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Company registration number: 10116911
Ibiza Fashion Festival Limited
Unaudited filleted financial statements
30 June 2023
Ibiza Fashion Festival Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ibiza Fashion Festival Limited
Directors and other information
Director Karen Windle
Company number 10116911
Registered office 1 Falkland Close
Flitwick
MK45 1FG
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Ibiza Fashion Festival Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Ibiza Fashion Festival Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ibiza Fashion Festival Limited for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Ibiza Fashion Festival Limited, as a body, in accordance with the terms of our engagement letter dated 6 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Ibiza Fashion Festival Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ibiza Fashion Festival Limited and its director as a body for our work or for this report.
It is your duty to ensure that Ibiza Fashion Festival Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ibiza Fashion Festival Limited. You consider that Ibiza Fashion Festival Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ibiza Fashion Festival Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
5 September 2024
Ibiza Fashion Festival Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Creditors: amounts falling due
within one year 5 ( 29,626) ( 27,366)
_______ _______
Net current liabilities ( 29,626) ( 27,366)
_______ _______
Total assets less current liabilities ( 29,626) ( 27,366)
Creditors: amounts falling due
after more than one year 6 ( 3,548) ( 4,009)
_______ _______
Net liabilities ( 33,174) ( 31,375)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 33,274) ( 31,475)
_______ _______
Shareholders deficit ( 33,174) ( 31,375)
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 September 2024 , and are signed on behalf of the board by:
Karen Windle
Director
Company registration number: 10116911
Ibiza Fashion Festival Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Falkland Close, Flitwick, MK45 1FG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of the company's director.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 461 449
Other creditors 29,165 26,917
_______ _______
29,626 27,366
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 3,548 4,009
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Karen Windle ( 26,917) ( 568) ( 27,485)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Karen Windle ( 25,359) ( 1,558) ( 26,917)
_______ _______ _______