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REGISTERED NUMBER: 04018046 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

UNDERCOVER EVENTS LIMITED

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


UNDERCOVER EVENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: R T Strickland





SECRETARY: L M Strickland





REGISTERED OFFICE: Old Rides Farm
Leysdown Road
Eastchurch
Sheerness
Kent
ME12 4BD





REGISTERED NUMBER: 04018046 (England and Wales)





ACCOUNTANTS: Friend & Grant Ltd
Bryant House
Bryant Road
Strood
Rochester
Kent
ME2 3EW

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,413,360 1,348,686

CURRENT ASSETS
Stocks 67,117 52,161
Debtors 6 391,720 419,006
Cash at bank and in hand 825,679 678,112
1,284,516 1,149,279
CREDITORS
Amounts falling due within one year 7 913,864 750,504
NET CURRENT ASSETS 370,652 398,775
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,784,012

1,747,461

CREDITORS
Amounts falling due after more than one
year

8

(544,808

)

(689,363

)

PROVISIONS FOR LIABILITIES (249,160 ) (256,063 )
NET ASSETS 990,044 802,035

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 184,501 205,001
Retained earnings 804,543 596,034
990,044 802,035

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 July 2022 and were signed by:





R T Strickland - Director


UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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, including the presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the turnover recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - straight line over lease term
Marquees - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Each year, a transfer is made from the Revaluation reserve to retained earnings for the excess depreciation charged as a result of the revaluation to fair value of the marquees in 2015. Movements in deferred tax relating to this revaluation are also adjusted through the Revaluation reserve.

Government grants
Government grants are recognised using the accrual model.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax 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.

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.

Employee benefits
The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 18 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Long and
leasehold Marquees fittings
£    £    £   
COST
At 1 January 2021 89,352 1,811,350 216,733
Additions 5,939 400,288 20,670
Disposals - (205,081 ) -
At 31 December 2021 95,291 2,006,557 237,403
DEPRECIATION
At 1 January 2021 65,399 650,760 171,375
Charge for year 27,443 158,043 15,011
Eliminated on disposal - (69,560 ) -
At 31 December 2021 92,842 739,243 186,386
NET BOOK VALUE
At 31 December 2021 2,449 1,267,314 51,017
At 31 December 2020 23,953 1,160,590 45,358

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2021 215,577 14,251 2,347,263
Additions 3,000 1,124 431,021
Disposals - - (205,081 )
At 31 December 2021 218,577 15,375 2,573,203
DEPRECIATION
At 1 January 2021 103,041 8,002 998,577
Charge for year 28,572 1,757 230,826
Eliminated on disposal - - (69,560 )
At 31 December 2021 131,613 9,759 1,159,843
NET BOOK VALUE
At 31 December 2021 86,964 5,616 1,413,360
At 31 December 2020 112,536 6,249 1,348,686

On transition to FRS 102, the directors open market basis revaluation of marquees as at 31 December 2014 was elected to be the deemed cost. The carrying amount recognised on transition at 1 January 2015 was £1,000,000. If marquees had been carried under the cost model, the carrying amount at 1 January 2015 would have been £523,770. This revaluation resulted in an adjustment to the Revaluation reserve of £476,230 which currently has a balance of £227,779 after depreciation release.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 252,139 261,286
Other debtors 139,581 157,720
391,720 419,006

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 110,000 85,082
Hire purchase contracts 51,101 57,334
Trade creditors 212,715 156,265
Taxation and social security 154,691 172,836
Other creditors 385,357 278,987
913,864 750,504

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 344,999 454,999
Hire purchase contracts 86,992 34,650
Other creditors 112,817 199,714
544,808 689,363

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 33,333

Included in other creditors due after more than one year is an amount of £30,140 (2020: £30,140) owed to Mr R Strickland, a director of the company.

The director has agreed to postpone his drawing of this balance as part of the company's security agreements with debt financiers.

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 454,999 540,080
Commercial credit card 935 2
455,934 540,082

The above debts are secured by way of a fixed and floating charge over the company's current and future assets. The debts (Excluding the £500k CBILS loan) are also secured by way of a personal guarantee from the director Mr R Strickland and his wife Mrs L Strickland and a second legal charge over their residential property.

Included within other creditors is a non bank loan of £177,975 (2020: £184,992) which is secured by way of a personal guarantee from the director Mr R Strickland and his wife Mrs L Strickland.

10. OTHER DISCLOSURES

FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £1,651,755 (2020: £52,800) of which £1,644,556 relates to rental of a leased properties.

UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
R T Strickland
Balance outstanding at start of year (131,772 ) (100,308 )
Amounts advanced 190,612 189,203
Amounts repaid (159,875 ) (220,667 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (101,035 ) (131,772 )

The loan from Mr R Strickland to the company is unsecured and repayable on demand with the exception of £30,140 which has been postponed as explained in note 8 to the financial statements. Interest was charged at a rate of 10% per annum.