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Company No: 10029995 (England and Wales)

# FESTIVAL FORMULA LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

FESTIVAL FORMULA LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

FESTIVAL FORMULA LIMITED

## BALANCE SHEET

As at 31 December 2024
FESTIVAL FORMULA LIMITED

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 684 |  | 512
|  | 684 |  | 512
Current assets |  |  |  |
Debtors | 4 | 7,647 |  | 13,535
Cash at bank and in hand |  | 18,372 |  | 25,862
|  | 26,019 |  | 39,397
Creditors: amounts falling due within one year | 5 | ( 44,204) |  | ( 46,076)
Net current liabilities |  | (18,185) |  | (6,679)
Total assets less current liabilities |  | (17,501) |  | (6,167)
Creditors: amounts falling due after more than one year | 6 | ( 1,833) |  | ( 4,583)
Net liabilities |  | ( 19,334) |  | ( 10,750)
Capital and reserves |  |  |  |
Called-up share capital | 7 | 100 |  | 100
Profit and loss account |  | ( 19,434 ) |  | ( 10,850 )
Total shareholder's deficit |  | ( 19,334) |  | ( 10,750)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Festival Formula Limited (registered number: 10029995) were approved and authorised for issue by the Director on 03 October 2025. They were signed on its behalf by:

K Bignell Director |

FESTIVAL FORMULA LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
FESTIVAL FORMULA LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Festival Formula Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 63 Hilldyke Road, Wheathampstead, St. Albans, AL4 8TR, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 25 % reducing balance
Computer equipment | 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

##### 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 creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 1 |  | 1

#### 3. Tangible assets

| Fixtures and fittings |  | Computer equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 64 |  | 1,422 |  | 1,486
Additions | 0 |  | 379 |  | 379
At 31 December 2024 | 64 |  | 1,801 |  | 1,865
Accumulated depreciation |  |  |  |  |
At 01 January 2024 | 53 |  | 921 |  | 974
Charge for the financial year | 3 |  | 204 |  | 207
At 31 December 2024 | 56 |  | 1,125 |  | 1,181
Net book value |  |  |  |  |
At 31 December 2024 | 8 |  | 676 |  | 684
At 31 December 2023 | 11 |  | 501 |  | 512

#### 4. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 6,952 |  | 6,853
Corporation tax | 695 |  | 6,682
| 7,647 |  | 13,535

#### 5. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 2,750 |  | 2,750
Trade creditors | 5,430 |  | 6,367
Taxation and social security | 1,528 |  | 4,616
Other creditors | 34,496 |  | 32,343
| 44,204 |  | 46,076

The director considers that the carrying amount of trade payables approximates to their fair value.

#### 6. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 1,833 |  | 4,583

#### 7. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 8. Related party transactions

At the year end the company owed £1,520 (2023 - £610) to the director of the company, in respect of an interest free loans which is repayable on demand.