The directors present the strategic report for the year ended 31 December 2025.

The company’s turnover for the year ended 31 December 2025 increased by 12.6% (2024: decreased by 12.8%), and the company’s gross profit increased by 1.2% (2024: increased by 5.4%). Turnover increased primarily due to the increased volume and scale of events delivered for clients, particularly in the Technology sector. Cost of Sales also rose however as clients invested more in the fabrication and content of the events. This meant that the company’s gross profit remained almost flat versus the prior year.

The company’s Trade Debtor balance reduced significantly over the year as it collected debts on a timelier basis. This enabled the company to improve (reduce) its Creditors position and to increase its Cash at Bank. The company achieved year on year improvements in its Net Liability position in both 2024 (£1,490,118) and 2023 (£2,806,940), and again reduced its Net Liabilities in 2025, to £735,356.

The global economic outlook for the second half of 2026 is for growth of approximately 3%. This is slightly higher than was experienced in 2025. The global growth rate is expected to increase into 2027. The impact of several macroeconomic pressures particularly affecting the UK however, means that some analysts foresee a chance of a small downturn in the UK in 2026. UK energy costs remain high due to the conflicts in Russia/Ukraine and the Middle East, and higher taxes and lower investment relative to historic levels mean that the UK’s GDP growth remains sluggish.

Some of GPJ UK’s clients have a material presence in the MEA region, and the ongoing conflict has had an impact on their own profitability, confidence and therefore marketing spend levels. GPJ UK, along with GPJ’s two offices in MEA, continues to support them wherever possible.

GPJ UK remains well placed to help clients optimise spend, and it is using proprietary tools to enable focus on strategic opportunities by demonstrating the increased return on investment of such activities. Through 2025 and into 2026, the company increased its engagement with existing clients and won material new client engagements, both globally and locally. GPJ’s number, and effectiveness, of events increased in 2025. The agency has not experienced a material or consistent reduction in client spend across its portfolio since the pandemic and is not expecting that to change.

GPJ understands its responsibility to help maintain a healthy planet and it takes its sustainability commitments very seriously. The company’s clients also value this in the events that GPJ design and deliver for them. Through a considered and carefully planned approach to energy usage the company reduced both its total emissions and emissions per employee in 2025.

With a diverse client portfolio, deeply rooted client relationships, and balanced revenue distribution, the business is well equipped to navigate industry headwinds. The company continues to pursue new growth opportunities while leveraging GPJ’s integrated global network to secure and execute client events in optimal locations worldwide. The alliance of GPJ and PWW offices helped GPJ UK further improve its breadth and depth of client engagements in 2025.

As part of their risk management framework, the directors regularly evaluate company performance against financial forecasts and broader market trends.

The company actively manages its exposure to cash flow, credit, and liquidity risks. All derivative financial instruments are strictly regulated by board-approved policies and used solely for risk mitigation rather than speculative trading.

Foreign Currency risk

Economies globally are experiencing turbulent times. Global inflation has increased as ongoing energy shocks and disruption offset prior disinflation trends. The Russia/Ukraine and Middle East conflicts continue to disrupt energy supplies and prices and continue to heavily influence the speed of global growth. Significant technology and AI Infrastructure investment has provided some counterbalance to this for the advanced technology-rich countries.

After greater volatility in 2025, the foreign currency markets for the major currencies are experiencing a period of relative calm. However, even during periods of exchange rate stability in the major currencies, macro-financial risks continue to expose corporate cash flows and international investments to sudden market swings.

Being a global organisation, working in several different currencies simultaneously, such fluctuations in foreign currency exchange rates expose the company to financial volatility when translating international transactions. To manage this exposure, the company actively monitors market developments and mitigates risk, where possible, through robust working capital and foreign currency management.

The company’s primary financial assets comprise cash and cash equivalents, trade and other receivables, and intercompany balances.

Credit risk arises chiefly from trade receivables and amounts owed by group undertakings. On the balance sheet, both figures are reported net of bad debt allowances. For the year ended 31 December 2025, zero bad debt allowance was required (2024: nil). Impairment provisions are recognized only when an identified loss event indicates reduced cash flow recoverability based on historical experience.

Credit risk on liquid funds and derivative instruments remains low, as counterparties are limited to major banks holding high credit ratings from international agencies. Furthermore, the company maintains no significant concentration of credit risk, with exposure broadly diversified across a wide base of customers and counterparties.

The company holds adequate short-term cash deposits to support liquidity and fund both day-to-day operations and ongoing development initiatives.

At the year-end, the company carried significant intercompany liabilities owed to group undertakings. However, the company’s ultimate parent company (Project Worldwide, Inc) has issued a letter of support confirming it will not call on any repayments if doing so would create financial distress. Furthermore, the ultimate parent has committed to providing financial support, if needed, for at least 12 months from the approval date of these financial statements.

The company remains highly optimistic about expanding both its client base and overall project activity in the coming year. This confidence is grounded in GPJ’s proven resilience, excellent client retention, and the strong demand for high-impact experiential events delivered with GPJ’s insight and expertise. As market conditions stabilise and brands prioritise meaningful audience engagement, GPJ is well positioned to capture emerging opportunities and drive sustainable growth across its target sectors. To support this trajectory, the company remains at the forefront of the industry by continuously refining its core expertise across strategic planning, creative design, cutting-edge digital delivery, and physical marketing execution. GPJ actively seeks opportunities to upskill its teams and diversify capabilities into emerging areas that current and prospective clients value most.

Furthermore, the company’s growth strategy is significantly strengthened by its collaborative global model, working in close partnership with other GPJ and PWW alliance agencies across international markets. By combining local insight with seamless cross-border capabilities, GPJ UK leverages the power of an integrated global network to pitch for and win major new international business. This joined-up approach allows the company to deliver consistent, world-class experiences for clients wherever they choose to engage their audiences globally.

The company maintains a focus on KPIs to monitor and improve the financial health of the business. The three metrics below are updates on the KPIs mentioned in the company’s previous Annual Reports.

• Staffing: Staff Cost Ratio (Total Staff Cost as a proportion of Net Sales)

This KPI improved (the ratio reduced) in 2025 compared to 2024. Efficiency and effectiveness were key goals for the business in 2025. GPJ UK and its clients benefited from the company’s investment in its employees’ knowledge and expertise. The company ensured that it focused its highly skilled and experienced employees on delivering results for its valued clients, rather than on internal or non-developmental tasks. As GPJ UK grew through the year it demonstrated an enhanced ability to deliver higher project volume and client value through utilizing its existing workforce capacity more effectively. This optimisation underscored improved staff productivity and contributed directly to margin growth.

• Overhead: Overhead Ratio (Overhead Costs as a proportion of Net Sales)

This slightly declined (increased) in 2025 compared to 2024. Overheads increased by a slightly larger % than the year-on-year increase in Net Sales. This reflects the strategic investments made to strengthen the company’s operational infrastructure, along with some macro-inflationary pressure on the business’s underlying costs.

Management actively monitors non-billable expenditure through strict Procurement governance to minimise increases wherever possible while protecting essential central operations.

• AR Aging: Aged Receivables (Amount and Proportion of Receivables over 60 days due)

This decreased (improved) in 2025 v 2024 as the business maintained its focus on timely cash collection and tighter control over receivables.

The business continues to expand and improve its management information and reporting systems. A global FP&A function has been introduced to generate and share best practice learnings across the business. The ongoing efficiencies and insights from AI developments have also enabled the business to learn, innovate and grow.

Director duties

The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:

• The likely consequences of any decisions in the long term

• The interests of the company's employees

• The need to foster the company's business relationships with suppliers, customers and others

• The impact of the company's operations on the community and environment

• The desirability of the company maintaining a reputation for high standards of business conduct, and

• The need to act fairly as between shareholders of the company

As part of their induction, a Director is briefed on their duties so that they can fulfil their duties. As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct.

As Directors we fulfil our duties as follows :

Risk management

We effectively identify, evaluate, manage and mitigate the risk we face.

The management team has identified some factors as major potential risks normally associated with media agencies in dynamic and changing markets. Some, such as innovation, quality service, staffing, are specific risks that require specific, identified actions to mitigate their effects. Others, such as the impact of competition, are areas addressed through strategic planning and operational management processes.

Our People

The Company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people. People are at the heart of our services. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our employees is one of our primary considerations in the way we do business.

Our business relationships with customers, suppliers and others

For our growth, we develop and maintain strong client relationships. We value all of our suppliers and have year on year contracts with our key suppliers. Managing these relationships is critical in ensuring the Company delivers on its strategy. Where these relationships are tested, steps are taken to ensure that they are addressed promptly and successfully.

Community and environment

Our plans take into account the impact of the company's operations on the community and environment and our wider social responsibilities. The Company's approach is to use its position of strength to create positive change for the people and communities with which it interacts.

Our Shareholders

The Board seeks to ensure that communications are clear and its actions are in accordance with the strategic aims to promote the long term success of the Company. The Board is continually seeking ways in which to engage with shareholders and investors.

On behalf of the board

The Directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the company continued to be that of strategic consultation and experience marketing activity including full production of corporate communication conferences, full creative services and the fabrication and management of exhibition stands.

The company has branches, as defined in s1046(3) of the Companies Act 2006, outside the UK as follows:

• Norway

The results for the year are set out on page 15.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The business continues to experience growth in clients and client activity. The company’s ongoing strength in strategic planning and creative, digital delivery, and physical marketing activity leads the business to forecast further strong growth into the future.

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

This report represents the greenhouse gas (“GHG”) emission quantified by the business for the financial year ending 31st December 2025.

The report has been prepared under the Companies (Directors’ report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, under which we are required to disclose our UK Energy use and associated GHG emissions.

Specifically, the Company is required to report UK energy consumption and the resulting emissions from purchased electricity, gas, and transport activities.

George P. Johnson (United Kingdom) Limited is a leading strategic experiential marketing agency. This report presents the Company's energy consumption and resulting greenhouse gas (GHG) emissions for the financial year ending 31st December 2025, prepared in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

We have defined our reporting boundary using the operational control approach. This boundary encompasses operations where the Company has the full authority to introduce and implement its operating policies, specifically our primary UK office facility located at 53 Great Suffolk Street, London, and our corporate business travel activities.

Scope 1: Includes direct emissions from the combustion of fuel on-site at the UK office facility. The Company does not own or operate any vehicles, and therefore no vehicles emissions are reported under Scope 1.

Scope 2: Relates to the purchase of electricity used at the UK office facility. Emissions have been calculated in accordance with the GHG Protocol and SECR guidance, using both location-based and market-based approaches. Market-based emissions are nil for FY25 and FY24 as the company sources 100% of its electricity from a REGO-certified renewable energy provider,

Scope 3: Emissions have been calculated in line with GHG Protocol and include the following categories of business travel:

• Employee business mileage in private vehicles (grey fleet), where costs are reimbursed

• Air and rail travel booked via the Company's travel management provider

• Taxi journeys booked through Company's business accounts.

During the 2025 financial year, George P. Johnson (United Kingdom) Limited implemented the following principal measures to improve our energy efficiency and reduce our carbon footprint.

• Renewable Energy Procurement: The Company continued its strategic commitment to renewable energy by procuring 100% of its electricity for the London office from a REGO-certified renewable provider. This action successfully reduced our Market-based Scope 2 emissions to nil.

• Operational Efficiency: Through diligent energy monitoring and optimized heating/cooling schedules at our primary facility, we achieved a 26% year-on-year reduction in Location-based Scope 2 electricity emissions (dropping from 39.59 tCO2e in 2024 to 29.34 tCO2e in 2025).

The Company engaged specialist carbon advisor, Greenly, to quantify and calculate the GHG emissions associated with our operations. The assessment was conducted in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (WBCSD/WRI).

Appropriate emission factors were sourced primarily from the 2025 UK Government GHG Conversion Factors for Company Reporting (DEFRA), supplemented by international databases (IEA, Exiobase) where necessary.

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual 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 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

We have audited the financial statements of George P.Johnson (United Kingdom) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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.

As explained more fully in the Directors' Responsibilities Statement, 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.

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 auditor's 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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

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 auditor's 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.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

George P.Johnson (United Kingdom) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53 Great Suffolk Street, London, SE1 0DB.

The company has a branch in Oslo, Norway.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company considers that consolidation has not been deemed necessary on grounds of materiality according to FRS 102.9.9A. The only balance is an intercompany balance with the subsidary which would be eliminated on consolidation.

At the balance sheet date, the company made a pre-tax profit for the year of £639,908 (2024: profit of £1,316,822) and had net liabilities of £735,356 (2024: net liabilities of £1,490,118). The financial statements have been prepared on the going concern basis which assumes that the company will continue to operate for the foreseeable future. In making their assessment of the future trading of the company, the board have prepared and reviewed cash flow forecasts for the next 12 months from the date of approval of these financial statements and are satisfied that the company has sufficient cash resources to meet its liabilities as they fall due.true

The board does not expect to have to rely on the financial support of its ultimate parent company Project Worldwide, Inc., but for completeness have provided a letter confirming such support for a period of at least 12 months from the date of signing the financial statements. The Directors have taken steps to assess the ability of the parent to provide this support.

Having regard to the above, at the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Income and cost recognition

The company provides event management services and recognises income and expenditure in accordance with the terms of the agreements or as the event progresses as follows:

Events:

(a) Events held before the period end

The whole value of the contract is included in turnover where the company has fulfilled its obligations under the contract. All direct costs related to such events for which invoices have not been received at the year-end are accrued for.

(b) Events held after the period end

Expenditure is included as work in progress based on the value of recoverable direct cost incurred to the period end including attributable direct salary costs. The revenue includes the expenditure plus an element of profit as recognised in accordance with the terms of the contract. Full provision is made for any foreseeable losses under the contract.

(c) Invoices raised pre period end and relating to post end events

The income is treated as deferred income and any associated costs are included in work-in-progress to the extent that the company is not contractually entitled to the income.

(d) Cancelled contracts

Where the contract includes a cancellation penalty, the penalty charge is included in income at the date the company is notified of the cancellation of the contract. All irrecoverable costs relating to that contract are provided for at the date the cancellation is notified.

(e) Events spanning a period end

Revenue represents amounts receivable from clients for event services, including recoverable costs and the company’s agreed margin. Revenue and associated profit are recognised when the company has fulfilled its obligations under the relevant contract, or in line with contractual periodic recognition terms, and is entitled to the consideration. Full provision is made for any foreseeable contract losses..

Other work-in-progress

Work- in-progress other than events is valued according to the terms of the contract. Where the substance of a contract is that the company’s contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the company’s partial performance of its contractual obligations. The amount of revenue will reflect the accrual of the right to consideration as the activity progresses by reference to the value of the work performed.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Other leases refer to the provision of office equipment, including photocopiers, franking machines, coffee machines and hot water taps.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant critical judgements that the Directors have made in applying the Company’s accounting policies that have any significant effect on the amounts recognised in the financial statements.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

The directors have identified estimation uncertainty of realising profit from events held. If any such contracts are subsequently deemed to be unrecoverable then this could have an impact on the financial statements. Full provision is made for any foreseeable losses under the contract. From past experience all hours charged on the job are not fully recoverable and so the company only recognises a percentage of the chargeable hours incurred on events spanning the year-end.

Where the company is required to make reparations in accordance with the terms of the lease, provision is made for the anticipated expenditure based on an annual review of the dilapidations. The magnitude of the dilapidations provision was derived from a third-party valuation which is based upon current market rates at the start of the lease to reinstate the property back to its original condition. As market rates will fluctuate over the life of the lease, using market rates as at the start of the lease in the calculation of the dilapidations provision is a source of estimation uncertainty.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The provision is in respect of dilapidations at 53 Great Suffolk Street, London, SE1 0DB. Payments in respect of this are owed at the end of lease term.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The balance for retirement benefits unpaid at the year end is £nil (2024: £Nil).

The Company has one class of ordinary shares which carry no right to fixed income.

The Company’s reserves are as follows:

Called-up share capital represents the nominal value of shares that have been issued.

Profit and loss account includes all current and prior period retained profits and losses.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel is as follows.

During the year, retirement benefits were not accruing to any director (2024 – £nil) in respect of money purchase pension schemes.

Key management personnel comprise those persons having authority and responsibility for planning, directing and controlling the activities of the entity, including one director of the company.

During the year the company entered into the following transactions with related parties:

Project Worldwide, Inc., a company registered in the United States, is the Company’s ultimate parent company. The transactions and balances with related undertakings and group companies have taken place at arm’s length and are in connection with the company’s principal activities.

George P. Johnson Company has provided a guarantee for the overdraft facilities of £1,000,000 and €2,000,000, the latter of which the Company has access to €250,000.

The following amounts were outstanding at the reporting end date:

The company is a wholly owned subsidiary undertaking of Project Worldwide, Inc., incorporated in Michigan in the United States, which the directors consider to be the company’s ultimate parent company. This is the largest and smallest group in which the results of the company are consolidated. The registered address of Project: Worldwide, Inc is 3600 Giddings Road, Auburn Hills, Michigan 48326.

The company’s immediate parent undertaking is George P. Johnson Company, also incorporated in the United States.

Copies of consolidated group financial statements for Project Worldwide, Inc. are not publicly available.

The ultimate controlling party is an Employee Stock Ownership Plan.