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REGISTERED NUMBER: 07234449 (England and Wales)















Unaudited Financial Statements

for the Year Ended

30 April 2024

for

Thought Bubble Festival Limited

Thought Bubble Festival Limited (Registered number: 07234449)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Thought Bubble Festival Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: M N Homsi





REGISTERED OFFICE: Unit 3 Emmanuel Trading Estate
Leeds
West Yorkshire
LS12 1AT





REGISTERED NUMBER: 07234449 (England and Wales)





ACCOUNTANTS: Equate Limited
Chartered Certified Accountants
The Hive
142 Thornes Lane
Wakefield
West Yorkshire
WF2 7RE

Thought Bubble Festival Limited (Registered number: 07234449)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 431 621

CURRENT ASSETS
Debtors 5 42,804 48,741
Cash at bank and in hand 93,487 64,395
136,291 113,136
CREDITORS
Amounts falling due within one year 6 142,104 125,399
NET CURRENT LIABILITIES (5,813 ) (12,263 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,382

)

(11,642

)

RESERVES
Income and expenditure account (5,382 ) (11,642 )
(5,382 ) (11,642 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 surplus or deficit 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2024 and were signed by:




M N Homsi - Director


Thought Bubble Festival Limited (Registered number: 07234449)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Thought Bubble Festival Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of ticket sales excluding value added tax for the festival that took place in that particular year.

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 - 25% on reducing balance
Computer equipment - 33% on reducing balance

Financial instruments
The company only enters into basic financial instruments 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 related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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.

Thought Bubble Festival Limited (Registered number: 07234449)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 3,448 6,144 9,592
DEPRECIATION
At 1 May 2023 3,256 5,715 8,971
Charge for year 48 142 190
At 30 April 2024 3,304 5,857 9,161
NET BOOK VALUE
At 30 April 2024 144 287 431
At 30 April 2023 192 429 621

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 13,334 23,915
Other debtors 12,037 1,181
Deferred tax asset 3,455 3,419
Prepayments and accrued income 13,978 20,226
42,804 48,741

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 15,223 16,135
Social security and other taxes 501 626
VAT 14,352 16,258
Accruals and deferred income 112,028 92,380
142,104 125,399

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M N Homsi.