Tewkesbury Medieval Festival - Period Ending 2021-12-31

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 11

Tewkesbury Medieval Festival

Company Information

Directors

Mr C German Mr Allan Harley Mr D J Vaughan Mrs A J Thomas Mrs D M German Ms G A Liddy Mr P J Pembridge Mrs P Tubbs Miss C J Taylor Ms J F Parker Mr I Bishop Dr E J Aston

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 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

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 P J Pembridge

Mrs P Tubbs

Miss C J Taylor

Ms J F Parker

Mr I Bishop

The following directors were appointed after the year end:

Mr Allan Harley (appointed 8 February 2022)

Dr E J Aston (appointed 8 February 2022)

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 1 March 2022 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 2021

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

1 March 2022

Tewkesbury Medieval Festival

Profit and Loss Account for the Year Ended 31 December 2021

	Note	2021 £	2020 £
Turnover		1,574	3,299
Cost of sales		(925)	(2,276)
Gross profit		649	1,023
Administrative expenses		(2,597)	(2,053)
Operating loss		(1,948)	(1,030)
Loss before tax		(1,948)	(1,030)
Loss for the financial year		(1,948)	(1,030)

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 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	7,207	8,127
Current assets
Debtors	5	7,341	3,425
Cash at bank and in hand		44,633	43,982
		51,974	47,407
Creditors: Amounts falling due within one year	6	(21,820)	(16,225)
Net current assets		30,154	31,182
Net assets		37,361	39,309
Capital and reserves
Profit and loss account		37,361	39,309
Shareholders' funds		37,361	39,309

For the financial year ending 31 December 2021 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 1 March 2022 and signed on its behalf by:
 

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

Ms G A Liddy
Director

Tewkesbury Medieval Festival

(Registration number: 05190289)
Balance Sheet as at 31 December 2021

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

Mrs P Tubbs
Director

Tewkesbury Medieval Festival

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 1 March 2022.

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 2021

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 (2020 - 0).

Tewkesbury Medieval Festival

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2021	9,200	9,200
At 31 December 2021	9,200	9,200
Depreciation
At 1 January 2021	1,073	1,073
Charge for the year	920	920
At 31 December 2021	1,993	1,993
Carrying amount
At 31 December 2021	7,207	7,207
At 31 December 2020	8,127	8,127

5

Debtors

	2021 £	2020 £
Prepayments	7,341	3,425
	7,341	3,425

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Accruals and deferred income	21,820	16,225

Tewkesbury Medieval Festival

Detailed Profit and Loss Account for the Year Ended 31 December 2021

	2021  £	2020  £
Turnover (analysed below)	1,574	3,299
Cost of sales (analysed below)	(925)	(2,276)
Gross profit	649	1,023
Gross profit (%)	41.23%	31.01%
Administrative expenses
Establishment costs (analysed below)	(924)	(396)
General administrative expenses (analysed below)	(742)	(737)
Finance charges (analysed below)	(11)	-
Depreciation costs (analysed below)	(920)	(920)
	(2,597)	(2,053)
Operating loss	(1,948)	(1,030)
Loss before tax	(1,948)	(1,030)

Tewkesbury Medieval Festival

Detailed Profit and Loss Account for the Year Ended 31 December 2021

2021 £

2020 £

Turnover
Membership	2	-
Donations - fayre	143	472
Stalls and miscellaneous sales	236	-
Programmes and leaflets	90	-
Fundraising - others	1,100	-
Interest received	3	27
Grants and subsidies	-	2,800
	1,574	3,299

Cost of sales
Direct costs	860	-
Site expenses	-	756
Festival expenses	65	170
Crew expenses	-	300
Posters, programmes and leaflets	-	15
Working with schools expenditure	-	1,035
	925	2,276

Establishment costs
Insurance	924	396

General administrative expenses
Printing, postage and stationery	3	35
Sundry expenses	324	295
Advertising	229	230
Accountancy fees	186	177
	742	737

Finance charges
Bank charges	11	-

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