SideFest Limited 08994189 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of event planning and 3D printing services. Digita Accounts Production Advanced 6.30.9574.0 true true 08994189 2022-05-01 2023-04-30 08994189 2023-04-30 08994189 core:CurrentFinancialInstruments 2023-04-30 08994189 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 08994189 core:Goodwill 2023-04-30 08994189 core:OfficeEquipment 2023-04-30 08994189 bus:SmallEntities 2022-05-01 2023-04-30 08994189 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 08994189 bus:FullAccounts 2022-05-01 2023-04-30 08994189 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 08994189 bus:RegisteredOffice 2022-05-01 2023-04-30 08994189 bus:Director1 2022-05-01 2023-04-30 08994189 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 08994189 core:Goodwill 2022-05-01 2023-04-30 08994189 core:OfficeEquipment 2022-05-01 2023-04-30 08994189 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-01 2023-04-30 08994189 countries:EnglandWales 2022-05-01 2023-04-30 08994189 2022-04-30 08994189 core:Goodwill 2022-04-30 08994189 core:OfficeEquipment 2022-04-30 08994189 2021-05-01 2022-04-30 08994189 2022-04-30 08994189 core:CurrentFinancialInstruments 2022-04-30 08994189 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 08994189 core:OfficeEquipment 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 08994189

SideFest Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

SideFest Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

SideFest Limited

(Registration number: 08994189)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,209

3,422

Current assets

 

Debtors

6

880

221

Cash at bank and in hand

 

7,708

7,595

 

8,588

7,816

Creditors: Amounts falling due within one year

7

(27,862)

(30,619)

Net current liabilities

 

(19,274)

(22,803)

Net liabilities

 

(16,065)

(19,381)

Capital and reserves

 

Called up share capital

3

3

Retained earnings

(16,068)

(19,384)

Shareholders' deficit

 

(16,065)

(19,381)

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
J Boomer
Director

 

SideFest Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

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.

Going concern

The financial statements have been prepared on a going concern basis as the directors have confirmed that they will provide sufficient funding for the company to trade for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of event planning services and 3D printing services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Office Equipment

20% Straight Line Basis

 

SideFest Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets

20% Straight Line Basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

SideFest Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

2,197

2,197

At 30 April 2023

2,197

2,197

Amortisation

At 1 May 2022

2,197

2,197

At 30 April 2023

2,197

2,197

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

11,005

11,005

Additions

1,207

1,207

At 30 April 2023

12,212

12,212

Depreciation

At 1 May 2022

7,583

7,583

Charge for the year

1,420

1,420

At 30 April 2023

9,003

9,003

Carrying amount

At 30 April 2023

3,209

3,209

At 30 April 2022

3,422

3,422

 

SideFest Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

20

Other debtors

880

201

 

880

221

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

43

-

Other creditors

27,819

30,619

27,862

30,619

8

Related party transactions

Other transactions with directors

J Boomer had a loan with the company. At the balance sheet date the amount owed to J Boomer was £312 (2022: £3,112).

E Kirby had a loan with the company. At the balance sheet date the amount owed to E Kirby was £312 (2022: £312).

Summary of transactions with entities with joint control or significant interest

J Boomer and E Kirby are directors of Queensmere Properties Limited. At the balance sheet date the amount due from SideFest Limited to Queensmere Properties Limited was £26,120 (2022: £26,120).