Stafford Showground Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03078132 (England and Wales)

STAFFORD SHOWGROUND LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T R Nield

D T Boden

J M Edwards

M T Shelley

H M Woodward

S W Clarke

D V Rushton

M R Madders

T J H Packwood

SECRETARY:

M R Heenan

REGISTERED OFFICE:

County Showground

Weston Road

Stafford

ST18 0BD

REGISTERED NUMBER:

03078132 (England and Wales)

CURRENT ASSETS

Debtors

4

106,612

67,962

Cash at bank and in hand

45,874

108,976

152,486

176,938

CREDITORS

Amounts falling due within one year

5

(120,478

)

(64,766

)

NET CURRENT ASSETS

32,008

112,172

TOTAL ASSETS LESS CURRENT LIABILITIES

32,008

112,172

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

32,006

112,170

SHAREHOLDERS' FUNDS

32,008

112,172

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:

S W Clarke - Director

1.	STATUTORY INFORMATION

Stafford Showground Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Going Concern

The financial statements have been prepared on a going concern basis as the directors believe that no material uncertainties exist. The directors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from rents received and commissions is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the period covered.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and

financial liabilities of the company and their measurement basis are as follows.

Financial assets

-Trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost.

-Prepayments are not financial instruments.

-Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities

-Trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost.

-Taxation and social security are not included in the financial instruments disclosure definition.

-Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and

there is an obligation to deliver services rather than cash or another financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Gift aid

In accordance with the revised "Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" gift aid payments to the parent company are accounted for when paid and are treated as a distribution and have been deducted directly from reserves.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

57,767

30,360

Amounts owed by group undertakings

19,428

19,428

Deferred tax asset

-

2,872

Prepayments and accrued income

29,417

15,302

106,612

67,962

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

56,817

26,929

Social security and other taxes

9,550

-

VAT

35,614

27,277

Other creditors

877

662

Accruals and deferred income

17,620

9,898

120,478

64,766

6.	SECURED DEBTS

Any potential future liabilities with the company's bankers are secured by way of a mortgage debenture over the company's assets.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary shares

£1

2

2

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stacey Lea FCA (Senior Statutory Auditor)

for and on behalf of Dyke Yaxley Limited

9.	OTHER FINANCIAL COMMITMENTS

The company operates the Showground under a licence granted from the parent company. The annual charge of £80,000 will terminate on 15 December 2025.

10.	RELATED PARTY DISCLOSURES

Stafford Showground Limited has provided a limited guarantee for £550,000, in aggregate, in favour of Staffordshire & Birmingham Agricultural Society, supported by a mortgage debenture over the assets of Stafford Showground Limited.

During the year, the company paid Staffordshire & Birmingham Agricultural Society (parent company) £80,000 (2022 - £40,000) in respect of a license fee and received £8,000 (2022 - £16,000) in respect of management charges. All transactions were on normal commercial terms in the ordinary course of business. The company has paid a donation under gift aid of £112,170 (2022 - £51,750) to Staffordshire & Birmingham Agricultural Society.

As at 31 July 2023, Staffordshire & Birmingham Agricultural Society was owed £19,428 (2022 - £19,428) to Stafford Showground Limited.

11.	CONTROLLING PARTY

The parent company of Stafford Showground is Staffordshire and Birmingham Agricultural Society and its registered office is The County Showground, Weston Road, Stafford, ST18 0BD.