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Registration number: 09574686

Ultimate Fan Live Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Ultimate Fan Live Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Ultimate Fan Live Limited

Company Information

Director

Mr J Mitchell

Registered office

Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Ultimate Fan Live Limited

(Registration number: 09574686)
Balance Sheet as at 30 June 2024

Note

30 June
2024
£

30 June
2023
£

Fixed assets

 

Tangible assets

4

12,197

35,405

Current assets

 

Trade and other debtors

5

312

163

Cash at bank and in hand

2,622

8,563

 

2,934

8,726

Creditors: Amounts falling due within one year

6

(365,755)

(346,098)

Net current liabilities

 

(362,821)

(337,372)

Net liabilities

 

(350,624)

(301,967)

Capital and reserves

 

Called up share capital

7

1

1

Share premium reserve

 

11,000

11,000

Retained earnings

 

(361,625)

(312,968)

Shareholders' deficit

 

(350,624)

(301,967)

For the financial year ending 30 June 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 7 February 2025
 

.........................................
Mr J Mitchell
Director

 

Ultimate Fan Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated and domiciled in United Kingdom.

The address of its registered office is:
Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH
Great Britain

These financial statements were authorised for issue by the director on 7 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

Summary of disclosure exemptions

In these financial statements, the company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payment, business combinations, non-current assets held for sale, financial instruments, fair value measurements, capital management, revenue from contracts with customers, presentation of comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment property, presentation of a cash-flow statement, the effects of new standards not yet effective, impairment of assets and disclosures in respect of the compensation of key management personnel and of transactions with a management entity that provides key management personnel services to the company.

Going concern

The directors have considered the going concern status of the company and consider it appropriate that the financial statements are prepared on a going concern basis.

In making this assessment, the directors have considered the post year end trading of the company and the financial projections for a period greater than twelve months from the date of these financial statements.

 

Ultimate Fan Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Changes in accounting policy

New standards, interpretations and amendments effective

The financial statements of the company for the year ended 30 June 2024 have been prepared in accordance with Financial Reporting Standard 101 ("FRS 101"), which is based on the International Financial Reporting Standards (IFRS). This is the first year the company has applied FRS 101 following the transition from IFRS.

The transition from IFRS to FRS 101 has not resulted in any adjustments to the financial position of the company and therefore no restatements to the comparatives is required.

None of the standards, interpretations and amendments effective for the first time from 1 July 2023 have had a material effect on the financial statements.

Government grants

Grants are accounted under the accruals model as permitted by IFRS. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Other income for the year ending 30 June 2021 includes a government grant of £10,665 in relation to the UK Government's Job Retention Scheme.

Tangible assets

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and machinery

25% straight line

Office equipment

25% straight line

Intangible assets

Intangible assets are initially recognised as an asset at cost and are subsequently amortised according to the policy below. Amortisation is charged through the statement of comprehensive income.

There are no intangible assets with infinite useful economic lives.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Ultimate Fan Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.

3

Staff costs

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

2

2

2

2

 

Ultimate Fan Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

18,832

92,831

111,663

At 30 June 2024

18,832

92,831

111,663

Depreciation

At 1 July 2023

18,832

57,426

76,258

Charge for the year

-

23,208

23,208

At 30 June 2024

18,832

80,634

99,466

Carrying amount

At 30 June 2024

-

12,197

12,197

At 30 June 2023

-

35,405

35,405

5

Trade and other debtors

Trade and other debtors falling due within one year

30 June
2024
£

30 June
2023
£

Trade debtors

312

163

6

Creditors: amounts falling due within one year

30 June
2024
£

30 June
2023
£

Trade creditors

199,911

440,509

Accrued expenses

3,250

2,300

Amounts due to related parties

162,560

(101,488)

Social security and other taxes

34

4,690

Other creditors

-

87

365,755

346,098

 

Ultimate Fan Live Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Share capital

Allotted, called up and fully paid shares

30 June
2024

30 June
2023

No.

£

No.

£

Ordinary A of £0.01 each

100

1

100

1

Ordinary B of £0.01 each

11

-

11

-

111

1

111

1

8

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £38 (2023 - £466).