Registered number: 08610539
Hot Festivals Limited
Financial statements
For the year ended 31 December 2024
|
Hot Festivals Limited
Company Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hurst Accountants Limited
|
|
Chartered Accountants and Statutory Auditors
|
|
|
|
|
|
|
|
|
|
|
|
Hot Festivals Limited
Contents
|
|
|
|
Notes to the financial statements
|
|
|
Hot Festivals Limited
Registered number: 08610539
Balance Sheet
As at 31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 5 form part of these financial statements.
|
Hot Festivals Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Hot Festivals Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 30 St. John Street, London, EC1M 4AY.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
|
|
Associates and joint ventures
|
Associates and Joint Ventures are held at cost less impairment.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the Company holds a long-term interest and where the Company has significant influence. The Company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
Hot Festivals Limited
Notes to the Financial Statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include other payables, are initially measured at their transaction price after transaction costs.
Other payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets and liabilities
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
Hot Festivals Limited
Notes to the Financial Statements
For the year ended 31 December 2024
|
The Company did not employ any staff during the year. The Company did not pay any directors' emoluments during the year as these are borne by other related companies. As the directors' services to the Company do not occupy a significant amount of their time, the directors do not consider that they have received any remuneration for their incidental services to the Company for the year ended 31 December 2024 and for the year ended 31 December 2023.
|
|
The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
|
|
|
Investment in participating interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
Hot Festivals Limited
Notes to the Financial Statements
For the year ended 31 December 2024
The parent of the smallest group for which consolidated financial statements are drawn up is LN-Gaiety Holdings Limited, incorporated in England and Wales. The registered office of LN-Gaiety Holdings Limited is 30 St. John Street, London, EC1M 4AY.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 8 April 2025 by Helen Besant-Roberts (senior statutory auditor) on behalf of Hurst Accountants Limited.
|