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Unaudited Financial Statements for the Year Ended 30 April 2020 |
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THE GROUNDED EVENTS COMPANY LTD |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2020 |
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for |
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THE GROUNDED EVENTS COMPANY LTD |
THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Contents of the Financial Statements |
for the year ended 30 April 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THE GROUNDED EVENTS COMPANY LTD |
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Company Information |
for the year ended 30 April 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Balance Sheet |
30 April 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Capital redemption reserve | 11 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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 GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Balance Sheet - continued |
30 April 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Notes to the Financial Statements |
for the year ended 30 April 2020 |
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1. | STATUTORY INFORMATION |
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The Grounded Events Company Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the Company Information page. |
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The presentational currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. |
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Advertising and sponsorship revenue is recognised when the related advertisement or commercial appears before the public. |
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Event registration revenue is recognised when the event takes place. |
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Revenue from the sale of event merchandise is recognised at the point of sale. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - | 25% straight line |
Plant and machinery | - | 25% reducing balance |
Computer equipment | - | 25% straight line |
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Investments in associates |
Investments in associate undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Stock consists of merchandise sold at events. |
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Financial instruments |
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 entity after deducting all of its financial liabilities. |
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THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Notes to the Financial Statements - continued |
for the year ended 30 April 2020 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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Impairment |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Government grants |
Grants which relate to revenue are recognised in other income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Notes to the Financial Statements - continued |
for the year ended 30 April 2020 |
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4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 May 2019 |
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Transfer to ownership | (6,695 | ) |
At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Transfer to ownership | (5,106 | ) |
At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Notes to the Financial Statements - continued |
for the year ended 30 April 2020 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 May 2019 |
and 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
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THE GROUNDED EVENTS COMPANY LTD (REGISTERED NUMBER: 06363644) |
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Notes to the Financial Statements - continued |
for the year ended 30 April 2020 |
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8. | LEASING AGREEMENTS - continued |
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Non-cancellable | operating leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The company's bankers have a fixed and floating charge over the company and all of its present and future assets. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary A | £1 | 140 | 140 |
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Ordinary B | £1 | 30 | 30 |
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Ordinary C | £1 | 30 | 30 |
200 | 200 |
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11. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
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At 1 May 2019 | ( |
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(828,143 | ) |
Deficit for the year | ( |
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At 30 April 2020 | ( |
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(1,619,676 | ) |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year under review, key management personnel were advanced £34,568 by the company. At the balance sheet date key management personnel owed the company £218,827 (2019 - £184,259). |
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Interest was charged at 2.5% totalling £4,659 (2019 - £4,438). The loans are repayable on demand. |