ACCOUNTS - Final Accounts preparation

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

PADDOCK PRESTIGE EVENTS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12437827 2022-03-01 2023-02-28 12437827 2021-03-01 2022-02-28 12437827 2023-02-28 12437827 2022-02-28 12437827 c:Director2 2022-03-01 2023-02-28 12437827 d:PlantMachinery 2022-03-01 2023-02-28 12437827 d:PlantMachinery 2023-02-28 12437827 d:PlantMachinery 2022-02-28 12437827 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12437827 d:MotorVehicles 2022-03-01 2023-02-28 12437827 d:MotorVehicles 2023-02-28 12437827 d:MotorVehicles 2022-02-28 12437827 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12437827 d:FurnitureFittings 2022-03-01 2023-02-28 12437827 d:FurnitureFittings 2023-02-28 12437827 d:FurnitureFittings 2022-02-28 12437827 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12437827 d:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 12437827 d:OtherPropertyPlantEquipment 2023-02-28 12437827 d:OtherPropertyPlantEquipment 2022-02-28 12437827 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12437827 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 12437827 d:CurrentFinancialInstruments 2023-02-28 12437827 d:CurrentFinancialInstruments 2022-02-28 12437827 d:Non-currentFinancialInstruments 2023-02-28 12437827 d:Non-currentFinancialInstruments 2022-02-28 12437827 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12437827 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 12437827 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 12437827 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 12437827 d:ShareCapital 2023-02-28 12437827 d:ShareCapital 2022-02-28 12437827 d:RetainedEarningsAccumulatedLosses 2023-02-28 12437827 d:RetainedEarningsAccumulatedLosses 2022-02-28 12437827 c:OrdinaryShareClass1 2022-03-01 2023-02-28 12437827 c:OrdinaryShareClass1 2023-02-28 12437827 c:OrdinaryShareClass1 2022-02-28 12437827 c:FRS102 2022-03-01 2023-02-28 12437827 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 12437827 c:FullAccounts 2022-03-01 2023-02-28 12437827 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 12437827 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 12437827 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 12437827 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 12437827 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12437827

PADDOCK PRESTIGE EVENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

PADDOCK PRESTIGE EVENTS LIMITED

REGISTERED NUMBER: 12437827

BALANCE SHEET

AS AT 28 FEBRUARY 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		516,354		609,712
			516,354		609,712
Current assets
Debtors: amounts falling due within one year	5	22,734		71,564
Cash at bank and in hand		78		859
		22,812		72,423
Creditors: amounts falling due within one year	6	(649,667)		(592,655)
Net current liabilities			(626,855)		(520,232)
Total assets less current liabilities			(110,501)		89,480
Creditors: amounts falling due after more than one year	7		(132,835)		(180,000)

Net liabilities			(243,336)		(90,520)

Capital and reserves
Called up share capital	9	100	100
Profit and loss account		(243,436)	(90,620)
		(243,336)	(90,520)

Page 1

PADDOCK PRESTIGE EVENTS LIMITED

REGISTERED NUMBER: 12437827

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 October 2023.

Mark Wayne Plowman

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

PADDOCK PRESTIGE EVENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

1.	General information

The company is a private company, limited by shares, incorporated and domiciled in England within the United Kingdom, registration number 12437827. The company's registered office is Unit 22 Two Gates Trading Estate Watling Street, Two Gates, Tamworth, England, B77 5AE.
The financial statements are presented in sterling which is the functional currency of the company and the financial statements are rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract 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.

Page 3

PADDOCK PRESTIGE EVENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	33%
Motor vehicles	-	10%
Fixtures and fittings	-	33%
Other fixed assets	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

Page 4

PADDOCK PRESTIGE EVENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

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 the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2023	2022
	No.	No.

Directors	2	2

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PADDOCK PRESTIGE EVENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Other fixed assets	Total
	£	£	£	£	£
Cost or valuation
At 1 March 2022	2,130	338,618	13,894	320,000	674,642
Additions	-	27,500	1,640	-	29,140
At 28 February 2023	2,130	366,118	15,534	320,000	703,782
Depreciation
At 1 March 2022	790	48,911	8,562	6,667	64,930
Charge for the year on owned assets	710	36,612	5,177	80,000	122,499
At 28 February 2023	1,500	85,523	13,739	86,667	187,429
Net book value
At 28 February 2023	630	280,595	1,795	233,333	516,353
At 28 February 2022	1,340	289,707	5,332	313,333	609,712

Debtors

					2023	2022
					£	£


Trade debtors	1,998	-
Other debtors	20,736	71,564
	22,734	71,564

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PADDOCK PRESTIGE EVENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	120	-
Other taxation and social security	306	-
Obligations under finance lease and hire purchase contracts	56,791	60,000
Other creditors	592,450	532,655
	649,667	592,655

7.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Net obligations under finance leases and hire purchase contracts	132,835	180,000
	132,835	180,000

Within one year	56,971	60,000
Between 1-5 years	132,835	180,000
	189,806	240,000

9.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

100 (2022 - 100) Ordinary shares of £1.00 each	100	100

Page 7