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Registered number: 06068169









Eat Your Own Ears Limited









Financial statements

For the year ended 31 December 2023

 
Eat Your Own Ears Limited
 
 
Company Information


Director
T Baker 




Registered number
06068169



Registered office
3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Eat Your Own Ears Limited
 

Contents



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 7


 
Eat Your Own Ears Limited
Registered number: 06068169

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,202
2,769

  
5,202
2,769

Current assets
  

Stocks
  
909
-

Debtors: amounts falling due within one year
 5 
136,872
210,742

Cash at bank and in hand
 6 
716,239
312,574

  
854,020
523,316

Creditors: amounts falling due within one year
 7 
(463,685)
(314,577)

Net current assets
  
 
 
390,335
 
 
208,739

Total assets less current liabilities
  
395,537
211,508

Creditors: amounts falling due after more than one year
 8 
(36,035)
(42,332)

  

Net assets
  
359,502
169,176


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
359,402
169,076

  
359,502
169,176


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 comprehensive income 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 by: 



T Baker
Director

Date: 19 September 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
Eat Your Own Ears Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

1.


General information

Eat Your Own Ears Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06068169 and the registered office is 3 Stcokport Exchange, Stockport, Cheshire, SK1 3GG. 
The principal activity of the company is that of club promotion. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. 
Based on the Director's projections, the Director believes the Company has sufficient facilities to trade through the next twelve months. 
The Director believes it is appropriate, therefore, to prepare the financial statements to 31 December 2023 on a going concern basis and there will be no adverse effect on solvency in the twelve months after the date of approval of the financial statements.

  
2.3

Revenue

Revenue is measured at the fair value of the consideration received from the sale of concert tickets and related income, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in line with the date of the concert taking place.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
Eat Your Own Ears Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

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 balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance

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.

 
2.10

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.

 
2.11

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. 

Page 3

 
Eat Your Own Ears Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans from banks.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment.  If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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

Page 4

 
Eat Your Own Ears Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
38,441


Additions
4,168



At 31 December 2023

42,609



Depreciation


At 1 January 2023
35,672


Charge for the year on owned assets
1,735



At 31 December 2023

37,407



Net book value



At 31 December 2023
5,202



At 31 December 2022
2,769


5.


Debtors

2023
2022
£
£


Trade debtors
34,288
133,874

Other debtors
85
12,906

Prepayments and accrued income
102,499
63,962

136,872
210,742


Page 5

 
Eat Your Own Ears Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
716,239
312,574

716,239
312,574



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Unsecured bank loans
5,494
4,703

Trade creditors
93,392
58,203

Corporation tax
58,983
20,237

Other taxation and social security
55,251
46,587

Other creditors
1,301
3,857

Accruals and deferred income
249,264
180,990

463,685
314,577



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Unsecured bank loans
36,035
42,332



9.


Pension commitments

The Company operates a defined contributions 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 £62,454 (2022 - £1,923) . Contributions totalling £Nil (2022 - £422) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

The ultimate controlling party is T Baker.

Page 6

 
Eat Your Own Ears Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by Helen Besant-Roberts (senior statutory auditor) on behalf of Hurst Accountants Limited.

Page 7