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REGISTERED NUMBER: SC308889 (Scotland)















BLAS FESTIVAL LTD

Audited Financial Statements for the Year Ended 31 March 2023






BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BLAS FESTIVAL LTD

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Feisean nan Gaidheal
Arthur E Cormack
George Keiller Stoddart
Calum Alexander Macmillan





SECRETARY: Arthur E Cormack





REGISTERED OFFICE: Meall House
Portree
Isle of Skye
IV51 9BZ





REGISTERED NUMBER: SC308889 (Scotland)





AUDITORS: Mann Judd Gordon Ltd
Chartered Accountants
& Statutory Auditors
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
CURRENT ASSETS
Cash at bank 9,668 4,213

CREDITORS
Amounts falling due within one year 5 13,534 4,212
NET CURRENT (LIABILITIES)/ASSETS (3,866 ) 1
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,866

)

1

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (3,867 ) -
SHAREHOLDERS' FUNDS (3,866 ) 1

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





George Keiller Stoddart - Director


BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Blas Festival Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the accounts is Pound sterling (£).

The accounts are rounded to the nearest £1

The accounts have been prepared on a going concern basis. The directors are of the opinion that this is the appropriate treatment because of the ongoing support from the parent company, Fèisean nan Gàidheal. The overdrawn Balance Sheet at the year-end relates to an inter-company loan with Fèisean nan Gàidheal, on which interest is not charged and there are no fixed repayment terms.

Preparation of consolidated financial statements
Accounts are prepared for both Fèisean nan Gàidheal and Blas Festival Ltd. The Fèisean nan Gàidheal accounts are consolidated.

Both sets of accounts are filed at the Registrar of Companies and the Fèisean nan Gàidheal accounts are also filed at Office of the Scottish Charity Regulator.

Turnover
Turnover represents box office income, excluding VAT, together with grant income received in support of the annual Blas Festival, which is accounted for as it falls due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued
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.

Debtors and creditors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Amounts owed to group undertakings 9,569 2,798
VAT 2,815 314
Accrued expenses 1,150 1,100
13,534 4,212

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


Without qualifying our opinion, we draw attention to the paragraph within the Accounting Policies, where it is noted that the company relies on the ongoing support from the parent company, Fèisean nan Gàidheal. The overdrawn Balance Sheet at the year-end relates to an inter-company loan with Fèisean nan Gàidheal, on which interest is not charged and there are no fixed repayment terms.

A Cumming CA (Senior Statutory Auditor)
for and on behalf of Mann Judd Gordon Ltd

BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. RELATED PARTY DISCLOSURES

During the year Blas Festival Ltd paid management and administration charges to Fèisean nan Gàidheal of £15,000 (2022 - £15,000).

At the year end no gift aid donation (2022 - £1,688) was due by Blas Festival Ltd to Fèisean nan Gàidheal.

At the year-end date, Blas Fesitval owed Fèisean Nan Gàidheal £9,569 (2022 - Blas Festival owed Fèisean Nan Gàidheal £2,798). There are no repayment terms in place and interest is not charged on the balance.

8. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Fèisean nan Gàidheal, a charitable company, limited by guarantee.

Registered Company Number: SC130071
Registered Charity Number; SC002040

Registered Office Address:
Meall House
Portree
Isle of Skye
IV51 9BZ