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REGISTERED NUMBER: 05344883 (England and Wales)















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: A J Giles
D S Walsh
A Lenthall





Secretary: A J Giles





Registered office: Waterloo Place
Watson Square
Stockport
Cheshire
SK1 3AZ





Registered number: 05344883 (England and Wales)





Auditors: CLA Evelyn Partners Limited
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 52,500 60,000

Current assets
Debtors 6 9,611 26,287
Cash at bank 48,749 39,288
58,360 65,575
Creditors
Amounts falling due within one year 7 127,142 133,856
Net current liabilities (68,782 ) (68,281 )
Total assets less current liabilities (16,282 ) (8,281 )

Capital and reserves
Called up share capital 8 111 111
Other reserves 9 75,000 75,000
Retained earnings 9 (91,393 ) (83,392 )
Shareholders' funds (16,282 ) (8,281 )

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

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 17 September 2024 and were signed on its behalf by:





A J Giles - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 75,000
Amortisation
At 1 January 2023 15,000
Charge for year 7,500
At 31 December 2023 22,500
Net book value
At 31 December 2023 52,500
At 31 December 2022 60,000

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 9,600 26,276
Other debtors 11 11
9,611 26,287

7. Creditors: amounts falling due within one year
2023 2022
£ £
Other loans 100,000 115,000
Trade creditors 9,471 9,765
VAT 8,451 1,811
Accruals and deferred income 9,220 7,280
127,142 133,856

8. Called up share capital

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
11,100 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.

Antony Sassen (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited

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.