VisitNorwich Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05189702 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

VisitNorwich Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S L W Gurney

The Very Reverend J B Hedges

T N G Bishop

SECRETARY:

A R Newborough

REGISTERED OFFICE:

15 Palace Street

NORWICH

Norfolk

NR3 1RT

REGISTERED NUMBER:

05189702 (England and Wales)

ACCOUNTANTS:

Argents Chartered Accountants

15 Palace Street

NORWICH

Norfolk

NR3 1RT

CURRENT ASSETS

Debtors

4

-

25,123

Cash at bank

-

57,453

-

82,576

CREDITORS

Amounts falling due within one year

5

-

59,870

NET CURRENT ASSETS

-

22,706

TOTAL ASSETS LESS CURRENT LIABILITIES

-

22,706

RESERVES

Income and expenditure account

-

22,706

-

22,706

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 10 September 2018 and were signed on its behalf by:

S L W Gurney - Director

1.	STATUTORY INFORMATION

VisitNorwich Limited is a private company, limited by guarantee , 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the COmpany and

the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or

receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also

be met before turnover is recognised:

- the amount of turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred 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 surplus or deficit on a straight line basis over the period of

the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension

plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been

paid, the Company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid

are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the

Company in independently administered funds.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three

months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant

risk of change in value.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using

the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 5 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

20,823

Other debtors

-

4,300

-

25,123

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

-

23,847

Taxation and social security

-

12,072

Other creditors

-

23,951

-

59,870

6.	LIMITED BY GUARANTEE

The Company is a private Company Limited by Guarantee and subsequently 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.