REGISTERED NUMBER: SC234966

DADA EVENTS LTD.

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Group Strategic Report

1

Report of the Director

2

Report of the Independent Auditors

4

Consolidated Profit and Loss Account

7

Consolidated Statement of Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

The director presents his strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. The review is consistent with the size and nature of this business and is written in the context of the risks and uncertainties faced.

The key financial performance indicators are those that communicate the financial performance and strength of the group as a whole. They are turnover, net profit and EBITDA. Turnover increased 13% from £10.1m in 2023 to £11.4m in 2024. The group turned around a pre-tax loss of £328k in the previous year to a £1.3m profit in the current year. EBITDA increased from £1.8m to £2.55m taking into account property valuation adjustments.

FUTURE DEVELOPMENTS

Whilst it is clear many challenges remain as a consequence of the cost of living crisis, we are more resilient and positioned to remain agile to confront challenges head on. Thanks to our continued reinvestment into our venues in 2024 , we have seen increased trading and profitability across our City Centre venues. We will carry this philosophy forward into the new year by investing further into our venues, to ensure the group continues to grow and flourish.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the group are competition from other suppliers. We operate in a highly competitive market and in the current economic and political climate, there is a risk of suppliers passing on further costs due to inflation. We continue to upgrade and refurbish our venue premises and monitor supplier costs to mitigate these risks.

FINANCIAL INSTRUMENTS

- The group has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially it is measured at its fair value plus or minus transaction costs. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.

- The group is satisfied with the level of cash flow being maintained after taking into consideration the timing aspect of debtor recoverability and the payment trade creditors and business expenses.

- The group's deposits are all in place with major UK financial institutions which are regulated by the Financial Conduct Authority.

ON BEHALF OF THE BOARD:

O J Norman - Director

29 September 2025

The director presents his 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 marketing, investment in and letting of properties and other long term investments.

The company's subsidiary undertakings are involved in the operation and leasing of licensed venues.

DIVIDENDS

Interim dividends totalling £651,663 were paid during the year from the parent company. The total distribution for the year ended 31 December 2024 from the parent company will be £651,663.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

O J Norman held office during the whole of the period from 1 January 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the director's report. It has done so in respect of financial instruments and future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director, the Strategic Report and the financial statements in accordance with applicable laws and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of the affairs of the company and of the profit and loss of the company for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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:

O J Norman - Director

29 September 2025

Opinion

We have audited the financial statements of Dada Events LTD. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Other 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Auditors' responsibilities for the audit of the financial statements - continued

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

To address risks associated with income recognition we:

-

performed analytical procedures to identify unusual relationships;

-

vouched sample of customer sales to the sales nominal in the accounts;

-

performed cut off testing on sales around the year end.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Colette Callaghan FCCA (Senior Statutory Auditor)

for and on behalf of Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Caledonia House

89 Seaward Street

Glasgow

G41 1HJ

29 September 2025

TURNOVER

3

11,420,480

10,102,442

Cost of sales

(6,524,135

)

(6,157,388

)

GROSS PROFIT

4,896,345

3,945,054

Administrative expenses

(3,513,146

)

(3,255,590

)

1,383,199

689,464

Other operating income

4

213,099

168,333

Gain/(loss) on revaluation of property

66,485

(722,925

)

OPERATING PROFIT

6

1,662,783

134,872

Interest payable and similar expenses

7

(421,698

)

(463,529

)

PROFIT/(LOSS) BEFORE TAXATION

1,241,085

(328,657

)

Tax on profit/(loss)

8

(426,567

)

(82,300

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

814,518

(410,957

)

Profit/(loss) attributable to:

Owners of the parent

536,065

(563,394

)

Non-controlling interests

278,453

152,437

814,518

(410,957

)

PROFIT/(LOSS) FOR THE YEAR

814,518

(410,957

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

814,518

(410,957

)

Total comprehensive income attributable to:

Owners of the parent

536,065

(563,394

)

Non-controlling interests

278,453

152,437

814,518

(410,957

)

FIXED ASSETS

Intangible assets

11

1,520,878

1,787,707

Tangible assets

12

6,258,610

7,342,556

Investments

13

-

-

Investment property

14

4,333,560

3,567,075

12,113,048

12,697,338

CURRENT ASSETS

Stocks

15

115,071

137,425

Debtors

16

353,593

293,511

Cash at bank and in hand

1,041,717

1,106,579

1,510,381

1,537,515

CREDITORS

Amounts falling due within one year

17

7,230,440

7,257,406

NET CURRENT LIABILITIES

(5,720,059

)

(5,719,891

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,392,989

6,977,447

CREDITORS

Amounts falling due after more than one year

18

(6,164,880

)

(6,703,874

)

PROVISIONS FOR LIABILITIES

22

(167,178

)

(152,159

)

NET ASSETS

60,931

121,414

CAPITAL AND RESERVES

Called up share capital

23

100

100

Non distributable reserve

24

67,460

67,460

Retained earnings

24

(858,716

)

(556,127

)

SHAREHOLDERS' FUNDS

(791,156

)

(488,567

)

NON-CONTROLLING INTERESTS

25

852,087

609,981

TOTAL EQUITY

60,931

121,414

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

O J Norman - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,041

-

Investments

13

5,077,266

5,077,266

Investment property

14

1,990,000

1,990,000

7,068,307

7,067,266

CURRENT ASSETS

Debtors

16

1,132,647

1,881,805

Cash at bank

401,481

241,856

1,534,128

2,123,661

CREDITORS

Amounts falling due within one year

17

4,945,341

5,199,922

NET CURRENT LIABILITIES

(3,411,213

)

(3,076,261

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,657,094

3,991,005

CREDITORS

Amounts falling due after more than one year

18

1,960,213

2,272,889

NET ASSETS

1,696,881

1,718,116

CAPITAL AND RESERVES

Called up share capital

23

100

100

Non distributable reserve

24

67,460

67,460

Retained earnings

24

1,629,321

1,650,556

SHAREHOLDERS' FUNDS

1,696,881

1,718,116

Company's profit/(loss) for the financial year

630,428

(151,964

)

The financial statements were approved by the director and authorised for issue on 29 September 2025 and were signed by:

O J Norman - Director

Called up

Non

share

Retained

distributable

capital

earnings

reserve

£

£

£

Balance at 1 January 2023

100

72,882

535,095

Changes in equity

Dividends

-

(533,250

)

-

Total comprehensive income

-

(563,394

)

-

Reallocate valuation

-

560,297

(560,297

)

Reallocate deferred tax

-

(92,662

)

92,662

Balance at 31 December 2023

100

(556,127

)

67,460

Changes in equity

Reallocation

-

(186,991

)

-

Dividends

-

(651,663

)

-

Total comprehensive income

-

536,065

-

Balance at 31 December 2024

100

(858,716

)

67,460

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2023

608,077

457,544

1,065,621

Changes in equity

Dividends

(533,250

)

-

(533,250

)

Total comprehensive income

(563,394

)

152,437

(410,957

)

Balance at 31 December 2023

(488,567

)

609,981

121,414

Changes in equity

Reallocation

(186,991

)

186,991

-

Dividends

(651,663

)

(223,338

)

(875,001

)

Total comprehensive income

536,065

278,453

814,518

Balance at 31 December 2024

(791,156

)

852,087

60,931

Called up

Non

share

Retained

distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

100

1,786,498

535,095

2,321,693

Changes in equity

Dividends

-

(451,613

)

-

(451,613

)

Total comprehensive income

-

(151,964

)

-

(151,964

)

Reallocate valuation

-

560,297

(560,297

)

-

Reallocate deferred tax

-

(92,662

)

92,662

-

Balance at 31 December 2023

100

1,650,556

67,460

1,718,116

Changes in equity

Dividends

-

(651,663

)

-

(651,663

)

Total comprehensive income

-

630,428

-

630,428

Balance at 31 December 2024

100

1,629,321

67,460

1,696,881

Cash flows from operating activities

Cash generated from operations

1

2,002,840

3,022,235

Interest paid

(421,698

)

(463,529

)

Tax paid

(211,853

)

(190,815

)

Net cash from operating activities

1,369,289

2,367,891

Cash flows from investing activities

Purchase of tangible fixed assets

(170,961

)

(526,123

)

Sale of tangible fixed assets

69,291

-

Net cash from investing activities

(101,670

)

(526,123

)

Cash flows from financing activities

Loan repayments in year

(475,128

)

(1,006,759

)

Amount introduced by directors

17,648

-

Amount withdrawn by directors

-

(24,378

)

Equity dividends paid

(651,663

)

(451,613

)

Dividends paid to minority interests

(223,338

)

(81,637

)

Net cash from financing activities

(1,332,481

)

(1,564,387

)

(Decrease)/increase in cash and cash equivalents

(64,862

)

277,381

Cash and cash equivalents at beginning of year

2

1,106,579

829,198

Cash and cash equivalents at end of year

2

1,041,717

1,106,579

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit/(loss) before taxation

1,241,085

(328,657

)

Depreciation charges

752,729

960,973

Profit on disposal of fixed assets

(281

)

-

(Gain)/loss on revaluation of fixed assets

(66,485

)

722,925

Finance costs

421,698

463,529

2,348,746

1,818,770

Decrease/(increase) in stocks

22,354

(24,077

)

(Increase)/decrease in trade and other debtors

(77,730

)

14,039

(Decrease)/increase in trade and other creditors

(290,530

)

1,213,503

Cash generated from operations

2,002,840

3,022,235

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

1,041,717

1,106,579

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,106,579

829,198

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,106,579

(64,862

)

1,041,717

1,106,579

(64,862

)

1,041,717

Debt

Debts falling due within 1 year

(724,810

)

(63,866

)

(788,676

)

Debts falling due after 1 year

(6,703,874

)

538,994

(6,164,880

)

(7,428,684

)

475,128

(6,953,556

)

Total

(6,322,105

)

410,266

(5,911,839

)

1.	STATUTORY INFORMATION

Dada Events Ltd. is a private company, limited by shares, registered in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The 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. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. There were no material departures from this standard.

Going concern

After reviewing the group's financial position and forecasts, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Cash forecasts for the year to December 2025 and 2026 include the following key assumptions: a small increase in the level of trading in the year to those in the last few months of 2024; dividend income from the subsidiaries continuing throughout 2025 and 2026.

Although the company and group balance sheet has net current liabilities, these are as a result of loans to an associated company owned by the director. The associated company will only request repayment of the loans as and when sufficient funds exist.

After consideration of forecasts and the various measures already implemented, the director has formed the opinion, the group has adequate resources to continue in operational existence for at least 12 months from approval of the financial statements.

Basis of consolidation

The financial statements consolidate the financial statements of Dada Events Ltd. and all of its subsidiaries to 31 December each year. No profit and loss account is presented for Dada Events Ltd. as permitted by section 408 of the Companies Act 2006.

The consolidated accounts are prepared under the purchase method of accounting. The results of subsidiary undertakings are included from the date of acquisition being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of its influence over the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

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.

Significant judgements

The group considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

Assessing whether the group controls Elmbank Lease Limited requires judgement. The group holds 50% of the voting rights but the group controls the operating and financial policies of Elmbank Lease Ltd. The group considers that these powers demonstrate that the group controls Elmbank Lease Limited.