REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
UNDERCOVER EVENTS LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
FOR |
|
UNDERCOVER EVENTS LIMITED |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
UNDERCOVER EVENTS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Bryant House |
Bryant Road |
Strood |
Rochester |
Kent |
ME2 3EW |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
BALANCE SHEET |
31 DECEMBER 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 6 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
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. |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
BALANCE SHEET - continued |
31 DECEMBER 2019 |
|
|
|
|
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
were signed by: |
|
|
|
|
|
|
|
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Undercover Events Limited is a
|
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 |
|
|
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. |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Long leasehold | - |
|
Marquees | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
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. |
|
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. |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and |
leasehold | Marquees | fittings |
£ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2019 |
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2019 |
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
At 31 December 2018 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) |
|
( |
) |
At 31 December 2019 |
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) |
|
( |
) |
At 31 December 2019 |
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
At 31 December 2018 |
|
|
|
|
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 £281,209 after depreciation release. |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts |
|
|
Other creditors |
|
|
|
|
|
Included in other creditors due after more than one year is an amount of £30,140 (2018: £30,140) |
owed to Mr R Strickland, a director of the company. |
|
The director has agreed to postpone his drawing of this balance as part of the company's security |
agreements with debt financiers. |
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank loans | 60,763 | 80,868 |
Commercial credit card | 197 | 314 |
|
|
|
The above debts are secured by way of a fixed and floating charge over the company's current and |
future assets. The debts are also secured by way of a personal guarantee from the director Mr R |
Strickland and his wife Mrs L Strickland and a second legal charge over their residential property. |
|
Included within other creditors is a non bank loan of £115,331 (2018 : £76,528) which is secured by |
way of a personal guarantee from the director Mr R Strickland and his wife Mrs L Strickland. |
UNDERCOVER EVENTS LIMITED (REGISTERED NUMBER: 04018046) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
10. | OTHER FINANCIAL COMMITMENTS |
|
Total financial commitments, guarantees and contingencies which are not included in the balance |
sheet amount to £165,849 (2018 - £250,332). |
|
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to directors subsisted during the years ended 31 December 2019 |
and 31 December 2018: |
|
2019 | 2018 |
£ | £ |
|
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
|
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
The loan from Mr R Strickland to the company is unsecured and repayable on demand with interest |
charged at a rate of 10% with the exception of £30,140 which has been postponed as explained in note |
8 to the financial statements. |