Registration number:
for the Year Ended 30 June 2024
Ultimate Fan Live Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ultimate Fan Live Limited
Company Information
Director |
Mr J Mitchell |
Registered office |
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Accountants |
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Ultimate Fan Live Limited
(Registration number: 09574686)
Balance Sheet as at 30 June 2024
Note |
30 June |
30 June |
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Fixed assets |
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Tangible assets |
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Current assets |
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Trade and other debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Share premium reserve |
11,000 |
11,000 |
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Retained earnings |
(361,625) |
(312,968) |
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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:
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
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Ultimate Fan Live Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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:
Great Britain
These financial statements were authorised for issue by the
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.
Staff costs |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2024 |
2023 |
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Administration and support |
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Ultimate Fan Live Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
- |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
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At 30 June 2023 |
- |
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Trade and other debtors |
Trade and other debtors falling due within one year |
30 June |
30 June |
Trade debtors |
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Creditors: amounts falling due within one year |
30 June |
30 June |
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Trade creditors |
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Accrued expenses |
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Amounts due to related parties |
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( |
Social security and other taxes |
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Other creditors |
- |
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Ultimate Fan Live Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
30 June |
30 June |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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- |
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- |
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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).