to run live events for 18 months and suffered losses. Since 2022, the Group has returned to consistent profitability and annual revenue growth.

The Board remains confident in the Group's strategy, with further revenue growth achieved in 2025 driven by the successful launch of Ultra by Private Luxury Events and rollout of the "Luxe" sub-brand within the M&I business.

ON BEHALF OF THE BOARD:

J P Gould - Director

25 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of sales and marketing for the travel sector and the provision of travel services

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J P Gould

R Barnes

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

J P Gould - Director

25 September 2025

Opinion

We have audited the financial statements of Worldwide Events Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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

-	the parent company financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Audit approach to identifying and assessing potential risks related to irregularities

Our procedures for identifying and assessing risks of material misstatement in respect of irregularities, including fraud

and non-compliance with laws and regulations, included the following:

-

Enquiring of management, including obtaining and reviewing supporting documentation, concerning the
company's policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and

-

the internal controls established to mitigate risks related to fraud or non-compliance with laws and
regulations.

-

Discussing among the engagement team regarding how and where fraud might occur in the financial statements
and any potential indicators of fraud.

-

Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on
those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect
on the operations of the company.

The key laws and regulations we considered to have a direct effect on the financial statements included the Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Audit approach in response to identified risks

Our procedures to respond to risks identified included the following:

-

Enquiring of management and, where appropriate, those charged with governance, as to whether the entity is in
compliance with such laws and regulations.

-

Inspecting correspondence, if any, with the relevant licensing or regulatory authorities.

-

Reviewing the financial statement disclosures and test to supporting documentation to assess compliance with
reporting requirements.

-

Reviewing meeting minutes where available for any indication of non-compliance.

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual
or outside the normal course of business. We also communicated relevant identified laws and regulations and
potential fraud risks to all engagement team members and remained alert to any indications of fraud or
non-compliance with laws and regulations throughout the audit.

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.

Through these procedures, we have not become aware of any actual or suspected non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address

The consolidated financial statements include comparative information (in respect of the year ended 31 December 2023) for Worldwide Events Group Ltd's subsidiaries, Private Luxury Events Ltd and White Label Travel Ltd, which has not been audited.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Guy Rolliston (Senior Statutory Auditor)

for and on behalf of Hartley Fowler LLP

Statutory Auditors

Chartered Accountants

Pavilion View

19 New Road

Brighton

East Sussex

BN1 1EY

25 September 2025

TURNOVER

3

13,519,802

10,965,284

Cost of sales

10,578,520

8,552,612

GROSS PROFIT

2,941,282

2,412,672

Administrative expenses

2,215,849

2,140,961

725,433

271,711

Other operating income

177,452

-

OPERATING PROFIT

5

902,885

271,711

Interest receivable and similar income

72,966

4,692

975,851

276,403

Interest payable and similar expenses

7

54,732

59,049

PROFIT BEFORE TAXATION

921,119

217,354

Tax on profit

8

-

(47,886

)

PROFIT FOR THE FINANCIAL YEAR

921,119

265,240

OTHER COMPREHENSIVE INCOME

Share option reserve

32

90

Income tax relating to other comprehensive
income

-

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

32

90

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

921,151

265,330

Profit attributable to:

Owners of the parent

921,119

265,240

Total comprehensive income attributable to:

Owners of the parent

921,151

267,201

Non-controlling interests

-

(1,871

)

921,151

265,330

FIXED ASSETS

Intangible assets

10

40,226

5,336

Tangible assets

11

116,567

102,292

Investments

12

-

156,793

107,628

CURRENT ASSETS

Debtors

13

3,480,161

2,718,920

Cash and cash equivalents

1,396,944

1,461,556

4,877,105

4,180,476

CREDITORS

Amounts falling due within one year

14

9,466,628

9,251,994

NET CURRENT LIABILITIES

(4,589,523

)

(5,071,518

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,432,730

)

(4,963,890

)

CREDITORS

Amounts falling due after more than one
year

15

333,334

733,333

NET LIABILITIES

(4,766,064

)

(5,697,223

)

CAPITAL AND RESERVES

Called up share capital

19

1,404

1,375

Share premium

20

624,330

614,351

Capital redemption reserve

20

193

Share option reserve

20

93

90

Retained earnings

20

(5,392,084

)

(6,313,232

)

SHAREHOLDERS' FUNDS

(4,766,064

)

(5,697,223

)

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

J P Gould - Director

FIXED ASSETS

Intangible assets

10

40,226

5,336

Tangible assets

11

116,567

102,292

Investments

12

28

156,821

107,656

CURRENT ASSETS

Debtors

13

4,264,090

2,894,058

Cash and cash equivalents

1,354,212

1,454,229

5,618,302

4,348,287

CREDITORS

Amounts falling due within one year

14

8,370,111

7,676,396

NET CURRENT LIABILITIES

(2,751,809

)

(3,328,109

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,594,988

)

(3,220,453

)

CREDITORS

Amounts falling due after more than one
year

15

333,334

733,333

NET LIABILITIES

(2,928,322

)

(3,953,786

)

CAPITAL AND RESERVES

Called up share capital

19

1,404

1,375

Share premium

20

624,330

614,351

Capital redemption reserve

20

193

Share option reserve

20

93

90

Retained earnings

20

(3,554,342

)

(4,569,795

)

SHAREHOLDERS' FUNDS

(2,928,322

)

(3,953,786

)

Company's profit for the financial year

1,015,424

551,313

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

J P Gould - Director

Called up

Capital

share

Retained

Share

redemption

capital

earnings

premium

reserve

£

Balance at 1 January 2023

1,353

(6,637,493

)

604,373

193

Changes in equity

Issue of share capital

22

-

9,978

-

Total comprehensive income

-

265,240

-

Reserves transfer

-

59,021

-

1,375

(6,313,232

)

614,351

193

Acquisition of non-controlling
interest

-

Balance at 31 December 2023

1,375

(6,313,232

)

614,351

193

Changes in equity

Issue of share capital

29

-

9,979

-

Total comprehensive income

-

921,119

-

Reserves transfer

-

29

-

Balance at 31 December 2024

1,404

(5,392,084

)

624,330

193

Share

option

Non-controlling

Total

reserve

Total

interests

equity

£

Balance at 1 January 2023

59,021

(5,972,553

)

(298,635

)

(6,271,188

)

Changes in equity

Issue of share capital

-

10,000

-

10,000

Total comprehensive income

90

265,330

(1,871

)

263,459

Reserves transfer

(59,021

)

-

90

(5,697,223

)

(300,506

)

(5,997,729

)

Acquisition of non-controlling
interest

-

300,506

Balance at 31 December 2023

90

(5,697,223

)

-

(5,697,223

)

Changes in equity

Issue of share capital

-

10,008

-

10,008

Total comprehensive income

32

921,151

-

921,151

Reserves transfer

(29

)

-

Balance at 31 December 2024

93

(4,766,064

)

-

(4,766,064

)

Called up

share

Retained

Share

capital

earnings

premium

£

Balance at 1 January 2023

1,345

(5,180,129

)

604,373

Changes in equity

Issue of share capital

30

-

9,978

Total comprehensive income

-

551,313

-

Reserves transfer

-

59,021

-

Balance at 31 December 2023

1,375

(4,569,795

)

614,351

Changes in equity

Issue of share capital

29

-

9,979

Total comprehensive income

-

1,015,424

-

Reserves transfer

-

29

-

Balance at 31 December 2024

1,404

(3,554,342

)

624,330

Capital

Share

redemption

option

Total

reserve

equity

£

Balance at 1 January 2023

193

59,021

(4,515,197

)

Changes in equity

Issue of share capital

-

10,008

Total comprehensive income

-

90

551,403

Reserves transfer

-

(59,021

)

-

Balance at 31 December 2023

193

90

(3,953,786

)

Changes in equity

Issue of share capital

-

10,008

Total comprehensive income

-

32

1,015,456

Reserves transfer

-

(29

)

-

Balance at 31 December 2024

193

93

(2,928,322

)

Cash flows from operating activities

Cash generated from operations

1

940,127

1,338,971

Interest paid

(54,732

)

(59,049

)

Tax paid

(29,997

)

(38,002

)

Tax credit

-

44,055

Net cash from operating activities

855,398

1,285,975

Cash flows from investing activities

Purchase of intangible fixed assets

(51,395

)

-

Purchase of tangible fixed assets

(59,138

)

(94,332

)

Purchase of fixed asset investments

-

(16

)

Sale of tangible fixed assets

579

2,931

Interest received

72,966

4,692

Net cash from investing activities

(36,988

)

(86,725

)

Cash flows from financing activities

Loan repayments in year

(403,897

)

(401,250

)

Capital repayments in year

-

(953

)

Amount introduced by directors

542,428

1,079,625

Amount withdrawn by directors

(1,031,561

)

(1,445,148

)

Share issue

10,008

Net cash from financing activities

(883,022

)

(757,718

)

(Decrease)/increase in cash and cash equivalents

(64,612

)

441,532

Cash and cash equivalents at beginning
of year

2

1,461,556

1,020,024

Cash and cash equivalents at end of
year

2

1,396,944

1,461,556

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

Profit before taxation

921,119

217,354

Depreciation charges

60,362

106,152

Loss on disposal of fixed assets

427

11,634

Impairment of goodwill

-

240,676

Finance costs

54,732

59,049

Finance income

(72,966

)

(4,692

)

963,674

630,173

Increase in trade and other debtors

(731,244

)

(473,382

)

Increase in trade and other creditors

707,697

1,182,180

Cash generated from operations

940,127

1,338,971

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

Cash and cash equivalents

1,396,944

1,461,556

Year ended 31 December 2023

31/12/23

1/1/23

£

Cash and cash equivalents

1,461,556

1,020,024

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

Net cash

Cash and cash equivalents

1,461,556

(64,612

)

1,396,944

1,461,556

(64,612

)

1,396,944

Debt

Debts falling due within 1 year

(449,500

)

3,898

(445,602

)

Debts falling due after 1 year

(733,333

)

399,999

(333,334

)

(1,182,833

)

403,897

(778,936

)

Total

278,723

339,285

618,008

1.	STATUTORY INFORMATION

Worldwide Events Group Ltd is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The directors are pleased that the Group has achieved its third consecutive year of growing profitability and increasing margins, having turned profitable again in 2022 following the Covid-19 pandemic which brought the live events within the travel sector to a halt. While the material negative effect of the Covid-19 pandemic on the Group's trading for the years ended 31 December 2020 and 31 December 2021 continues to result in the group's Balance Sheet being in a net liability position, the Group has demonstrated adaptability and resilience to achieve revenue and margin growth each year since. The directors consider that this, together with the Group's strong cash position and order book, significantly mitigate any perceived risk associated with the Group's financial statements.

The Group's usual terms of business ensure that non-refundable payments are received in advance from its customers for the full sales price of future events, which contribute significantly to meeting the company's working capital requirements. The Group has had no issues paying down on schedule its bank loan, with the balance remaining at the year-end being £733,333 (2023: £1,133,333).

The directors are confident that the Group's ability to generate cash from its events is strong and will continue to improve. The Group has performed well during 2025, with significant expansion in its event portfolio. Revenue for 2025 is projected to surpass that of 2024, as evidenced by the current bookings at the date of signing the accounts. Furthermore, new event launches for 2026, including M&I Expo, are expected to extend the Group's success in building hybrid events into the exhibition space.

In these circumstances, the directors are satisfied that the going concern basis of preparing the financial statements is appropriate.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based in 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

The areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic lives of assets, bad debt provision and accrued and prepaid expenditure. Although these areas are subject to judgement, they are not considered to be subject to significant estimation.

Bad debts

The year end aged debtor balances were assessed in terms of the risk of non collection. Where material doubt exists as to recoverability a provision has been made in the year end accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Meeting forums revenue relates to the provision of global events to facilitate client interaction with consumers. Revenue is recognised in the period in which the customer participates in an event. Advanced receipts are recognised as deferred income until such time as the event is complete.

Travel services revenue relates to the provision of travel services . Revenue is recognised in the period in which the customer travel occurs. Advanced receipts are recognised as deferred income until such time as the travel occurs.

Goodwill

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the group's interest in the identifiable net assets, liabilities and contingent liabilities acquired.

Where the cost of the business combination does not exceed the fair value of the group's interest in the assets, liabilities and contingent liabilities acquired, positive goodwill arises. Positive goodwill is amortised over its expected useful life and is assessed for impairment when there are indicators of impairment and any impairment is charged to the consolidated statement of comprehensive income. No reversals of impairment of positive goodwill are recognised.

Positive goodwill arising on the acquisition in 2022 is carried at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on a straight-line basis over the expected useful economic life of 5 year.

Positive goodwill arising on the remaining shares in the subsidary in 2023 is carried at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is calculated on a straight-line basis over the expected useful economic life of 5 years.

Intangible assets (other than goodwill)

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation charges are recognised within admin expenditure in the statement of profit and loss.

The Technology Assets are being amortised evenly over its estimated useful life of 3 years.

Tangible fixed assets

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

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:

Plant & Machinery

- 3 year Straight Line

Motor Vehicles

- 3 year Straight Line

Investments in subsidiaries

The consolidated financial statements incorporate the financial statements of the parent Company and entities controlled by the Group. Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intragroup transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Non-controlling interest

Non-controlling interests in subsidiaries are recognised at the acquisition date in the amount of the proportionate share of the fair value of the identifiable net assets. Non-controlling interests are presented in the consolidated balance sheet under equity, separately from equity attributable to the Parent. Non-controlling interests’ share in profit or loss for the year is also presented separately in the consolidated income statement.

The profit or loss for the year and changes in equity of the subsidiaries attributable to the Group and

non-controlling interests, after consolidation adjustments and eliminations, are determined in accordance with the percentage ownership at year end, without considering the possible exercise or conversion of potential voting rights and after discounting the effect of dividends, agreed or otherwise, on preference shares with cumulative rights classified in equity accounts.

The profit or loss and recognised income and expense of subsidiaries are allocated to equity attributable to the Parent and to non-controlling interests in proportion to their investments, even if this results in a balance

receivable from non-controlling interests. Agreements entered into between the Group and non-controlling

interests are recognised as a separate transaction.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are capitalised at their fair value on the inception of the leases and depreciated over their estimated useful lives. The finance charges are allocated over the period of the lease in proportion to the capital amount outstanding.

Rental costs under operating leases are charged to the profit and loss account in equal amounts over the periods of the leases.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Foreign currency transactions

Foreign currency transactions are translated into sterling at the rates of exchange ruling at the dates on which the transactions occur. All monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange at the balance sheet date. Gains and losses arising from foreign currency translations are taken to the profit and loss account for the year.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective interest

rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts 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, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged cancelled or expires.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024

2023

£

United Kingdom

1,093,263

743,172

Europe

8,748,879

7,718,186

United States of America

1,778,983

1,057,920

Rest of the world

1,898,677

1,446,006

13,519,802

10,965,284

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

Wages and salaries

4,713,405

4,053,241

Social security costs

53,435

42,323

Other pension costs

95,333

75,654

4,862,173

4,171,218

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

2024

2023

Marketing & Design

17

16

Operations

13

12

Sales

34

27

Admin & Support

20

84

75

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024

2023

£

Directors' remuneration

416,006

449,836

Information regarding the highest paid director is as follows:

2024

2023

£

Emoluments etc

240,680

5.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

Other operating leases

380,520

302,265

Depreciation - owned assets

43,967

35,197

Loss on disposal of fixed assets

427

11,634

Goodwill amortisation

-

63,555

Technology Assets amortisation

16,395

7,684

Foreign exchange differences

30,736

59,074

6.	AUDITORS' REMUNERATION

2024

2023

£

Fees payable to the company's auditors for the audit of the company's
financial statements

31,190

32,440

Other non- audit services

9,435

7,470

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

Bank charges

32,090

27,993

Other interest

22,642

31,056

54,732

59,049

8.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

2024

2023

£

Current tax:

UK corporation tax

-

(44,055

)

Adjustment to prior year

-

(3,831

)

Tax on profit

-

(47,886

)

UK corporation tax has been charged at 25 % .

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

Profit before tax

921,119

217,354

Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.500 %)

230,280

51,078

Effects of:

Expenses not deductible for tax purposes

2,688

-

Income not taxable for tax purposes

(44,362

)

(2,119

)

Depreciation in excess of capital allowances

32,072

62,484

Utilisation of tax losses

(244,504

)

(118,250

)

Adjustments to tax charge in respect of previous periods

-

(47,886

)

Adjustment to align accounting periods

12,564

(11,810

)

Short term timing differences

2,776

1,315

Losses carried forward

8,486

17,302

Total tax credit

-

(47,886

)

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

£

Share option reserve

32

-

32

2023

Gross

Tax

Net

£

Fair value of share options

90

-

90

At the year end the group has unused tax losses of £4,122,554 (£5,056,563)

9.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10.	INTANGIBLE FIXED ASSETS

Group

Technology

Goodwill

Assets

Totals

£

COST

At 1 January 2024

1,164,504

88,666

1,253,170

Additions

-

51,395

Disposals

-

(25,926

)

(25,926

)

At 31 December 2024

1,164,504

114,135

1,278,639

AMORTISATION

At 1 January 2024

1,164,504

83,330

1,247,834

Amortisation for year

-

16,395

Eliminated on disposal

-

(25,816

)

(25,816

)

At 31 December 2024

1,164,504

73,909

1,238,413

NET BOOK VALUE

At 31 December 2024

-

40,226

At 31 December 2023

-

5,336

Company

Technology

Assets

£

COST

At 1 January 2024

88,666

Additions

51,395

Disposals

(25,926

)

At 31 December 2024

114,135

AMORTISATION

At 1 January 2024

83,330

Amortisation for year

16,395

Eliminated on disposal

(25,816

)

At 31 December 2024

73,909

NET BOOK VALUE

At 31 December 2024

40,226

At 31 December 2023

5,336

11.	TANGIBLE FIXED ASSETS

Group

Plant and

Motor

machinery

vehicles

Totals

£

COST

At 1 January 2024

305,830

55,180

361,010

Additions

59,138

-

59,138

Disposals

(154,710

)

-

(154,710

)

At 31 December 2024

210,258

55,180

265,438

DEPRECIATION

At 1 January 2024

255,499

3,219

258,718

Charge for year

37,529

6,438

43,967

Eliminated on disposal

(153,814

)

-

(153,814

)

At 31 December 2024

139,214

9,657

148,871

NET BOOK VALUE

At 31 December 2024

71,044

45,523

116,567

At 31 December 2023

50,331

51,961

102,292

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST

At 1 January 2024

73,671

Transfer to ownership

(73,671

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

73,671

Transfer to ownership

(73,671

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

Company

Plant and

Motor

machinery

vehicles

Totals

£

COST

At 1 January 2024

305,830

55,180

361,010

Additions

59,138

-

59,138

Disposals

(154,710

)

-

(154,710

)

At 31 December 2024

210,258

55,180

265,438

DEPRECIATION

At 1 January 2024

255,499

3,219

258,718

Charge for year

37,529

6,438

43,967

Eliminated on disposal

(153,814

)

-

(153,814

)

At 31 December 2024

139,214

9,657

148,871

NET BOOK VALUE

At 31 December 2024

71,044

45,523

116,567

At 31 December 2023

50,331

51,961

102,292

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST

At 1 January 2024

73,671

Transfer to ownership

(73,671

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

73,671

Transfer to ownership

(73,671

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

12.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

28

NET BOOK VALUE

At 31 December 2024

28

At 31 December 2023

28

Direct subsidiary undertaking of the Company:

Name

Registered
office

Country of
incorporation or
registration

Class of
shares

Holding

Private Luxury Events Ltd

Note 1

England & Wales

Ordinary

100%

White Label Travel Ltd

Note 1

England & Wales

Ordinary

100%

During 2023 Worldwide Events Group Ltd acquired the 100% of shares in White Label Travel Ltd and the remaining 33.3% shares in Private Luxury Events Ltd.

Notes:

1

-

First Floor, 5-7 Marshalsea Road, London, SE1 1EP

The principal activities of the companies are:

The provision of travel services

White Label Travel Ltd

Not trading

Private Luxury Events Ltd

All the above companies have been included in the consolidation.

Parental guarantees to subsidiary undertakings

White Label Travel Ltd (registered number 11064451), a company limited by shares, was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The company's ultimate parent undertaking, Worldwide Events Group Ltd, has provided a guarantee under section 479C of the Companies Act 2006.

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Trade debtors

1,990,874

1,764,164

1,990,873

1,761,284

Amounts owed by group undertakings

-

633,056

30,000

Other debtors

74,125

45,822

73,966

45,550

Directors' current accounts

-

151,567

193,320

Tax

57,560

27,563

57,560

27,563

VAT

1,534

-

1,000

-

Prepayments

1,356,068

881,371

1,356,068

836,341

3,480,161

2,718,920

4,264,090

2,894,058

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Bank loans and overdrafts (see note 16)

400,000

Other loans (see note 16)

45,602

49,500

45,602

49,500

Trade creditors

1,387,823

501,988

1,384,180

501,988

Amounts owed to group undertakings

-

5,840

Social security and other taxes

128,457

145,912

128,457

145,912

VAT

-

18,320

-

17,864

Other creditors

152,019

109,707

152,019

109,707

Directors' current accounts

1,083,974

1,573,107

-

Deferred income

5,732,733

6,002,793

5,732,733

5,994,918

Accrued expenses

536,020

450,667

527,120

450,667

9,466,628

9,251,994

8,370,111

7,676,396

15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Bank loans (see note 16)

333,334

733,333

333,334

733,333

16.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2024

2023

2024

2023

£

Amounts falling due within one year or on

demand:

Bank loans

400,000

Other loans

45,602

49,500

45,602

49,500

445,602

449,500

445,602

449,500

Amounts falling due between one and two

years:

Bank loans - 1-2 years

333,334

400,000

333,334

400,000

Amounts falling due between two and five

years:

Bank loans - 2-5 years

-

333,333

-

333,333

Interest on the bank loan is charged at 2.09% over Base Rate per annum (fixed for the duration of the loan).

17.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company

Non-cancellable

operating leases

2024

2023

£

Within one year

180,000

25,920

18.	SECURED DEBTS

The following secured debts are included within creditors:

Company

2024

2023

£

Bank loans

733,334

1,133,333

19.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2024

2023

value:

£

1,404,211

Ordinary

0.1p

1,404

1,375

(2023 -
1,374,775 )

The following shares were issued during the year:

29,436 Ordinary shares of 0.1p for cash of £ 10,008

Ordinary share rights

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

The holders of ordinary shares are entitled to receive dividends from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets and are non-redeemable.

Called-up share capital represents the nominal value of shares that have been issued.

20.

RESERVES

Retained earnings

Cumulative profit and loss net of distributions to owners.

Share premium

Consideration received for shares issued above their nominal value net of transaction costs.

Capital redemption reserve

Nominal amounts transferred in respect of purchase of own shares.

Share option reserve

Fair value of share options granted which are yet to be exercised.

21.	RELATED PARTY DISCLOSURES

The group has undertaken the following transactions with Related Parties as defined by Financial Reporting Standards 102 during the year:

i) At the 31 December 2024, £1,093,974 (2023: £1,583,107) was owed by the Group to the directors. These balances are repayable on demand and not subject to interest.

Included in this balance, is £151,567 (2023: £193,320) due to the company from the directors made up of the following advances and credits made to the directors during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

J P Gould

Balance outstanding at start of year

147,810

38,933

Amounts advanced

500,675

251,880

Amounts repaid

(542,428

)

(143,003

)

Balance outstanding at end of year

106,057

147,810

R Barnes

Balance outstanding at start of year

45,510

Amounts advanced

-

Amounts repaid

-

Balance outstanding at end of year

45,510

Amounts owed by the directors are interest free and repayable on demand, perhaps this could be disclosed at the bottom of the note.

ii) At the 31 December 2024, a balance of £40,750 (2023: £40,750) was owed to the spouse of one the directors, these loans are repayable on demand and not subject to interest.

iii) At the 31 December 2024, a balance of £10,000 (2023: £10,000) was owed to one of the directors, this loan is repayable on demand and not subject to interest.

iv) Key management personnel include all directors of the Worldwide Events Group Limited and its subsidiaries who together have authority and responsibility for planning, directing and controlling the activities of the group.

Total remuneration including benefits in kind paid to key management personnel for services provided to the group was £894,824 (2023: £870,818).

22.	SHARE-BASED PAYMENT TRANSACTIONS

The company operates an equity-settled share option scheme. On 6 April 2023, a total of 122,270 share options were granted to six employees of the company. Each option carries an exercise price of £0.34 and a fair value at grant date of £0.001, resulting in a total grant value of £122.27. The options vest after 12 months and may be exercised up to 6 April 2033, 10 years from the grant date.

Category

Number of Options

Weighted Average Exercise Price (£

)

Outstanding at the beginning of the period

122,270

0.34

Granted during the period

-

Forfeited during the period

-

Exercised during the period

29,436

0.34

Expired during the period

-

Outstanding at the end of the period

92,834

0.34

Exercisable at the end of the period

92,834

0.34

The fair value of the equity instruments granted was measured using the intrinsic value method, based on an agreed valuation with HM Revenue and Customs. HM Revenue and Customs confirmed, on a strictly without prejudice basis and without detailed examination, an Actual Market Value of £0.001 and an Unrestricted Market Value of £0.0012 per £0.001 ordinary share. This method was selected due to the simplicity of the scheme, the absence of market-based performance conditions, and the availability of a reliable external valuation.

There were no modifications to the share-based payment arrangements during the period.

The company is the parent entity and the sole provider of the share-based payment scheme. All participating employees are employed directly by the company. No allocation of expense from or to other group entities was required.

The total expense recognised in the profit and loss for the year ended 31 December 2023 was £89.87. The remaining expense of £32.40 was recognised in the year ended 31 December 2024, being a cumulative expense of £122.27 over the full vesting period. The total carrying amount of liabilities as at the 31 December 2024 was £Nil, as the scheme is equity-settled.

During the year, 29,436 options were exercised, generating cash proceeds of £10,008.24. The related share-based payment reserve of £29.44 was transferred to share premium upon exercise, in line with the company's accounting policy.