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COMPANY REGISTRATION NUMBER: 5975961
Ed Entertainments Limited
Filleted Unaudited Financial Statements
31 October 2023
Ed Entertainments Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
41,052
35,386
Current assets
Debtors
7
10,041
2,638
Cash at bank and in hand
651,627
650,789
---------
---------
661,668
653,427
Creditors: amounts falling due within one year
8
407,935
398,896
---------
---------
Net current assets
253,733
254,531
---------
---------
Total assets less current liabilities
294,785
289,917
Provisions
Taxation including deferred tax
5,564
6,724
---------
---------
Net assets
289,221
283,193
---------
---------
Capital and reserves
Called up share capital
9
3
3
Profit and loss account
289,218
283,190
---------
---------
Shareholders funds
289,221
283,193
---------
---------
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 year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ed Entertainments Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 13 June 2024 , and are signed on behalf of the board by:
E Faulkner
Director
Company registration number: 5975961
Ed Entertainments Limited
Notes to the Financial Statements
Year ended 31 October 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 Britannic House, 279 Chanterlands Avenue, Hull, East Yorkshire, HU5 4DS.
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
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.
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
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
29,579
46,493
Deferred tax:
Origination and reversal of timing differences
( 1,160)
( 601)
--------
--------
Tax on profit
28,419
45,892
--------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 November 2022
40,457
48,155
14,900
103,512
Additions
2,850
16,500
19,350
--------
--------
--------
---------
At 31 October 2023
43,307
64,655
14,900
122,862
--------
--------
--------
---------
Depreciation
At 1 November 2022
29,901
26,230
11,995
68,126
Charge for the year
3,352
9,606
726
13,684
--------
--------
--------
---------
At 31 October 2023
33,253
35,836
12,721
81,810
--------
--------
--------
---------
Carrying amount
At 31 October 2023
10,054
28,819
2,179
41,052
--------
--------
--------
---------
At 31 October 2022
10,556
21,925
2,905
35,386
--------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
3,600
1,794
Prepayments and accrued income
6,441
844
--------
-------
10,041
2,638
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,197
3,060
Accruals and deferred income
1,210
1,210
Corporation tax
29,578
46,493
Social security and other taxes
66,452
51,802
Director loan accounts
3,424
661
Other creditors
298,074
295,670
---------
---------
407,935
398,896
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
'A' Ordinary shares of £ 1 each
1
1
1
1
'B' Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
3
3
3
3
----
----
----
----
10. Director's advances, credits and guarantees
During the year there were no directors' advances, credits and guarantees.