GRANITE_CITY_SPORTING_EVE - Accounts

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

For the financial year ended 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

Granite City Sporting Events Ltd is a private company limited by shares incorporated in Scotland. The registered office is 50 Cordiner Avenue, ABERDEEN, AB24 4SA.

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. The principal accounting policies adopted are set out below.

Although the financial statements have net current liabilities of £4,645 (2019 - £3,901) they have been prepared on the going concern basis as the director considers it appropriate to do so. In coming to this conclusion the director has also considered the recent Coronavirus global pandemic and although there is uncertainty over the impact of the company, the director has agreed to financially support the company to ensure that all liabilities are met as they fall due. true

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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

During the year, the company reclassified the shares to 100 shares at £1 each.

At the year end £8,900 (2019 - £9,800) was due from two connected companies. During the year, £nil (2019 - £nil) was advanced and £900 was repaid (2019 - £nil).