REGISTERED NUMBER: 04217845 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

IDENTITY EVENTS MANAGEMENT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Statement of Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

K Bhadresa

A L Sohpal

SECRETARY:

M J Prior

REGISTERED OFFICE:

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

REGISTERED NUMBER:

04217845 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

Despite persistent industry-wide challenges Identity Events Management Ltd has sustained profitability while executing significant strategic investments. This performance underscores our operational resilience and commitment to long term value creation.

BUSINESS REVIEW: GROWTH, INNOVATION AND DEVELOPMENT

Identity has continued to evolve in alignment with client needs, reinforcing strong relationships and expanding our market presence. Our strategic growth initiatives have positioned us to scale both domestically and internationally.

In 2024, we successfully launched the *Human Experience* series-an exclusive programme of thought-leadership events designed to foster client engagement through high-impact content and immersive formats. These events, informed by scientific insights and delivered by leading experts, exemplify our commitment to innovation and excellence.

We have also advanced our investment in digital capabilities, brand development, and communications infrastructure to further solidify Identity's competitive position.

Financial health and commercial successes

We are proud to report another successful year which is a testament to our team's resilience and adaptability during a transformative period for our company. While this figure differs from last year's performance, this year's outcomes represent a deliberate pivot towards future growth.

The seeds planted this year are already showing promising growth. Our strategic decisions have created a stronger, more diversified company with multiple avenues for expansion. We are entering the new financial year with enhanced capabilities, broader market access, and innovations ready to launch.

The following key measures give an overview of the company's growth and financial health:

Key Measures

2025(12 months

)

2024(18 months

)

Turnover (£'000)

49,191

98,007

Gross profit %

19.2%

16.5%

Profit/(Loss) Before Tax (£'000)

1,210

1,006

Business operations development

Total Employees for IEM Ltd as of 28 February 2025:

UK

48 women

40 men

We remain committed to embedding equality, diversity, and inclusion across our operations. Significant enhancements to HR structures, systems, and processes have been implemented, with further improvements planned as part of our continuous improvement strategy.

Accreditations

We have successfully renewed our Cyber essentials plus, ISO 9001, ISO 14001, ISO 45001, and ISO 27001 certifications, reaffirming our commitment to quality, safety, and data security in the delivery of world-class events.

MITIGATING RISKS AND UNCERTAINTIES

Identity is highly adept at identifying, monitoring, and managing risks. The business is ready for any challenge that the year ahead may present. We have identified the key risks and uncertainties that could affect the business and have developed appropriate mitigations for each, outlined below.

Potential risks associated with current events

Global supply chains:

As Identity derives part of our income from within the UK and purchases from UK suppliers and has a low proportion of staff from EU countries, the impact of Brexit on the company should continue to be minimal. Where suppliers bring goods into the UK, Identity has discussed stockholding levels and anticipates ongoing continuity of supply with minimal disruption. Furthermore, Identity's vast network of suppliers allows us to source products from different suppliers and ensures that we are not dependent on any one brand of product, facilitating even greater resilience within the supply chain.

Economic Risks:

Strategic client diversification and internal efficiency programmes mitigate recessionary pressures.

To mitigate this, Identity will:

- Continue to grow and develop our UK and International client bases.

- Deliver efficiencies by implementing improved internal systems.

Enhanced employee value proposition and expanded training budgets support talent retention.

- Identity is continually improving the offering to employees, while monitoring and measuring the Net Promotor Indicators.

- Identity has introduced additional training and development funding to allow people within the business to develop, grow and progress - this forms a key part of our staff retention and on-going growth planning.

Potential financial risks typical for businesses in general

We have robust policies and procedures set by the directors, to successfully manage the financial risk typical for a business such as Identity, to ensure the healthy financial performance of the company. The company does not use derivative financial instruments to manage interest rate risks.

Price risk:

We take pride in delivering events of the highest quality while achieving optimum value for money for our clients. We work closely with our suppliers to limit price risk in the supply chain and meet the demands to deliver year-on-year value for customers. Price risk is further mitigated by the size and strength of Identity's operations, as well as the company's financial security, robust policies, and procedures.

Credit risk:

Identity has a rigorous credit risk assessment process for new customers. In advance of committing to large amounts of expenditure on projects, customers are required to pay a proportion in advance. This approach helps to mitigate the risk that some customers may not be able to pay their debts when required. Overall, due to strong supplier relationships and robust policies and procedures, the directors consider Identity's exposure in this area to be minimal risk.

Liquidity risk:

Identity has sufficient cash resources, either our own funds or access to further bank facilities, to mitigate risk in relation to liquidity (difficulty in meeting obligations associated with a company's financial liabilities). The company has a responsible and rigorous approach to financial management.

Foreign Exchange Risk:

As Identity expands into new territories there is greater exposure to fluctuations in foreign currency. Identity looks at the size and length of contracts to assess exposure in this area and where it is appropriate, takes out foreign exchange contracts to minimise this risk.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members. Identity's directors seek to ensure that their decision-making process considers the company's purpose, vision, and values, together with our strategic priorities, and reflects, as far as is practical and possible, the interests of all stakeholders. This commitment covers the:

- likely consequences of any decisions in the long-term

- interests of Identity's employees

- need to foster Identity's business relationships with suppliers, customers and others

- impact of Identity's operations on the community and the environment

- desire for Identity to maintain a reputation for high standards of business conduct

- need to act fairly between members of Identity

Identity's policy is to consult and discuss the interests of employees through staff meetings and quarterly Town Halls facilitated by the Executive Team. Identity's wider internal communications strategy incorporates information bulletins and reports to employees, including a monthly update from the Managing Director. This celebrates team and individual achievements, as well as providing an opportunity to communicate important updates and strategic plans.

The company builds and maintains strong client and supplier relationships via personal meetings, interactions, events, promotional activities, communications, and site visits.

In support of Section 172, Identity holds Directors and Officers liability insurance.

GOING CONCERN: CONTINUED OPERATIONS

The directors of Identity have carried out a detailed review and analysis of secured work for the coming financial year as well as any associated risks. Financial modelling has been undertaken for the year ahead and beyond. The directors are fully satisfied that the company has the sufficient resources to continue in operation for at least 12 months from the signing date of the Annual Report and Accounts. They therefore consider that it is appropriate to prepare the accounts on a 'going concern' basis.

IDENTITY'S COMMITMENT TO SUSTAINABILITY AND SOCIAL VALUE

Identity is committed to leading the way in delivering exemplary, world-class sustainable events through managing environmental, social, and economic performance in the delivery of our projects. This last 12 months, we have continued the development of an already established sustainability policy and are building significant and detailed data across key project delivery to support sustainable decision making and identification of key carbon and waste reduction target areas. This has been supplemented with supporting activities to maintain and improve the company's performance in minimising environmental impacts, delivering social value and ensuring that our supply chain supports these aims.

Part of this commitment includes Streamlined Energy and Carbon Reporting (SECR) of Identity's energy use and associated greenhouse gas emissions from electricity and fuel in the UK. The table below shows data for 12 months (1st March 2024 - 28th Feb 2025). The emissions inventory in the table below follows the GHG Protocol Corporate Standard and the 2019 HM Government Environmental Reporting Guidelines. UK Government DEFRA 2024 conversion factors have been used for carbon calculations. Data sources include:

- Fuel consumption records

- Utility supplier billing data

- Expense and travel booking software

- In-house surveys and tracking

- Waste management contractor records

- TRACE events emissions tracking software

Scope

Emission Source

Consumption (kWh)

GHG emissions (tC02e)

Scope 1 - direct GHG emissions

Company cars (Diesel)

18,602

6.92

Company cars (Hybrid)

262

0.3

Event delivery

-

114.2

Scope 2 - energy indirect emissions

Purchased

72,099

14.9

Scope 3 - Other indirect emissions

Upstream transportation & distribution

-

812.8

Waste

-

4.81

Business travel

-

1,101.8

Employee commuting & home working emissions

-

17.7

Downstream transportation & distribution

-

5,345.1

TOTAL

90,963

7,419

Carbon Intensity - tonnes of CO2 per £m of revenue = 150.82 (tCO2e)

Targets and Commitments

Identity has the following organisation-wide commitments:

- Reduce Scope 1 and 2 GHG emissions by 50% by 2030 (from 2021 baseline), aligned with a 1.5•C climate scenario as per Science-Based Targets Initiative (SBTi) guidance.

- Continue to measure, monitor and reduce Scope 3 emissions.

- Offset 100% of business operations GHG emissions annually.

- Measure 100% of all events delivered using event industry specific software (TRACE). This has been achieved, and continues into FY 2025/2026

In addition, Identity has targets to:

- Transition company vehicle fleet away from diesel and fossil fuels entirely by 2030, with diesel generators already eliminated and company cars largely phased out

- Switch to 100% renewable energy tariffs across all business operations.

- Reduce business travel, homeworking, office energy consumption and amazon orders each by 50% by 2030.

Implement a supplier sustainability engagement programme to supplement our newly introduced sustainability onboarding criteria to provide training and upskilling on sustainable decision making in respect of their scope of supply.

It is anticipated that Identity's Scope 3 emissions will continue to increase in the short term we continue with increased comprehensive measurement of event delivery, delegate travel, purchased goods and services, and business travel is implemented. For the forthcoming financial year, it is Identity's intention as part of business strategy and in line with the revised requirements under SBTi, to set Scope 3 emissions reduction targets for business operations, and where possible to influence clients on sustainable decision making to reduce the same for the events we deliver.

Energy efficiency measures

Measures implemented over the reporting period include:

- Continued adoption of science-based emissions targets aligned with SBTi 1.5•C pathway for scope 1 and 2 emissions

- Implementation of an Environmental Policy supported by a Sustainability Management Plan, with ongoing staff engagement and mandatory sustainability training.

- Significant downsizing of company car fleet (to zero fleet cars in 2024; only two essential vans retained for review in 2025-2026).

- Switch to green renewable energy tariffs across all UK offices.

- 100% deployment of TRACE carbon tracking software across all event delivery emissions.

- Improvement measurement and reporting of event delivery emissions, including delegate travel, business travel, goods & services, and venue energy use.

- Ongoing participation in industry collaborations and knowledge sharing to improve sustainability practice.

Social value

Identity have implemented a range of social value contributions across both business operations and event delivery. The equivalent value of these is tracked either as direct contributions or through TOMS values calculated on our behalf by Business in the Community (BITC), of which our membership is now in its third year. Our contributions include:

- Donations through company charity sponsorship activities, e.g. sponsored cycle rides, charity coffee mornings, etc., supported by staff participation.

- Staff volunteering for young persons and job seeker mentoring programmes through The Girls Network and Business in the Community job coaching.

- Donations of surplus technology to charities aiding digital mobility for underrepresented communities; some of these charities are directly linked with the BITC job coaching programme allowing their service users to access online ICT training, compile CVs, conduct job searches and attend interviews online.

- Donations of event surplus to local communities, including furniture, household items, decor, and materials from event build and dressing, thereby ensuring that these items are diverted from waste and remain in the value chain for longer.

FUTURE DEVELOPMENTS

Identity is looking forward to the coming year with great confidence. Leveraging our success of 2024/25, combined with a clear growth strategy, the team will continue to develop and innovate to deliver exceptional quality experiences for our clients. Whilst the delivery of some key projects is already assured, along with strong new prospects we continue to look at expanding our reach in the Middle East - Saudi Arabia, along with looking at acquisition opportunities within the UK to expand our reach within the events sector.

ON BEHALF OF THE BOARD:

A L Sohpal - Director

28 November 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

DIVIDENDS

No dividends have been distributed for the year ended 28 February 2025.

DIRECTORS

The directors who have held office during the period from 1 March 2024 to the date of this report are as follows:

M Gietzen - resigned 14 October 2024

P K Fitzpatrick - resigned 14 October 2024

Ms J Dodd - resigned 14 October 2024

S M Dunnell - resigned 14 October 2024

K Bhadresa - appointed 14 October 2024

A L Sohpal - appointed 14 October 2024

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 certain information required by schedule 7 of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 is set out in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A L Sohpal - Director

28 November 2025

Opinion

We have audited the financial statements of Identity Events Management Limited (the 'company') for the year ended 28 February 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading key correspondence from regulatory bodies;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain, the most significant area being in recognition of costs and revenues for ongoing projects.

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and

- Testing transactions entered into that are outside of the normal course of the Company's business

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the group's regulatory and legal correspondence.. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen James Moore FCCA (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

28 November 2025

TURNOVER

4

49,190,994

98,007,385

Cost of sales

(39,750,703

)

(81,812,138

)

GROSS PROFIT

9,440,291

16,195,247

Administrative expenses

(9,643,132

)

(17,573,190

)

(202,841

)

(1,377,943

)

Other operating income

631,709

955,554

OPERATING PROFIT/(LOSS)

6

428,868

(422,389

)

Interest receivable and similar income

781,269

1,428,433

1,210,137

1,006,044

Interest payable and similar expenses

8

-

(184

)

PROFIT BEFORE TAXATION

1,210,137

1,005,860

Tax on profit

9

21,469

(205,422

)

PROFIT FOR THE FINANCIAL YEAR

1,231,606

800,438

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,231,606

800,438

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

208,024

279,730

208,024

279,730

CURRENT ASSETS

Stocks

13

110,442

94,994

Debtors

14

25,425,574

23,352,077

Cash at bank and in hand

24,733,650

25,958,103

50,269,666

49,405,174

CREDITORS

Amounts falling due within one year

15

(6,783,680

)

(7,201,031

)

NET CURRENT ASSETS

43,485,986

42,204,143

TOTAL ASSETS LESS CURRENT LIABILITIES

43,694,010

42,483,873

PROVISIONS FOR LIABILITIES

17

(52,006

)

(73,475

)

NET ASSETS

43,642,004

42,410,398

CAPITAL AND RESERVES

Called up share capital

18

296

296

Share premium

19

11,303

11,303

Retained earnings

19

43,630,405

42,398,799

SHAREHOLDERS' FUNDS

43,642,004

42,410,398

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2025 and were signed on its behalf by:

A L Sohpal - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 September 2022

296

42,105,393

11,303

42,116,992

Changes in equity

Dividends

-

(507,032

)

-

(507,032

)

Total comprehensive income

-

800,438

-

800,438

Balance at 29 February 2024

296

42,398,799

11,303

42,410,398

Changes in equity

Total comprehensive income

-

1,231,606

-

1,231,606

Balance at 28 February 2025

296

43,630,405

11,303

43,642,004

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Turnover and revenue recognition

Revenue is recognised by reference to the stage of completion of each project in accordance with FRS 102 section 23.14. An appropriate proportion of total contract value has been included in turnover and the related costs have been included in cost of sales. The amount by which turnover on these contracts exceeds amounts invoiced has been included within current assets as amounts recoverable on contracts. Where the amounts invoiced exceed the revenue recognised, the excess is included in current liabilities as deferred income.

Goodwill

Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised through the income statement in equal instalments over its estimated useful life of 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery

-

33% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Reporting period

Last year's financial statements were prepared for the 18 months to 29th February 2024, as to align the completion of major projects undertaken to the company's financial year end.

As a result, the comparative figures and disclosures presented with these financial statements are not entirely comparable.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

Critical judgements

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.

Key sources of estimation uncertainty

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:

Work in progress

The directors have identified estimation uncertainty of realising profit from events held. Where any such contracts are subsequently deemed to be unrecoverable then this could have an impact on the financial statements. Provision is made for any foreseeable losses under the contract.

4.

TURNOVER

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

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

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Events

49,190,994

98,007,385

49,190,994

98,007,385

5.	EMPLOYEES AND DIRECTORS

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Wages and salaries

5,609,722

12,095,293

Social security costs

678,181

1,309,392

Other pension costs

260,079

248,050

6,547,982

13,652,735

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

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

Admin (including directors)

32

22

Direct

62

89

94

111

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Directors' remuneration

16,667

252,358

6.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Hire of plant and machinery

1,195

16,963

Depreciation - owned assets

140,146

186,306

Depreciation - assets on hire purchase contracts or finance leases

-

794

(Profit)/loss on disposal of fixed assets

(20,000

)

5,545

Auditors' remuneration

75,000

85,000

Foreign exchange differences

(3,219

)

17,418

7.	EXCEPTIONAL ITEMS

Included within expenditure for the year are exceptional costs relating to group restructuring. These amounted to £626,796 (2024 - £nil).

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Bank loan interest

-

184

9.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Current tax:

UK corporation tax

-

202,174

Deferred tax

(21,469

)

3,248

Tax on profit

(21,469

)

205,422

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.9.22

Year Ended

to

28.2.25

29.2.24

£

£

Profit before tax

1,210,137

1,005,860

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 22.600%)

302,534

227,324

Effects of:

Expenses not deductible for tax purposes

11,767

21,261

Depreciation in excess of capital allowances

18,805

1,454

Losses on disposal of assets

-

417

Other adjustments

-

22

Deferred Tax

(21,469

)

3,248

Group relief

(333,106

)

(48,304

)

Total tax (credit)/charge

(21,469

)

205,422

10.

DIVIDENDS

2025

2024

£

£

Ordinary shares A to F

-

507,032