Chaika Events Limited |
Accountants' Report |
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Accountants' report to the director of |
Chaika Events Limited |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chaika Events Limited for the year ended 31 May 2023 set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Management Accountants (CIMA), we are subject to its ethical and other professional requirements which are detailed at cima.com. This report is made solely to the Board of Directors of Chaika Events Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Chaika Events Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Management Accountants as detailed at cima.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chaika Events Limited and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Chaika Events Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chaika Events Limited. You consider that Chaika Events Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Chaika Events Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts. |
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Mark R Hill BSc (Econ) Dip ACMA |
Simple Accounting Limited |
Chartered Management Accountants |
95 Bridge Lanes |
Hebden Bridge |
HX7 6AT |
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3 February 2024 |
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Chaika Events Limited |
Registered number: |
08593233 |
Balance Sheet |
as at 31 May 2023 |
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Notes |
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2023 |
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2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
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49,438 |
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|
1,136 |
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Current assets |
Debtors |
4 |
|
55,320 |
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52,482 |
Cash at bank and in hand |
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156,360 |
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120,240 |
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|
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211,680 |
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172,722 |
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|
|
|
|
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Creditors: amounts falling due within one year |
5 |
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(107,606) |
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(78,377) |
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Net current assets |
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104,074 |
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94,345 |
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Total assets less current liabilities |
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|
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153,512 |
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95,481 |
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Creditors: amounts falling due after more than one year |
6 |
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(49,819) |
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- |
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Net assets |
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103,693 |
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95,481 |
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Capital and reserves |
Called up share capital |
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|
100 |
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100 |
Profit and loss account |
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103,593 |
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95,381 |
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Shareholders' funds |
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103,693 |
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95,481 |
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The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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Olga Bury |
Director |
Approved by the board on 3 February 2024 |
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Chaika Events Limited |
Notes to the Accounts |
for the year ended 31 May 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Assets are depreciated at rates calculated write off the cost less residual value over expected useful life using the Reducing Balance Method (RBM). |
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Asset class depreciation method and rate : |
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Computer equipment |
50% RBM |
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Office and events equipment |
50% RBM |
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Motor Vehicle |
0% |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
7 |
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4 |
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Staff costs |
2023 |
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2022 |
£ |
£ |
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Wages and NI contributions |
160,897 |
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75,080 |
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Employer pension contributions |
19,911 |
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15,474 |
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180,808 |
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90,554 |
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3 |
Tangible Fixed Assets |
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Computer equipment |
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Office and events equipment |
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Motor Vehicle |
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Total |
£ |
£ |
£ |
£ |
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Cost |
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At 1 June 2022 |
2,382 |
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7,236 |
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- |
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9,618 |
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Additions |
503 |
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4,268 |
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44,100 |
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48,871 |
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At 31 May 2023 |
2,885 |
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11,504 |
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44,100 |
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44,100 |
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Depreciation |
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At 1 June 2022 |
1,920 |
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6,562 |
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- |
|
8,482 |
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Charge for the year |
232 |
|
337 |
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- |
|
569 |
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At 31 May 2023 |
2,152 |
|
6,899 |
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- |
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- |
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Net book value |
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At 31 May 2023 |
733 |
|
4,605 |
|
44,100 |
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49,438 |
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At 31 May 2022 |
462 |
|
674 |
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- |
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1,136 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade Debtors |
54,658 |
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50,696 |
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Prepayments |
662 |
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1,786 |
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55,320 |
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52,482 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade Creditors |
53,000 |
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43,596 |
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Corporation Tax |
16,804 |
|
21,044 |
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VAT |
35,025 |
|
15,137 |
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Director Loan account |
(2,746) |
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(1,551) |
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Other creditors |
5,523 |
|
151 |
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107,606 |
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78,377 |
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6 |
Creditors: amounts falling due after one year |
2023 |
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2022 |
£ |
£ |
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Hire Purchase Loan |
49,819 |
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- |
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49,819 |
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- |
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7 |
Controlling Party |
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The ultimate controlling party is Olga Bury |