SMARTER_SHOWS_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Smarter Shows Limited is a private company limited by shares incorporated in England and Wales. The registered office is 79-83 North Street, Brighton, BN1 1ZA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

Turnover represents charges from the company to connected companies to assist fulfilment of exhibitions and conferences.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and amounts due to connected group companies, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The average monthly number of persons (including directors) employed by the company during the year was 40 (2017 - 40).

Included in Other Debtors is an amount of Corporation Tax paid to HMRC of £967,962 (2017 - £967,962), which is currently in dispute. In the opinion of the Directors , this amount will be recoverable in full.

The company has taken advantage of the exemption available to it under FRS102 not to disclose inter-group transactions.

Included within other creditors are the following amounts due to connected companies which share the same directors and shareholders as the company:

£454,539 (2017 : £385,305) owed to Smarter Shows (Ceramics) Limited;

£784,561 (2017 : £690,632) owed to Smarter Shows (Foam) Limited;

£0 (2017 : £593,045) owed to Smarter Shows (Power) Europe Limited;

£200,166 (2017 : £135,669) owed to Smarter Shows (Space and Aerospace) Europe Limited;

£143,871 (2017 : £97,525) owed to Smarter Shows (Space and Aerospace) Limited;

£114,918 (2017 : £48,994) owed to Smarter Shows (Foam) Europe Limited;

Included within other debtors are the following are amounts due to connected companies as follows:

£0 (2017 : £28,043) due from Smarter Shows (Adhesives & Bonding) Limited (formerly Smarter Shows (Sustainability) Limited);

The immediate and only parent company is Smarter Shows Holdings Limited, a company registered in England & Wales.

The ultimate controlling party is Mr James Reader, a director of the company, who owns 70% of the shares of Smarter Shows Holdings Limited.