BLONSTEIN EVENTS LIMITED - Filleted accounts

BLONSTEIN EVENTS LIMITED - Filleted accounts

BLONSTEIN EVENTS LIMITED - Company Information

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Registered number
05680021
BLONSTEIN EVENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BLONSTEIN EVENTS LIMITED
CONTENTS
Page
Balance sheet 1
Notes to the financial statements 2 - 5
BLONSTEIN EVENTS LIMITED
Balance Sheet
as at 31 December 2020
Company Registration No. 05680021
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 3,384 2,943
Current assets
Debtors 4 21,917 182,969
Cash at bank and in hand 552,835 605,125
574,752 788,094
Creditors: amounts falling due within one year 5 (114,199) (484,339)
Net current assets 460,553 303,755
Total assets less current liabilities 463,937 306,698
Creditors: amounts falling due after more than one year 6 (50,000) -
Net assets 413,937 306,698
Capital and reserves
Called up share capital 100 100
Profit and loss account 413,837 306,598
Shareholders' funds 413,937 306,698
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………………..
Sara Blonstein
Director
Approved by the board on 30 September 2021
BLONSTEIN EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to the small companies regime. The disclosure requirements of section 1A have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 20% straight line
Financial instruments
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried amortised cost using effective interest method, less any impairment.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method. Financial liabilities classified as payable within one year are not amortised.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
Retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 January 2020 33,532
Additions 2,053
At 31 December 2020 35,585
Depreciation
At 1 January 2020 30,589
Charge for the year 1,612
At 31 December 2020 32,201
Net book value
At 31 December 2020 3,384
At 31 December 2019 2,943
4 Debtors 2020 2019
£ £
Trade debtors 11,446 54,619
Other debtors 10,471 128,350
21,917 182,969
5 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 13,073 23,042
Corporation tax 13,474 44,691
Director's current account 2,714 69
Other taxes and social security costs 36,360 47,939
Other creditors 48,578 368,598
114,199 484,339
6 Creditors: amounts falling due after one year 2020 2019
£ £
Bank loans 50,000 -
7 Other information
Blonstein Events Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: The Directors Building, The Old Truman Brewery, 91 Brick Lane, London, E1 6QL.
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