2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 21,560 21,560 3,234 3,234 18,326 xbrli:pure xbrli:shares iso4217:GBP 13322091 2022-10-01 2023-07-03 13322091 2023-07-03 13322091 2022-09-30 13322091 2021-04-08 2022-09-30 13322091 2022-09-30 13322091 2021-04-07 13322091 core:FurnitureFittings 2022-10-01 2023-07-03 13322091 bus:Director1 2022-10-01 2023-07-03 13322091 core:FurnitureFittings 2023-07-03 13322091 core:WithinOneYear 2023-07-03 13322091 core:WithinOneYear 2022-09-30 13322091 core:ShareCapital 2023-07-03 13322091 core:ShareCapital 2022-09-30 13322091 core:RetainedEarningsAccumulatedLosses 2023-07-03 13322091 core:RetainedEarningsAccumulatedLosses 2022-09-30 13322091 bus:Director1 2022-09-30 13322091 bus:Director1 2021-04-08 2022-09-30 13322091 bus:SmallEntities 2022-10-01 2023-07-03 13322091 bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-07-03 13322091 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-07-03 13322091 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-07-03 13322091 bus:FullAccounts 2022-10-01 2023-07-03 13322091 core:IntangibleAssetsOtherThanGoodwill 2022-10-01 2023-07-03 13322091 core:PlantMachinery 2022-10-01 2023-07-03 13322091 core:IntangibleAssetsOtherThanGoodwill 2023-07-03 13322091 core:PlantMachinery 2022-09-30 13322091 core:PlantMachinery 2023-07-03
COMPANY REGISTRATION NUMBER: 13322091
Forbidden Festival Ltd
Filleted Unaudited Financial Statements
3 July 2023
Forbidden Festival Ltd
Financial Statements
Period from 1 October 2022 to 3 July 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Forbidden Festival Ltd
Statement of Financial Position
3 July 2023
3 Jul 23
30 Sep 22
Note
£
£
£
£
Fixed assets
Intangible assets
5
18,326
Tangible assets
6
109,516
51,520
---------
--------
127,842
51,520
Current assets
Debtors
7
292,902
959,431
Cash at bank and in hand
1,181,164
3,486
------------
---------
1,474,066
962,917
Creditors: amounts falling due within one year
8
1,196,812
885,189
------------
---------
Net current assets
277,254
77,728
---------
---------
Total assets less current liabilities
405,096
129,248
Provisions
26,847
9,789
---------
---------
Net assets
378,249
119,459
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
377,249
118,459
---------
---------
Shareholders funds
378,249
119,459
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 3 July 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Forbidden Festival Ltd
Statement of Financial Position (continued)
3 July 2023
These financial statements were approved by the board of directors and authorised for issue on 10 July 2023 , and are signed on behalf of the board by:
Mr J. Cohen
Director
Company registration number: 13322091
Forbidden Festival Ltd
Notes to the Financial Statements
Period from 1 October 2022 to 3 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Victoria Warehouse, Trafford Wharf Road, Manchester, M17 1AB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intangibles
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Intangible assets
Intangibles
£
Cost
Additions
21,560
--------
At 3 July 2023
21,560
--------
Amortisation
Charge for the period
3,234
--------
At 3 July 2023
3,234
--------
Carrying amount
At 3 July 2023
18,326
--------
At 30 September 2022
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2022
64,400
64,400
Additions
516
76,731
77,247
----
---------
---------
At 3 July 2023
516
141,131
141,647
----
---------
---------
Depreciation
At 1 October 2022
12,880
12,880
Charge for the period
13
19,238
19,251
----
---------
---------
At 3 July 2023
13
32,118
32,131
----
---------
---------
Carrying amount
At 3 July 2023
503
109,013
109,516
----
---------
---------
At 30 September 2022
51,520
51,520
----
---------
---------
7. Debtors
3 Jul 23
30 Sep 22
£
£
Trade debtors
186,134
559,853
Amounts owed by group undertakings and undertakings in which the company has a participating interest
300,000
Other debtors
106,768
99,578
---------
---------
292,902
959,431
---------
---------
8. Creditors: amounts falling due within one year
3 Jul 23
30 Sep 22
£
£
Trade creditors
655,165
336,155
Amounts owed to group undertakings and undertakings in which the company has a participating interest
157,520
Social security and other taxes
275,214
56,365
Other creditors
108,913
492,669
------------
---------
1,196,812
885,189
------------
---------
9. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
3 Jul 23
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J. Cohen
----
----
----
30 Sep 22
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J. Cohen
80,000
80,000
----
--------
--------
10. Controlling party
The company is a subsidiary of Forbidden Forest Master Limited, a company incorporated in the United Kingdom.