Focal Exhibitions Management Limited 31/12/2019 iXBRL

Focal Exhibitions Management Limited 31/12/2019 iXBRL

FOCAL EXHIBITIONS MANAGEMENT LIMITED - Company Information

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31/12/2019 2019-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2019-01-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 09088252 2019-01-01 2019-12-31 09088252 2019-12-31 09088252 2018-01-01 2018-12-31 09088252 2018-12-31 09088252 bus:Director2 2019-01-01 2019-12-31 09088252 core:LandBuildings core:OwnedOrFreeholdAssets 2019-12-31 09088252 core:WithinOneYear 2019-12-31 09088252 core:WithinOneYear 2018-12-31 09088252 core:AfterOneYear 2019-12-31 09088252 core:AfterOneYear 2018-12-31 09088252 core:ShareCapital 2019-12-31 09088252 core:ShareCapital 2018-12-31 09088252 core:SharePremium 2019-12-31 09088252 core:SharePremium 2018-12-31 09088252 core:RetainedEarningsAccumulatedLosses 2019-12-31 09088252 core:RetainedEarningsAccumulatedLosses 2018-12-31 09088252 core:CostValuation core:Non-currentFinancialInstruments 2019-12-31 09088252 core:Non-currentFinancialInstruments 2019-12-31 09088252 core:Non-currentFinancialInstruments 2018-12-31 09088252 core:LandBuildings core:OwnedOrFreeholdAssets 2018-12-31 09088252 bus:SmallEntities 2019-01-01 2019-12-31 09088252 bus:AuditExempt-NoAccountantsReport 2019-01-01 2019-12-31 09088252 bus:FullAccounts 2019-01-01 2019-12-31 09088252 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 09088252 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31
Company registration number: 09088252
Focal Exhibitions Management Limited
Unaudited filleted financial statements
31 December 2019
Focal Exhibitions Management Limited
Contents
Statement of financial position
Notes to the financial statements
Focal Exhibitions Management Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 501,057 501,057
Investments 6 326,000 326,000
_______ _______
827,057 827,057
Current assets
Debtors 7 - 95,388
Investments 8 - 670,188
Cash at bank and in hand 721,491 463
_______ _______
721,491 766,039
Creditors: amounts falling due
within one year 9 ( 147,517) ( 340,960)
_______ _______
Net current assets 573,974 425,079
_______ _______
Total assets less current liabilities 1,401,031 1,252,136
Creditors: amounts falling due
after more than one year 10 ( 22,444) ( 65,333)
Provisions for liabilities ( 4,265) ( 2,790)
_______ _______
Net assets 1,374,322 1,184,013
_______ _______
Capital and reserves
Called up share capital 328 328
Share premium account 162,672 162,672
Profit and loss account 1,211,322 1,021,013
_______ _______
Shareholders funds 1,374,322 1,184,013
_______ _______
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 March 2020 , and are signed on behalf of the board by:
L Wolden
Director
Company registration number: 09088252
Focal Exhibitions Management Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Concept House, 3 Watchgate, Newby Road Industrial Estate, Hazel Grove, Stockport, SK7 5DB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax andrecognised in accordance with the lease with the tenant.Turnover in relation to rental income is recognised over the period to which it relates.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.Debt instruments are subsequently measured at amortised cost.
Current asset investments
Current asset investments are included at fair value at the end of each year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 January 2019 and 31 December 2019 501,057 501,057
_______ _______
Depreciation
At 1 January 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 501,057 501,057
_______ _______
At 31 December 2018 501,057 501,057
_______ _______
Contained within the freehold property is a secured amount of £495,915.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2019 and 31 December 2019 326,000 326,000
_______ _______
Impairment
At 1 January 2019 and 31 December 2019 - -
_______ _______
Carrying amount
At 31 December 2019 326,000 326,000
_______ _______
At 31 December 2018 326,000 326,000
_______ _______
7. Debtors
2019 2018
£ £
Other debtors - 95,388
_______ _______
8. Investments
2019 2018
£ £
Investments - 670,188
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans 48,680 173,082
Trade creditors 26 1,650
Corporation tax 4,960 931
Social security and other taxes 9,929 -
Other creditors 83,922 165,297
_______ _______
147,517 340,960
_______ _______
10. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans 22,444 65,333
_______ _______