| IFA Magazine Events Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2016 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2016 |
|
2015 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Debtors |
2016 |
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2015 |
| £ |
£ |
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Trade debtors |
3,600 |
|
31,860 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1,399 |
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- |
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Other debtors |
149 |
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274 |
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5,148 |
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32,134 |
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| 4 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
| £ |
£ |
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Trade creditors |
491 |
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1,472 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
3,863 |
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4,093 |
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Corporation tax |
399 |
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43 |
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Other taxes and social security costs |
(227) |
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4,790 |
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Other creditors |
- |
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23,050 |
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4,526 |
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33,448 |
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| 5 |
Related party transactions |
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IFA Magazine Publications Limited |
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Two of the three directors, Alex Sullivan and Michael Wilson, are directors and shareholders in IFA Magazine Publications Limited. IFA Magazine Publications Limited invoiced IFA Magazine Events Limited management fees and other direct costs for services provided. The total value of services purchased in the year ending 31 December 2016 was £12,892 for services (31 December 2015: £78,302) and £7,000 for Management fees (2015: £46,460). All service invoices were paid within the financial year and they are owed £3,863 on the 31 December 2016 after settling a loan balance from the previous year when they owed the company £3,137 as at 31 December 2015. |
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Active Media Events Limited |
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Richard Morris is a director and shareholder in both Active Media Events Limited and IFA Magazine Events Ltd. Active Media Events Limited Invoiced for consultancy services. Total value of invoices received in year to 31 December 2016 was £9,978 (31 December 2015: £27,496). There was no outstanding amount aowed at the year end |
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Fanatic Design Limited |
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Clifton Media Holdings Limited is a corporate director and shareholder in Fanatic Design Limited. Alex Sullivan is a director of Clifton Media Holdings Limited, which has a shareholding interest in the company. Clifton Media Holdings supplied services in the year ending 31 December 2016 to IFA Magazine Events Limited for £100 (31 December 2015: nil). |
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At the time the accounts were prepared, there was no longer any connection as Clifton Media Holdings disposed of its shareholding in Fanatic Design. |
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| 6 |
Controlling party |
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The company is controlled by the majority shareholder IFA Magazine Publications Limited. The Company registration number is 07629255 and Its registered office is: |
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8B Greenway Farm |
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Bath Road |
|
Wick |
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Bristol |
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BS30 5RL |
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| 7 |
Other information |
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IFA Magazine Events Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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8B Greenway Farm |
|
Bath Road |
|
Wick |
|
Bristol |
|
BS30 5RL |
