Masquerade Manchester Limited - Period Ending 2020-03-31

Masquerade Manchester Limited

Statement of Financial Position as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	5	-	40,000
Creditors: Amounts falling due within one year	6	(99)	(99)
Net (liabilities)/assets		(99)	39,901
Capital and reserves
Called up share capital		2	2
Share premium reserve		99,999	99,999
Profit and loss account		(100,100)	(60,100)
Shareholders' (deficit)/funds		(99)	39,901

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 25 June 2021 and signed on its behalf by:
 

.........................................

Mr T P Stevens

Director

.........................................

Mr S J Turnbull

Director

Company registration number: 10103181

Masquerade Manchester Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 3-4 Trade City, Avro Way
Brooklands Business Park
Weybridge
Surrey
KT13 0YF

The principal activity of the company is that of event catering.

2	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 June 2021 was Martin Widdowson, who signed for and on behalf of Brebners.

3	Accounting policies

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 except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company had net liabilities of £99 at 31 March 2020.

The company is dependent upon the continued support of its parent undertaking who have confirmed that they will continue to support the company throughout the pandemic. The company has minimal day to day working capital requirements which it is able to manage and control.

The directors have considered the potential effect of the current COVID-19 pandemic and, although there is no certainty as to when this will end, the directors' view is that the impact will be manageable.

The hospitality industry has suffered continuous closure periods since March 2020 and the impact on turnover for the company has been considerable, with no further events held since the restrictions were introduced. The directors are confident that business will improve and future events will take place as the restrictions are eased.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Masquerade Manchester Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises turnover on the date on which events are held.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Licenses	Useful life of the asset

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

4	Staff numbers

The average number of persons employed by the company during the year, was 0 (2019 - 0).

5	Intangible assets

	Licenses  £	Total £
Cost or valuation
At 1 April 2019	100,000	100,000
At 31 March 2020	100,000	100,000
Amortisation
At 1 April 2019	60,000	60,000
Amortisation charge	20,000	20,000
Impairment	20,000	20,000
At 31 March 2020	100,000	100,000
Carrying amount
At 31 March 2020	-	-
At 31 March 2019	40,000	40,000

Masquerade Manchester Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Other creditors	99	99

7	Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2019 - £240,000).

8	Related party transactions

Exemption has been taken under FRS 102, Paragraph 1AC.35 not to disclose transactions and balances between companies wholly owned within the group.

9	Relationship between entity and parents

The parent of the smallest group preparing group accounts including the results of the company is headed by Eventist Group Limited.

The registered address of Eventist Group Limited is Units 3-4 Trade City, Brooklands Industrial Estate, Weybridge, Surrey, England, KT13 0YF.