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BLAS FESTIVAL LTD |
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Audited Financial Statements for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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BLAS FESTIVAL LTD |
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Audited Financial Statements for the Year Ended 31 March 2022 |
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BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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BLAS FESTIVAL LTD |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditors |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Blas Festival Ltd is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the accounts is Pound sterling (£). |
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The accounts are rounded to the nearest £1 |
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The accounts have been prepared on a going concern basis. The directors are of the opinion that this is the appropriate treatment because of the ongoing support from the parent company, Fèisean nan Gàidheal. |
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Preparation of consolidated financial statements |
Accounts are prepared for both Fèisean nan Gàidheal and Blas Festival Ltd. The Fèisean nan Gàidheal accounts are consolidated. |
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Both sets of accounts are filed at the Registrar of Companies and the Fèisean nan Gàidheal accounts are also filed at Office of the Scottish Charity Regulator. |
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Turnover |
Turnover represents box office income, excluding VAT, together with grant income received in support of the annual Blas Festival, which is accounted for as it falls due. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Debtors and creditors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
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Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2021 - NIL). |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Amounts owed to group undertakings |
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VAT | 314 | 291 |
Accrued expenses |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | RELATED PARTY DISCLOSURES |
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During the year Blas Festival Ltd paid management and administration charges to Fèisean nan Gàidheal of £15,000 (2021 - £15,000). |
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At the year end a gift aid donation of £1,688 (2021 - £6,668) is due by Blas Festival Ltd to Fèisean nan Gàidheal. |
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At the year-end date, Blas Fesitval owed Fèisean Nan Gàidheal £1,110 (2021 - Blas Festival owed Fèisean Nan Gàidheal £2,407). There are no repayment terms in place and interest is not charged on the balance. |
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8. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
BLAS FESTIVAL LTD (REGISTERED NUMBER: SC308889) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Fèisean nan Gàidheal, a charitable company, limited by guarantee. |
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Registered Company Number: SC130071 |
Registered Charity Number; SC002040 |
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Registered Office Address: |
Meall House |
Portree |
Isle of Skye |
IV51 9BZ |