Company Registration No. 10896357 (England and Wales)
CRSMITH.EVENTMANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
CRSMITH.EVENTMANAGEMENT LTD
COMPANY INFORMATION
Director
Mr C R Smith
Company number
10896357
Registered office
36 Chalgrove Avenue
Birmingham
West Midlands
B38 8YP
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
161 High Street
Kings Heath
Birmingham
B14 7LA
CRSMITH.EVENTMANAGEMENT LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CRSMITH.EVENTMANAGEMENT LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CRSMITH.EVENTMANAGEMENT LTD FOR THE YEAR ENDED 31 AUGUST 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CRSmith.Eventmanagement Ltd for the year ended 31 August 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of CRSmith.Eventmanagement Ltd, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of CRSmith.Eventmanagement Ltd
and state those matters that we have agreed to state to the Board of Directors of CRSmith.Eventmanagement Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CRSmith.Eventmanagement Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that CRSmith.Eventmanagement Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of CRSmith.Eventmanagement Ltd. You consider that CRSmith.Eventmanagement Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CRSmith.Eventmanagement Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
28 January 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CRSMITH.EVENTMANAGEMENT LTD
BALANCE SHEET
AS AT 31 AUGUST 2020
31 August 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,996
1,289
Current assets
Debtors
4
8,493
11,482
Cash at bank and in hand
4,113
1,446
12,606
12,928
Creditors: amounts falling due within one year
5
(11,471)
(13,517)
Net current assets/(liabilities)
1,135
(589)
Total assets less current liabilities
21,131
700
Creditors: amounts falling due after more than one year
6
(27,090)
-
Provisions for liabilities
8
(2,991)
(245)
Net (liabilities)/assets
(8,950)
455
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(8,951)
454
Total equity
(8,950)
455
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
CRSMITH.EVENTMANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2020
31 August 2020
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 January 2021.
2021-01-28
Mr C R Smith
Director
Company Registration No. 10896357
CRSMITH.EVENTMANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 4 -
1
Accounting policies
Company information
CRSmith.Eventmanagement Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
36 Chalgrove Avenue, Birmingham, West Midlands, B38 8YP.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
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
.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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
15% reducing balance
Motor vehicles
20% reducing balance
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.
CRSMITH.EVENTMANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1).
CRSMITH.EVENTMANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 6 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 September 2019
1,557
-
1,557
Additions
-
23,625
23,625
At 31 August 2020
1,557
23,625
25,182
Depreciation and impairment
At 1 September 2019
268
-
268
Depreciation charged in the year
193
4,725
4,918
At 31 August 2020
461
4,725
5,186
Carrying amount
At 31 August 2020
1,096
18,900
19,996
At 31 August 2019
1,289
-
1,289
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Motor vehicles
18,900
-
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
8,493
11,482
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
-
68
Taxation and social security
1,513
6,128
Other creditors
9,958
7,321
11,471
13,517
CRSMITH.EVENTMANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 7 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
12,500
-
Other creditors
14,590
-
27,090
-
7
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Hire purchase contracts
18,315
-
Bank loans
12,500
-
30,815
-
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
2,991
245
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
CRSMITH.EVENTMANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 8 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan account
-
11,482
12,011
(15,000)
8,493
11,482
12,011
(15,000)
8,493
The director's loan account was repaid within nine months of the year end.
11
Ultimate controlling party
The ultimate controlling party is Mr C R Smith.