Company registration number 07371284 (England and Wales)
DEER SHED FESTIVAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
DEER SHED FESTIVAL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DEER SHED FESTIVAL LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,873
33,929
Current assets
Debtors
4
39,751
35,927
Cash at bank and in hand
64,865
170,401
104,616
206,328
Creditors: amounts falling due within one year
5
(117,933)
(202,942)
Net current (liabilities)/assets
(13,317)
3,386
Total assets less current liabilities
11,556
37,315
Provisions for liabilities
(3,468)
(4,049)
Net assets
8,088
33,266
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
7,988
33,166
Total equity
8,088
33,266
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 2023 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.
The 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 14 February 2024 and are signed on its behalf by:
Kate Webster Jones
Oliver Jones
Director
Director
Company registration number 07371284 (England and Wales)
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 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, 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 amounts 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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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:
Leasehold land and buildings
5% per annum straight line basis
Plant and equipment
20% per annum straight line basis
1.5
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.
1.6
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 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.8
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:
2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
20,000
88,779
108,779
Depreciation and impairment
At 1 September 2022
8,000
66,850
74,850
Depreciation charged in the year
1,000
8,056
9,056
At 31 August 2023
9,000
74,906
83,906
Carrying amount
At 31 August 2023
11,000
13,873
24,873
At 31 August 2022
12,000
21,929
33,929
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,614
4,412
Corporation tax recoverable
3,652
Other debtors
34,485
31,515
39,751
35,927
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
43,750
Trade creditors
31,513
50,704
Corporation tax
17,207
Other taxation and social security
124
9,181
Other creditors
86,296
82,100
117,933
202,942
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,468
4,049
2023
Movements in the year:
£
Liability at 1 September 2022
4,049
Credit to profit or loss
(581)
Liability at 31 August 2023
3,468
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
DEER SHED FESTIVAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
8
Financial commitments, guarantees and contingent liabilities
Hsbc UK Bank PLC has a negative pledge on the charged assets of the company. This facility ended on 16th January 2024.
9
Directors' transactions
Dividends totalling £0 (2022 - £50,000) were paid in the year in respect of shares held by the company's directors.