Registration number:
Unaudited Financial Statements
Speed of Sight Events Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Speed of Sight Events Limited
Balance Sheet
31 March 2023
Note |
2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
251 |
1,375 |
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Shareholders' funds |
351 |
1,475 |
For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Company Registration Number: 08480810
Speed of Sight Events Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Speed of Sight Events Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
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 debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Dividends
The subsidiary did not have a legal obligation to make a payment to its parent charity at the reporting date. However, the board has indicated its intention to pay all the taxable profits for the reporting period to the parent charity. The payment is expected to be made within 9 months of the reporting date. The subsidiary has previously accrued the gift aid payments as an expense in the income statement at each reporting date based on the taxable profits for the reporting period.
The change in accounting policy for gift aid payment results in the company recognising a taxation charge on its profits for the year. However, the application of the exception under paragraph 29.14A FRS102 provides relief in respect of the accounting for the tax charge. This results in an overall nil charge for tax in the income statement. This exception is only applicable as it is probable that the gift aid payment will be made by the company to the parent charity within 9 months of the reporting date.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Speed of Sight Events Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Parent and ultimate parent undertaking |
The Company's immediate parent is
The ultimate controlling party is