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Registered number: 08704275









CIRCUS OF BOOM LIMITED







CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
CIRCUS OF BOOM LIMITED
 
 
COMPANY INFORMATION


Directors
L M Mitchell 
C Rutherford 
D J Desmond 
S R Douglas 
M C Nicholls 




Registered number
08704275



Registered office
126 Albert Road
St Philips

Bristol

England

BS2 0YA




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
CIRCUS OF BOOM LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2
Directors' Responsibilities Statement
 
3
Independent Auditors' Report
 
4 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11 - 12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 38


 
CIRCUS OF BOOM LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
The directors present the consolidated results for the year to 31 October 2023 along with financial position at this point. 

Business review
 
The principal activity of the group was promotion of a music festival. 
During the year the group's turnover was £ 19,878,104 (2022: £ 17,458,966). The profit for the year, before taxation, amounted to £212,128 (2022 profit: £15,354). The profit for the year, after taxation, amounted to £677,418 (2022: £764,947).
£Nil dividends were paid during the year (2022: £nil).
The statement of financial position shows that net assets have increased over the prior year to £ 2,555,383 (2022: £ 1,676,339)

Principal risks and uncertainties
 
Systems and procedures are in place to identify, assess and mitigate major business risks that could impact the company. Monitoring exposure to risk and uncertainty is an integral part of the group's structured management processes. Generally, the principal risks that the group faces are operational risk, competition, regulatory and legislative impacts, recruitment and retention of staff and maintenance of reputation, as well as financial risk.
The group acknowledges increases in the cost of living and inflation rates during the year, however, does not consider these a principal risk or uncertainty.

Financial key performance indicators
 
The directors used EBITDA as the financial Key Performance Indicator for the group:
    
2023   2022   % Change
EBITDA
   £602,946  £298,179  102%
Operating profit  £266,151  £66,149  302%
Operating profit margin 1.3%   0.38%   253%


This report was approved by the board on 31 July 2024 and signed on its behalf.





L M Mitchell
Director

C Rutherford
Director

Page 1

 
CIRCUS OF BOOM LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors

The directors who served during the year were:

L M Mitchell 
C Rutherford 
D J Desmond 
S R Douglas 
M C Nicholls 

Future developments

The Group's intention is to continue its steady growth and improve its performance as is expected of any business.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 July 2024 and signed on its behalf.
 





L M Mitchell
Director
C Rutherford
Director

Page 2

 
CIRCUS OF BOOM LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
CIRCUS OF BOOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIRCUS OF BOOM LIMITED
 

Opinion


We have audited the financial statements of Circus of Boom Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 October 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
CIRCUS OF BOOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIRCUS OF BOOM LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CIRCUS OF BOOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIRCUS OF BOOM LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that:
•  had a direct effect on the determination of material amounts and disclosures in the financial statements.    These include but are not limited to the Companies Act 2006, GDPR, employment and Health & Safety    legislation and tax legislation, and 
•  do not have a direct effect on the financial statements but compliance with which may be fundamental to   the company’s ability to operate or to avoid a material penalty. These include operational and     employment laws and regulations including health and safety regulations, environmental regulations and    GDPR. 
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions. 
We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates. The procedures undertaken to address this has been shown below, however we have nothing to report in respect of this. 
 
Page 6

 
CIRCUS OF BOOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIRCUS OF BOOM LIMITED (CONTINUED)


Procedures performed to address these were as follows:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls,     management have in place to prevent and detect fraud, including known of suspected instances or non-   compliance with laws and regulations and fraud, 
• Understanding how those charged with governance considered and addressed the potential for override    of controls or other inappropriate influence over the financial reporting process, 
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of   material misstatements due to fraud, 
• Assessing the appropriateness of accounting estimates and challenging any significant assumptions or    judgements made by management, 
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we    focused on material journal entries, journal entries posted with unusual account combinations, journal    entries crediting revenue or cash, as well as those posted in the foreign exchange nominal. These were    scrutinised for evidence of unusual entries, 
• Selecting specific revenue transactions based on risk criteria and obtaining supporting documentation    including sales invoice to ensure revenue was appropriately recorded,  
• Reviewing specific cost of sale transactions based on risk criteria and reviewing invoice documentation    to ensure the expense was appropriately recorded, 
• Evaluated the business rationale of any significant transactions that are unusual or outside the normal    course of business. 
 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 
CIRCUS OF BOOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIRCUS OF BOOM LIMITED (CONTINUED)


Other matters 
 

The comparative figures for the year ended 31 October 2022 were not audited.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Matthew Wells ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

31 July 2024
Page 8

 
CIRCUS OF BOOM LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,878,104
17,458,966

Cost of sales
  
(18,236,809)
(16,415,852)

Gross profit
  
1,641,295
1,043,114

Administrative expenses
  
(1,376,266)
(1,031,343)

Other operating income
 5 
1,122
54,378

Operating profit
 6 
266,151
66,149

Interest receivable and similar income
 9 
91,808
1,083

Interest payable and similar expenses
 10 
(145,831)
(51,878)

Profit before tax
  
212,128
15,354

Tax on profit
 11 
465,290
749,593

Profit for the financial year
  
677,418
764,947

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
201,626
-

Other comprehensive income for the year
  
201,626
-

Total comprehensive income for the year
  
879,044
764,947

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 18 to 38 form part of these financial statements.

Page 9

 
CIRCUS OF BOOM LIMITED
REGISTERED NUMBER: 08704275

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,060,847
4,190,851

Investment property
  
5,052,982
-

  
8,113,829
4,190,851

Current assets
  

Stocks
  
4,578
-

Debtors: amounts falling due within one year
 17 
1,567,643
4,006,778

Cash at bank and in hand
 18 
3,122,085
179,834

  
4,694,306
4,186,612

Creditors: amounts falling due within one year
  
(8,185,394)
(5,400,500)

Net current liabilities
  
 
 
(3,491,088)
 
 
(1,213,888)

Total assets less current liabilities
  
4,622,741
2,976,963

Creditors: amounts falling due after more than one year
  
(2,067,358)
(1,140,847)

Provisions for liabilities
  

Deferred tax
 21 
-
(159,777)

  
 
 
-
 
 
(159,777)

Net assets
  
2,555,383
1,676,339


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
  
201,626
-

Profit and loss account
  
2,353,657
1,676,239

  
2,555,383
1,676,339


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




L M Mitchell
C Rutherford
Director
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 
CIRCUS OF BOOM LIMITED
REGISTERED NUMBER: 08704275

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
998,234
3,815,807

Investments
 14 
8
8

Investment Property
 15 
5,052,982
-

  
6,051,224
3,815,815

Current assets
  

Debtors: amounts falling due within one year
 17 
94,099
30,649

Cash at bank and in hand
 18 
610,895
556

  
704,994
31,205

Creditors: amounts falling due within one year
 19 
(3,354,995)
(1,973,528)

Net current liabilities
  
 
 
(2,650,001)
 
 
(1,942,323)

Total assets less current liabilities
  
3,401,223
1,873,492

  

Creditors: amounts falling due after more than one year
 20 
(1,807,358)
(760,847)

Provisions for liabilities
  

Deferred taxation
 21 
(207,662)
(207,662)

  
 
 
(207,662)
 
 
(207,662)

Net assets excluding pension asset
  
1,386,203
904,983

Net assets
  
1,386,203
904,983


Capital and reserves
  

Called up share capital 
 22 
100
100

Revaluation reserve
 23 
201,626
-

Profit and loss account brought forward
  
904,883
703,341

Profit for the year
  
279,594
201,542

Profit and loss account carried forward
  
1,184,477
904,883

  
1,386,203
904,983


Page 11

 
CIRCUS OF BOOM LIMITED
REGISTERED NUMBER: 08704275
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.


L M Mitchell
C Rutherford
Director
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
CIRCUS OF BOOM LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 November 2022
100
-
1,676,239
1,676,339
1,676,339


Comprehensive income for the year

Profit for the year
-
-
677,418
677,418
677,418

Surplus on revaluation of freehold property
-
201,626
-
201,626
201,626


Other comprehensive income for the year
-
201,626
-
201,626
201,626


Total comprehensive income for the year
-
201,626
677,418
879,044
879,044


At 31 October 2023
100
201,626
2,353,657
2,555,383
2,555,383



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 November 2021
100
911,292
911,392
911,392


Comprehensive income for the year

Profit for the year
-
764,947
764,947
764,947
Total comprehensive income for the year
-
764,947
764,947
764,947


At 31 October 2022
100
1,676,239
1,676,339
1,676,339


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
CIRCUS OF BOOM LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
100
-
904,883
904,983


Comprehensive income for the year

Profit for the year
-
-
279,594
279,594

Surplus on revaluation of freehold property
-
201,626
-
201,626
Total comprehensive income for the year
-
201,626
279,594
481,220


At 31 October 2023
100
201,626
1,184,477
1,386,203



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2021
100
703,341
703,441


Comprehensive income for the year

Profit for the year
-
201,542
201,542
Total comprehensive income for the year
-
201,542
201,542


At 31 October 2022
100
904,883
904,983


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
CIRCUS OF BOOM LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
677,418
764,947

Adjustments for:

Depreciation of tangible assets
336,795
232,030

Loss on disposal of tangible assets
-
22,765

Government grants
-
(2,000)

Interest paid
145,831
51,878

Interest received
(91,808)
(1,083)

Taxation charge
(465,290)
(749,593)

(Increase)/decrease in stocks
(4,578)
8,353

Decrease in debtors
2,744,650
4,042,686

Decrease in amounts owed by groups
-
550,716

Increase/(decrease) in creditors
3,114,230
(6,823,563)

Increase in amounts owed to groups
957,438
-

Corporation tax received
-
208,706

Net cash generated from operating activities

7,414,686
(1,694,158)


Cash flows from investing activities

Purchase of tangible fixed assets
(3,005,165)
(1,328,716)

Purchase of investment properties
(1,052,982)
-

Government grants received
-
2,000

Interest received
91,810
1,083

Net cash from investing activities

(3,966,337)
(1,325,633)

Cash flows from financing activities

Repayment of loans
(360,267)
(340,267)

Interest paid
(145,831)
(51,878)

Net cash used in financing activities
(506,098)
(392,145)
Page 15

 
CIRCUS OF BOOM LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


2023
2022

£
£



Net increase/(decrease) in cash and cash equivalents
2,942,251
(3,411,936)

Cash and cash equivalents at beginning of year
179,834
3,591,770

Cash and cash equivalents at the end of year
3,122,085
179,834


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,122,085
179,834

3,122,085
179,834


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
CIRCUS OF BOOM LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023




At 1 November 2022
Cash flows
At 31 October 2023
£

£

£

Cash at bank and in hand

179,834

2,942,251

3,122,085

Debt due after 1 year

(1,140,847)

880,847

(260,000)

Debt due within 1 year

(360,267)

(520,580)

(880,847)


(1,321,280)
3,302,518
1,981,238

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Circus of Boom Limited is a private company limited by shares and is registered and incorporated in England and Wales, registration number 08704275. The registered office if 126 Albert Road, St Philips, Bristol, England, BS2 0YA. The principal activity of the company continued to be that of other business support services to group companies.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 October 2022.

 
2.3

Going concern

The directors review the business position and react accordingly, taking necessary steps where appropriate. The directors believe that the business has sufficient prospect of trade and cash reserves to continue to trade for a period of no less than twelve months from the approval of these accounts.

Page 18

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 21

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Long-term leasehold property
-
20 - 33% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
33% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 22

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.21

Financial instruments

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 24

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors consider that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
19,878,104
17,458,966

19,878,104
17,458,966


All turnover arose within the United Kingdom.

Page 25

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
-
51,667

Government grants receivable
-
2,000

Sundry income
1,122
711

1,122
54,378



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
1,990
-

Exchange differences
6,716
(9,488)


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
19,950
-

Page 26

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Employees

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,030,250
831,539
-
-

Social security costs
114,525
89,703
-
-

Cost of defined contribution scheme
20,766
22,819
-
-

1,165,541
944,061
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
23
19
5
5


9.


Interest receivable

2023
2022
£
£


Other interest receivable
91,808
1,083

91,808
1,083


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
88,460
18,099

Other loan interest payable
2,645
-

Mortgage interest payable
54,726
33,779

145,831
51,878

Page 27

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
(701,708)


Total current tax
-
(701,708)

Deferred tax


Unrelieved tax  losses carried forward
(465,290)
(47,885)

Total deferred tax
(465,290)
(47,885)


Tax on profit
(465,290)
(749,593)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
212,128
15,354


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
53,032
2,917

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(4,523)
(10,816)

Capital allowances for year in excess of depreciation
-
(46,183)

Unrelieved tax losses carried forward
(513,175)
-

Other differences leading to an increase (decrease) in the tax charge
(624)
(484,170)

Group relief
-
(211,341)

Total tax charge for the year
(465,290)
(749,593)

Page 28

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This results in the increase in tax rate shown above. Next year the Company’s rate will be the full 25%.
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £279,594  (2022 - £201,542).

Page 29

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment

£
£
£
£
£
£



Cost or valuation


At 1 November 2022
4,027,444
131,088
35,392
67,357
1,416,647
16,432


Additions
999,614
-
6,338
72,072
1,922,891
4,249


Transfers between classes
(4,027,444)
-
-
-
-
-



At 31 October 2023

999,614
131,088
41,730
139,429
3,339,538
20,681



Depreciation


At 1 November 2022
229,070
109,896
30,112
46,259
1,076,780
11,391


Charge for the year on owned assets
9,947
14,974
2,272
17,985
288,881
2,736


Transfers between classes
(229,070)
-
-
-
-
-



At 31 October 2023

9,947
124,870
32,384
64,244
1,365,661
14,127



Net book value



At 31 October 2023
989,667
6,218
9,346
75,185
1,973,877
6,554



At 31 October 2022
3,798,374
21,192
5,280
21,098
339,866
5,041
Page 30

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 November 2022
5,694,360


Additions
3,005,164


Transfers between classes
(4,027,444)



At 31 October 2023

4,672,080



Depreciation


At 1 November 2022
1,503,508


Charge for the year on owned assets
336,795


Transfers between classes
(229,070)



At 31 October 2023

1,611,233



Net book value



At 31 October 2023
3,060,847



At 31 October 2022
4,190,851




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
989,668
3,798,374

Long leasehold
6,218
21,192

995,886
3,819,566


Page 31

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           13.Tangible fixed assets (continued)


Company






Freehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£

Cost or valuation


At 1 November 2022
4,027,444
34,270
120,478
4,182,192


Additions
999,614
-
-
999,614


Transfers between classes
(4,027,444)
-
-
(4,027,444)



At 31 October 2023

999,614
34,270
120,478
1,154,362



Depreciation


At 1 November 2022
229,070
17,135
120,180
366,385


Charge for the year on owned assets
9,947
8,568
298
18,813


Transfers between classes
(229,070)
-
-
(229,070)



At 31 October 2023

9,947
25,703
120,478
156,128



Net book value



At 31 October 2023
989,667
8,567
-
998,234



At 31 October 2022
3,798,374
17,135
298
3,815,807





The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
989,668
3,798,374

989,668
3,798,374


Page 32

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
8



At 31 October 2023
8





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Boomtown Festival UK Limited
126 Albert Road, 
St Philips, Bristol, UK, 
BS2 0YA
Ordinary
100%
Boomtown Events Limited
126 Albert Road, 
St Philips, Bristol, UK, 
BS2 0YA
Ordinary
100%

The aggregate of the share capital and reserves as at 31 October 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/
(Loss)
£
£

Boomtown Festival UK Limited
1,173,488
398,719

Boomtown Events Limited
(4,299)
(894)

Page 33

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Investment property

Group and Company


Freehold investment property

£



Valuation


Additions at cost
1,052,982


Transfers between classes
4,000,000



At 31 October 2023
5,052,982

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


Revaluation in the year
201,626
-

At 31 October 2023
201,626
-



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
5,080,426
4,027,444

Accumulated depreciation and impairments
(229,070)
(229,070)

4,851,356
3,798,374


16.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,578
-

4,578
-


Page 34

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
272,209
3,651,637
67,903
20,458

Amounts owed by group undertakings
-
-
4,289
-

Other debtors
595,342
239,578
1,500
3,651

Prepayments and accrued income
394,579
115,563
20,407
6,540

Deferred taxation
305,513
-
-
-

1,567,643
4,006,778
94,099
30,649



18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,122,085
179,834
610,895
556

3,122,085
179,834
610,895
556



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
880,847
360,267
760,847
240,267

Trade creditors
2,212,322
1,146,517
19,445
1,895

Amounts owed to group undertakings
-
-
2,548,095
1,699,254

Other taxation and social security
51,097
43,083
21,408
14,412

Other creditors
12,036
1,739
-
-

Accruals and deferred income
5,029,092
3,848,894
5,200
17,700

8,185,394
5,400,500
3,354,995
1,973,528


Page 35

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
260,000
1,140,847
-
760,847

Amounts owed to group undertakings
957,438
-
957,438
-

Other creditors
849,920
-
849,920
-

2,067,358
1,140,847
1,807,358
760,847


On 8 July 2019, the company took out a 5 year floating rate basis term mortgage of £1,456,000 on the 126 Albert Road, St Philips, Bristol property. Interest is being charged on a floating rate basis under which the interest will never be less than the margin of 2.2%. In light of the pandemic the original repayment schedule was revised in April 2020 based on a principal sum of £1,365,520. In July 2021, 18 monthly payments were agreed of £40,045, payable January through to June each year, and a lump sum payment on the 15 July 2024 to repay the loan in full.
The bank loan is secured on the freehold property, to include all buildings and fixtures and beneficial interests and rights.


21.


Deferred taxation


Group



2023


£






At beginning of year
(159,777)


Charged to profit or loss
465,290



At end of year
305,513

Page 36

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
21.Deferred taxation (continued)

Company


2023


£






At beginning of year
(207,662)



At end of year
(207,662)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(207,662)
(159,777)
(207,662)
(207,662)

Tax losses carried forward
513,175
-
-
-

305,513
(159,777)
(207,662)
(207,662)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,500 (2022 - 4,500) A Ordinary shares shares of £0.01 each
45
45
5,500 (2022 - 5,500) B Ordinary shares shares of £0.01 each
55
55

100

100



23.


Reserves

Revaluation reserve

The revaluation reserve represents an uplift in the freehold property, before being transferred to investment property.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 37

 
CIRCUS OF BOOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

24.Other financial commitments

There is a cross-guarantee debenture with the bank over the assets of the company  and its subsidiary Boomtown Festival UK Limited.


25.


Related party transactions

Circus of Boom Limited
During the year the company charged rent of £253,166 (2022: £120,000) and recharged costs of £3,914 (2022: £Nil) to Wake the Tiger Limited, a company with some common shareholding. At the year end, there is a balance of £60,083 (2022: £14,400) included in trade debtors, and £Nil (2022: £1,687) included in other debtors in respect of expenses to be recharged.
At year end, amounts due to other related parties were £957,438 (2022: £Nil).
At year end, amounts due to key management personnel were £849,920 (2022: £Nil).
Boomtown Festival UK Limited
During the year, the company made sales of £136,537 and purchases of £657,124 with other related parties.
During the year the company recharged costs of £87,888 (2022: £61,199) to Wake the Tiger Limited, a company with some common shareholders. At the year end, there is a balance of £43,304 (2022: £73,239) included in trade debtors.
At year end, amounts due from key management personnel were £7,798 (2022: £733).


26.


Controlling party

There is no controlling party.

Page 38