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Registrar

Registration number: 04815777

Event Sound & Light Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 March 2023

 

Event Sound & Light Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Event Sound & Light Limited

Company Information

Directors

P J Galley

N D Hills

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank
Chelmsford
40-41 High Street
Chelmsford
Essex
CM1 1BE

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Event Sound & Light Limited

(Registration number: 04815777)
Balance Sheet as at 30 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

470,694

331,281

Current assets

 

Stocks

5

9,220

8,000

Debtors

6

287,012

332,603

Cash at bank and in hand

 

41,062

63,365

 

337,294

403,968

Creditors: Amounts falling due within one year

7

(386,167)

(340,107)

Net current (liabilities)/assets

 

(48,873)

63,861

Total assets less current liabilities

 

421,821

395,142

Creditors: Amounts falling due after more than one year

7

(226,112)

(319,753)

Provisions for liabilities

(97,790)

(59,143)

Net assets

 

97,919

16,246

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

96,919

15,246

Shareholders' funds

 

97,919

16,246

For the financial year ended 30 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 20 November 2023 and signed on its behalf by:
 

P J Galley
Director

 

Event Sound & Light Limited

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

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Unit 2, Warren Farm, Lordship Road, Writtle, Chelmsford, Essex, CM1 3WT.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the hire and sales of sound and lighting equipment and provision of services thereof in the ordinary course of the company’s activities. Turnover is shown net of 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

Current Tax is recognised in the profit and loss account, 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 income 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% or 33.3% Straight line method

Office equipment

25% Straight line method

Fixtures and fittings

15% Reducing balance method

Motor vehicles

25% Reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Event Sound & Light Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

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

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.

Share capital

Ordinary shares are classified as equity.

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 year, was 2 (2022 - 2).

 

Event Sound & Light Limited

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

4

Tangible assets

Property improvements
£

Office equipment
 £

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 31 March 2022

2,780

10,846

8,839

122,271

1,415,372

1,560,108

Additions

-

-

-

-

295,145

295,145

Disposals

(2,780)

-

-

-

-

(2,780)

At 30 March 2023

-

10,846

8,839

122,271

1,710,517

1,852,473

Depreciation

At 31 March 2022

-

10,315

5,303

83,079

1,130,130

1,228,827

Charge for the year

-

177

530

9,798

142,447

152,952

At 30 March 2023

-

10,492

5,833

92,877

1,272,577

1,381,779

Carrying amount

At 30 March 2023

-

354

3,006

29,394

437,940

470,694

At 30 March 2022

2,780

531

3,536

39,192

285,242

331,281

Included within the net book value of land and buildings above is £Nil (2022 - £2,780) in respect of leasehold property improvements.
 

 

Event Sound & Light Limited

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

5

Stocks

2023
£

2022
£

Stocks

9,220

8,000

6

Debtors

2023
£

2022
£

Trade debtors

282,000

280,256

Prepayments

1,172

25,147

Other debtors

3,840

27,200

287,012

332,603

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

265,006

75,499

Loans and borrowings

9

91,380

73,433

Other creditors

 

20,087

23,411

Taxation and social security

 

1,242

24,115

Accruals and deferred income

 

8,452

143,649

 

386,167

340,107

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £56,380 (2022 - £42,158).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

226,112

319,753

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £113,281 (2022 - £167,240).

 

Event Sound & Light Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

35,000

31,275

Bank overdrafts

3,718

-

Hire purchase contracts

52,662

42,158

91,380

73,433

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

112,831

152,513

Hire purchase contracts

113,281

167,240

226,112

319,753

 

Event Sound & Light Limited

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

10

Transition to FRS 102

These financial statements are the first of the company prepared under FRS 102 Section 1A, having exceeded the micro-company size limits for 2 consecutive reporting periods. The date of transition was 31 March 2021. The only material adjustment to the existing accounting policies of the company under FRS 102 Section 1A relates to deferred tax and a new accounting policy has been adopted. The effect of transition on the comparative figures are given below.

Balance Sheet at 31 March 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

151,169

-

-

151,169

Current assets

Stocks

6,250

-

-

6,250

Debtors

137,718

-

-

137,718

Cash at bank and in hand

22,213

-

-

22,213

166,181

-

-

166,181

Creditors: Amounts falling due within one year

(170,357)

-

-

(170,357)

Net current liabilities

(4,176)

-

-

(4,176)

Total assets less current liabilities

146,993

-

-

146,993

Creditors: Amounts falling due after more than one year

(178,821)

-

-

(178,821)

Provisions for liabilities

-

-

(59,144)

(59,144)

Net liabilities

(31,828)

-

(59,144)

(90,972)

Capital and reserves

Called up share capital

(1,000)

-

-

(1,000)

Retained earnings

32,828

-

59,144

91,972

Total equity

31,828

-

59,144

90,972

 

Event Sound & Light Limited

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

Balance Sheet at 30 March 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

331,281

-

-

331,281

Current assets

Stocks

8,000

-

-

8,000

Debtors

332,604

-

-

332,604

Cash at bank and in hand

63,365

-

-

63,365

403,969

-

-

403,969

Creditors: Amounts falling due within one year

(340,107)

-

-

(340,107)

Net current assets

63,862

-

-

63,862

Total assets less current liabilities

395,143

-

-

395,143

Creditors: Amounts falling due after more than one year

(319,753)

-

-

(319,753)

Provisions for liabilities

-

-

(97,790)

(97,790)

Net assets/(liabilities)

75,390

-

(97,790)

(22,400)

Capital and reserves

Called up share capital

(1,000)

-

-

(1,000)

Retained earnings

(74,390)

-

97,790

23,400

Total equity

(75,390)

-

97,790

22,400