MacBook Pro - iCal display

Hi Im a very new mac user, with a pretty lame question but it's been bugging me for days so here goes.... on my dock the ical displays the date fine, but there is also a small red circle with the number 1 in it, similar to the small red circle that says how many emails are waiting to be read in mac mail, this also corresponds with one of my calenders when I open ical.

I just know this is something to do with a new event or something......please put me out of my misery.... I have a screen grab I can share if this doesn't make sense.

Thanks

Gazzabhoy