Finally Fan-Fair Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02055354 (England and Wales)

FINALLY FAN-FAIR LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M M Hrano

REGISTERED OFFICE:

35 Kingsway

Kirkby in Ashfield

Nottinghamshire

NG17 7DR

REGISTERED NUMBER:

02055354 (England and Wales)

ACCOUNTANTS:

Killicks Limited

35/37 Kingsway

Kirkby in Ashfield

Nottinghamshire

NG17 7DR

FIXED ASSETS

Tangible assets

4

40

54

CURRENT ASSETS

Debtors

5

3,734

13,493

Cash at bank

1,569

3,514

5,303

17,007

CREDITORS

Amounts falling due within one year

6

21,823

29,453

NET CURRENT LIABILITIES

(16,520

)

(12,446

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(16,480

)

(12,392

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(16,580

)

(12,492

)

SHAREHOLDERS' FUNDS

(16,480

)

(12,392

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 June 2021 and were signed by:

M M Hrano - Director

1.	STATUTORY INFORMATION

Finally Fan-Fair Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the Financial year, the UK, and indeed the rest of the world were hit by the Covid 19 pandemic.

Given the main nature of the business of Finally Fan-Fair Limited over recent years - to provide tour planning and merchandising for musical artists - the Company has been radically affected by Covid 19 to the point where it has been impossible for the Company to trade during the pandemic. Due to lockdowns, social distancing and other restrictions affecting the live entertainment sector, no income was received during the pandemic.

No government schemes were accessed during this period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling at the rate of the exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.

Deferred tax

No deferred tax asset has been recognised due to the uncertainty of timing and amounts of future profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 November 2019

and 31 October 2020

5,672

DEPRECIATION

At 1 November 2019

5,618

Charge for year

14

At 31 October 2020

5,632

NET BOOK VALUE

At 31 October 2020

40

At 31 October 2019

54

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

904

12,676

Other debtors

2,830

817

3,734

13,493

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

10,000

-

Other creditors

11,823

29,453

21,823

29,453

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 31 October 2020, an amount of £10,000 (2019 £NIL) was due to M Hrano.

Goods and Services of £NIL were re-charged during the year to Rockano Ltd, of whom the director M Hrano, is a controlling party.

Goods and Services of £NIL were re-charged during the year to Fanatic Ltd, of whom the director M Hrano, is a controlling party.

Goods and Services of £NIL were acquired and paid for during the year from Rockano Ltd, of whom the director M Hrano, is a controlling party.

Goods and Services of £NIL were acquired and paid for during the year from Fanatic Ltd, of whom the director M Hrano, is a controlling party.

Goods and Services of £15,250 were acquired and paid for during the year from M Hrano.

8.	ULTIMATE CONTROLLING PARTY

Mr M Hrano is the ultimate controlling party by virtue of his 99% holding in Finally Fan-Fair Limited.