NASS Festival Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 07133806 (England and Wales)
NASS Festival Limited
Company Information
Directors
J Topham
A Topham
Vision Nine Entertainment Group Limited
Secretary
J Davey
Company number
07133806
Registered office
1st, 2nd, 3rd Floors, 37 Shelton Street
London
England
WC2H 9HN
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
NASS Festival Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NASS Festival Limited
Balance Sheet
As at 31 December 2019
31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,291
47,077
Current assets
Stock
46,320
31,435
Debtors
4
681,338
482,699
Cash at bank and in hand
74,418
19,175
802,076
533,309
Creditors: amounts falling due within one year
5
(560,416)
(381,278)
Net current assets
241,660
152,031
Total assets less current liabilities
289,951
199,108
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
289,851
199,008
Total equity
289,951
199,108
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on
23 December 2020 and are signed on its behalf by:
2020-12-23
A Topham
Director
Company Registration No. 07133806
NASS Festival Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 2
1
Accounting policies
Company information
NASS Festival Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st, 2nd, 3rd Floors, 37 Shelton Street, London, England, WC2H 9HN.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In March 2020, the World Health Organisation declared a novel Coronavirus, Covid-19, a global pandemic. As a result, a number of events scheduled in 2020 were cancelled across the group.
true
The directors have considered the potential impact of Covid-19, and the various measures taken to contain it, on the operations of the business in the near future. The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds which includes a group bank overdraft facility of £250,000, to meet its liabilities as they fall due for that period.
The directors will continue to monitor the government announcements, and in the event income is impacted more significantly than expected in 2021 as a result of the ongoing Covid-19 pandemic they will consider cost cutting measures in order to ensure the long term viability of the business.
To help ensure the business can meet further unforeseen negative impacts from Covid-19 the parent company secured a new loan of £900,000, and the directors have the option to secure further financing facilities and/or consider cost cutting measures if needed.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
NASS Festival Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 3
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
2 -3 years straight line
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
.
1.5
Work in progress
Where the company has incurred costs in connection with an event in a period prior to the event taking place, these costs are held on the balance sheet as work in progress to the extent that the event is expected to be profitable. Where event costs are known or expected to exceed event income the full amount of any loss would be recognised immediately.
1.6
Cash and cash equivalents
Cash at bank and in hand
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 current liabilities.
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
NASS Festival Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2018: 2)
3
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2019
64,100
Additions
62,115
Disposals
(4,667)
At 31 December 2019
121,548
Depreciation and impairment
At 1 January 2019
17,023
Depreciation charged in the year
56,234
At 31 December 2019
73,257
Carrying amount
At 31 December 2019
48,291
At 31 December 2018
47,077
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
59,985
61,952
Amounts due from group undertakings
604,728
420,397
Other debtors
16,625
350
681,338
482,699
NASS Festival Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 5
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
53,447
22,640
Amounts due to group undertakings
-
1,425
Corporation tax
65
65
Other taxation and social security
65,021
43,364
Other creditors
441,883
313,784
560,416
381,278
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
7
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
8
Events after the reporting date
In October 2020, the company received approval from the Arts Council England of their successful Culture Recovery Fund grant application of £585,000.
9
Parent company
The immediate parent company is Vision Nine Entertainment Group Limited, a company registered in England and Wales. The ultimate parent company is Vision Nine Holdings Limited, a company registered in England and Wales.
The directors consider that there is no single ultimate controlling party.