Bestival Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 05033094 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Bestival Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr R J Gorham

Mr J A Hughes

Mr B Turner

REGISTERED OFFICE:

8th Floor Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

REGISTERED NUMBER:

05033094 (England and Wales)

ACCOUNTANTS:

Jelliff Lamprey Partnership Limited

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

FIXED ASSETS

Tangible assets

4

1,000,000

1,000,000

CURRENT ASSETS

Debtors

5

3,757,929

4,218,292

Cash at bank and in hand

2,727

65,345

3,760,656

4,283,637

CREDITORS

Amounts falling due within one year

6

3,550,030

4,337,004

NET CURRENT ASSETS/(LIABILITIES)

210,626

(53,367

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,210,626

946,633

CREDITORS

Amounts falling due after more than one year

7

1,160,119

-

NET ASSETS

50,507

946,633

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

49,507

945,633

SHAREHOLDERS' FUNDS

50,507

946,633

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 May 2017 and were signed on its behalf by:

Mr J A Hughes - Director

1.	STATUTORY INFORMATION

Bestival 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

This is the first year in which the financial statements have been prepared under FRS102. The date of transition

is 1st January 2015.

The transition to FRS102 has resulted in no changes in accounting policies to those used previously.

The presentation currency is £ sterling.

Going concern

The business has made a loss in the respective periods ended 31 December 2015 and 31 December 2016.

The business has received a loan post year end that is fixed against the assets of the company. The directors feel

that this loan will help the business to continue throughout a difficult period and return to profitability in the near

future.

Revenue

Revenue represents the fair value received or receivable taking into account the amount of trade discounts,

prompt settlement discounts and volume rebates allowed by the entity.

Property, plant and equipment

Items of property, plant and equipment are stated at cost of acquisition cost less accumulated impairment.

The directors value the property, plant and equipment each year for any impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Creditors

Short term trade 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.

Provisions for liabilities

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past

event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of

the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the

obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the

obligation is recognised at present value using a pre-tax discount rate. the unwinding of the discount is

recognised as a finance cost in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2016

and 31 December 2016

1,000,000

NET BOOK VALUE

At 31 December 2016

1,000,000

At 31 December 2015

1,000,000

Cost or valuation at 31 December 2016 is represented by:

Plant and

machinery

etc

£

Valuation in 2014

23,569

Valuation in 2015

976,431

1,000,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

35,745

214,384

Amounts owed by group undertakings

1,872,607

-

Other debtors

1,849,577

4,003,908

3,757,929

4,218,292

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

238,650

-

Trade creditors

927,850

1,186,193

Taxation and social security

304,966

135,181

Other creditors

2,078,564

3,015,630

3,550,030

4,337,004

Bank loans and overdrafts is made up of an overdrawn bank account that is a secured debt.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Other creditors

1,160,119

-

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

At the year end the directors had the following balances outstanding:

John Hughes was owed £40,911.20 (2015: -£942,150.00)

Robert Gorham was owed £52,537.35 (2015: -£1,249,198.00)

Ben Turner owed the company £76,853.80 (2015: -£69,860.00)

Interest has been charged and paid at the official rate.

9.	CONTROLLING PARTY

The controlling party is Bestival Group Limited.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Bestival Limited for the year ended 31 December 2016 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bestival Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bestival Limited and state those matters that we have agreed to state to the Board of Directors of Bestival Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bestival Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bestival Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bestival Limited. You consider that Bestival Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Bestival Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Jelliff Lamprey Partnership Limited

8th Floor

Connect Centre

Kingston Crescent

Portsmouth

Hampshire

PO2 8QL

28 May 2017