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Registration number: 08480810


Speed of Sight Events Limited
Annual Report and
Unaudited Financial Statements

31 March 2023

 

Speed of Sight Events Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Speed of Sight Events Limited

Balance Sheet
31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

236

1,397

Cash at bank and in hand

 

115

78

 

351

1,475

Capital and reserves

 

Called up share capital

100

100

Retained earnings

251

1,375

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:

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.

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 Board on 2 November 2023 and signed on its behalf by:
 

.........................................
Mr MA Newman
Director

Company Registration Number: 08480810

 

Speed of Sight Events Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
19 Riverside Drive
Radcliffe
Manchester
M26 1HU
England

These financial statements were authorised for issue by the Board on 2 November 2023.

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.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

 

Speed of Sight Events Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2023

4

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

130

130

Amounts owed by related parties

106

1,267

   

236

1,397

5

Parent and ultimate parent undertaking

The Company's immediate parent is Speed of Sight Limited, incorporated in England.

 The ultimate controlling party is the directors of the ultimate holding company.