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Registered number: 08481914 Full Circle Events & Exhibitions Limited Annual report and financial statements For the year ended 30 November 2025
Full Circle Events & Exhibitions Limited Company Information
Directors | S P Comar
| K Thomas
| P Webb
| P G O'Neill
| M Booth (appointed 23 July 2026)
Registered number | 08481914
Registered office | Engels House
| Victoria Mills
| Weaste Trading Estate
| Salford
| M5 5HD
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| SK1 3GG
Full Circle Events & Exhibitions Limited Contents
| Page
Strategic report | 1 - 3
Directors' report | 4 - 6
Independent auditors' report | 7 - 10
Statement of income and retained earnings | 11
Balance sheet | 12
Notes to the financial statements | 13 - 27
Full Circle Events & Exhibitions Limited Strategic Report For the year ended 30 November 2025
Introduction
The company provides exhibition services to organisers of events, conferences and exhibitions across exhibitions venues.
Business review
The Directors consider the Company's performance during the year to be satisfactory and reflective of the continued execution of its long-term strategic plan. Throughout the year the business continued to strengthen its market position through investment in people, systems and operational capability whilst maintaining a strong focus on customer service, quality and sustainable profitability. Trading during the year was supported by a diverse portfolio of organiser and exhibitor clients across the UK and Europe. The Company continued to deliver complex exhibition and event projects successfully whilst strengthening relationships with existing customers and securing opportunities with new clients across multiple industry sectors. Significant progress was made in improving operational efficiency through investment in digital systems, enhanced project management processes and closer integration across sales, operations and production. These initiatives improved resource planning, project delivery, commercial visibility and overall operational performance. The Company also continued to invest in its people through leadership development, technical capability and employee engagement initiatives, recognising that attracting and retaining talented employees remains fundamental to long-term success. The Directors maintained a disciplined approach to cost management and cash generation throughout the year whilst continuing to invest selectively in strategic initiatives that will support future growth. Page 1
Full Circle Events & Exhibitions Limited Strategic Report (continued) For the year ended 30 November 2025
Principal risks and uncertainties
Credit Risk The company is exposed to credit risk arising from its contractual arrangements with customers. However, this risk is mitigated by the nature of the company's billing model, whereby a significant proportion of the contracted value is collected in advance of the service being delivered. This upfront collection significantly reduces the risk of non-payment. Additionally, the company operates a robust internal credit checking process to assess the creditworthiness of potential customers before agreements are finalised. This process ensures that credit is only extended to customers who meet defined financial criteria. During the reporting period, all customers adhered to agreed payment terms, and there were no significant credit defaults. The company continues to monitor credit exposure closely and regularly reviews its credit control procedures to ensure they remain effective. Marketing Risk The company faces marketing risk related to changing customer preferences, competitive activity and the Economic conditions impacting client budgets. Inflation and cost pressures Increasing costs of materials and personnel may affect margins. Operational risks Delivery risks associated with event or project execution. The company mitigates both these risks through maintaining strong relationships with our clients and careful project planning. Interest Rate Risk The company has a long-term loan in place with a fixed interest rate, which significantly reduces exposure to interest rate volatility. As a result, fluctuations in market interest rates are not expected to have a material impact on the cost of borrowing over the term of the loan. This fixed-rate structure provides certainty over interest payments and supports more accurate financial planning and forecasting. The company continues to monitor market conditions and reviews its financing strategy periodically to ensure it remains aligned with long-term objectives. Page 2
Full Circle Events & Exhibitions Limited Strategic Report (continued) For the year ended 30 November 2025
Financial key performance indicators
KPIs for Turnover, Gross Profit, year on year trading, performance against budget are reviewed by the company and board at the monthly meetings. The companies Gross Profit margin have been maintained year on year. 2025 2024 Movement Turnover £25,262,434 £23,684,472 2.4% EBITDA £3,187,554 £2,370,168 35.0% Gross Profit Margin 35% 34% 1.0% There will be a continued focus on the upselling to exhibitors where we are the main contractors on site to drive revenue and increase margin. We have taken a strategic approach to how we invested in 2025, with sustainability principles in mind, to reduce our environmental impact. Transitioning from conventional timber products to sustainable stock is at the centre of our design thinking process. This report was approved by the board and signed on its behalf.
M Booth Director
Date: 24 August 2026
Page 3
Full Circle Events & Exhibitions Limited Directors' Report For the year ended 30 November 2025 The directors present their report and the financial statements for the year ended 30 November 2025.
Directors
The directors who served during the year were:
S P Comar
S Green (resigned 15 May 2026)
K Thomas
P Webb
P G O'Neill
Results and dividends
The profit for the year, after taxation, amounted to £2,407,353 (2024 -£365,676). Dividends declared during the year amount to £1,252,721 (2024 - £2,858,397). The directors do not recommend the payment of a final dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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. Page 4
Full Circle Events & Exhibitions Limited Directors' Report (continued) For the year ended 30 November 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption are as follows:
|  |  |  | 2025 | 2024
Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent) | 162.2 | 86.8
Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent) | 18.9 | 12.2
Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh | 620.0 | 483.0
Emissions intensity (tCO2e / £m turnover): 31.8 (2024: 24.6) Activity data has been converted into equivalent energy and greenhouse gas emissions using the most up-to-date UK Government DESNZ/DEFRA conversion factors, together with the internationally recognised Circular Ecology Inventory of Carbon and Energy where appropriate. The calculation methodology has been prepared with reference to the Greenhouse Gas Protocol, ISO 14064-1 and the Streamlined Energy and Carbon Reporting requirements. The Company has applied an operational boundary to its greenhouse gas reporting and has sought to capture all significant and material Scope 1, Scope 2 and Scope 3 emissions. The data used is predominantly primary data obtained directly from the Comapny, including utility bills, staff travel information, business travel records, transport schedules and materials and waste information. Where estimation or extrapolation has been necessary, this has been identified as part of the underlying carbon assessment. Total reported greenhouse gas emissions increased from 581.9 tonnes CO2e in 2024 to 801.1 tonnes CO2e in 2025. The increase is in part attributable to improved and more complete data collection in the current year and therefore the 2025 results are considered to provide a more representative baseline for the Company's emissions going forward. On a category basis, energy and utilities emissions decreased from 132.3 tonnes CO2e in 2024 to 114.8 tonnes CO2e in 2025, while staff travel remained broadly unchanged at 76.4 tonnes CO2e. Business travel increased from 80.6 tonnes CO2e to 131.4 tonnes CO2e, and transport and logistics increased from 225.0 tonnes CO2e to 311.2 tonnes CO2e. Materials and waste increased from 67.6 tonnes CO2e to 167.3 tonnes CO2e. The most significant sources of emissions during the year were transport and logistics and materials and waste. Transport and logistics represented approximately 39% of total emissions, with materials and waste representing approximately 21%. Business travel accounted for approximately 16%, energy and utilities 14% and staff travel 10%. The Company continues to consider opportunities to reduce its environmental impact and greenhouse gas emissions. Areas identified for continued focus include increasing the use of recycled and lower-carbon materials, developing a more sustainable procurement strategy, encouraging the reuse and repurposing of graphics, improving waste segregation and recycling, and working with suppliers to obtain improved environmental and carbon data. Further initiatives under consideration include the gradual introduction of electric or hybrid vehicles for suitable journeys, engagement with logistics providers using lower-carbon fuels, improved route planning and load efficiency, increased use of renewable electricity, opportunities to decarbonise heating, energy efficiency improvements including LED lighting and occupancy sensors, and measures to encourage lower-carbon employee and business travel. Page 5
Full Circle Events & Exhibitions Limited Directors' Report (continued) For the year ended 30 November 2025
Future developments
The Directors remain confident in the Company's long-term prospects. During the forthcoming financial year the business will continue to deliver its strategic objectives by strengthening its core organiser services, expanding its higher-value design and build offering, investing further in digital technology and commercial reporting and driving operational efficiencies across the business. The Company will also continue to pursue sustainable revenue growth through targeted business development, enhanced customer retention, continued investment in its people and the development of scalable systems capable of supporting future expansion. Management remains focused on improving operating margins, strengthening financial controls and delivering long-term value for shareholders. The Directors believe the Company is well positioned to benefit from future market opportunities and that the investments made during the year provide a strong platform for continued profitable growth.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Hurst Accountants Limited were appointed before the year end, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
M Booth Director
Date: 24 August 2026
Page 6
Full Circle Events & Exhibitions Limited Independent auditors' report to the members of Full Circle Events & Exhibitions Limited
Opinion
We have audited the financial statements of Full Circle Events & Exhibitions Limited (the 'Company') for the year ended 30 November 2025, which comprise the statement of income and retained earnings, the balance sheet and the related notes, 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 30 November 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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. Page 7
Full Circle Events & Exhibitions Limited Independent auditors' report to the members of Full Circle Events & Exhibitions Limited (continued)
Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the directors' report 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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement set out on page 4, 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 is 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. Page 8
Full Circle Events & Exhibitions Limited Independent auditors' report to the members of Full Circle Events & Exhibitions Limited (continued)
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 an auditors' report 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: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: ∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. ∙Supporting documentation relating to the Company's policies and procedures for: °Identifying, evaluating, and complying with laws and regulations °Detecting and responding to the risks of fraud ∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. ∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. ∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: ∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. ∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. ∙Enquiring of management about any actual and potential litigation and claims. ∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. Page 9
Full Circle Events & Exhibitions Limited Independent auditors' report to the members of Full Circle Events & Exhibitions Limited (continued) We have also considered the risk of fraud through management override of controls by: ∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. ∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and ∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 auditors' report.
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 an auditors' report 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. Mike Jackson (Senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport SK1 3GG 25 August 2026 Page 10
Full Circle Events & Exhibitions Limited Statement of Income and Retained Earnings For the year ended 30 November 2025
| 2025 | As restated 2024
Note | £ | £
Turnover | 4 | 25,262,434 | 23,684,472
Cost of sales |  | (16,406,156) | (15,602,757)
Gross profit |  | 8,856,278 | 8,081,715
Administrative expenses |  | (6,021,293) | (6,116,200)
Exceptional administrative expenses |  | - | (1,032,914)
Operating profit | 5 | 2,834,985 | 932,601
Interest payable and similar expenses | 8 | - | (122,545)
Profit before tax |  | 2,834,985 | 810,056
Tax on profit | 9 | (427,632) | (444,380)
Profit after tax |  | 2,407,353 | 365,676
Retained earnings |  |  |
- as previously stated |  | 910,066 | 2,094,716
- correction of a prior period error |  | (1,308,071) | -
At the beginning of the year as restated |  | (398,005) | 2,094,716
Profit for the year |  | 2,407,353 | 365,676
Dividends declared and paid |  | (1,252,721) | (2,858,397)
Retained earnings at the end of the year |  | 756,627 | (398,005)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 13 to 27 form part of these financial statements.
Page 11
Full Circle Events & Exhibitions Limited Registered number: 08481914 Balance Sheet As at 30 November 2025
|  | 2025 |  | As restated 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 2,010,179 |  | 1,745,498
|  |  | 2,010,179 |  | 1,745,498
Current assets |  |  |  |  |
Stocks | 13 | 88,933 |  | 156,303 |
Debtors: amounts falling due after more than one year | 14 | 285,008 |  | - |
Debtors: amounts falling due within one year | 14 | 3,924,517 |  | 2,363,248 |
Cash at bank and in hand | 15 | 1,407,898 |  | 1,301,757 |
|  | 5,706,356 |  | 3,821,308 |
Creditors: amounts falling due within one year | 16 | (6,575,497) |  | (5,448,041) |
Net current liabilities |  |  | (869,141) |  | (1,626,733)
Total assets less current liabilities |  |  | 1,141,038 |  | 118,765
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (384,311) |  | (516,670) |
|  |  | (384,311) |  | (516,670)
Net assets/(liabilities) |  |  | 756,727 |  | (397,905)
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 100 |  | 100
Profit and loss account | 19 |  | 756,627 |  | (398,005)
|  |  | 756,727 |  | (397,905)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Booth
Director
Date: 24 August 2026
The notes on pages 13 to 27 form part of these financial statements. Page 12
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
1. | General information
Full Circle Events & Exhibitions Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Engels House Victoria Mills,Weaste Trading Estate, Liverpool Street, United Kingdom, M5 5HD. The nature of the Company's operation and principal activity is provision of exhibition services to organisers of events, conferences and exhibitions across exhibitions venues. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 13
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. Revenue from exhibition activities is recognised on the date the exhibition opens. This reflects the point at which the significant risks and rewards of ownership have been transferred, and the performance obligation is considered satisfied. Any fees received in advance of the exhibition opening are recorded as deferred revenue and recognised as income when the exhibition commences.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 15
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 10% |
|  |  |  | Plant and machinery | - | 10% |
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures and fittings | - | 20% |
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. During the year, the company reviewed the estimated pattern of consumption of the future economic benefits associated with its tangible fixed assets. Following this review, the directors concluded that the straight-line method of depreciation provides a more reliable representation of the manner in which the economic benefits of these assets are consumed than the reducing-balance method previously applied. Accordingly, with effect from 1 December 2024, depreciation on all class of asset is calculated on a straight-line basis over the assets’ remaining estimated useful economic lives. The change has been accounted for prospectively as a change in accounting estimate. The carrying amounts of the relevant assets at the date of the change are therefore depreciated on a straight-line basis over their remaining useful economic lives, after taking account of any estimated residual values. The effect of the change, after factoring in the prior year adjustments detailed in Note 20 was to increase the depreciation charge for the year by £53,624 and to decrease profit before taxation by the same amount.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 16
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.12 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Page 17
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 18
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions. The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exhibition services | 25,262,434 | 23,684,472
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 20,717,885 | 20,388,825
| Rest of Europe | 4,544,549 | 3,295,647
|  | 25,262,434 | 23,684,472
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 567,877 | 384,387
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 16,000 | 19,650
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 19
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,894,562 | 3,701,831
| Social security costs | 519,472 | 401,207
| Cost of defined contribution scheme | 73,322 | 212,430
|  | 4,487,356 | 4,315,468
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration and management | 93 | 86
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 92,495
| Finance leases | - | 30,050
|  | - | 122,545
Page 20
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 559,991 | 452,751
|  | 559,991 | 452,751
| Total current tax | 559,991 | 452,751
| Deferred tax |  |
| Origination and reversal of timing differences | 12,318 | (8,371)
| Changes to in relation to prior year | (144,677) | -
| Total deferred tax | (132,359) | (8,371)
| Tax on profit | 427,632 | 444,380
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 -higher than) the standard rate of corporation tax in the UK of 25% (2024 -25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,834,985 | 810,056
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | 708,746 | 202,514
| Effects of: |  |
| Expenses not deductible for tax purposes | 4,963 | 343,852
| Adjustments to deferred tax charge in respect of prior periods | (144,679) | -
| Other differences leading to an increase in the tax charge | 3,172 | -
| Group relief | (144,570) | (101,986)
| Total tax charge for the year | 427,632 | 444,380
Page 21
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 1,252,721 | 2,858,397
11. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset impairment (see note 20) | - | 1,032,914
Page 22
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
12. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 December 2024 (as previously stated) | - | 3,245,280 | 383,336 | 410,139 | 528,804 | 4,567,559
| Prior Year Adjustment | - | (1,223,449) | (260,696) | (104,452) | (334,196) | (1,922,793)
| At 1 December 2024 (as restated) | - | 2,021,831 | 122,640 | 305,687 | 194,608 | 2,644,766
| Additions | 283,701 | 283,210 | - | 12,122 | 38,217 | 617,250
| At 30 November 2025 | 283,701 | 2,305,041 | 122,640 | 317,809 | 232,825 | 3,262,016
| Depreciation |  |  |  |  |  |
| At 1 December 2024 (as previously stated) | - | 1,252,100 | 257,916 | 214,067 | 306,374 | 2,030,457
| Prior Year Adjustment | - | (549,690) | (219,591) | (144,430) | (217,478) | (1,131,189)
| At 1 December 2024 (as restated) | - | 702,410 | 38,325 | 69,637 | 88,896 | 899,268
| Charge for the year | - | 200,441 | 30,660 | 62,754 | 58,714 | 352,569
| At 30 November 2025 | - | 902,851 | 68,985 | 132,391 | 147,610 | 1,251,837
| Net book value |  |  |  |  |  |
| At 30 November 2025 | 283,701 | 1,402,190 | 53,655 | 185,418 | 85,215 | 2,010,179
| At 30 November 2024 (as restated) | - | 1,319,421 | 84,315 | 236,050 | 105,712 | 1,745,498
13. | Stocks
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables (see note 20) | 88,933 | 156,303
Page 23
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 285,008 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 1,812,897 | 1,360,696
| Amounts owed by group undertakings | 1,345,896 | 389,000
| Other debtors | 100 | 100
| Prepayments | 765,624 | 613,452
|  | 3,924,517 | 2,363,248
| Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.
15. | Cash
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,407,898 | 1,301,757
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 8,082
| Trade creditors | 2,081,133 | 1,674,388
| Amounts owed to group undertakings | 1,503,635 | 833,092
| Corporation tax | 432,646 | 331,010
| Other taxation and social security | 198,770 | 275,080
| Obligations under finance lease and hire purchase contracts | - | 123,388
| Other creditors | 33,480 | 199,490
| Accruals and deferred income | 2,325,833 | 2,003,511
|  | 6,575,497 | 5,448,041
| Amounts owed to group undertakings are repayable on demand, unsecured and bear no interest.
Page 24
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (516,670)
| Charged to profit or loss | 132,359
| At end of year | (384,311)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (387,485) | (516,670)
| Pension surplus | 3,174 | -
|  | (384,311) | (516,670)
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 -100) Ordinary shares of £1.00 each | 100 | 100
19. | Reserves
Profit and loss account The profit and loss account includes all current and prior period retained profit and losses. Page 25
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
20. | Prior year adjustment
Fixed asset impairment During the period ended 30 November 2025, management identified that certain fixed assets with a carrying value of £1,032,914, relating to purchases made prior to 2020, were no longer in use by the Company and had no recoverable value. Management has concluded that these assets should have been impaired in a prior period and that the matter represents a material prior period error. Accordingly, the comparative amounts have been restated by way of a prior year adjustment. The effect of the error is to reduce previously reported tangible fixed assets by £1,032,914 and increase previously reported administrative expenses by £1,032,914, resulting in a reduction in previously reported shareholders’ funds of £1,032,914. The adjustment has no impact on the tax charge or on the Company’s cash flows. Stock classification and valuation During the period, management performed a review of stock and fixed assets and identified that certain items with a carrying value of £294,933 had previously been incorrectly classified as stock. These items were fixed asset in nature and should have been recognised as tangible fixed assets in the prior period. The comparative figures have therefore been restated to reclassify £294,933 from stock to tangible fixed assets. Depreciation of £53,623 has also been recognised in the prior period to reflect the charge that would have arisen had the assets been correctly classified from the outset. In addition, management identified that £221,534 of amounts previously included within stock related to items which had no reusable or resale value. These balances should have been written down to their net realisable value in the prior period and have therefore been fully provided for as part of the prior year adjustment. The overall effect of the error is to reduce previously reported stock by £557,980, increase tangible fixed assets by £241,310 after depreciation, and increase the prior year depreciation charge by £53,623. A further charge of £263,047 has been recognised in respect of the write-down of stock to net realisable value. The total reduction in previously reported net assets is £275,157. The adjustment has no impact on cash flows.
21. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,322 (2024: £212,430). Contributions totalling £12,687 (2024: £nil) were payable to the fund at balance sheet date.
22. | Commitments under operating leases
| At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 570,015 | 425,527
| Later than 1 year and not later than 5 years | 2,280,060 | 1,063,978
| Later than 5 years | 2,850,075 | 303,445
|  | 5,700,150 | 1,792,950
Page 26
Full Circle Events & Exhibitions Limited Notes to the Financial Statements For the year ended 30 November 2025
23. | Controlling party
The parent undertaking is Livexpo Holdings Limited, a company registered in England. The consolidated financial statements of this group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Maindy, Cardiff, CF4 3UZ. There is no ultimate controlling party.
Page 27