Registration number:
AOK Events Limited
for the Year Ended 31 December 2024
AOK Events Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Unaudited Financial Statements |
AOK Events Limited
Company Information
|
Directors |
Mr Daniel Bull Mrs Joanna Elisabeth Greenstock Mr Alexander Robert Hewitt Mr Daniel Thomas Wheeler |
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Company secretary |
Stephensons Solicitors LLP |
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Registered office |
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Accountants |
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AOK Events Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is events organisation and corporate hospitality.
Overview of the business
AOK Events is a leading London-based event management company specialising in corporate hospitality, live events, parties, speakers, brand engagement, and incentive travel. Established in 2000 and now majority employee-owned via an EOT, the company operates through distinct divisions AOK Creative, AOK Entertains and AOK Cavendish delivering tailored experiences that help businesses connect with clients, consumers, and staff.
The company is also starting to look for acquisition opportunities to bolster its venue finding and entertainment and speaker services.
Fair review of the business
The results for the year reflect a strong performance on a consolidated basis, the turnover of the group has increased to £16,203,978 (2023: £14,117,628), representing growth across all divisions of the business. Gross profit rose to £4,522,853 (2023: £3,415,016), and operating profit increased to £1,432,021 (2023: £1,001,869), demonstrating effective cost control and sustained client demand for the company's services. Administrative expenses increased in line with planned investment in people and infrastructure to support future growth. The directors consider the financial position of the company to be strong and believe that it is well placed to continue its growth trajectory in the coming year.
AOK Events Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The directors continually assess the principal risks and uncertainties facing the business and have implemented appropriate controls and mitigation strategies where possible.
Market Risk
AOK Events Limited faces market risk from fluctuations in corporate client budgets and economic conditions that can lead to reduced demand for event and hospitality services.
Financial risk
AOK Events Limited has a healthy cash reserve, with £2.59 million in cash at bank and in hand as at year-end, which is a strong position relative to its short-term liabilities of £6.5 million. While not enough to cover all liabilities alone, when combined with £5.0 million in debtors, it indicates a well-managed working capital position and sufficient liquidity, particularly given the history of timely collection.
Key performance indicators
The company monitors its key financial indicators which includes Revenue and EBITDA. For 2025 the company is targeting Revenue of 20m and EBITDA of £1.8m.
Approved and authorised by the
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AOK Events Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the year were as follows:
Dividends
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
AOK Events Limited
for the Year Ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AOK Events Limited for the year ended 31 December 2024 as set out on pages 6 to 25 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of AOK Events Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AOK Events Limited and state those matters that we have agreed to state to the Board of Directors of AOK Events Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AOK Events Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that AOK Events Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AOK Events Limited. You consider that AOK Events Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of AOK Events Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
London
W6 9PL
AOK Events Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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|
Turnover |
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|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
1,380,630 |
978,198 |
|
|
Income from shares in group undertakings |
- |
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
71,294 |
559,014 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
AOK Events Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
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Total comprehensive income for the year |
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AOK Events Limited
(Registration number: 03972760)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
957 |
976 |
|
|
Share premium reserve |
196,126 |
196,126 |
|
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Capital redemption reserve |
366 |
347 |
|
|
Retained earnings |
623,982 |
368,156 |
|
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Shareholders' funds |
821,431 |
565,605 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
AOK Events Limited
(Registration number: 03972760)
Balance Sheet as at 31 December 2024
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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AOK Events Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Purchase of own share capital |
(19) |
- |
19 |
(137,921) |
(137,921) |
|
Contribution to Employee Ownership Trust |
- |
- |
- |
(670,257) |
(670,257) |
|
At 31 December 2024 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
New share capital subscribed |
|
|
- |
- |
|
|
Contribution to Employee Ownership Trust |
- |
- |
- |
(1,521,990) |
(1,521,990) |
|
At 31 December 2023 |
976 |
196,126 |
347 |
368,156 |
565,605 |
AOK Events Limited
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Finance income |
( |
( |
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
|
(Increase)/decrease in debtors |
( |
( |
|
|
Increase/(decrease) in creditors |
|
|
|
|
Increase in provisions |
|
|
|
|
Increase in deferred income, including government grants |
|
|
|
|
Movement in working capital |
150,306 |
1,189,379 |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisition of subsidiaries |
- |
( |
|
|
Proceeds from sale of subsidiaries |
|
- |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Payments for purchase of own shares |
( |
- |
|
|
Contribution to Employee Ownership Trust |
(670,257) |
(1,521,990) |
|
|
Dividends paid |
- |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
AOK Events Limited
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash and cash equivalents at 31 December |
2,571,812 |
1,851,507 |
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
The Engine Rooms
150A Falcon Road
London
SW11 2LW
England
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold improvements |
over the period of the lease |
|
Office equipment |
25% straight line method |
|
Fixtures & fitttings |
15% reducing balance basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% Straight line method |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Foreign exchange gains/losses |
|
|
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, was as follows:
|
2024 |
2023 |
|
|
Average number of employees |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
496,177 |
292,321 |
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the income statement
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
The goodwill was acquired as part of the hive up of Memorable Events London Limited a 100% subsidiary of AOK Events Limited on the 1 April 2019. The goodwill will be amortised on a straight line basis over 8 years from 1 January 2021.
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Furniture, fittings and equipment |
Leasehold Improvements |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
12 |
Investments (continued) |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Disposals |
( |
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Stephensons Solicitors LLP
England and Wales |
|
|
|
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Stephensons Solicitors LLP
England and Wales |
|
|
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AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Accrued income |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
- |
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
363,865 |
134,125 |
|
|
Deferred income |
|
|
|
|
|
|
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
|||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
233 |
|
233 |
|
|
|
58 |
|
58 |
|
|
|
31 |
|
31 |
|
|
- |
- |
|
19 |
|
|
|
634 |
|
634 |
|
|
|
|
|
|
AOK Events Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £Nil (2023 - £ |
- |
|
||
|
Interim dividend of £Nil per each |
- |
- |
||
|
Interim dividend of £Nil per each |
- |
- |
||
|
Interim dividend of £Nil (2023 - £ |
- |
|
||
|
- |
|
|
Related party transactions |
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Repayments by director |
At 31 December 2024 |
|
Mr Alexander Robert Hewitt |
|||
|
Amount owed to the company |
|
( |
- |
|
Mr Daniel Bull |
|||
|
Amounts owed to/(from) the Director |
- |
( |
( |
|
2023 |
At 1 January 2023 |
Repayments by director |
At 31 December 2023 |
|
Mr Alexander Robert Hewitt |
|||
|
Amount owed to the company |
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|
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Mr Giles Patrick Denton Toosey |
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Amount owed to the company |
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( |
- |