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Company No: 12693381 (England and Wales)

GEN Z EVENTS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GEN Z EVENTS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GEN Z EVENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
GEN Z EVENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 141,244 136,336
141,244 136,336
Current assets
Debtors 4 91,524 70,282
Cash at bank and in hand 47,114 83,930
138,638 154,212
Creditors: amounts falling due within one year 5 ( 402,125) ( 301,657)
Net current liabilities (263,487) (147,445)
Total assets less current liabilities (122,243) (11,109)
Creditors: amounts falling due after more than one year 6 ( 60,839) ( 13,751)
Net liabilities ( 183,082) ( 24,860)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 183,182 ) ( 24,960 )
Total shareholders' deficit ( 183,082) ( 24,860)

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gen Z Events Ltd (registered number: 12693381) were approved and authorised for issue by the Director. They were signed on its behalf by:

J B Sands
Director

25 March 2025

GEN Z EVENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GEN Z EVENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Gen Z Events Ltd (the Company) is a private company, limited by shares, 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 £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 25 % reducing balance
Office equipment 3 years straight line
Computer equipment 3 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.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 4 3

3. Tangible assets

Vehicles Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 July 2023 24,540 62,279 106,671 193,490
Additions 26,115 17,336 43,517 86,968
Disposals 0 ( 12,648) ( 28,313) ( 40,961)
At 30 June 2024 50,655 66,967 121,875 239,497
Accumulated depreciation
At 01 July 2023 2,556 16,909 37,689 57,154
Charge for the financial year 5,931 23,182 34,399 63,512
Disposals 0 ( 7,357) ( 15,056) ( 22,413)
At 30 June 2024 8,487 32,734 57,032 98,253
Net book value
At 30 June 2024 42,168 34,233 64,843 141,244
At 30 June 2023 21,984 45,370 68,982 136,336
Leased assets included above:
Net book value
At 30 June 2024 42,168 0 0 42,168
At 30 June 2023 21,984 0 0 21,984

4. Debtors

2024 2023
£ £
Trade debtors 39,908 10,219
Prepayments 11,365 46,452
Other debtors 40,251 13,611
91,524 70,282

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 67,983 18,951
Other loans 27,265 0
Accruals and deferred income 169,302 183,876
Other taxation and social security 59,466 69,109
Obligations under finance leases and hire purchase contracts 9,782 6,775
Other creditors 68,327 22,946
402,125 301,657

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 25,529 13,751
Other creditors 35,310 0
60,839 13,751

The amount owed in respect of items on hire purchase contracts are secured against the underlying assets to which they relate.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 ( 18,330)
(Charged)/credited to the Statement of Income and Retained Earnings ( 35,310) 18,330
At the end of financial year ( 35,310) 0

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
75 Ordinary A shares of £ 1.00 each (2023: 100 shares of £ 1.00 each) 75 100
25 Ordinary B shares of £ 1.00 each (2023: nil shares) 25 0
100 100

On 17 October 2023 the company redesignated 25 Ordinary A £1 shares into 25 Ordinary B £1 shares.

9. Financial commitments

Other financial commitments

2024 2023
£ £
Operating leases - due less than 1 year 27,000 0
Operating leases - due 1 to 2 years 2,250 0
29,250 0

At 31 March 2024 the Company had future minimum lease payments due under cancellable operating leases for each of the above periods.