| White October Events Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office equipment |
over 6.6 years |
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Computer equipment |
over 3 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
27 |
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35 |
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| 3 |
Intangible fixed assets |
£ |
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Website Development: |
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Cost |
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At 1 January 2024 |
53,313 |
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Additions |
58,646 |
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At 31 December 2024 |
111,959 |
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Amortisation |
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At 1 January 2024 |
17,769 |
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Provided during the year |
37,316 |
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At 31 December 2024 |
55,085 |
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Net book value |
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At 31 December 2024 |
56,874 |
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At 31 December 2023 |
35,544 |
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Website development costs are being written off in equal annual instalments over its estimated economic life of 3 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 January 2024 |
29,177 |
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Additions |
3,754 |
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Disposals |
(5,177) |
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At 31 December 2024 |
27,754 |
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Depreciation |
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At 1 January 2024 |
21,035 |
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Charge for the year |
5,753 |
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On disposals |
(3,654) |
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At 31 December 2024 |
23,134 |
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Net book value |
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At 31 December 2024 |
4,620 |
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At 31 December 2023 |
8,142 |
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| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Trade debtors |
263,500 |
|
165,557 |
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Project expenses paid in advance debtor |
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642,789 |
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26,737 |
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Rent deposit debtor |
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5,573 |
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5,728 |
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US tax debtor |
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29,077 |
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29,587 |
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VAT debtor |
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12,104 |
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11,965 |
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Corporation tax debtor |
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- |
|
150 |
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Other debtors |
75,075 |
|
67,590 |
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1,028,118 |
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307,314 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Credit cards |
28,495 |
|
31,392 |
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Accrued income |
781,031 |
|
535,581 |
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Trade creditors |
340,836 |
|
366,027 |
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Taxation and social security costs |
90,791 |
|
51,692 |
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Other creditors |
59,393 |
|
81,522 |
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1,300,546 |
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1,066,214 |
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| 7 |
Related party transactions |
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The Directors believe that all related party transactions have been conducted at normal market value. |
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| 8 |
Enterprise Management Incentives (EMI) scheme |
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During 2021/22 White October Events Ltd setup an Enterprise Management Incentives (EMI) scheme to offer share options to employees for Class C £0.000001 shares. The share options vest at the date of an exit event, or the 10 year anniversary of the grant date, if earlier. During the period to the 31st December 2024 the company granted £NIL share options. The fair value of the options granted is being recognised in the profit and loss over the 10 year vesting period with a corresponding increase in equity in separate share option reserves. The expense recognised in the accounts for the period ended 31st December 2024 was £NIL. As at 31st December 2024 no share options had vested or expired. |
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| 9 |
Controlling party |
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Mr David Fletcher and Ms Ruth Yarnit each hold 43.5% of the share capital. Together they are the company's ultimate controlling party. |
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| 10 |
Dierctors Loan Account |
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The Directors do not make use of any Directors Loan account or other Loan account and as such do not have any balances owed to them or owed by them during the year. |
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The account shows an amount owing back to Ruth Yarnit as a director as at 31st December 2024 of £NIL. |
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The account shows an amount owing back to David Fletcher as a director as at 31st December 2024 of £NIL. |
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The account shows an amount owing back to Christopher Jones as a director as at 31st December 2024 of £NIL. |
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| 11 |
Conference Income and Expenditure in Advance |
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Income received and expenditure incurred in the period to the 31st December 2024 for a number of conferences which are due to take place in the future have all been treated as income in advance and expenditure in advance as at the 31st December 2024. The conferences have not yet been held, therefore 100% of the income and expenditure has been carried forward to the following year to match the costs and work undertaken in staging the conference. |
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The following conferences for which income received and expenditure incurred are as follows; |
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LeadDev Digital Content |
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LDX3 London 2025 |
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LeadDev New York 2025 |
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LeadingEng New York 2025 |
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StaffPlus New York 2025 |
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LeadDev Berlin 2025 |
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| 12 |
Other information |
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White October Events Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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The Old Bank |
|
Beaufort Street |
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Crickhowell |
|
Powys |
|
NP8 1AD |