Company registration number 07631097 (England and Wales)
OUREA EVENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OUREA EVENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
OUREA EVENTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
15,750
18,354
Tangible assets
5
117,942
128,693
Investments
6
1,000
1,000
134,692
148,047
Current assets
Stocks
31,448
42,142
Debtors
7
665,025
578,976
Cash at bank and in hand
193,638
217,442
890,111
838,560
Creditors: amounts falling due within one year
8
(1,036,328)
(954,551)
Net current liabilities
(146,217)
(115,991)
Net (liabilities)/assets
(11,525)
32,056
Capital and reserves
Called up share capital
46,725
46,723
Share premium account
25,983
25,983
Profit and loss reserves
(84,233)
(40,650)
Total equity
(11,525)
32,056
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 June 2025 and are signed on its behalf by:
Mr S Ohly
Director
Company registration number 07631097 (England and Wales)
OUREA EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Ourea Events Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bleaze Farm, Old Hutton, Kendal, Cumbria, England, LA8 0LU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has net current liabilities at the year end. The directors have confirmed that they will support the company and are confident that the company can pay its debts as they fall due.
There is a significant amount owing from the subsidiary company, Skyline Trail Races Limited, which is expected to be fully recoverable. The Skyline Trail Races events are due to take place next year and are expected to be profitable, and continue to be profitable going forward. The cash reserves and advanced entry bookings within the company, have also resulted in the directors' conclusion that the long-term impact on the company should be minimal. Therefore, the directors anticipate that the company will continue to operate within its available resources, and be able to tolerate a reasonable level of unforeseen circumstance for a period of at least 12 months from the date of these financial statements. The financial statements have therefore been prepared on a going concern basis.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover consist mainly of race entry fees and sponsorship income which is recognised in the period that the event is held.
1.4
Intangible fixed assets - goodwill
Goodwill is purchased at various times and is amortised over 10 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Websites
10 years
OUREA EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost and 10% on cost
Computers
25% on cost
Motor vehicles
15% on reducing balance
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.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Skyline Trail Races Limited (company number 14198247) is a 100% subsidiary of Ourea Events Limited.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has financial assets and liabilities that qualify as basic financial instruments. Basic financial instrument are initially recognised at transaction value and subsequently measured at their settlement value.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
OUREA EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
11
4
Intangible fixed assets
Goodwill
Websites
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
22,500
4,401
26,901
Amortisation and impairment
At 1 January 2024
4,500
4,047
8,547
Amortisation charged for the year
2,250
354
2,604
At 31 December 2024
6,750
4,401
11,151
Carrying amount
At 31 December 2024
15,750
15,750
At 31 December 2023
18,000
354
18,354
5
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
233,599
16,666
20,500
270,765
Additions
1,521
2,660
21,770
25,951
At 31 December 2024
235,120
19,326
42,270
296,716
Depreciation and impairment
At 1 January 2024
116,938
12,820
12,314
142,072
Depreciation charged in the year
29,515
2,693
4,494
36,702
At 31 December 2024
146,453
15,513
16,808
178,774
Carrying amount
At 31 December 2024
88,667
3,813
25,462
117,942
At 31 December 2023
116,661
3,846
8,186
128,693
OUREA EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
75,764
42,507
Amounts owed by group undertakings
265,182
243,567
Other debtors
324,079
292,902
665,025
578,976
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,610
42,800
Taxation and social security
21,277
11,821
Deferred income
888,743
854,652
Other creditors
2,311
2,843
Accruals
76,387
42,435
1,036,328
954,551
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,832
14,779
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The outstanding liability at the balance sheet date is £2,311 (2023: £2,843).
OUREA EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
10
Related party transactions
During the year ended 31 December 2024, a management fee was charged to its subsidiary for £40,498 (2023: £59,779).
The balance owed from the subsidiary at the balance sheet date is £261,615 (2023: £243,567).
During the year, the ownership of Ourea Events Limited was transferred to a holding company, Ourea Events Holdings Limited.
Purchases were made during the year on behalf of its parent company and the balance owed to Ourea Events Limited at the balance sheet date is £3,567.