Marco Polo Events Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10360794 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Marco Polo Events Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

348,194

340,984

Tangible assets

5

31,287

46,438

379,481

387,422

CURRENT ASSETS

Stocks

150,000

67,500

Debtors

6

179,113

133,417

Cash at bank

49,330

14,706

378,443

215,623

CREDITORS

Amounts falling due within one year

7

386,895

369,917

NET CURRENT LIABILITIES

(8,452

)

(154,294

)

TOTAL ASSETS LESS CURRENT LIABILITIES

371,029

233,128

CREDITORS

Amounts falling due after more than one year

8

540,000

200,000

NET (LIABILITIES)/ASSETS

(168,971

)

33,128

CAPITAL AND RESERVES

Called up share capital

32,823

32,823

Share premium

908,669

908,669

Retained earnings

(1,110,463

)

(908,364

)

SHAREHOLDERS' FUNDS

(168,971

)

33,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2022 and were signed on its behalf by:

Mr D J Moran - Director

1.	STATUTORY INFORMATION

Marco Polo Events Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10360794

Registered office:

Unit 13a Church End

Little Hadham

Ware

SG11 2DY

The presentation currency of the financial statements is the Pound Sterling (£).

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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The main creditor of the company is a director, to whom £440,000 is owed. The directors are satisfied that the shareholders are prepared to continue to support the development of the company for the next 12 months.

Turnover

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

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore turnover also includes the element of work completed but not yet invoiced.

Intangible assets

UK Challenge is the amount paid in connection with the acquisition of the brand in 2016. It is the company's accounting policy not to amortise this asset as the directors are of the opinion that the cost recorded in these accounts is a true reflection of its current market value.

Website development and media, and Data and IP development costs, are amortised over their estimated useful life of 5 years, amortised on a monthly basis.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Depreciation is calculated at the headline annual rate, but is charged within the accounts on a monthly basis.

Government grants

Grants from Government are recognised where there is reasonable assurance that the grant will be received and the company will comply with all the attached conditions.

Covid-19 related grants are Government grants receivable in light of the ongoing Covid-19 pandemic. The amounts principally reflect grants receivable under the Coronavirus Job Retention Scheme ("CJRS"). Under CJRS, grant income may be claimed in respect of certain costs to the company of furloughed employees.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Data and

Website

UK

IP

development

Challenge

development

and media

Totals

£

£

£

£

COST

At 1 January 2021

297,500

39,000

40,538

377,038

Additions

-

-

25,070

25,070

At 31 December 2021

297,500

39,000

65,608

402,108

AMORTISATION

At 1 January 2021

-

19,500

16,554

36,054

Amortisation for year

-

7,800

10,060

17,860

At 31 December 2021

-

27,300

26,614

53,914

NET BOOK VALUE

At 31 December 2021

297,500

11,700

38,994

348,194

At 31 December 2020

297,500

19,500

23,984

340,984

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2021

63,312

9,152

6,019

78,483

Additions

15,788

-

1,175

16,963

Disposals

(24,860

)

-

-

(24,860

)

At 31 December 2021

54,240

9,152

7,194

70,586

DEPRECIATION

At 1 January 2021

24,583

4,529

2,933

32,045

Charge for year

10,669

1,830

1,362

13,861

Eliminated on disposal

(6,607

)

-

-

(6,607

)

At 31 December 2021

28,645

6,359

4,295

39,299

NET BOOK VALUE

At 31 December 2021

25,595

2,793

2,899

31,287

At 31 December 2020

38,729

4,623

3,086

46,438

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

110,830

22,794

Other debtors

68,283

110,623

179,113

133,417

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

109,335

10,849

Taxation and social security

41,067

51,557

Other creditors

236,493

307,511

386,895

369,917

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

540,000

200,000

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £4,250 (2020: £29,750). This financial commitment represents the total amount of payments remaining on a lease ending in February 2022.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

Mr D J Moran

Balance outstanding at start of year

60,914

52,919

Amounts advanced

61,000

12,995

Amounts repaid

(81,850

)

(5,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,064

60,914

The amount owed by Mr D Moran was repaid within 9 months of the year end.