Equestrian Event Organizers UK Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2020
Company Registration No. 08276312 (England and Wales)
Equestrian Event Organizers UK Limited
Company Information
Directors
H Van Lierop
F McCourt
(Appointed 27 October 2021)
Secretary
Cornhill Secretaries Limited
Company number
08276312
Registered office
5 Market Yard Mews
194-204 Bermondsey Street
London
United Kingdom
SE1 3TQ
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Equestrian Event Organizers UK Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Equestrian Event Organizers UK Limited
Balance Sheet
As at 31 December 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
39
Current assets
Debtors
5
354,607
234,144
Cash at bank and in hand
9,079
363,686
234,144
Creditors: amounts falling due within one year
6
(1,353,395)
(1,233,238)
Net current liabilities
(989,709)
(999,094)
Total assets less current liabilities
(989,709)
(999,055)
Capital and reserves
Called up share capital
7
1
1
Other reserves
16,543
16,543
Profit and loss reserves
(1,006,253)
(1,015,599)
Total equity
(989,709)
(999,055)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 22 December 2021 and are signed on its behalf by:
H Van Lierop
Director
Company Registration No. 08276312
Equestrian Event Organizers UK Limited
Statement of Changes in Equity
For the year ended 31 December 2020
Page 2
Share capital
Foreign exchange reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2019
1
20,404
(1,062,216)
(1,041,811)
Year ended 31 December 2019:
Profit for the year
-
-
46,617
46,617
Other comprehensive income:
Total comprehensive income for the year
-
-
46,617
46,617
Exchange differences
-
(3,861)
-
(3,861)
Balance at 31 December 2019
1
16,543
(1,015,599)
(999,055)
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
9,346
9,346
Balance at 31 December 2020
1
16,543
(1,006,253)
(989,709)
Equestrian Event Organizers UK Limited
Notes to the Financial Statements
For the year ended 31 December 2020
Page 3
1
Accounting policies
Company information
Equestrian Event Organizers UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
5 Market Yard Mews, 194-204 Bermondsey Street, London, United Kingdom, SE1 3TQ.
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
despite the company having net liabilities of £989,709 (2020: £999,055)
. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Equestrian event for 2020 was cancelled due to the outbreak of Covid 19 however the 2021 event was able to go ahead in August with Covid 19 restrictions in place. The business plan for 2022 is based on the London event taking place without any Covid 19 restrictions being in effect. The company has support from the parent company who will not demand repayment of the amount owed by the company of £1,325,970 (2019: £1,194,477) for a period of twelve months from the date of approval of 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.
Ticket sales are recognised once an event has taken place and the company's obligations have been fulfilled.
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:
Computer equipment
20% 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
.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
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 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.
1.9
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 are included in the
profit and loss account
for the period.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
1
Accounting policies
(Continued)
Page 5
1.10
Commission receivable and payable
The company entered into a transfer pricing agreement with its parent undertaking in 2015.
Commissions receivable represent costs of the company that do not directly relate to staging events and which are recharged to the parent company at cost plus a mark-up of 5% (2019: 10%).
Commissions payable represent the net profit achieved on staging events on behalf of the parent company and which are charged at cost.
Other net surpluses related to events, including exchange differences arising, are re-charged to the parent company.
2
Employees
The company did not have any employees during the year (2019: nil).
3
Taxation
2020
2019
£
£
Total current tax
-
-
The company has estimated tax losses carried forward of £1,128,457 (2019 - £1,203,654 ) which will be offset against any future profits from the same trade. No deferred tax asset has been recognised in respect of these losses due to uncertainty around future profits.
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2020 and 31 December 2020
2,363
Depreciation and impairment
At 1 January 2020
2,324
Depreciation charged in the year
39
At 31 December 2020
2,363
Carrying amount
At 31 December 2020
At 31 December 2019
39
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 6
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from group undertakings
324,902
230,277
Other debtors
29,705
3,867
354,607
234,144
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
10,200
11,367
Amounts due to group undertakings
1,325,970
1,194,477
Other creditors
17,225
27,394
1,353,395
1,233,238
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ryan Day.
The auditor was Moore Kingston Smith LLP.
9
Related party transactions
The company has taken advantage of the exemption to not disclose transactions with the parent and fellow subsidiaries that are wholly owned by a member of the group.
Equestrian Event Organizers UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2020
Page 7
10
Parent company
The immediate parent undertaking of the company is Tops Equestrian Events B.V, and the ultimate parent company is JT Sports Holding B.V, both entries are incorporated in the Netherlands. J Tops and F McCourt own the group equally, and are therefore considered to be the ultimate controlling parties.
Copies of the consolidated accounts can be obtained from Maastrichterweg 249, 5556 VB, Valkenswaard, Netherlands.
2020-12-31
2020-01-01
false
22 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
H Van Lierop
F McCourt
T Shabib
Cornhill Secretaries Limited
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