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Registered number: 02284295









HENLEY FESTIVAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
HENLEY FESTIVAL LIMITED
REGISTERED NUMBER: 02284295

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
278,628
344,530

Cash at bank and in hand
 5 
971
22,279

  
279,599
366,809

Creditors: amounts falling due within one year
 6 
(82,042)
(203,917)

Net current assets
  
 
 
197,557
 
 
162,892

Total assets less current liabilities
  
197,557
162,892

Creditors: amounts falling due after more than one year
 7 
(915,380)
(915,380)

  

Net liabilities
  
(717,823)
(752,488)


Capital and reserves
  

Called up share capital 
 8 
10
10

Profit and loss account
  
(717,833)
(752,498)

  
(717,823)
(752,488)


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 on 20 March 2025.




S J Laing
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
HENLEY FESTIVAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Henley Festival Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales. The company's registered number is 02284295 and registered office is Leander Club, Henley on Thames RG9 2LP.

2.Accounting policies

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has prepared forecasts for various scenarios over the next two years and whilst these do not suggest the need for financial assistance for the next 12 months, The Henley Festival Trust has confirmed that it is able to support the company, if required, for at least this period.

 
2.3

Revenue

Revenue is recognised as the fair value of the consideration received or receivable for catering and hospitality sales, together with concessions receivable, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
When cash inflows are deferred representing a financial arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 2

 
HENLEY FESTIVAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

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.

Page 3

 
HENLEY FESTIVAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Debtors

2024
2023
£
£


Trade debtors
562
5,275

Other debtors
278,066
339,255

278,628
344,530



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
971
22,279

971
22,279



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
550
193

Amounts owed to group undertakings
30,358
188,156

Corporation tax
8,131
4,324

Other taxation and social security
9,995
7,244

Accruals and deferred income
33,008
4,000

82,042
203,917



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
915,380
915,380

915,380
915,380


Page 4

 
HENLEY FESTIVAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 (2023 - 10) Ordinary shares of £1.00 each
10
10



9.


Related party transactions

At the year end, the company owed £945,738 (2023: £1,103,537) to The Henley Festival Trust, a charitable incorporated organisation (charity number 1174338).


10.


Post balance sheet events

Following the year end, the trustees of the parent entity indicated their intention to write off the amount due to them of £915,380 included within long term liabilities. A write off of the loan would result in an increase in net assets of that amount, due to its being a capital contribution within the accounts at the point it occurs.


11.


Controlling party

The Company is wholly owned by the The Henley Festival Trust, which is a charitable incorporated organisation.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.

The audit report was signed on 24 March 2025 by Jacqui Williams FCA (Senior statutory auditor) on behalf of FLB Audit LLP.

 
Page 5