Company registration number 07371284 (England and Wales)
DEER SHED FESTIVAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
DEER SHED FESTIVAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DEER SHED FESTIVAL LTD
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33,929
31,765
Current assets
Debtors
4
35,927
34,393
Cash at bank and in hand
170,401
636,341
206,328
670,734
Creditors: amounts falling due within one year
5
(202,942)
(649,726)
Net current assets
3,386
21,008
Total assets less current liabilities
37,315
52,773
Creditors: amounts falling due after more than one year
6
(43,750)
Provisions for liabilities
(4,049)
(3,915)
Net assets
33,266
5,108
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
33,166
5,008
Total equity
33,266
5,108
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 August 2022 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.
DEER SHED FESTIVAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2022
31 August 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
Kate Webster Jones
Oliver Jones
Director
Director
Company Registration No. 07371284
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 3 -
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, United Kingdom, 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
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 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.7
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
7
3
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2021
20,000
81,755
101,755
Additions
14,196
14,196
Disposals
(7,172)
(7,172)
At 31 August 2022
20,000
88,779
108,779
Depreciation and impairment
At 1 September 2021
7,000
62,990
69,990
Depreciation charged in the year
1,000
8,379
9,379
Eliminated in respect of disposals
(4,519)
(4,519)
At 31 August 2022
8,000
66,850
74,850
Carrying amount
At 31 August 2022
12,000
21,929
33,929
At 31 August 2021
13,000
18,765
31,765
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,412
8,043
Other debtors
31,515
26,350
35,927
34,393
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
43,750
131,250
Trade creditors
50,704
10,517
Corporation tax
17,207
12,759
Other taxation and social security
9,215
527
Other creditors
82,066
494,673
202,942
649,726
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
43,750
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
4,049
3,915
2022
Movements in the year:
£
Liability at 1 September 2021
3,915
Charge to profit or loss
134
Liability at 31 August 2022
4,049
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 6 -
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities
Hsbc UK Bank PLC
has a negative pledge on the charged assets of the company.
10
Directors' transactions
Dividends totalling £50,000 (2021 - £0) were paid in the year in respect of shares held by the company's directors.