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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 30 June 2021 |
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Destination Events Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 30 June 2021 |
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for |
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Destination Events Limited |
Destination Events Limited (Registered number: 03776162) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2021 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Income Statement | 4 |
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Statement of Financial Position | 5 |
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Notes to the Financial Statements | 6 |
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Destination Events Limited |
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Company Information |
for the Year Ended 30 June 2021 |
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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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ACCOUNTANTS: |
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Endeavour House |
78 Stafford Road |
Wallington |
Surrey |
SM6 9AY |
Destination Events Limited (Registered number: 03776162) |
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Report of the Directors |
for the Year Ended 30 June 2021 |
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The directors present their report with the financial statements of the company for the year ended 30 June 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was the organisation of promotional events. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2020 to the date of this report. |
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CHARITABLE DONATIONS AND EXPENDITURE |
During the year the company made various charitable donations totalling £Nil (2020: £96,518) |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Destination Events Limited |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Destination Events Limited for the year ended 30 June 2021 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Destination Events Limited, 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 Destination Events Limited and state those matters that we have agreed to state to the Board of Directors of Destination Events Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Destination Events Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Destination Events Limited 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 Destination Events Limited. You consider that Destination Events Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Destination Events Limited. 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. |
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Endeavour House |
78 Stafford Road |
Wallington |
Surrey |
SM6 9AY |
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Destination Events Limited (Registered number: 03776162) |
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Income Statement |
for the Year Ended 30 June 2021 |
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2021 | 2020 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(809,626 | ) | (152,096 | ) |
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Other operating income |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | ( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Destination Events Limited (Registered number: 03776162) |
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Statement of Financial Position |
30 June 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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41,028 | 49,385 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Destination Events Limited (Registered number: 03776162) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2021 |
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1. | STATUTORY INFORMATION |
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Destination Events Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales, excluding value added tax. The company recognises revenue when it is probable that future economic benefit will flow to the entity and when specific criteria have been met. |
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Tangible fixed assets |
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Office equipment | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position 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 statement of financial position 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. |
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Foreign currencies |
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation (where items are remeasured). Foreign exchange gains and losses resulting from the settlement of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within ‘finance income or costs’. All other foreign exchange gains and losses are presented in the income statement within ‘Other (losses)/gains – net’. |
Destination Events Limited (Registered number: 03776162) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Destination Events Limited (Registered number: 03776162) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial assets |
The company classifies its financial assets in the following categories: at fair value through profit or loss; loans and receivables; and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. |
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(a) Financial assets at fair value through profit or loss |
Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading, unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current. |
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(b) Loans and receivables |
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The group’s loans and receivables comprise ‘trade and other receivables’ and ‘cash and cash equivalents’in the balance sheet. |
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(c) Available-for-sale financial assets |
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. |
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Recognition and measurement |
Regular purchases and sales of financial assets are recognised on the trade date – that is, the date on which the company commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred, and the company has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method. |
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Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the income statement within ‘Other (losses)/gains – net’ in the period in which they arise. |
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Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as ‘Gains and losses from investment securities’. Interest on available-for-sale securities, calculated using the effective interest method, is recognised in the income statement as part of finance income. Dividends on available-for-sale equity instruments are recognised in the income statement as part of other income when the company’s right to receive payments is established. |
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Offsetting financial instruments |
Financial assets and liabilities are offset, and the net amount is reported in the balance sheet, when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events, and it must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Destination Events Limited (Registered number: 03776162) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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2021 | 2020 |
£ | £ |
Depreciation - owned assets |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Computer |
equipment | fittings | equipment | Totals |
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COST |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by parent company |
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Other debtors |
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Corporation tax |
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Social security and other taxes |
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Deferred tax asset |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts |
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Destination Events Limited (Registered number: 03776162) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2021 |
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8. | RELATED PARTY DISCLOSURES |
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The directors, R C Bone and G Bone, are also directors and shareholders of Destination Events (Holdings) Limited, which wholly owns the company. |
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During the year the following transactions were made by the company with Destination Events (Holdings) Limited : |
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2021 | 2020 |
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Management charges | 56,000 | 56,000 |
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At the balance sheet date £294,419 was due from (2020: £311,222) Destination Events (Holdings) Limited. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by R C Bone. |