Silverfin false false 31/07/2024 01/08/2023 31/07/2024 E F Hession 01/09/2022 02 December 2024 The principal activity of the Company during the financial year was the organisation of orchestral concerts. 10287469 2024-07-31 10287469 bus:Director1 2024-07-31 10287469 2023-07-31 10287469 core:CurrentFinancialInstruments 2024-07-31 10287469 core:CurrentFinancialInstruments 2023-07-31 10287469 core:RetainedEarningsAccumulatedLosses 2024-07-31 10287469 core:RetainedEarningsAccumulatedLosses 2023-07-31 10287469 core:Vehicles 2023-07-31 10287469 core:OfficeEquipment 2023-07-31 10287469 core:ComputerEquipment 2023-07-31 10287469 core:Vehicles 2024-07-31 10287469 core:OfficeEquipment 2024-07-31 10287469 core:ComputerEquipment 2024-07-31 10287469 2023-08-01 2024-07-31 10287469 bus:FilletedAccounts 2023-08-01 2024-07-31 10287469 bus:SmallEntities 2023-08-01 2024-07-31 10287469 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 10287469 bus:CompanyLimitedByGuarantee 2023-08-01 2024-07-31 10287469 bus:Director1 2023-08-01 2024-07-31 10287469 core:Vehicles core:TopRangeValue 2023-08-01 2024-07-31 10287469 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 10287469 core:ComputerEquipment core:TopRangeValue 2023-08-01 2024-07-31 10287469 2022-08-01 2023-07-31 10287469 core:Vehicles 2023-08-01 2024-07-31 10287469 core:OfficeEquipment 2023-08-01 2024-07-31 10287469 core:ComputerEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 10287469 (England and Wales)

CANDLELIGHT CONCERTS LTD

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

CANDLELIGHT CONCERTS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

CANDLELIGHT CONCERTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
CANDLELIGHT CONCERTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 93,927 15,114
93,927 15,114
Current assets
Debtors 4 5,256 0
Cash at bank and in hand 582,507 337,290
587,763 337,290
Creditors: amounts falling due within one year 5 ( 20,132) ( 12,612)
Net current assets 567,631 324,678
Total assets less current liabilities 661,558 339,792
Net assets 661,558 339,792
Reserves
Profit and loss account 661,558 339,792
Total reserves 661,558 339,792

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Candlelight Concerts Ltd (registered number: 10287469) were approved and authorised for issue by the Director. They were signed on its behalf by:

E F Hession
Director

02 December 2024

CANDLELIGHT CONCERTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
CANDLELIGHT CONCERTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Candlelight Concerts Ltd (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represent ticket sales for concerts performed to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 3 2

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 August 2023 0 0 30,707 30,707
Additions 45,680 15,404 37,849 98,933
At 31 July 2024 45,680 15,404 68,556 129,640
Accumulated depreciation
At 01 August 2023 0 0 15,593 15,593
Charge for the financial year 8,375 1,531 10,214 20,120
At 31 July 2024 8,375 1,531 25,807 35,713
Net book value
At 31 July 2024 37,305 13,873 42,749 93,927
At 31 July 2023 0 0 15,114 15,114

4. Debtors

2024 2023
£ £
Prepayments 4,476 0
Other debtors 780 0
5,256 0

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 12,606 9,365
Other taxation and social security 6,730 2,761
Other creditors 796 486
20,132 12,612

6. Liability of members

The members of the Candlelight Concerts Ltd have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the company if it should be wound up.

7. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 796 486