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Registration number: SC269787

First City Events (Scotland) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

First City Events (Scotland) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

First City Events (Scotland) Limited

Company Information

Director

Mrs J Lamond

Company secretary

Mrs J Lamond

Registered office

3 High Street
Kinross
KY13 8AW

Accountants

Ross McConnell
Chartered Accountant3 High Street
Kinross
KY13 8AW

 

First City Events (Scotland) Limited

(Registration number: SC269787)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

17,696

5,270

Current assets

 

Debtors

5

90,557

97,332

Cash at bank and in hand

 

25,869

20,865

 

116,426

118,197

Creditors: Amounts falling due within one year

6

(39,595)

(37,023)

Net current assets

 

76,831

81,174

Total assets less current liabilities

 

94,527

86,444

Creditors: Amounts falling due after more than one year

6

(19,664)

(28,751)

Net assets

 

74,863

57,693

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

74,861

57,691

Shareholders' funds

 

74,863

57,693

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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 March 2025
 

.........................................
Mrs J Lamond
Company secretary and director

 

First City Events (Scotland) 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 in Scotland.

The address of its registered office is:
3 High Street
Kinross
KY13 8AW

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

First City Events (Scotland) Limited

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

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets 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

Plant & Machinery

25% reducing balance

Fixtures & Fittings

15% reducing balance

Computer equipment

33% reducing balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 debtors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

First City Events (Scotland) Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible Assets

Fixtures & Fittings
 £

Computer Equipment
 £

Motor vehicles
 £

Plant & Machinery
 £

Total
£

Cost or valuation

At 1 July 2023

1,710

14,959

-

795

17,464

Additions

-

616

17,003

-

17,619

At 30 June 2024

1,710

15,575

17,003

795

35,083

Depreciation

At 1 July 2023

897

10,548

-

734

12,179

Charge for the year

122

1,659

3,401

26

5,208

At 30 June 2024

1,019

12,207

3,401

760

17,387

Carrying amount

At 30 June 2024

691

3,368

13,602

35

17,696

At 30 June 2023

815

4,409

-

46

5,270

5

Debtors

Current

2024
£

2023
£

Trade debtors

89,659

97,332

Other debtors

898

-

 

90,557

97,332

 

First City Events (Scotland) Limited

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

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

20,659

27,493

Accruals and deferred income

1,000

1,000

Other creditors

17,936

8,530

39,595

37,023

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

19,664

28,751

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2