REGISTERED NUMBER: 04403040 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

IMPERIAL CORPORATE EVENTS

LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr PL Frisby

Mrs A Hope-Richardson

Mr RJ Poutch

Mr DP Thompson

REGISTERED OFFICE:

Floor 3 Mercury Place

11 St. George Street

Leicester

LE1 1QG

REGISTERED NUMBER:

04403040 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Harrison BA FCA

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

The Board of Directors are pleased to present Imperial Corporate Event Limited Strategic Report for the financial year ending 31st December 2025.

REVIEW OF BUSINESS

In 2025, Imperial experienced a slight revenue decline when compared to the strong performance of 2024, which had benefited from the fulfilment of deferred events originally scheduled during the pandemic years of 2020 and 2021. Despite a challenging macroeconomic environment, marked by geopolitical conflict, persistent inflation and elevated interest rate, the business demonstrated resilience. Encouragingly, new sales bookings continued to grow, supporting a healthy and secure order book for events scheduled into 2026 and 2027.

Imperial continues to build upon the strategic priorities established following the comprehensive review undertaken in late 2024. The business remains focused on continuous operational improvement, strengthening its value proposition, and enhancing the overall client experience. Ongoing emphasis has also been placed on the disciplined monitoring of financial performance and key business metrics to support informed decision-making. These initiatives have contributed to improved organisational resilience, greater agility in responding to market conditions, and the continued delivery of sustainable long-term growth.

PRINCIPAL RISKS AND UNCERTAINTIES

In assessing risks and identifying opportunities for future-proofing and sustainable growth, Imperial continued to invest in its people, systems, training, software development, and customer experience enhancement throughout 2025 and 2026. The Directors believe these investments will contribute to our long-term success.

Overall, the Directors have full confidence in Imperial's trajectory of growth and success, prioritising sound financial management, cash flow optimisation, and strategic investments to support our organisational objectives and ensure long-term sustainability. Looking ahead, the Board remains vigilant amid the prevailing cost-of-living crisis. Nevertheless, we maintain confidence in the resilience, prospects, and sustainability of our business model.

KEY PERFORMANCE INDICATORS

The key performance indicators of trade are presented in the table below.

KPI's

2025

2024

Turnover

£15.5m

£15.6m

Operating Profit / (Loss) before tax, Depreciation & Amortisation

£1,995k

£1,797k

Shareholders' Funds

£2,722k

£1,238k

ON BEHALF OF THE BOARD:

Mrs A Hope-Richardson - Director

14 July 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of corporate hospitality packages.

DIVIDENDS

During the year, dividends totalling £nil (2024 - £1,062,156) were paid to shareholders.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr PL Frisby

Mrs A Hope-Richardson

Mr RJ Poutch

Mr DP Thompson

Other changes in directors holding office are as follows:

Mr GM Foston - resigned 18 September 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs A Hope-Richardson - Director

14 July 2026

Opinion

We have audited the financial statements of Imperial Corporate Events Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 three, 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 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 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the company's policies and procedures relating to:

- the identification and compliance with laws and regulations;

- the detection and response to the risks of fraud;

- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations.

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition. We remained alert to any indications of fraud or non compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- substantive testing on the deferred income agreeing items to event details to ensure revenue is recognised in the correct period with specific work looking at the cut off around year end.

- testing manual journal entries and other adjustments to supporting documentation to ensure correctly dealt with.

- review of prepaid costs on hospitality packages to ensure released into the profit & loss account in the correct period with specific work looking at the cut off around year end.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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.

Mark Harrison BA FCA (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

10 August 2026

TURNOVER

3

15,535,342

15,568,810

Cost of sales

11,147,001

11,540,725

GROSS PROFIT

4,388,341

4,028,085

Administrative expenses

2,955,471

2,678,151

1,432,870

1,349,934

Other operating income

497,094

371,302

OPERATING PROFIT

5

1,929,964

1,721,236

Interest receivable and similar income

23,009

20,344

PROFIT BEFORE TAXATION

1,952,973

1,741,580

Tax on profit

6

469,471

503,365

PROFIT FOR THE FINANCIAL YEAR

1,483,502

1,238,215

PROFIT FOR THE YEAR

1,483,502

1,238,215

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,483,502

1,238,215

FIXED ASSETS

Intangible assets

8

18,989

44,146

Tangible assets

9

2,656

5,940

21,645

50,086

CURRENT ASSETS

Debtors

10

12,556,059

9,903,793

Cash at bank and in hand

894,431

986,051

13,450,490

10,889,844

CREDITORS

Amounts falling due within one year

11

10,746,597

9,691,155

NET CURRENT ASSETS

2,703,893

1,198,689

TOTAL ASSETS LESS CURRENT LIABILITIES

2,725,538

1,248,775

PROVISIONS FOR LIABILITIES

14

3,720

10,459

NET ASSETS

2,721,818

1,238,316

CAPITAL AND RESERVES

Called up share capital

15

60

60

Capital redemption reserve

16

40

40

Retained earnings

16

2,721,718

1,238,216

SHAREHOLDERS' FUNDS

2,721,818

1,238,316

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2026 and were signed on its behalf by:

Mrs A Hope-Richardson - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

60

1,062,157

40

1,062,257

Changes in equity

Dividends

-

(1,062,156

)

-

(1,062,156

)

Total comprehensive income

-

1,238,215

-

1,238,215

Balance at 31 December 2024

60

1,238,216

40

1,238,316

Changes in equity

Total comprehensive income

-

1,483,502

-

1,483,502

Balance at 31 December 2025

60

2,721,718

40

2,721,818

Cash flows from operating activities

Cash generated from operations

1

(632,885

)

920,579

Tax paid

(646,778

)

(388,586

)

Net cash from operating activities

(1,279,663

)

531,993

Cash flows from investing activities

Purchase of intangible fixed assets

(997

)

(32,100

)

Purchase of tangible fixed assets

(13,100

)

(14,185

)

Interest received

23,009

20,344

Net cash from investing activities

8,912

(25,941

)

Cash flows from financing activities

Amount introduced by directors

1,174,880

485,372

Amount withdrawn by directors

-

498,799

Equity dividends paid

-

(1,062,156

)

Net cash from financing activities

1,174,880

(77,985

)

(Decrease)/increase in cash and cash equivalents

(95,871

)

428,067

Cash and cash equivalents at beginning of year

2

981,325

553,258

Cash and cash equivalents at end of year

2

885,454

981,325

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

2025

2024

£

£

Profit before taxation

1,952,973

1,741,580

Depreciation charges

42,243

56,037

Finance income

(23,009

)

(20,344

)

1,972,207

1,777,273

Increase in trade and other debtors

(3,199,450

)

(609,438

)

Increase/(decrease) in trade and other creditors

594,358

(247,256

)

Cash generated from operations

(632,885

)

920,579

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 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

894,431

986,051

Bank overdrafts

(8,977

)

(4,726

)

885,454

981,325

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

986,051

558,425

Bank overdrafts

(4,726

)

(5,167

)

981,325

553,258

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

986,051

(91,620

)

894,431

Bank overdrafts

(4,726

)

(4,251

)

(8,977

)

981,325

(95,871

)

885,454

Total

981,325

(95,871

)

885,454

1.	STATUTORY INFORMATION

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

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on 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 current and future periods.

Going concern disclosure

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

Turnover

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

Turnover is realised when the event takes place, and therefore any monies received prior to the event is deferred and realised when it takes place.

Intangible assets

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.

Computer software is being amortised evenly over its estimated useful life of either three or five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over the period of lease

Fixtures and fittings

-

20% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS102 to all of its financial instruments.

Financial Instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Corporate hospitality packages

15,535,342

15,568,810

15,535,342

15,568,810

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

15,535,342

15,568,810

15,535,342

15,568,810

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,120,620

3,149,536

Social security costs

346,389

333,247

Other pension costs

170,114

273,023

3,637,123

3,755,806

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

2025

2024

Directors

4

5

Staff

60

68

64

74

2025

2024

£

£

Director' remuneration

468,511

486,206

Directors' pension contributions to money purchase schemes

129,741

231,981

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

124,347

156,000