REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
FESTIVAL INSIGHTS LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
FESTIVAL INSIGHTS LIMITED |
FESTIVAL INSIGHTS LIMITED (REGISTERED NUMBER: 05344883) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
FESTIVAL INSIGHTS LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
FESTIVAL INSIGHTS LIMITED (REGISTERED NUMBER: 05344883) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Other reserves | 9 |
Retained earnings | 9 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FESTIVAL INSIGHTS LIMITED (REGISTERED NUMBER: 05344883) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Festival Insights Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The presentation currency of these financial statements is Sterling. All amounts in these financial statements have been rounded to the nearest £1. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
The following principal accounting policies have been applied: |
Going concern |
As at year end the company has net current liabilities. The company is dependent, in the absence of other funding, on the continued financial support from a company under common control. The company under common control has confirmed its commitment to provide the necessary support by providing adequate facilities. |
On that basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Creditors |
Short term creditors are measured at the transaction price. |
Turnover |
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, excluding discounts, rebates. value added tax and other sales taxes. |
Revenue is recognised in the period that the service has been rendered. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of 10 years. |
Goodwill is stated at cost less any accumulated amortisation and accumulated impairment losses. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
FESTIVAL INSIGHTS LIMITED (REGISTERED NUMBER: 05344883) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
5. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other loans |
Trade creditors |
VAT | 8,451 | 1,811 |
Accruals and deferred income |
8. | Called up share capital |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 111 | 111 |
FESTIVAL INSIGHTS LIMITED (REGISTERED NUMBER: 05344883) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | Reserves |
The company's capital and reserves are as follows: |
Called up share capital |
The called up share capital represents the nominal value of the shares issued. |
Profit and loss account |
The profit and loss account represents cumulative profits or losses net of dividends paid and other adjustments. |
Other reserves |
The other reserves represents the capital contributions made. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Related party disclosures |
Included in other loans is a loan balance of £100,000 (2022- £115,000) with a company under common control. The loan carries no interest and is repayable on demand. |
During the year there were purchases of £60,699 (2022- £59,581) with a company under common control. The amount due to this company at year end was £6,713 (2022 - £7,159). |
12. | Post balance sheet events |
In June 2024 Mondiale Media Limited became the ultimate controlling party. |
13. | Ultimate controlling party |
The immediate parents undertaking of the company at the year-end was Mondiale Hospitality Holdings LLP, incorporated in England and Wales. Their registered office is Waterloo Place, Watson Square, Stockport, Cheshire, SK1 3AZ. |
The parent undertaking and ultimate controlling party of the smallest and largest group for which consolidated accounts are prepared is Mondiale Hospitality Holdings LLP incorporated in England and Wales. Consolidated accounts are available from their registered at Waterloo Place, Watson Square, Stockport, Cheshire, SK1 3AZ. |
Mondiale Hospitality Holdings LLP is directed by Damian Walsh, who has majority interest. |