Registration number:
Tribe Festivals Limited
for the Year Ended 31 August 2024
Tribe Festivals Limited
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Tribe Festivals Limited
(Registration number: 07999583)
Statement of Financial Position as at 31 August 2024
|
Note |
2024 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
467 |
467 |
|
|
Share premium reserve |
307,447 |
307,447 |
|
|
Retained earnings |
(1,170,689) |
(694,662) |
|
|
Shareholders' deficit |
(862,775) |
(386,748) |
For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
......................................... |
Tribe Festivals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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.
Going concern
The company had net liabilities of 862,775 and net current liabilities of £721,519 as at 31 August 2024. The company is dependent on the ongoing financial support of its directors. While the directors have confirmed thei rintention to continue to provide such support for the foreseeable future, this support is not legally binding. YE August 2025 forecast is indicating a return to profit which will help to mitigate some of the uncertainty of the net current liability position at 31st august 2024. However, the existence of a material uncertainty remains which may cast doubt on the company’s ability to continue as a going concern. Nevertheless, the financial statements have been prepared on a going concern basis, on the assumption that such support will continue.
Tribe Festivals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Prior period errors
During the year the directors identified that income was recognised in the wrong accounting period. The error has been corrected by restating comparative amounts for the prior period. The impact of the correction was to increase net liabilities and to increase the loss for the year ended 31 August 2023 by £84,913.
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
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are stated in the statement of financial position 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 and machinery etc |
25% on reducing balance |
Tribe Festivals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tribe Festivals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
Tangible assets |
|
Plant and machinery |
Office equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 September 2023 |
|
- |
|
|
Additions |
- |
|
|
|
At 31 August 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 September 2023 |
|
- |
|
|
Charge for the year |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2024 |
|
|
|
|
At 31 August 2023 |
|
- |
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
|
Tribe Festivals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
(As restated) |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
- |
|
Other borrowings |
|
- |
|
|
- |
|
Tribe Festivals Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
- |
|
|
Other borrowings |
|
- |
|
|
|
|
|
Related party transactions |
At the balance sheet date the company owed £48,750 (2023: £Nil) to Mr S M Collins, a director of the company. The loan is unsecured, interest-free, and the director has not requested payment within twleve months therefore this amount is included on creditors falling due after one year.
At the balance sheet date the company owed £10,000 (2023: £Nil) to Mr B Shrouder, a shareholder of the company. The loan is unsecured, interest-free, and the shareholder has not requested payment within twleve months therefore this amount is included on creditors falling due after one year.