Company Registration No. 07371284 (England and Wales)
DEER SHED FESTIVAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
DEER SHED FESTIVAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DEER SHED FESTIVAL LTD
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,336
27,068
Current assets
Debtors
4
10,362
34,546
Cash at bank and in hand
186,180
95,677
196,542
130,223
Creditors: amounts falling due within one year
5
(233,519)
(156,807)
Net current liabilities
(36,977)
(26,584)
Total assets less current liabilities
359
484
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
259
384
Total equity
359
484
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 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 2 March 2020 and are signed on its behalf by:
K Webster Jones
O Jones
Director
Director
Company Registration No. 07371284
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Deer Shed Festival Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5A Bear Lane, Southwark, London, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
1.3
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:
Leasehold land and buildings
5% per annum straight line basis
Plant and equipment
20% per annum straight line basis
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2018 - 11).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2018
20,000
51,793
71,793
Additions
-
18,715
18,715
Disposals
-
(2,753)
(2,753)
At 31 August 2019
20,000
67,755
87,755
Depreciation and impairment
At 1 September 2018
4,000
40,725
44,725
Depreciation charged in the year
1,000
7,447
8,447
Eliminated in respect of disposals
-
(2,753)
(2,753)
At 31 August 2019
5,000
45,419
50,419
Carrying amount
At 31 August 2019
15,000
22,336
37,336
At 31 August 2018
16,000
11,068
27,068
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,344
3,110
Other debtors
7,791
31,436
9,135
34,546
Deferred tax asset
1,227
-
10,362
34,546
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
-
28,556
Trade creditors
83,176
17,971
Corporation tax
16,602
15,513
Other taxation and social security
6,689
876
Other creditors
127,052
93,891
233,519
156,807
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Dig Red Web Partnership
1,250
-