Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruetruetruetruetruetruetrue2023-01-01falseoperation of a music festival and similiar music events78true 10573560 2023-01-01 2023-12-31 10573560 2022-01-01 2022-12-31 10573560 2023-12-31 10573560 2022-12-31 10573560 2022-01-01 10573560 1 2023-01-01 2023-12-31 10573560 d:Director7 2023-01-01 2023-12-31 10573560 e:ComputerEquipment 2023-01-01 2023-12-31 10573560 e:ComputerEquipment 2023-12-31 10573560 e:ComputerEquipment 2022-12-31 10573560 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10573560 e:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 10573560 e:OtherPropertyPlantEquipment 2023-12-31 10573560 e:OtherPropertyPlantEquipment 2022-12-31 10573560 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10573560 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10573560 e:CurrentFinancialInstruments 2023-12-31 10573560 e:CurrentFinancialInstruments 2022-12-31 10573560 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10573560 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10573560 e:ShareCapital 2023-01-01 2023-12-31 10573560 e:ShareCapital 2023-12-31 10573560 e:ShareCapital 2022-01-01 2022-12-31 10573560 e:ShareCapital 2022-12-31 10573560 e:ShareCapital 2022-01-01 10573560 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10573560 e:RetainedEarningsAccumulatedLosses 2023-12-31 10573560 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10573560 e:RetainedEarningsAccumulatedLosses 2022-12-31 10573560 e:RetainedEarningsAccumulatedLosses 2022-01-01 10573560 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10573560 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10573560 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10573560 d:OrdinaryShareClass1 2023-12-31 10573560 d:OrdinaryShareClass1 2022-12-31 10573560 d:FRS101 2023-01-01 2023-12-31 10573560 d:Audited 2023-01-01 2023-12-31 10573560 d:FullAccounts 2023-01-01 2023-12-31 10573560 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10573560 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10573560 e:FinancialInstrumentsFairValueThroughProfitOrLoss 2023-01-01 2023-12-31 10573560 e:FinancialLiabilitiesAmortisedCost 2023-01-01 2023-12-31 10573560 2 2023-01-01 2023-12-31 10573560 e:PreviouslyStatedAmount 2022-12-31 10573560 e:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 10573560 e:ShareCapital e:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 10573560 e:RetainedEarningsAccumulatedLosses e:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 10573560 e:RetainedEarningsAccumulatedLosses e:PreviouslyStatedAmount 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10573560













MIGHTY HOOPLA LIMITED


FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MIGHTY HOOPLA LIMITED
REGISTERED NUMBER:10573560

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
As restated Unaudited 2022
Note
£
£

  

Fixed assets
  

Tangible assets
 4 
22,055
146

  
22,055
146

Current assets
  

Stocks
 5 
1,000
1,956

Debtors: amounts falling due within one year
 6 
2,234,749
2,311,641

Cash at bank and in hand
 7 
1,236,124
1,065,110

  
3,471,873
3,378,707

Creditors: amounts falling due within one year
 8 
(3,449,370)
(2,724,896)

Net current assets
  
 
 
22,503
 
 
653,811

Total assets less current liabilities
  
44,558
653,957

  

Provisions for liabilities
  

Deferred taxation
 9 
(5,477)
-

  
 
 
(5,477)
 
 
-

  

Net assets
  
39,081
653,957


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
  
38,881
653,757

  
39,081
653,957


The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 1

 
MIGHTY HOOPLA LIMITED
REGISTERED NUMBER:10573560
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 29 July 2024.

Jamie Tagg
Director

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 

MIGHTY HOOPLA LIMITED
 
 
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2022
200
639,937
640,137





Profit for the year
-
463,820
463,820

Total comprehensive income for the year
-
463,820
463,820



Contributions by and distributions to owners


Dividends: Equity capital
-
(450,000)
(450,000)





At 1 January 2023 (as previously stated)
200
863,125
863,325


Prior year adjustment - correction of error
-
(209,368)
(209,368)



At 1 January 2023 (as restated)
200
653,757
653,957





Profit for the year
-
811,474
811,474

Total comprehensive income for the year
-
811,474
811,474



Contributions by and distributions to owners


Dividends: Equity capital
-
(1,426,350)
(1,426,350)


Transfer between other reserves
-
-
-



At 31 December 2023
200
38,881
39,081



Page 3

 

MIGHTY HOOPLA LIMITED
 
 
 



STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mighty Hoopla Limited (the "company") is incorporated and domiciled in the United Kingdom under the Companies Act 2006, and registered in England and Wales. The company is a private company limited by shares. The address of the company's registered office is c/o Superstruct Entertainment Ltd, 7th Floor, 364-366 Kensington High Street, London, W14 8NS.
The principal activity of the company continued to be the operation and development of the Mighty Hoopla music festival.

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 Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

  
2.2

First time adoption of FRS 100 and FRS 101

In the transition to FRS 101, the company has applied IFRS 1 whilst ensuring that it's assets and liabilities are measured in compliance with FRS 101. An explanation of how the transition to FRS 101 has affected the reported financial position and financial performance of the company is provided in note 16.

Page 5

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Superstruct Entertainment Limited as at 31 December 2023 and these financial statements may be obtained from 7th Floor, 364-366 Kensington High Street, London, W14 8NS.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Income is recognised at the point in time when the relevant performance obligation is satisfied. Ticketing income, sponsorship income and other income derived from the festival is recognised on the delivery of the festival. Income from food, drink and merchandise is recognised when goods are despatched or delivered to the customer. 
All turnover is derived from a festival which is held in the UK.

 
2.5

Interest income

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

Page 6

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method.

 
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

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Computer equipment
-
33%
Stage Equipment
-
33%

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

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.

 
2.13

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.



Page 8

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments


The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset. 

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.15

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.

Page 9

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
7
8

During the period, the directors received aggregate remuneration of £240,310 (2022 - £205,421).


4.


Tangible fixed assets





Computer equipment
Stage Equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
219
-
219


Additions
1,894
31,078
32,972



At 31 December 2023

2,113
31,078
33,191



Depreciation


At 1 January 2023
73
-
73


Charge for the year on owned assets
704
10,359
11,063



At 31 December 2023

777
10,359
11,136



Net book value



At 31 December 2023
1,336
20,719
22,055



At 31 December 2022
146
-
146


5.


Stocks

2023
2022
£
£

Stock
1,000
1,956



Page 10

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
As restated 2022
£
£


Trade debtors
1,403,348
717,190

Other debtors
127,904
695,486

Prepayments and accrued income
703,497
898,965

2,234,749
2,311,641


At the year end date, one of the directors owed £Nil (2022: £182,890) to the company.

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,236,124
1,065,110



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
118,806
307,907

Corporation tax
239,694
158,480

Other taxation and social security
169,936
158,000

Other creditors
206,536
33,392

Accruals and deferred income
2,714,398
2,067,117

3,449,370
2,724,896



9.


Deferred taxation




2023


£






Profit and loss account movement
5,477

Page 11

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
5,477
-


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary shares of £0.010 each
200
200

There is a single class of ordinary shares. There are no restrictions on the voting rights, the distribution of dividends and the repayment of capital.



11.


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 £3,000 (2022: £Nil). Contributions totalling £Nil (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


12.


Prior year adjustment

The directors have identified that prepayments had not been correctly recognised in the prior year financial statements. The comparatives have been restated accordingly. The effect of this restatement is to decrease brought forward prepayments by £209,368 and to decrease the brought forward profit and loss account by the same amount.

Page 12

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

During the year, the company traded with its parent entity, and fellow subsidiaries. All transactions were in the normal course of business. 
The company's related party transactions with wholly owned subsidiaries have not been disclosed. This is in accordance with the exemption allowed under FRS101 from the requirements of IAS 24 Related Party Disclosures, whereby related party transactions between two or more members of a group do not have to be disclosed, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
During the year, the company received turnover of £1,396,472 (2022: £1,200,685) and incurred total expenditure of £1,854,349 (2022: £1,700,985) with Summer Events Ltd, a company under common management. At the year end, the company was owed £88,126 (2022: £512,546).
During the year, the company received transactions on behalf of Pink Noise CIC, a company under common management. At the year end date, the company owed £6,336 (2022: £3,030) to Pink Noise Project CIC.
During the year, the company incurred expenditure in respect of management charges of £33,436 (2022: £Nil), with Superstruct Entertainment Ltd, the company's ultimate parent company. At the year end date, the company owed £33,436 to Superstruct Entertainment Ltd.
In the opinion of the directors, there were no other related party transactions in the year.


14.


Controlling party

On 24 February 2023, the company was acquired by Superstruct UK Festivals Ltd, a company incorporated in Great Britain and registered in England and Wales, which the Directors consider as the immediate parent company.
As at 31 December 2023, the directors regard Sinisa Krnic as the ultimate controlling party.
The smallest group in which the results of the company are consolidated is that headed by Superstruct Entertainment Limited, the intermediate parent company which is incorporated in the United Kingdom. The consolidated financial statements of this company are available to the public and may be obtained from the registered address, 7th Floor, 364-366 Kensington High Street, London, W14 8NS, United Kingdom.


15.


First time adoption of FRS101

As stated in note 2.2, these are the company’s first financial statements prepared in accordance with FRS 101. For all periods up to and including the year ended 31 December 2022, the company prepared its financial statements in accordance with FRS 102. 
The accounting policies set out in note 2.2 have been applied in preparing the financial statements for the year ended 31st December 2023, and the comparative information presented in these financial statements for the year ended 31st December 2022.
In preparing its FRS 101 balance sheet, the company has reviewed the possible effects of the transition. The company has not identified the need for any adjustments to comparative figures prepared in accordance with its previous basis of accounting (FRS 102).

Page 13

 
MIGHTY HOOPLA LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Auditor's information

The audit report provided to the members of Mighty Hoopla Limited on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 5 August 2024 by Marc Voulters (senior statutory auditor) on behalf of SRLV Audit Limited.

Page 14