Lodestar Events Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05377644 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Lodestar Events Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Watton

Mr J Worsley

SECRETARY:

Mr K M Kumar

REGISTERED OFFICE:

Lower Ground Floor

Cranmer House

39 Brixton Road

London

SW9 6DZ

REGISTERED NUMBER:

05377644 (England and Wales)

ACCOUNTANTS:

Simply Accountants Ltd

54 Hundred Acres Lane

Amersham

Buckinghamshire

HP7 9BX

FIXED ASSETS

Tangible assets

4

722

1,776

Investments

5

20,000

20,000

20,722

21,776

CURRENT ASSETS

Stocks

62,342

806,054

Debtors

6

201,385

455,685

Cash at bank

251,471

85,026

515,198

1,346,765

CREDITORS

Amounts falling due within one year

7

381,107

1,251,983

NET CURRENT ASSETS

134,091

94,782

TOTAL ASSETS LESS CURRENT LIABILITIES

154,813

116,558

CREDITORS

Amounts falling due after more than one year

8

(150,000

)

-

PROVISIONS FOR LIABILITIES

-

(102

)

NET ASSETS

4,813

116,456

CAPITAL AND RESERVES

Called up share capital

800

800

Capital redemption reserve

200

200

Profit and loss account

3,813

115,456

4,813

116,456

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 13 September 2021 and were signed on its behalf by:

Mr P Watton - Director

Mr J Worsley - Director

1.	STATUTORY INFORMATION

Lodestar Events 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.

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.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is possible that the company will receive the consideration due under the contract;

- the stage of completion of the contact at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

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

-

50% on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Work-in-progress

Work in progress is valued at cost, which includes outlays incurred on behalf of clients and an appropriate proportion of directly attributable costs and overheads on incomplete assignments. Provision is made for irrecoverable costs where appropriate.

Financial instruments

The Company only enters into basic financial instruments 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.

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 evidence of impairment is found, an impairment loss is recognised in profit or loss.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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 at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, 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 the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2020

and 31 December 2020

14,909

DEPRECIATION

At 1 January 2020

13,133

Charge for year

1,054

At 31 December 2020

14,187

NET BOOK VALUE

At 31 December 2020

722

At 31 December 2019

1,776

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2020

and 31 December 2020

20,000

NET BOOK VALUE

At 31 December 2020

20,000

At 31 December 2019

20,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

89,600

237,278

Other debtors

5,690

40,293

Prepayments and accrued income

106,095

178,114

201,385

455,685

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

4,884

279,730

Tax

1,952

-

Social security and other taxes

7,988

5,696

VAT

92,538

16,989

Other creditors

41,013

24,521

Directors' current accounts

105,561

97,444

Accruals and deferred income

127,171

827,603

381,107

1,251,983

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 2-5 years

150,000

-

9.	RELATED PARTY DISCLOSURES

Included in creditors is an amount due to the directors and shareholders of £105,561 (2019: £97,444). The outstanding loan due is interest free and payable on demand.

During the year the company paid dividends of £141,400 (2019: £176,500) to directors.