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Registration number: 07040721

Double Seven Events Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Double Seven Events Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Double Seven Events Limited

Company Information

Director

Mr RG Mullins

Registered office

4 Endowood Road
Millhouses
Sheffield
South Yorkshire
S7 2LZ

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Double Seven Events Limited

(Registration number: 07040721)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

13,687

17,319

Current assets

 

Debtors

5

22,175

11,887

Cash at bank and in hand

 

13,938

5,799

 

36,113

17,686

Creditors: Amounts falling due within one year

6

(58,165)

(43,658)

Net current liabilities

 

(22,052)

(25,972)

Total assets less current liabilities

 

(8,365)

(8,653)

Creditors: Amounts falling due after more than one year

6

(10,780)

(14,560)

Net liabilities

 

(19,145)

(23,213)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(19,147)

(23,215)

Shareholders' deficit

 

(19,145)

(23,213)

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 August 2022
 

.........................................
Mr RG Mullins
Director

 

Double Seven Events Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

- 25% on reducing balance

 

Double Seven Events Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2021

17,000

17,000

At 30 April 2022

17,000

17,000

Amortisation

At 1 May 2021

17,000

17,000

At 30 April 2022

17,000

17,000

Carrying amount

At 30 April 2022

-

-

 

Double Seven Events Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

4

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2021

13,671

24,190

37,861

Additions

792

-

792

At 30 April 2022

14,463

24,190

38,653

Depreciation

At 1 May 2021

11,849

8,693

20,542

Charge for the year

550

3,874

4,424

At 30 April 2022

12,399

12,567

24,966

Carrying amount

At 30 April 2022

2,064

11,623

13,687

At 30 April 2021

1,822

15,497

17,319

5

Debtors

Current

2022
£

2021
£

Trade debtors

19,134

7,632

Prepayments

295

262

Other debtors

2,746

3,993

 

22,175

11,887

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

trade creditors

180

-

Taxation and social security

10,977

3,437

Accruals and deferred income

9,596

7,349

Other creditors

33,632

29,092

HP and finance lease liabilities

3,780

3,780

58,165

43,658

 

Double Seven Events Limited

Notes to the Financial Statements for the Year Ended 30 April 2022

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

10,780

14,560

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

10,780

14,560

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

3,780

3,780

9

Related party transactions

Transactions with the director

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr RG Mullins

No interest is charged on the loan and there is no fixed date of repayment

28,815

(722)

4,869

32,962