COMPANY REGISTRATION NUMBER:
03642426
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2024
Current assets
|
Debtors |
4 |
542,187 |
112,969 |
|
Cash at bank and in hand |
25,686 |
64,188 |
|
---------- |
---------- |
|
567,873 |
177,157 |
|
|
|
|
|
Creditors: amounts falling due within one year |
5 |
(
845,562) |
(
504,545) |
|
---------- |
---------- |
|
Net current liabilities |
(
277,689) |
(
327,388) |
|
---------- |
---------- |
|
Total assets less current liabilities |
(
277,689) |
(
327,388) |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
(
27,732) |
(
33,505) |
|
---------- |
---------- |
|
Net liabilities |
(
305,421) |
(
360,893) |
|
---------- |
---------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
1 |
1 |
|
Profit and loss account |
(
305,422) |
(
360,894) |
|
---------- |
---------- |
|
Shareholders deficit |
(
305,421) |
(
360,893) |
|
---------- |
---------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
-
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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2025
, and are signed on behalf of the board by:
|
E L Doogan-Hobbs |
|
Director |
|
Company registration number:
03642426
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Music Factory, Jessop Way, Newark, NG24 2ER, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
Activity increased in 2024 resulting in the company being able to reduce retained losses. The 2025 order book was strong with increased opportunities with both group companies and third-party customers. The company continues to have full support from its parent company and other large creditors. Accordingly, the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The only judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies are in relation to the recognition of income and expenditure from events. This is only recognised once the event has taken place and until that point income and costs are deferred. At 31 December 2023 income totalling £18,235 (2022 - £nil) and expenditure of £nil (2022 - £nil) has been deferred into the following year. The items are shown as liabilities and assets respectively in the statement of financial position. No significant estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Income in respect of a specific event is recognised on completion of the event.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
141,871 |
10,426 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
101 |
|
Other debtors |
400,316 |
102,442 |
|
---------- |
---------- |
|
542,187 |
112,969 |
|
---------- |
---------- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
5,768 |
5,616 |
|
Trade creditors |
398,463 |
79,766 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
37,227 |
98,103 |
|
Social security and other taxes |
26,208 |
– |
|
Other creditors |
377,896 |
321,060 |
|
---------- |
---------- |
|
845,562 |
504,545 |
|
---------- |
---------- |
|
|
|
Included in other creditors is deferred revenue of £218,962 (2023 - £58,161) and a related party loan of £87,500 (2023 - £212,562).
6.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
27,732 |
33,505 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £3,246 (2023: £9,623) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan which is due for repayment after more than 5 years is subject to a market rate of interest and is repayable in monthly installments.
7.
Controlling party
The immediate and ultimate parent undertaking is
Grandslam Holdings Ltd
and the ultimate controlling party is E L Doogan-Hobbs
.