Tavistock Music & Arts Festival Limited - Period Ending 2016-07-31

 
 
 
 
 
 
 
  Tavistock Music & Arts Festival Limited
 (A company limited by guarantee)
 
  Unaudited Abbreviated Accounts
  Year Ended 31 July 2016
 
  Company Registration Number: 06026033

Tavistock Music & Arts Festival Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3

Tavistock Music & Arts Festival Limited
Abbreviated Balance Sheet
31 July 2016

		Note			2016 £			2015 £
Current assets
Stocks					251			169
Debtors					197			-
Cash at bank and in hand					2,195			4,231
					2,643			4,400
Creditors: Amounts falling due within one year					(3,881)			(3,644)
Net (liabilities)/assets					(1,238)			756
Capital and reserves
Profit and loss account					(1,238)			756
Shareholders' (deficit)/funds					(1,238)			756

The notes on page 3 form an integral part of these financial statements.
Page 1

Tavistock Music & Arts Festival Limited
Abbreviated Balance Sheet
31 July 2016 ......... continued

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 April 2017 and signed on its behalf by:

C Kirwin
Director

Company Registration Number: 06026033

The notes on page 3 form an integral part of these financial statements.
Page 2

Tavistock Music & Arts Festival Limited
Notes to the Abbreviated Accounts
Year Ended 31 July 2016 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

Since the year end the directors have set up a new charitable incorporated organisation with the Charity Commission. It is their intention to wind the company up once all liabilities have been met and transfer any remaining assets to the new charity.

Turnover

Turnover represents the value of income from membership subscriptions, events and donations received during the period. Turnover is recognised when events are held. Annual subscriptions are treated as turnover in the year to which they relate. Life membership is released over 10 years.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

2	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 3