Broad Bean Events Limited - Period Ending 2018-11-30
Broad Bean Events Limited - Period Ending 2018-11-30
Registration number:
for the Year Ended
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB
Broad Bean Events Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Broad Bean Events Limited
Company Information
Directors |
R E Parry E R Gibbs D J Haskell-Thomas E A D Watt |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Broad Bean Events Limited
(Registration number: 08670583)
Balance Sheet as at 30 November 2018
Note |
2018 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
E A D Watt
Director
Page 2 |
Broad Bean Events Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Prior period errors
During the year the company identified £11,658 of business rates that relate to the period ended 30 November 2017. The previous years accounts have been adjusted and this has resulted in an decrease to the net profit for the period and a decrease in net assets.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of event management services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
The stage of completion is measured by reference to the contract costs incurred up to the balance sheet date as a percentage of total estimated costs for each contract. When the outcome of a contract cannot be estimated reliably, contract revenue is recognised as revenue in the profit and loss account only to the extent of contract costs incurred that are likely to be recoverable; contract costs are recognised as expenses in the period in which they are incurred. When the outcome of a contract can be estimated reliably, revenue is recognised using the percentage of completion method by reference to the services provided up to the balance sheet date.
If it is probable that total contract costs will exceed total contract revenue, any expected excess of total contract costs over the total contract revenue for the contract is recognised as an expense immediately within costs of sales.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 3 |
Broad Bean Events Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% Straight line method |
Plant and machinery |
Based on the expected useful life of the assets |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 4 |
Broad Bean Events Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Office equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 December 2017 |
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Additions |
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- |
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At 30 November 2018 |
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Depreciation |
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At 1 December 2017 |
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Charge for the year |
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At 30 November 2018 |
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Carrying amount |
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At 30 November 2018 |
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At 30 November 2017 |
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Page 5 |
Broad Bean Events Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 30 November 2018 |
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At 30 November 2017 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
Subsidiary undertakings |
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Great Western Studios, 65 Alfred Road, London, W2 5EU |
Ordinary shares |
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United Kingdom |
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Great Western Studios, 65 Alfred Road, London, W2 5EU |
Ordinary shares |
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United Kingdom |
Debtors |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings |
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Directors loan |
72,368 |
54,944 |
Other debtors |
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Prepayments and accrued income |
16,737 |
15,339 |
Total current trade and other debtors |
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Page 6 |
Broad Bean Events Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Creditors |
Creditors: amounts falling due within one year
Note |
30 November 2018 |
(As restated) |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Deferred income |
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Corporation tax |
9,142 |
9,594 |
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Accruals |
3,875 |
65,556 |
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Other payables |
8,727 |
3 |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1,002 |
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1,002 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
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Page 7 |
Broad Bean Events Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2018 |
At 1 December 2017 |
Advances to directors |
Repayments by director |
At 30 November 2018 |
Directors loan account transactions |
54,944 |
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( |
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2017 |
At 1 September 2016 |
Advances to directors |
Repayments by director |
At 30 November 2017 |
Directors loan account transactions |
2,403 |
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( |
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Page 8 |