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Registration number: 08631692

The Six15 Group Ltd

Unaudited Filleted Financial Statements

for the Period from 1 September 2021 to 29 August 2022

 

The Six15 Group Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

The Six15 Group Ltd

(Registration number: 08631692)
Balance Sheet as at 29 August 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

170,528

165,529

Current assets

 

Debtors

5

325,957

277,710

Cash at bank and in hand

 

151,540

238,270

 

477,497

515,980

Creditors: Amounts falling due within one year

6

(518,174)

(487,746)

Net current (liabilities)/assets

 

(40,677)

28,234

Total assets less current liabilities

 

129,851

193,763

Creditors: Amounts falling due after more than one year

6

(72,728)

(121,488)

Provisions for liabilities

(32,401)

(31,451)

Net assets

 

24,722

40,824

Capital and reserves

 

Called up share capital

7

200

200

Retained earnings

24,522

40,624

Shareholders' funds

 

24,722

40,824

For the financial period ending 29 August 2022 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 period 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 14 November 2023 and signed on its behalf by:
 

.........................................
Mr T M Lormor
Director

 

The Six15 Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 29 August 2022

1

General information

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

The address of its registered office is:
Units 11 & 12 Momentum Place
Momentum Business Park
Bamber Bridge
Preston
PR5 6EF

These financial statements were authorised for issue by the Board on 14 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Six15 Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 29 August 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Equipment

15% per annum reducing balance basis

Motor vehicles

15% per annum reducing balance basis

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Six15 Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 29 August 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 14 (2021 - 9).

 

The Six15 Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 29 August 2022

4

Tangible assets

Equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 September 2021

217,993

45,428

263,421

Additions

35,092

-

35,092

At 29 August 2022

253,085

45,428

298,513

Depreciation

At 1 September 2021

83,103

14,789

97,892

Charge for the period

25,497

4,596

30,093

At 29 August 2022

108,600

19,385

127,985

Net book value

At 29 August 2022

144,485

26,043

170,528

At 31 August 2021

134,890

30,639

165,529

5

Debtors

2022
£

2021
£

Trade debtors

216,767

239,478

Prepayments

7,584

(27,449)

Other debtors

101,606

65,681

325,957

277,710

 

The Six15 Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 29 August 2022

6

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

48,026

40,367

Trade creditors

 

115,196

151,205

Taxation and social security

 

256,938

227,075

Accruals and deferred income

 

98,014

69,099

 

518,174

487,746

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

72,728

121,488

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         

8

Related party transactions

Transactions with directors

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 29 August 2022
£

Loans to directors

65,681

97,865

(65,681)

97,865

         
       

 

2021

At 1 September 2020
£

Advances to director
£

Repayments by director
£

At 31 August 2021
£

Loans to directors

47,476

65,681

(47,476)

65,681

         
       

 

Interest has been charged on the above loans at 2%.

 

The Six15 Group Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 29 August 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

72,728

120,000

Hire purchase contracts

-

1,488

72,728

121,488

2022
£

2021
£

Current loans and borrowings

Bank borrowings

48,026

30,000

Hire purchase contracts

-

10,367

48,026

40,367