REGISTERED NUMBER: 04018046 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

UNDERCOVER EVENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R T Strickland

SECRETARY:

L M Strickland

REGISTERED OFFICE:

Old Rides Farm

Leysdown Road

Eastchurch

Sheerness

Kent

ME12 4BD

REGISTERED NUMBER:

04018046 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

2,052,627

1,907,459

CURRENT ASSETS

Stocks

174,687

186,628

Debtors

6

419,335

658,066

Cash at bank and in hand

298,470

359,902

892,492

1,204,596

CREDITORS

Amounts falling due within one year

7

1,034,050

1,180,608

NET CURRENT (LIABILITIES)/ASSETS

(141,558

)

23,988

TOTAL ASSETS LESS CURRENT LIABILITIES

1,911,069

1,931,447

CREDITORS

Amounts falling due after more than one year

8

(437,642

)

(500,721

)

PROVISIONS FOR LIABILITIES

(478,693

)

(427,599

)

NET ASSETS

994,734

1,003,127

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

124,539

138,376

Retained earnings

869,195

863,751

994,734

1,003,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 June 2025 and were signed by:

R T Strickland - Director

1.	STATUTORY INFORMATION

Undercover Events Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, including the presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the turnover recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

straight line over lease term

Marquees

-

10% on reducing balance

Plant & machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Each year, a transfer is made from the Revaluation reserve to retained earnings for the excess depreciation charged as a result of the revaluation to fair value of the marquees in 2015. Movements in deferred tax relating to this revaluation are also adjusted through the Revaluation reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Financial instruments

Basic financial assets/liabilities including trade and other receivables/payables, cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 23 ) .

5.	TANGIBLE FIXED ASSETS

Long

Plant &

leasehold

Marquees

machinery

£

£

£

COST

At 1 January 2024

124,398

2,263,808

678,300

Additions

2,570

455,217

12,152

Disposals

-

(29,679

)

(52,737

)

At 31 December 2024

126,968

2,689,346

637,715

DEPRECIATION

At 1 January 2024

95,954

894,965

312,125

Charge for year

2,018

166,922

91,689

Eliminated on disposal

-

(7,974

)

(33,600

)

At 31 December 2024

97,972

1,053,913

370,214

NET BOOK VALUE

At 31 December 2024

28,996

1,635,433

267,501

At 31 December 2023

28,444

1,368,843

366,175

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

298,425

32,733

3,397,664

Additions

12,950

3,248

486,137

Disposals

-

-

(82,416

)

At 31 December 2024

311,375

35,981

3,801,385

DEPRECIATION

At 1 January 2024

165,971

21,190

1,490,205

Charge for year

36,081

3,417

300,127

Eliminated on disposal

-

-

(41,574

)

At 31 December 2024

202,052

24,607

1,748,758

NET BOOK VALUE

At 31 December 2024

109,323

11,374

2,052,627

At 31 December 2023

132,454

11,543

1,907,459

On transition to FRS 102, the directors open market basis revaluation of marquees as at 31 December 2014 was elected to be the deemed cost. The carrying amount recognised on transition at 1 January 2015 was £1,000,000. If marquees had been carried under the cost model, the carrying amount at 1 January 2015 would have been £523,770. This revaluation resulted in an adjustment to the Revaluation reserve of £476,230 which currently has a balance of £166,051after depreciation release.

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant &

Motor

Marquees

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

109,279

198,587

121,658

429,524

Additions

291,013

-

-

291,013

At 31 December 2024

400,292

198,587

121,658

720,537

DEPRECIATION

At 1 January 2024

31,927

26,409

33,460

91,796

Charge for year

52,784

43,069

22,049

117,902

At 31 December 2024

84,711

69,478

55,509

209,698

NET BOOK VALUE

At 31 December 2024

315,581

129,109

66,149

510,839

At 31 December 2023

77,352

172,178

88,198

337,728

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

302,039

487,276

Other debtors

117,296

170,790

419,335

658,066

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

100,000

101,666

Hire purchase contracts and finance leases

108,328

72,392

Trade creditors

225,865

301,857

Taxation and social security

93,205

45,770

Other creditors

506,652

658,923

1,034,050

1,180,608

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

33,333

133,333

Hire purchase contracts and finance leases

369,288

235,858

Other creditors

35,021

131,530

437,642

500,721

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

133,333

234,999

Commercial credit card

2,588

3,502

135,921

238,501

The above debts are secured by way of a fixed and floating charge over the company's current and future assets.

Included within other creditors is a non bank loan of £131,530 (2023: £216,417) which is secured by way of a personal guarantee from the director Mr R Strickland and his wife Mrs L Strickland.

10.	OTHER DISCLOSURES

FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £1,178,627 (2023: £1,357,243) of which all relates to rental of a leased properties.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

R T Strickland

Balance outstanding at start of year

(55,447

)

(85,872

)

Amounts advanced

163,965

214,300

Amounts repaid

(146,106

)

(183,875

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(37,588

)

(55,447

)

The loan from Mr R Strickland to the company is unsecured and repayable on demand. Interest has been charged at a rate of 11% per annum.