Company registration number 14969290 (England and Wales)
HUMBUG EXPERIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HUMBUG EXPERIENCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HUMBUG EXPERIENCE LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
9,644
Tangible assets
4
35,941
45,585
Current assets
Debtors
5
101,766
Cash at bank and in hand
96,818
198,584
Creditors: amounts falling due within one year
6
(93,704)
Net current assets
104,880
Net assets
150,465
Capital and reserves
Called up share capital
7
200
Share premium account
167,944
Profit and loss reserves
(17,679)
Total equity
150,465

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 24 April 2024 and are signed on its behalf by:
Mr J D G Milligan
Director
Company registration number 14969290 (England and Wales)
HUMBUG EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Humbug Experience Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Station Road, Beaconsfield, Buckinghamshire, HP9 1QL.

1.1
Reporting period

The company was incorporated on 29 June 2023 and the financial statements presented are for the first period ended 31 January 2024; a period which is no longer than 12 months.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line basis
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HUMBUG EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Storage Container
20% straight line basis
Fixtures and fittings
25% straight line basis
Set
20% straight line basis
Props
20% straight line basis
Costume
33% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HUMBUG EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
2
3
Intangible fixed assets
Other
£
Cost
At 29 June 2023
-
0
Additions
10,049
At 31 January 2024
10,049
Amortisation and impairment
At 29 June 2023
-
0
Amortisation charged for the period
405
At 31 January 2024
405
Carrying amount
At 31 January 2024
9,644
HUMBUG EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
4
Tangible fixed assets
Plant and machinery etc
Set
Props
Costume
Total
£
£
£
£
£
Cost
At 29 June 2023
-
0
-
0
-
0
-
-
0
Additions
23,474
4,495
4,752
5,184
37,905
At 31 January 2024
23,474
4,495
4,752
5,184
37,905
Depreciation and impairment
At 29 June 2023
-
0
-
0
-
0
-
-
0
Depreciation charged in the period
1,037
225
317
385
1,964
At 31 January 2024
1,037
225
317
385
1,964
Carrying amount
At 31 January 2024
22,437
4,270
4,435
4,799
35,941
5
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
815
Corporation tax recoverable
59,780
Other debtors
41,171
101,766
6
Creditors: amounts falling due within one year
2024
£
Trade creditors
69,108
Other creditors
24,596
93,704
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares A of £1 each
144
144
Ordinary shares B of £1 each
56
56
200
200
HUMBUG EXPERIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
7
Called up share capital
(Continued)
- 6 -

During the period the company issues 144 ordinary A shares and 56 ordinary B shares with a nominal value of £1. These shares were fully paid.

On the 56 ordinary B shares, a share premium of £167,944 was paid.

 

2024-01-312023-06-29false24 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr J D G MilliganMr M Keelerfalse149692902023-06-292024-01-31149692902024-01-3114969290core:IntangibleAssetsOtherThanGoodwill2024-01-3114969290core:OtherPropertyPlantEquipment2024-01-3114969290core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-3114969290core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-01-3114969290core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3114969290core:CurrentFinancialInstruments2024-01-3114969290core:ShareCapital2024-01-3114969290core:SharePremium2024-01-3114969290core:RetainedEarningsAccumulatedLosses2024-01-3114969290core:ShareCapitalOrdinaryShares2024-01-3114969290bus:Director12023-06-292024-01-3114969290core:IntangibleAssetsOtherThanGoodwill2023-06-292024-01-3114969290core:ComputerSoftware2023-06-292024-01-3114969290core:PlantMachinery2023-06-292024-01-3114969290core:FurnitureFittings2023-06-292024-01-3114969290core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-292024-01-3114969290core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-06-292024-01-3114969290core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2023-06-292024-01-3114969290core:IntangibleAssetsOtherThanGoodwill2023-06-2814969290core:OtherPropertyPlantEquipment2023-06-2814969290core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-2814969290core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-06-28149692902023-06-2814969290core:OtherPropertyPlantEquipment2023-06-292024-01-3114969290core:WithinOneYear2024-01-3114969290bus:PrivateLimitedCompanyLtd2023-06-292024-01-3114969290bus:SmallCompaniesRegimeForAccounts2023-06-292024-01-3114969290bus:FRS1022023-06-292024-01-3114969290bus:AuditExemptWithAccountantsReport2023-06-292024-01-3114969290bus:Director22023-06-292024-01-3114969290bus:FullAccounts2023-06-292024-01-31xbrli:purexbrli:sharesiso4217:GBP