1.
General Information
Whitespace Exhibitions Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
04051236
. The registered office is 320 Western Road, Wimbledon, London, SW19 2QA.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern with the support of its parent company.
2.3.
Significant judgements and estimations
Recognition of Dilapidation Provision
The Directors are required to make a significant judgement in determining whether a present obligation exists at the reporting date that meets the recognition criteria for a provision under FRS 102 Section 21.
The lease agreement with the landlord obligates the company to restore the leased properties to their original condition at the end of the lease term. The Company judges that the obligating event has created a legal and/or constructive obligation to incur restoration costs.
Management concludes that it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation based on the terms of the lease.
The measurement of the provision for dilapidations requires management to make significant assumptions and use forward-looking estimates regarding the quantum and timing of the expected future outflow of economic benefits. These estimates have a significant risk of resulting in a material adjustment to the carrying amount of the provision within the next financial year.
Measurement of Dilapidation Provision
The provision is based on the present value of the estimated future cost of fulfilling the lease-end obligations for the restoration of the leased properties. The final amount of the provision is highly sensitive to the following key inputs:
Based on the scope of works defined in the lease agreement, an estimate of the expected remedial work is prepared. This is uncertain due to fluctuations in future building costs (labour and materials) and the unknown extent of wear and tear or damage that will exist at the lease end.
The provision assumes the expenditure will occur at the lease expiration date of 19th March 2027. Changes to the lease term could materially change the timing and present value of the obligation.
The carrying amount of the Dilapidation Provision at 31st December 2024 is £133,333.
The uncertainty will be reduced (or eliminated) when (i) the actual scope of works is confirmed and (ii) the work is executed at the end of the lease term.
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax and other sales taxes.
2.5.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development costs are being amortised evenly over their estimated useful life of ten years.
Computer software is being amortised evenly over its estimated useful life of five years.
2.6.
Research and Development
The annual tax provision includes a claim for research and development tax relief relating to the research and development incurred in the same financial year. Research and development relief has been claimed based on the expenditure incurred by the company relating to advances in science and technology.
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures and fittings |
|
| Computer Equipment |
|
2.8.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.9.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.10.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.12.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.
2.13.
Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Europe |
|
|
|
| Rest of the world |
|
|
|
| 12,448,441 | 10,792,674 | ||
The turnover and profit before taxation are attributable to the one principal activity of the company.
4.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 811,693 | 731,485 | ||
5.
Operating Profit
The operating profit is stated after charging:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 4,967 | - | |
| Exchange differences |
|
|
|
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Directors' remuneration
|
472,935
|
899,809
|
|
|
Directors' pension contributions to money purchase schemes
|
15,963
|
102,410
|
|
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|
|
The number of directors to whom retirement benefits were accruing was as follows:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Money purchase schemes
|
3
|
3
|
|
|
|
|
Information regarding the highest paid director is as follows:
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Emoluments etc
|
157,338
|
301,404
|
|
|
Directors' pension contributions to money purchase schemes
|
7,321
|
23,846
|
|
|
|
|
A total of £596,564 (2023: £626,633) of wages costs has been recharged to Whitespace XPO Ltd and is shown within other operating income.
8.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Directors |
|
|
|
| Sales, management and administration |
|
|
|
| Design, graphics and operations |
|
|
|
|
|
|
||
9.
Directors' remuneration
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
Information regarding the highest paid director was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
10.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| Other interest receivable | 37,047 | 25,999 | |
| 70,151 | 28,145 | ||
11.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Finance charges payable under finance leases and hire purchase contracts | - | 6,798 | |
| Other finance charges |
|
|
|
| 17,601 | 38,530 | ||
12.
Tax on Profit
|
The tax credit on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
( |
|
| Deferred Tax | |||||
| Deferred taxation |
|
|
|||
| Total tax charge for the period |
|
( |
|||
|
Total tax charge in the period 2023 includes R&D enhanced expenditure of £878,450 providing tax relief of £127,110 to the financial statements. The 2023 R&D claim has been resubmitted following intial rejection by HM Revenue & Customs.
The 2024 R&D claim has enhanced expenditure of £605,402 providing tax relief of £151,350 to the financial statements.
The actual credit for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Profit before tax | 680,436 | 382,228 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Tax losses utilised |
( |
|
|||
| Capital allowances |
|
( |
|||
| Short term timing differences |
( |
|
|||
| Research and Development tax credit |
( |
( |
|||
| Deferred tax from unrecognised tax loss or credit |
( |
|
|||
| Total tax charge for the period | - | (26,577) | |||
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
13.
Intangible Assets
| Computer software | Development Costs | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2024 |
|
|
|
| As at 31 December 2024 |
|
|
|
| Amortisation | |||
| As at 1 January 2024 |
|
|
|
| Provided during the period |
|
|
|
| As at 31 December 2024 |
|
|
|
| Net Book Value | |||
| As at 31 December 2024 |
|
|
|
| As at 1 January 2024 |
|
|
|
14.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures and fittings | Computer Equipment | Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 January 2024 |
|
|
|
|
|
| Additions |
|
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
|
| Depreciation | |||||
| As at 1 January 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| As at 31 December 2024 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 December 2024 |
|
|
|
|
|
| As at 1 January 2024 |
|
|
|
|
|
15.
Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - Finished goods |
|
|
|
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
16.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Corporation tax recoverable assets |
|
|
|
| Directors' loan accounts | - |
|
|
| Amounts owed by group undertakings |
|
|
|
|
|
|
||
17.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | - |
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts | - |
|
|
| Other taxes and social security |
|
|
|
| VAT |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
18.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans | - |
|
|
19.
Obligations Under Finance Leases and Hire Purchase
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year | - |
|
|
20.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 39,855 | 39,855 | |
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
21.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2024 |
|
39,855 |
| Balance at 31 December 2024 |
|
39,855 |
23.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
24.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £66,587 (2023: £148,471).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
25.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 January 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2024 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Ms Mary Cole | 56,614 | 1,620 | 58,234 | - | - |
| Mr Adam King | 10,745 | 105 | 10,850 | - | - |
| Mr David Wilson |
|
|
|
- |
|
The above loan is unsecured, interest free and repayable on demand.
Whitespace Exhibitions Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
26.
Dividends
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
27.
Related Party Disclosures
Related by common ownership
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Other income
|
972,732
|
957,860
|
|
|
Amount due from related party
|
105,312
|
113,422
|
28.
Controlling Parties
The company's immediate parent undertaking is
Creaplan Group BV
.
The ultimate parent undertaking is (incorporated in Belgium). Its registered office is
Karreweg, 17, 9810 Nazareth-De Pinte
.
Copies of the group accounts may be obtained from https://consult.cbso.nbb.be/