Company Registration No. 01551690 (England and Wales)
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
P J Davies
M C Worsey
A B Thomsen
G De Giorgi
B Schuler
S Doumani
S Kindt
J-M Vandergucht
M Bohret
E Vogel
M Bouw
R Wojcik
R Boodhoo
D Farshchi-Heidari
P Griffiths
F Jegard
A Ruff
M Thormeyer
Company number
01551690
Registered office
c/o Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Auditor
Hobsons CA Limited
Statutory Auditor
Alexandra House
43 Alexandra Street
Nottingham
NG5 1AY
Business address
Suite 19A, Hilton Hall
Hilton Lane
Essington
Wolverhampton
West Midlands
WV11 2BQ
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
- 1 -
2019
2018
Notes
€
€
€
€
Current assets
Debtors
3
90,931
60,109
Cash at bank and in hand
528,096
591,775
619,027
651,884
Creditors: amounts falling due within one year
4
(77,809)
(165,907)
Net current assets
541,218
485,977
Reserves
Income and expenditure account
541,218
485,977
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 January 2020 and are signed on its behalf by:
A B Thomsen
Director
Company Registration No. 01551690
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 2 -
1
Accounting policies
Company information
PrimeGlobal EMEA Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
c/o Buzzacott LLP, 130 Wood Street, London, EC2V 6DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
euros
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The company is a membership organisation. Income is generated by contributions from members and expenditure predominantly relates to the running of events and activities for the benefit of the members.
true
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents membership dues and conference receipts, excluding value added tax, receivable during the year.
1.4
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Membership dues are charged for the accounting year and are included in full in these accounts.
Revenue from conferences is recognised on completion of the conference.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax currently payable is based on taxable profit for the year
,
Taxable profit
is investment income that does not qualify for tax exemption because of the company's mutual trading status.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
PRIMEGLOBAL EMEA LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1
).
3
Debtors
2019
2018
Amounts falling due within one year:
€
€
Trade debtors
15,214
8,340
Other debtors
75,717
51,769
90,931
60,109
4
Creditors: amounts falling due within one year
2019
2018
€
€
Trade creditors
8,512
8,512
Corporation tax
148
154
Other taxation and social security
1,141
12,262
Other creditors
68,008
144,979
77,809
165,907
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Steven Newman LLB BFP FCA.
The auditor was Hobsons CA Limited.