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Unaudited Financial Statements for the Year Ended 31 August 2021 |
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Party Ace Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 August 2021 |
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for |
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Party Ace Limited |
Party Ace Limited (Registered number: 09025773) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Party Ace Limited |
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Company Information |
for the Year Ended 31 August 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
9 St George's Yard |
Farnham |
Surrey |
GU9 7LW |
Party Ace Limited (Registered number: 09025773) |
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Balance Sheet |
31 August 2021 |
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31.8.21 | 31.8.20 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Party Ace Limited (Registered number: 09025773) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2021 |
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1. | STATUTORY INFORMATION |
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Party Ace Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
At the balance sheet date the company had net liabilities of £140,337. The ability of the company to continue to trade is dependant upon the continued support of the directors. |
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The directors are of the opinion that the company will continue to receive this support and on this basis consider it appropriate to prepare the accounts on the going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is measured at the fair value of the consideration received or receivable of the company online ticket agency activities and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. |
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The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity. |
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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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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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. |
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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. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Party Ace Limited (Registered number: 09025773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.21 | 31.8.20 |
£ | £ |
Bank loans |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 August 2021 and 31 August 2020: |
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31.8.21 | 31.8.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Party Ace Limited (Registered number: 09025773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The maximum amount outstanding during the year and due to the company by the directors are those stated above. No interest was paid on these balances during the year. |
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8. | COVID 19 GOING CONCERN ASSESSMENT |
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The financial statements have been prepared on the going concern basis. The directors have reviewed and considered relevant information in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have taken into account the impact on the company's trading brought about by the pandemic, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that the company can continue to adopt the going concern basis in preparing the financial statements. |
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The company has taken advantage of HMRC's job retention scheme during the year under review. |