Tewkesbury Medieval Festival - Period Ending 2020-12-31

Tewkesbury Medieval Festival

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Profit and Loss Account	4
Balance Sheet	5 to 6
Notes to the Unaudited Financial Statements	7 to 9
Detailed Profit and Loss Account	10 to 12

Tewkesbury Medieval Festival

Company Information

Directors

Mr C German Mr D J Vaughan Mrs A J Thomas Mrs D M German Ms G A Liddy Mr Ian Bishop Mr P J Pembridge Mrs P Tubbs Miss C J Taylor Ms J F Parker

Company secretary

Mrs A J Thomas

Registered office

Hamlet St Mary's Road Tewkesbury Gloucestershire GL20 5SE

Accountants

Holberton & Co Nortonbury House 37 High Street Tewkesbury Gloucestershire GL20 5BB

Tewkesbury Medieval Festival

Directors' Report for the Year Ended 31 December 2020

The directors present their report and the financial statements for the year ended 31 December 2020.

Directors of the company

The directors who held office during the year were as follows:

Mr C German

Mr D J Vaughan

Mrs A J Thomas - Company secretary and director

Mrs D M German

Ms G A Liddy

Mr Ian Bishop (appointed 5 November 2020)

Mr P J Pembridge

Mrs P Tubbs

Mrs P A Clatworthy (ceased 5 November 2020)

Miss C J Taylor (appointed 5 November 2020)

Ms J F Parker (appointed 5 November 2020)

Principal activity

The principal activity of the company is the organisation of an annual medieval festival

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 19 July 2021 and signed on its behalf by:

.........................................
Ms G A Liddy
Director

.........................................
Mrs P Tubbs
Director

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tewkesbury Medieval Festival
for the Year Ended 31 December 2020

It is your duty to ensure that Tewkesbury Medieval Festival has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Tewkesbury Medieval Festival. You consider that Tewkesbury Medieval Festival is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Tewkesbury Medieval Festival. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Holberton & Co
Nortonbury House
37 High Street
Tewkesbury
Gloucestershire
GL20 5BB

19 July 2021

Tewkesbury Medieval Festival

Profit and Loss Account for the Year Ended 31 December 2020

	Note	2020 £	2019 £
Turnover		3,299	100,776
Cost of sales		(2,276)	(93,702)
Gross profit		1,023	7,074
Administrative expenses		(2,053)	(4,422)
Operating (loss)/profit		(1,030)	2,652
(Loss)/profit before tax		(1,030)	2,652
(Loss)/profit for the financial year		(1,030)	2,652

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Tewkesbury Medieval Festival

(Registration number: 05190289)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	8,127	9,047
Current assets
Debtors	5	3,425	-
Cash at bank and in hand		43,982	31,442
		47,407	31,442
Creditors: Amounts falling due within one year	6	(16,225)	(150)
Net current assets		31,182	31,292
Net assets		39,309	40,339
Capital and reserves
Profit and loss account		39,309	40,339
Shareholders' funds		39,309	40,339

For the financial year ending 31 December 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 July 2021 and signed on its behalf by:
 

.........................................

Ms G A Liddy
Director

Tewkesbury Medieval Festival

(Registration number: 05190289)
Balance Sheet as at 31 December 2020

.........................................

Mrs P Tubbs
Director

Tewkesbury Medieval Festival

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Hamlet
St Mary's Road
Tewkesbury
Gloucestershire
GL20 5SE

The principal place of business is:
1 Manns Court
High Street
Tewkesbury
Gloucestershire
GL20 5BP

These financial statements were authorised for issue by the Board on 19 July 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tewkesbury Medieval Festival

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

The company is registered under the Companies Act 2006 as a company limited by guarantee. The company has claimed exemption under section 62 from using the word "limited" in its name. The members of the company are the directors set out on page 1, and in the event of being wound up the liability under the guarantee is limited to £10 per member of the company.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2019 - 0).

Tewkesbury Medieval Festival

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	9,200	9,200
At 31 December 2020	9,200	9,200
Depreciation
At 1 January 2020	153	153
Charge for the year	920	920
At 31 December 2020	1,073	1,073
Carrying amount
At 31 December 2020	8,127	8,127
At 31 December 2019	9,047	9,047

5

Debtors

	2020 £	2019 £
Prepayments	3,425	-
	3,425	-

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Accruals and deferred income	16,225	150

Tewkesbury Medieval Festival

Detailed Profit and Loss Account for the Year Ended 31 December 2020

	2020  £	2019  £
Turnover (analysed below)	3,299	100,776
Cost of sales (analysed below)	(2,276)	(93,702)
Gross profit	1,023	7,074
Gross profit (%)	31.01%	7.02%
Administrative expenses
Establishment costs (analysed below)	(396)	(1,359)
General administrative expenses (analysed below)	(737)	(2,910)
Depreciation costs (analysed below)	(920)	(153)
	(2,053)	(4,422)
Operating (loss)/profit	(1,030)	2,652
(Loss)/profit before tax	(1,030)	2,652

Tewkesbury Medieval Festival

Detailed Profit and Loss Account for the Year Ended 31 December 2020

2020 £

2019 £

Turnover
Collections	-	10,626
Membership	-	2
Donations - fayre	472	1,839
Stalls and miscellaneous sales	-	21,163
Caterers	-	20,679
Archery competition	-	177
Programmes and leaflets	-	2,300
Fundraising - others	-	166
Car parking	-	20,815
Camping fees	-	3,521
Sponsorship	-	1,080
Working with schools	-	3,382
Armour in the Abbey	-	1,215
Interest received	27	61
Grants and subsidies	2,800	13,750
	3,299	100,776

Cost of sales
Site expenses	756	16,266
Festival expenses	170	24,399
Crew expenses	300	11,722
Security	-	13,215
Printing, stationery and advertising	-	(1)
Posters, programmes and leaflets	15	2,085
Entertainers	-	7,950
Car parking expenses	-	3,024
Working with schools expenditure	1,035	2,105
Campsite expenditure	-	880
Parade expenses	-	12,057
	2,276	93,702

Establishment costs
Rent	-	300
Insurance	396	1,059
	396	1,359

Tewkesbury Medieval Festival

Detailed Profit and Loss Account for the Year Ended 31 December 2020

2020 £

2019 £

General administrative expenses
Telephone and fax	-	32
Printing, postage and stationery	35	799
Sundry expenses	295	978
Motor expenses	-	30
Travel and subsistence	-	119
Advertising	230	349
Accountancy fees	177	156
Solicitors fees	-	377
Bad debts written off	-	70
	737	2,910

Depreciation costs
Depreciation of fixtures and fittings (owned)	(920)	(153)