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Registered number: 12855520









CRYSTAL PALACE PARK EVENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CRYSTAL PALACE PARK EVENTS LIMITED
REGISTERED NUMBER: 12855520

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
218,047
74,234

Current assets
  

Debtors: amounts falling due within one year
 5 
164,992
180,561

Cash at bank and in hand
  
766,957
-

  
931,949
180,561

Creditors: amounts falling due within one year
 7 
(1,149,995)
(254,794)

Net current liabilities
  
 
 
(218,046)
 
 
(74,233)

Total assets less current liabilities
  
1
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
  
1
1

  
1
1


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 July 2024.




Martin Joseph Tempia
Director
Page 1

 
CRYSTAL PALACE PARK EVENTS LIMITED
REGISTERED NUMBER: 12855520
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CRYSTAL PALACE PARK EVENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Crystal Palace Park Events Limited is a private company limited by guarantee and is incorporated in England. The address of the principal place of business is Gll College, Ledrington Road, London, England, SE19 2BB.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Crystal Palace Park Trust as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors have reviewed the circumstances of the company and consider that adequate resources are available to fund the activities of the company for the foreseeable future. Therefore the directors consider that there are no material uncertainties about the charity's ability to continue as a going concern. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. The company has the following revenue streams:-
Revenue from events
Revenue is recognised in the period in which the event takes place.
Revenue from grants
Revenue is accounted for when receivable. 

Page 3

 
CRYSTAL PALACE PARK EVENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

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:

Fixtures and fittings
-
Office equipment
-
10%
Computer equipment
-
20%
Other fixed assets
-

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.

 
2.8

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.

Page 4

 
CRYSTAL PALACE PARK EVENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Creditors

Short term creditors are measured at the transaction price.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 4).


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Concert bowl under construction
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
780
5,243
69,128
75,151


Additions
134,682
2,650
-
9,897
147,229



At 31 December 2023

134,682
3,430
5,243
79,025
222,380



Depreciation


At 1 January 2023
-
12
905
-
917


Charge for the year on owned assets
-
270
1,006
2,140
3,416



At 31 December 2023

-
282
1,911
2,140
4,333



Net book value



At 31 December 2023
134,682
3,148
3,332
76,885
218,047



At 31 December 2022
-
768
4,338
69,128
74,234

Page 5

 
CRYSTAL PALACE PARK EVENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
151,039
-

Amounts owed by Crystal Palace Park Trust
-
180,091

Rent deposit
-
470

Prepayments
13,953
-

164,992
180,561



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
766,957
-

766,957
-



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,046
-

Amounts owed to group undertakings
870,939
-

Other taxation and social security
6,615
24,944

Accruals and deferred income
254,395
229,850

1,149,995
254,794


Deferred income includes income from events that occurred after the Balance Sheet date.


8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,183 (2022: £1,681). £Nil (2022: £Nil) was payable to the fund at the balance sheet date.

Page 6

 
CRYSTAL PALACE PARK EVENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

The company donated its distributable profits of £358,805 for the year ended 31 December 2023 ( 2022: £521,676) to Crystal Palace Park Trust in line with the Deed of Covenant. At the Balance Sheet date £870,939 was owed to (2022: £180,090 owed from) Crystal Palace Park Trust.


10.


Controlling party

The parent undertaking is Crystal Palace Park Trust. Its registered office address is Gll College, Ledrington Road, London, England, SE19 2BB and its consolidated financial statements may be obtained from the UK Companies House website: https://findand-update .company-information .service.gov.uk/.

 
Page 7