Equestrian Event Organizers UK Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 08276312 (England and Wales)
Equestrian Event Organizers UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Equestrian Event Organizers UK Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
727,967
393,466
Cash at bank and in hand
28,143
54,023
756,110
447,489
Creditors: amounts falling due within one year
5
(1,497,352)
(1,211,504)
Net current liabilities
(741,242)
(764,015)
Capital and reserves
Called up share capital
6
1
1
Other reserves
16,543
16,543
Profit and loss reserves
(757,786)
(780,559)
Total equity
(741,242)
(764,015)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
H  Van Lierop
Director
Company Registration No. 08276312
Equestrian Event Organizers UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Equestrian Event Organizers UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Market Yard Mews, 194-204 Bermondsey Street, London, United Kingdom, SE1 3TQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of JT Sports Holding B.V. These consolidated financial statements are available from its registered office, Maastrichterweg 249, 5556 VB, Valkenswaard, Netherlands.

Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.2
Going concern

The equestrian event for 2023 went ahead at full capacity and with no Covid 19 restrictions in place the company made a small profit before taxation for the year. The same is expected for 2024. At the balance sheet date the company had net liabilities of £741,242 including amounts due to Tops Equestrian Events B.V., its immediate parent undertaking of £1,248,991. Tops Equestrian Events B.V have confirmed that they will not require repayment of this amount and will continue to provide support to the Company to enable it to settle its debts as they fall due, and on this basis, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, Tops Equestrian Events B.V. and its ultimate parent JT Sports Holding B.V.  are currently dependent on ongoing support from its shareholders. If this is not forthcoming then the group will not have sufficient resource to continue in operation for the foreseeable future. This indicates the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Ticket sales are recognised once an event has taken place and the company's obligations have been fulfilled.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Commission receivable and payable

The company entered into a transfer pricing agreement with its parent undertaking in 2015.

 

Commissions receivable represent costs of the company that do not directly relate to staging events and which are recharged to the parent company at cost plus a mark-up of 10% (2022: 5%).

 

Commissions payable represent the net profit achieved on staging events on behalf of the parent company and which are charged at cost.

 

Other net surpluses related to events, including exchange differences arising, are re-charged to the parent company.

Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
2
Employees

The company did not have any employees during the year (2022: nil).

3
Taxation
2023
2022
£
£
Total current tax
-
-
Deferred tax
Origination and reversal of timing differences
5,299
(211,641)

The company has estimated tax losses carried forward of £1,086,010 (2022: £1,113,900) which will be offset against any future profits from the same trade. A deferred tax asset has been recognised in respect of these losses due to certainty around future profits.

 

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts due from group undertakings
154,574
115,266
Other debtors
367,051
66,559
521,625
181,825
Amounts falling due after more than one year:
Deferred tax asset
206,342
211,641
Total debtors
727,967
393,466
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
221,361
-
0
Amounts due to group undertakings
1,248,991
1,185,976
Other creditors
27,000
25,528
1,497,352
1,211,504
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Other reserves
2023
2022
£
£
At the beginning and end of the year
16,543
16,543

Other reserves relates to the foreign exchange differences noted on changing the presentation of the financial statements to the functional currency of the company.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

 

 

Material uncertainty around going concern
We draw attention to note 1.2 to the financial statements, which notes that the company had net liabilities of £741,242 at the balance sheet date including amounts due to Tops Equestrian Events B.V., its immediate parent undertaking of £1,248,991. Whilst Tops Equestrian Events B.V have confirmed that they will not require repayment of this amount and will continue to provide support to the Company to enable it to settle its debts as they fall due, Tops Equestrian Events B.V. and its ultimate parent JT Sports Holding B.V.  are currently dependent on ongoing support from its shareholders. If this is not forthcoming then the group will not have sufficient resource to continue in operation for the foreseeable future. This indicates the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The auditor's report was unqualified.

Senior Statutory Auditor:
Ryan Day
Statutory Auditor:
Moore Kingston Smith LLP
9
Related party transactions

The company has taken advantage of the exemption to not disclose transactions with the parent and fellow subsidiaries that are wholly owned by a member of the group.

Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
10
Parent company

The immediate parent undertaking of the company is Tops Equestrian Events B.V, and the ultimate parent company is JT Sports Holding B.V, both entries are incorporated in the Netherlands. J Tops is considered to be the ultimate controlling party.

 

Copies of the consolidated accounts can be obtained from Maastrichterweg 249, 5556 VB, Valkenswaard, Netherlands.

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