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REGISTERED NUMBER: SC464624 (Scotland)











HOLD FAST ENTERTAINMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9

Accountants' Report 10

HOLD FAST ENTERTAINMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Brian James Fulton
Donald Cameron MacLeod MBE





REGISTERED OFFICE: Third Floor
48 West George Street
Glasgow
Scotland
G2 1BP





REGISTERED NUMBER: SC464624 (Scotland)





ACCOUNTANTS: Azets
Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA

HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 912 1,410
Investments 5 30,052 22,034
30,964 23,444

CURRENT ASSETS
Debtors 6 540,492 362,599
Cash at bank and in hand 522,758 542,900
1,063,250 905,499
CREDITORS
Amounts falling due within one year 7 626,693 672,669
NET CURRENT ASSETS 436,557 232,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

467,521

256,274

CAPITAL AND RESERVES
Called up share capital 90 90
Fair value reserve 11,273 3,254
Capital redemption reserve 10 10
Retained earnings 456,148 252,920
SHAREHOLDERS' FUNDS 467,521 256,274

HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





Brian James Fulton - Director


HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Hold Fast Entertainment Ltd is a private company, limited by shares, registered in Scotland. The company's registration number is SC464624 and registered office address is 48 West George Street, Glasgow, G2 1BP.

The nature of the company's operations and its principal activities are that of a holding company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 25% on cost
Computer equipment - 33% on cost and 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Research and development
Expenditure on research activities is recognised in the income statement as an expense as incurred.

Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities improve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less 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.

Investments
Fixed asset investments in group undertakings are stated at cost less any permanent diminution in value. Income is recorded in the period in which it is received.

Listed investments are held at market value.

HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 38,636 25,720 64,356
Additions - 382 382
At 31 March 2024 38,636 26,102 64,738
DEPRECIATION
At 1 April 2023 38,571 24,375 62,946
Charge for year 65 815 880
At 31 March 2024 38,636 25,190 63,826
NET BOOK VALUE
At 31 March 2024 - 912 912
At 31 March 2023 65 1,345 1,410

5. FIXED ASSET INVESTMENTS
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 112 21,922 22,034
Revaluations - 8,018 8,018
At 31 March 2024 112 29,940 30,052
NET BOOK VALUE
At 31 March 2024 112 29,940 30,052
At 31 March 2023 112 21,922 22,034

Cost or valuation at 31 March 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2019 - 3,769 3,769
Valuation in 2022 - (2,703 ) (2,703 )
Valuation in 2024 - 8,018 8,018
Cost 112 20,856 20,968
112 29,940 30,052

HOLD FAST ENTERTAINMENT LIMITED (REGISTERED NUMBER: SC464624)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 21,470 6,737
Other loans 508,000 337,137
Corporation tax recoverable - 8,833
Value added tax 429 -
Prepayments and accrued income 10,593 9,892
540,492 362,599

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 9,362 1,810
Amounts owed to group undertakings 435,265 284,949
Corporation tax 44,061 27,409
Social security and other taxes 30,317 22,984
Value added tax - 214,468
Dividends payable 24,139 37,778
Pension contributions 13,957 17,028
Other creditors 37,111 21,986
Directors' current accounts 27,321 21,583
Accrued expenses 5,160 22,674
626,693 672,669

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is a balance due to the directors of the company amounting to £27,321 (2023 - £21,583).

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The company is under the control of Donald MacLeod by virtue of his majority shareholding.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HOLD FAST ENTERTAINMENT LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hold Fast Entertainment Limited for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Hold Fast Entertainment Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hold Fast Entertainment Limited and state those matters that we have agreed to state to the Board of Directors of Hold Fast Entertainment Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hold Fast Entertainment Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hold Fast Entertainment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hold Fast Entertainment Limited. You consider that Hold Fast Entertainment Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hold Fast Entertainment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Azets
Accountants
Abercorn House
79 Renfrew Road
Paisley
Renfrewshire
PA3 4DA


8 October 2024