31/03/2021
2021-03-31
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false
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No description of principal activities is disclosed
2020-04-01
Sage Accounts Production 21.0 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
11287171
2020-04-01
2021-03-31
11287171
2021-03-31
11287171
2020-03-31
11287171
2019-04-01
2020-03-31
11287171
2020-03-31
11287171
core:PlantMachinery
2020-04-01
2021-03-31
11287171
core:FurnitureFittingsToolsEquipment
2020-04-01
2021-03-31
11287171
core:MotorVehicles
2020-04-01
2021-03-31
11287171
core:NetGoodwill
2020-04-01
2021-03-31
11287171
bus:Director1
2020-04-01
2021-03-31
11287171
core:WithinOneYear
2021-03-31
11287171
core:WithinOneYear
2020-03-31
11287171
core:NetGoodwill
2021-03-31
11287171
core:PlantMachinery
2020-03-31
11287171
core:FurnitureFittingsToolsEquipment
2020-03-31
11287171
core:MotorVehicles
2020-03-31
11287171
core:PlantMachinery
2021-03-31
11287171
core:FurnitureFittingsToolsEquipment
2021-03-31
11287171
core:MotorVehicles
2021-03-31
11287171
core:AfterOneYear
2021-03-31
11287171
core:AfterOneYear
2020-03-31
11287171
core:ShareCapital
2021-03-31
11287171
core:ShareCapital
2020-03-31
11287171
core:RetainedEarningsAccumulatedLosses
2021-03-31
11287171
core:RetainedEarningsAccumulatedLosses
2020-03-31
11287171
core:BetweenOneFiveYears
2021-03-31
11287171
core:BetweenOneFiveYears
2020-03-31
11287171
core:PlantMachinery
2020-03-31
11287171
core:FurnitureFittingsToolsEquipment
2020-03-31
11287171
core:MotorVehicles
2020-03-31
11287171
bus:SmallEntities
2020-04-01
2021-03-31
11287171
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
11287171
bus:FullAccounts
2020-04-01
2021-03-31
11287171
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
11287171
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
11287171
core:AfterOneYear
2020-04-01
2021-03-31
Company registration number:
11287171
Really Good Marquees Ltd
Unaudited filleted financial statements
31 March 2021
REALLY GOOD MARQUEES LTD
Contents
Statement of financial position
Notes to the financial statements
REALLY GOOD MARQUEES LTD
STATEMENT OF FINANCIAL POSITION
31 MARCH 2021
|
|
|
2021
|
|
|
|
2020
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
10,400
|
|
|
|
-
|
|
|
Tangible assets
|
|
6
|
146,715
|
|
|
|
116,320
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
157,115
|
|
|
|
116,320
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Debtors
|
|
7
|
6,873
|
|
|
|
4,524
|
|
|
Cash at bank and in hand
|
|
|
30,152
|
|
|
|
-
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
37,025
|
|
|
|
4,524
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
8
|
(
147,571)
|
|
|
|
(
107,006)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
110,546)
|
|
|
|
(
102,482)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
46,569
|
|
|
|
13,838
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
9
|
|
|
(
82,708)
|
|
|
|
(
17,057)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
6,150)
|
|
|
|
(
11,988)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net liabilities
|
|
|
|
|
(
42,289)
|
|
|
|
(
15,207)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
10
|
|
|
(
42,389)
|
|
|
|
(
15,307)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders deficit
|
|
|
|
|
(
42,289)
|
|
|
|
(
15,207)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 December 2021
, and are signed on behalf of the board by:
Mr D Scott
Mr G Boardman
Director
Director
Company registration number:
11287171
REALLY GOOD MARQUEES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5 Sisna Park Road, Estover, Plymouth, Devon, PL6 7AE.
Principal activity
The principal activity of the company is the hire of marquees and associated equipment.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have carefully considered the going concern position of the company and also the impact on the company of the Covid-19 pandemic. This event casts uncertainty and has caused disruption to the future operations of the company. The directors will look to use the support offered and implement as many of the measures the government has outlined to minimise the impact and to ensure that they have adequate financial resources to continue in existence for the forseeable future. In making this assessment, the directors have considered a period of 12 months from the date when the financial statements are authorised for issue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals payable uner operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
Goodwill |
- |
5 years straight line
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery
|
-
|
20 %
|
reducing balance
|
|
Fittings, fixtures and equipment
|
-
|
20 %
|
reducing balance
|
|
Motor vehicles
|
-
|
20 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2020:
3
).
5.
Intangible assets
|
|
Goodwill
|
Total
|
|
|
|
|
|
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2020
|
-
|
-
|
|
|
|
|
|
Additions
|
13,000
|
13,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2021
|
13,000
|
13,000
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
|
|
At 1 April 2020
|
-
|
-
|
|
|
|
|
|
Charge for the year
|
2,600
|
2,600
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2021
|
2,600
|
2,600
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2021
|
10,400
|
10,400
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
At 31 March 2020
|
-
|
-
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
115,820
|
1,063
|
41,320
|
158,203
|
|
|
|
|
Additions
|
61,264
|
1,040
|
-
|
62,304
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
177,084
|
2,103
|
41,320
|
220,507
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2020
|
28,316
|
519
|
13,048
|
41,883
|
|
|
|
|
Charge for the year
|
26,059
|
196
|
5,654
|
31,909
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2021
|
54,375
|
715
|
18,702
|
73,792
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2021
|
122,709
|
1,388
|
22,618
|
146,715
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
At 31 March 2020
|
87,504
|
544
|
28,272
|
116,320
|
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
3,993
|
880
|
|
Other debtors
|
|
2,880
|
3,644
|
|
|
|
_______
|
_______
|
|
|
|
6,873
|
4,524
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
14,833
|
26,713
|
|
Accruals and deferred income
|
|
71,681
|
34,183
|
|
Social security and other taxes
|
|
8,979
|
14,664
|
|
Other creditors
|
|
52,078
|
31,446
|
|
|
|
_______
|
_______
|
|
|
|
147,571
|
107,006
|
|
|
|
_______
|
_______
|
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
74,167
|
-
|
|
Other creditors
|
|
8,541
|
17,057
|
|
|
|
_______
|
_______
|
|
|
|
82,708
|
17,057
|
|
|
|
_______
|
_______
|
|
|
|
|
|
HSBC plc provided the company with a CBILS loan of £89,000 in May 2020. The CBILS loan benefits from a Government guarantee as well as being interest free for the first twelve months.
HSBC plc hold a fixed and floating charge over all of the assets of the company as security for their advances.
Included within creditors: amounts falling due after more than one year is an amount of £ 2,967
(2020 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
14,400
|
14,400
|
Later than 1 year and not later than 5 years |
32,400
|
46,800
|
|
_______ |
_______ |
|
46,800
|
61,200
|
|
_______ |
_______ |
|
|
|