THE MIDLAND COUNTIES SHOW LIMITED Filleted accounts for Companies House (small and micro)

THE MIDLAND COUNTIES SHOW LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06433265

THE MIDLAND COUNTIES SHOW LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

20 November 2018

THE MIDLAND COUNTIES SHOW LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 20 NOVEMBER 2018

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

THE MIDLAND COUNTIES SHOW LIMITED

STATEMENT OF FINANCIAL POSITION

20 November 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	4	–	119

Current assets

Debtors	5	660	–
Cash at bank and in hand		93,977	89,775
		--------	--------
		94,637	89,775

Creditors: amounts falling due within one year	6	( 760)	( 753)
		--------	--------
Net current assets		93,877	89,022
		--------	--------
Total assets less current liabilities		93,877	89,141
		--------	--------
Net assets		93,877	89,141
		--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	93,875	89,139
	--------	--------
Shareholders funds	93,877	89,141
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 20 November 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

THE MIDLAND COUNTIES SHOW LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

20 November 2018

These financial statements were approved by the board of directors and authorised for issue on 4 August 2019 , and are signed on behalf of the board by:

Mrs Hilary Hall

Director

Company registration number: 06433265

THE MIDLAND COUNTIES SHOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 20 NOVEMBER 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is DPC Accountants Limited, Stone House, Stone Road, Stoke-on-Trent,ST4 6SR. The principal activity of the company during the year was that of holding an annual horse show. The company acts as a not for profit entity.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets.

Revenue recognition

Revenue is recognised at the fair value of the consideration received or receivable and in which the services are rendered, stated net of discounts and of Value Added Tax. Revenue is recognised in the accounting period in which the services are rendered.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Website development	-	5 years straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

4. Tangible assets

	Short leasehold property
	£
Cost
At 21 November 2017 and 20 November 2018	599
	----
Depreciation
At 21 November 2017	480
Charge for the year	119
	----
At 20 November 2018	599
	----
Carrying amount
At 20 November 2018	–
	----
At 20 November 2017	119
	----

5. Debtors

	2018	2017
	£	£
Other debtors	660	–
	----	----

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	10	3
Other creditors	750	750
	----	----
	760	753
	----	----

7. Post balance sheet events

There was no material events up to the date of approval of the financial statements by the board.