Connections Exhibitions Inc Ltd - Period Ending 2018-06-30

Registration number: 08099631

Connections Exhibitions Inc Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Sherwin Currid Accountancy Limited
Chartered Certified Accountants
32 London Road
Guildford
Surrey
GU1 2AB

Connections Exhibitions Inc Ltd

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 14

Connections Exhibitions Inc Ltd

Company Information

Directors

Mr D Neal Mrs H Neal

Registered office

Stonebridge House 28/32 Bridge Street Leatherhead Surrey KT22 8BZ

Bankers

Lloyds Bank 64 High Street Epsom Surrey KT19 8AT

Accountants

Sherwin Currid Accountancy Limited Chartered Certified Accountants 32 London Road Guildford Surrey GU1 2AB

Page 1

Connections Exhibitions Inc Ltd

Directors' Report for the Year Ended 30 June 2018

The directors present their report and the financial statements for the year ended 30 June 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr D Neal

Mrs H Neal

Principal activity

The principal activity of the company is exhibition stand design, fabrication and build

Going concern

The financial statements have been prepared on a going concern basis.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 19 February 2019 and signed on its behalf by:

.........................................
Mrs H Neal
Director

Page 2

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Connections Exhibitions Inc Ltd
for the Year Ended 30 June 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Connections Exhibitions Inc Ltd for the year ended 30 June 2018 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Connections Exhibitions Inc Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Connections Exhibitions Inc Ltd and state those matters that we have agreed to state to the Board of Directors of Connections Exhibitions Inc Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Connections Exhibitions Inc Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Connections Exhibitions Inc Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Connections Exhibitions Inc Ltd. You consider that Connections Exhibitions Inc Ltd 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 accounts of Connections Exhibitions Inc Ltd. 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 accounts.

......................................

Sherwin Currid Accountancy Limited
Chartered Certified Accountants
32 London Road
Guildford
Surrey
GU1 2AB

19 February 2019

Page 3

Connections Exhibitions Inc Ltd

(Registration number: 08099631)
Balance Sheet as at 30 June 2018

	Note	30 June 2018 £	30 June 2017 £
Fixed assets
Tangible assets	6	28,893	37,218
Current assets
Debtors	7	110,779	185,369
Cash at bank and in hand		124,849	36,960
		235,628	222,329
Creditors: Amounts falling due within one year	8	(187,908)	(167,116)
Net current assets		47,720	55,213
Net assets		76,613	92,431
Capital and reserves
Called up share capital		100	100
Profit and loss account		76,513	92,331
Total equity		76,613	92,431

For the financial year ending 30 June 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 February 2019 and signed on its behalf by:
 

.........................................

Mrs H Neal

Director

The notes on pages 6 to 14 form an integral part of these financial statements.

Page 4

Connections Exhibitions Inc Ltd

Statement of Changes in Equity for the Year Ended 30 June 2018

	Share capital £	Profit and loss account £	Total £
At 1 July 2017	100	92,331	92,431
Profit for the year	-	167,682	167,682
Total comprehensive income	-	167,682	167,682
Dividends	-	(183,500)	(183,500)
At 30 June 2018	100	76,513	76,613

	Share capital £	Profit and loss account £	Total £
At 1 July 2016	100	64,136	64,236
Profit for the year	-	104,235	104,235
Total comprehensive income	-	104,235	104,235
Dividends	-	(76,040)	(76,040)
At 30 June 2017	100	92,331	92,431

The notes on pages 6 to 14 form an integral part of these financial statements.

Page 5

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stonebridge House
28/32 Bridge Street
Leatherhead
Surrey
KT22 8BZ

These financial statements were authorised for issue by the Board on 19 February 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 6

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

2	Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% straight line basis
Plant and machinery	33.33% straight line basis
Motor vehicles	25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 7

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

2	Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 4).

4	Profit before tax

Arrived at after charging/(crediting)

	30 June 2018 £	30 June 2017 £
Depreciation expense	15,025	22,781
Amortisation expense	-	34,320

Page 8

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 July 2017	171,600	171,600
At 30 June 2018	171,600	171,600
Amortisation
At 1 July 2017	171,600	171,600
At 30 June 2018	171,600	171,600
Carrying amount
At 30 June 2018	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

Revalued assets for the year ended 30 June 2018

Revalued assets for the year ended 30 June 2017

Page 9

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

6	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 July 2017	4,903	47,902	47,999	100,804
Additions	-	-	6,699	6,699
At 30 June 2018	4,903	47,902	54,698	107,503
Depreciation
At 1 July 2017	3,659	24,195	35,732	63,586
Charge for the year	830	6,372	7,822	15,024
At 30 June 2018	4,489	30,567	43,554	78,610
Carrying amount
At 30 June 2018	414	17,335	11,144	28,893
At 30 June 2017	1,244	23,707	12,267	37,218

7

Debtors

	30 June 2018 £	30 June 2017 £
Trade debtors	110,779	172,740
Prepayments	-	12,629
	110,779	185,369

8

Creditors

Creditors: amounts falling due within one year

Page 10

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

8	Creditors (continued)

	30 June 2018 £	30 June 2017 £
Due within one year
Trade creditors	74,311	81,411
Taxation and social security	988	59,746
Accruals and deferred income	70,005	300
Other creditors	42,604	25,659
	187,908	167,116

9	Share capital

Allotted, called up and fully paid shares

	30 June 2018		30 June 2017
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10

Dividends

Interim dividends paid

		30 June 2018 £		30 June 2017 £
Interim dividend of £1,835.00 (2017 - £760.40) per each Ordinary shares share		183,500		76,040

11	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

Page 11

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

11	Related party transactions (continued)

	30 June 2018 £	30 June 2017 £
Remuneration	16,380	16,140
Contributions paid to money purchase schemes	506	128
	16,886	16,268

Summary of transactions with other related parties

Mr D Neal

At the year end the company owed Mr D Neal on his directors loan account £0 (2016 - £40,000).
During the year the company paid dividends totalling £38,020 (2016 - £12,500) to Mr D Neal.
There were no guarantees with the director.

Mrs H Neal

At the year end the company owed Mrs H Neal on her directors loan account £404 (2016 - £40,032).
During the year the company paid dividends totalling £38,020 (2016 - £12,500) to Mrs H Neal.
There were no guarantees with the director.
 

12	Transition to FRS 102

This is the first year that the company has presented its financial statements under Financial Reporting Standard
102 (FRS 102) issued by the Financial Reporting Council. The following disclosures are required in the year of
transaction. The last financial statements under previous UK GAAP were for the period ended 30 June
2016 and the date of transition to FRS102 was therefore 1 July 2016. As a consequence of adopting FRS102,
a number of accounting policies have changed to comply with that standard. The adoption of the accounting
policies under FRS102 have resulted in no reclassification or remeasurement adjustments.

Balance Sheet at 1 July 2016
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Total equity	-	-	-	-

Page 12

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

12	Transition to FRS 102 (continued)

Balance Sheet at 30 June 2017
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Total equity	-	-	-	-

Page 13

Connections Exhibitions Inc Ltd

Notes to the Financial Statements for the Year Ended 30 June 2018

12	Transition to FRS 102 (continued)

Profit and Loss Account for the year ended 30 June 2017
 

	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover	-	-	-	-
Operating profit/(loss)	-	-	-	-
Profit/(loss) before tax	-	-	-	-
Profit/(loss) for the financial year	-	-	-	-

Page 14