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Registration number: 04999527

U2 Events Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

U2 Events Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

U2 Events Limited

(Registration number: 04999527)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

127,827

95,104

Current assets

 

Debtors

6

16,769

10,104

Cash at bank and in hand

 

57,173

94,934

 

73,942

105,038

Creditors: Amounts falling due within one year

7

(91,525)

(117,488)

Net current liabilities

 

(17,583)

(12,450)

Total assets less current liabilities

 

110,244

82,654

Creditors: Amounts falling due after more than one year

7

(9,807)

-

Net assets

 

100,437

82,654

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

100,436

82,653

Shareholders' funds

 

100,437

82,654

For the financial year ending 31 December 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 his 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 27 August 2024
 

.........................................
GW Buckingham
Director

 

U2 Events Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Deerswood House
Beacon Road
Crowborough
East Sussex
TN6 1UD

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the value of services supplied by the company, net of Value Added Tax and trade discounts. Revenue is recognised in the accounts on the basis of the degree of completion of the services provided.

Tax

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.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Tangible assets

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

Depreciation

Depreciation is charged so as to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives, as follows:

 

U2 Events Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

25% per annum of cost

Motor vehicles

25% per annum of cost

Buildings

10% per annum of cost

Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets and depreciated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals under operating leases are charged to profit and loss on a straight line basis over the life of the lease.

Defined contribution pension obligation

The company contributes to defined contribution pension schemes on behalf of its staff. Employer contributions are expended to profit and loss.

Financial instruments

Classification
Financial instruments are classified on initial recognition as either basic or more complex under sections 11 and 12 of FRS 102. To date, the company has only entered into transactions involving basic financial instruments.
 Recognition and measurement
Financial assets are initially measured at cost (including transaction costs) and are subsequently measured at cost less impairment.

Financial liabilities are initially recognised at the proceeds of the loan less separately incurred transaction costs. Subsequently, loans received are measured at amortised cost using the effective interest method.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

38,771

39,633

 

U2 Events Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

58,669

96,815

162,088

317,572

Additions

31,658

22,290

17,546

71,494

Disposals

-

(12,100)

-

(12,100)

At 31 December 2023

90,327

107,005

179,634

376,966

Depreciation

At 1 January 2023

5,867

62,525

154,076

222,468

Charge for the year

9,033

21,251

8,487

38,771

Eliminated on disposal

-

(12,100)

-

(12,100)

At 31 December 2023

14,900

71,676

162,563

249,139

Carrying amount

At 31 December 2023

75,427

35,329

17,071

127,827

At 31 December 2022

52,802

34,290

8,012

95,104

Included within the net book value of land and buildings above is £75,427 (2022 - £52,802) in respect of freehold land and buildings.
 

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,354

Prepayments

8,019

-

Other debtors

8,750

8,750

 

16,769

10,104

 

U2 Events Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,716

-

Trade creditors

 

15,139

59,880

Taxation and social security

 

58,526

50,910

Accruals and deferred income

 

1,429

-

Other creditors

 

4,715

6,698

 

91,525

117,488

 

U2 Events Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,807

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 (2022 - £1) each

85

1

1

1

B Ordinary shares of £0.01 (2022 - £0) each

15

-

-

-

 

100

1

1

1

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,807

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,716

-

10

Financial commitments

Amounts not provided for in the balance sheet

At 31 December 2023 the company had total commitments under non-cancellable operating leases over the remaining life of the leases of £70,000 (2022 - £35,000).

 

U2 Events Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,284

10,284

Contributions paid to money purchase schemes

120,000

71,750

130,284

82,034