REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
4Ward Events Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
4Ward Events Ltd |
4Ward Events Ltd (Registered number: 09383427) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
4Ward Events Ltd |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Polymer Court |
Hope Street |
Dudley |
West Midlands |
DY2 8RS |
4Ward Events Ltd (Registered number: 09383427) |
Balance Sheet |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
4Ward Events Ltd (Registered number: 09383427) |
Balance Sheet - continued |
31 January 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
4Ward Events Ltd (Registered number: 09383427) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
4Ward Events Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
No depreciation is provided in respect of freehold land and buildings. The company has a policy of regular maintenance and repair, so that the asset maintains its performance standards. The assets are not expected to suffer from economic or technological obsolescence and the estimated residual values are material. An impairment review is carried out annually on the tangible fixed asset at the end of each accounting period, where:- no depreciation is charged as it's deemed immaterial because of the length of the remaining useful economic life or where the estimated residual value is not markedly different from the carrying amount; or the tangible fixed assets estimated useful economic life exceeds 50 years. |
Government grants |
Government grants are recognised at their fair value received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and that the grants will be received. |
Government grants are recognised using the accruals model and where relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related cost for which the grant is intended to compensate. Grants including business rates relief funding and JRS furlough grants, that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs, are recognised as income for the period in which they become receivable. |
4Ward Events Ltd (Registered number: 09383427) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. |
No depreciation or amortisation is provided in respect of investment property. The treatment is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets. However, the investment property is not held for consumption but for investment and the members consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the accounts to give a true and fair view. |
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 |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4Ward Events Ltd (Registered number: 09383427) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2022 |
and 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
The property was acquired on 24th May 2018 and the directors have assessed the valuation of the property at the balance sheet date and concluded that there is no material change in valuation since acquisition. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
4Ward Events Ltd (Registered number: 09383427) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 189,460 | 187,232 |
9. | SECURED DEBTS |
National Westminster Bank Plc hold a legal charge dated 24th May 2018 over the commercial property at 8-10 Crown Lane, Stourbridge, West Midlands, DY8 1TP. |
National Westminster Bank Plc hold a debenture dated 11th August 2020 containing a fixed and floating charge over all property or undertaking of the company. |
10. | PROVISIONS FOR LIABILITIES |
31.1.23 | 31.1.22 |
£ | £ |
Deferred tax | 507 | 688 |
Deferred |
tax |
£ |
Balance at 1 February 2022 |
Provided during year | ( |
) |
Balance at 31 January 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.23 | 31.1.22 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Ordinary 'Non-Voting' | £1 | 4 | 4 |
6 | 6 |
4Ward Events Ltd (Registered number: 09383427) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
12. | RELATED PARTY DISCLOSURES |
Creditors (including non interest bearing loans) as at 31st January 2023 include due to 4Ward Retail Ltd £nil (2022 - £3,869). |
Debtors (including non interest bearing loans) as at 31st January 2023 include due from 4Ward Leisure Limited £271,390 (2022 - £271,390), 4Ward Retail Ltd £7,896 (2022 - £nil) and Man Cave Expo UK Ltd £100,000 (2022 - £nil). |
4Ward Events Limited, 4Ward Retail Limited, 4Ward Leisure Limited and Man Cave Expo UK Ltd share common directors and shareholders. |
13. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |