ASP Events Ltd 28/02/2021 iXBRL

ASP Events Ltd 28/02/2021 iXBRL

ASP EVENTS LIMITED - Company Information

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Company registration number: 11801030
ASP Events Ltd
Unaudited filleted financial statements
28 February 2021
ASP Events Ltd
Contents
Statement of financial position
Notes to the financial statements
ASP Events Ltd
Statement of financial position
28 February 2021
28/02/21 29/02/20
Note £ £ £ £
Current assets
Debtors 5 18,150 28,487
Cash at bank and in hand 32,121 2,858
_______ _______
50,271 31,345
Creditors: amounts falling due
within one year 6 ( 62,797) ( 31,065)
_______ _______
Net current (liabilities)/assets ( 12,526) 280
_______ _______
Total assets less current liabilities ( 12,526) 280
Creditors: amounts falling due
after more than one year 7 ( 16,667) -
_______ _______
Net (liabilities)/assets ( 29,193) 280
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account ( 29,196) 277
_______ _______
Shareholders (deficit)/funds ( 29,193) 280
_______ _______
For the year ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 February 2022 , and are signed on behalf of the board by:
Mrs Alexa Horner
Director
Company registration number: 11801030
ASP Events Ltd
Notes to the financial statements
Year ended 28 February 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 79 Tib Street, Manchester, M4 1LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the reporting date the liabilities of the company exceeded its assets by £29,193. The accounts have been prepared on a going concern basis on the assumption that the support of the company by its directors and creditors will continue for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 5 ).
5. Debtors
28/02/21 29/02/20
£ £
Trade debtors 1,368 5,394
Other debtors 16,782 23,093
_______ _______
18,150 28,487
_______ _______
6. Creditors: amounts falling due within one year
28/02/21 29/02/20
£ £
Bank loans and overdrafts 5,105 3,811
Trade creditors 11,840 16,599
Corporation tax 1,716 8,569
Social security and other taxes 6,271 -
Other creditors 37,865 2,086
_______ _______
62,797 31,065
_______ _______
7. Creditors: amounts falling due after more than one year
28/02/21 29/02/20
£ £
Bank loans and overdrafts 16,667 -
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 28/02/21
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Philip Jones 13,287 16,723 ( 16,019) 13,991
Mrs Alexa Horner - 2,791 - 2,791
_______ _______ _______ _______
13,287 19,514 ( 16,019) 16,782
_______ _______ _______ _______
Period ended 29/02/20
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Philip Jones - 13,287 - 13,287
Mrs Alexa Horner - - - -
_______ _______ _______ _______
Philip Jones' loan was interest bearing at a rate of 2.5% per annum. There were no other conditions attached to it. The loan was repaid within 9 months of the reporting date. Alexa Horner's loan was not interest bearing. There were no conditions attached to it. The loan was repaid within 9 months of the reporting date.