ACCOUNTS - Final Accounts

NOTTING HILL CARNIVAL LIMITED - Company Information

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Registered number: 11138258

NOTTING HILL CARNIVAL LIMITED

Financial statements

Information for filing with the registrar

For the Period Ended 31 March 2019

NOTTING HILL CARNIVAL LIMITED

Directors' responsibilities statement

For the Period Ended 31 March 2019

We confirm that as directors we have met our duty in accordance with the Companies Act 2006 to:

∙ensure that the Company has kept adequate accounting records;

∙prepare financial statements which give a true and fair view of the state of affairs of the Company as at 31 March 2019 and of profit and loss for that period in accordance with Generally Accepted Accounting Practice in the UK; and

∙follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

The Directors' responsibilities statement was approved by the board on 06 October 2019 and signed on its behalf.

Ian Thomas Comfort

Director

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NOTTING HILL CARNIVAL LIMITED

Registered number: 11138258

Balance sheet

As at 31 March 2019

		2019
Note		£


Current assets
Debtors: amounts falling due within one year	4	6,183
Cash at bank and in hand	5	33,442
		39,625
Creditors: amounts falling due within one year	6	(39,624)
Net current assets			1
Total assets less current liabilities			1

Net assets			1

Capital and reserves
Called up share capital			1
			1

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 October 2019.

Ian Thomas Comfort

Director

The notes on pages 3 to 6 form part of these financial statements.

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NOTTING HILL CARNIVAL LIMITED

Notes to the financial statements

For the Period Ended 31 March 2019

1.	General information

Notting Hill Carnival Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is The Tabernacle, 34-35 Powis Square, London. W11 2AY.
The principal activity of the company during the year was the management of the Notting Hill Carnival.

2.Accounting policie

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Carnival Village Trust as at 31 March 2019 and these financial statements may be obtained from Companies House.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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NOTTING HILL CARNIVAL LIMITED

Notes to the financial statements

For the Period Ended 31 March 2019

2.Accounting policie (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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NOTTING HILL CARNIVAL LIMITED

Notes to the financial statements

For the Period Ended 31 March 2019

2.Accounting policie (continued)

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the Statement of comprehensive income.

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.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.

Employees

The average monthly number of employees, including the directors, during the period was as follows:

			2019
			No.

			7

Debtors

					2019
					£


	Trade debtors	3,800
	Other debtors	2,383

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NOTTING HILL CARNIVAL LIMITED

Notes to the financial statements

For the Period Ended 31 March 2019

4.Debtors (continued)

		6,183

5.	Cash and cash equivalents
		2019
		£

	Cash at bank and in hand	33,442
		33,442

6.	Creditors: Amounts falling due within one year
		2019
		£

	Trade creditors	1,030
	Amounts owed to group undertakings	29,235
	Accruals and deferred income	9,359
		39,624

7.	Financial instruments
		2019
		£

	Financial assets
	Financial assets measured at fair value through profit or loss	33,442

Financial assets measured at fair value through profit or loss comprise cash at bank.

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to. Contributions totalling £171 were payable to the fund at the balance sheet date and are included in creditors.

9.	Controlling party

The ultimate controlling party is the parent charity, Carnival Village Trust.

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