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Registration number: 04002104

Main Event Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Main Event Products Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Main Event Products Limited

(Registration number: 04002104)
Balance Sheet as at 30 November 2023

Note

30 November
2023
£

30 November
2022
£

Fixed assets

 

Intangible assets

4

1,260

3,155

Tangible assets

5

17,350

20,130

 

18,610

23,285

Current assets

 

Stocks

6

18,003

24,987

Debtors

7

5,900

34,137

Cash at bank and in hand

 

45,849

41,362

 

69,752

100,486

Creditors: Amounts falling due within one year

8

(49,220)

(50,702)

Net current assets

 

20,532

49,784

Total assets less current liabilities

 

39,142

73,069

Creditors: Amounts falling due after more than one year

8

(20,641)

(30,388)

Net assets

 

18,501

42,681

Capital and reserves

 

Called up share capital

9

1

1

Capital redemption reserve

100

100

Retained earnings

18,400

42,580

Shareholders' funds

 

18,501

42,681

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 August 2024
 

K M Court
Director

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
C/O Parker Chartered Accountants
Regus Building, Central Boulevard
Blythe Valley Park
Solihull
B90 8AG

The principal place of business is:
Unit 16 Riland Industrial Estate
Norris Way
Sutton Coldfield
B75 7BB

These financial statements were authorised for issue by the director on 14 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place 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.

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Hire equipment

50% per annum on cost

Office equipment

25% per annum on net book value

Fixtures and fittings

25% per annum on net book value

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33.3% per annum on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including the director) during the year, was 3 (2022: 2).

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Computer software
 £

Total
£

Cost or valuation

At 1 December 2022

9,460

9,460

Additions acquired separately

1,890

1,890

At 30 November 2023

11,350

11,350

Amortisation

At 1 December 2022

6,305

6,305

Amortisation charge

3,785

3,785

At 30 November 2023

10,090

10,090

Carrying amount

At 30 November 2023

1,260

1,260

At 30 November 2022

3,155

3,155

5

Tangible assets

Fixtures and fittings
£

Hire equipment
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

21,487

7,118

6,792

35,397

Additions

-

5,412

541

5,953

Disposals

-

(5,048)

-

(5,048)

At 30 November 2023

21,487

7,482

7,333

36,302

Depreciation

At 1 December 2022

5,427

6,088

3,752

15,267

Charge for the year

4,050

3,732

951

8,733

Eliminated on disposal

-

(5,048)

-

(5,048)

At 30 November 2023

9,477

4,772

4,703

18,952

Carrying amount

At 30 November 2023

12,010

2,710

2,630

17,350

At 30 November 2022

16,060

1,030

3,040

20,130

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Stocks

30 November
2023
£

30 November
2022
£

Merchandise

18,003

24,987

7

Debtors

Current

30 November
2023
£

30 November
2022
£

Trade debtors

4,800

33,637

Prepayments

1,100

500

 

5,900

34,137

8

Creditors

Creditors: amounts falling due within one year

Note

30 November
2023
£

30 November
2022
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Trade creditors

 

23,879

19,049

Taxation and social security

 

9,264

13,351

Accruals and deferred income

 

1,000

1,000

Other creditors

 

5,077

7,302

 

49,220

50,702

Creditors: amounts falling due after more than one year

Note

30 November
2023
£

30 November
2022
£

Due after one year

 

Loans and borrowings

10

20,641

30,388

 

Main Event Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Share capital

Allotted, called up and fully paid shares

30 November
2023

30 November
2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

30 November
2023
£

30 November
2022
£

Bank borrowings

20,641

30,388

Current loans and borrowings

30 November
2023
£

30 November
2022
£

Bank borrowings

10,000

10,000

11

Dividends

30 November
2023

30 November
2022

£

£

Interim dividend of £15,000.00 (2022 - £20,000.00) per ordinary share

15,000

20,000