Statement of Consent to Prepare Abridged Financial Statements
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All of the members of Festival House Business Centre Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
08406189
Festival House Business Centre Limited
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Filleted Unaudited Abridged Financial Statements
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Festival House Business Centre Limited
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Abridged Financial Statements
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Year ended 28 February 2017
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
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1
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Abridged statement of financial position
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2
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Notes to the abridged financial statements
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4
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Festival House Business Centre Limited
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Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Festival House Business Centre Limited
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Year ended 28 February 2017
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 28 February 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ACE ACCOUNTANTS LTD
Accountants
The White House
Denchworth Road
Grove
Oxon
OX12 0AR
20 September 2017
Festival House Business Centre Limited
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Abridged Statement of Financial Position
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28 February 2017
Fixed assets
Tangible assets
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5
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1,250
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1,827
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Current assets
Debtors
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9,721
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15,430
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Cash at bank and in hand
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2,015
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806
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--------
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--------
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11,736
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16,236
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Creditors: amounts falling due within one year
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80,244
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90,980
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--------
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--------
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Net current liabilities
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68,508
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74,744
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--------
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--------
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Total assets less current liabilities
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(
67,258)
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(
72,917)
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--------
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--------
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Net liabilities
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(
67,258)
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(
72,917)
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--------
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--------
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Capital and reserves
Called up share capital
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100
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100
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Profit and loss account
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(
67,358)
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(
73,017)
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--------
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--------
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Members deficit
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(
67,258)
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(
72,917)
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--------
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--------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Festival House Business Centre Limited
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Abridged Statement of Financial Position (continued)
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28 February 2017
These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 September 2017
, and are signed on behalf of the board by:
Company registration number:
08406189
Festival House Business Centre Limited
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Notes to the Abridged Financial Statements
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Year ended 28 February 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Festival House, 39 Oxford Street, Newbury, RG14 1JG, Berkshire.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
FRS transition disclosure
The entity transitioned from previous UK GAAP to FRS102 as at 1st March 2016. No transitional adjustments were required in equity or profit or loss for the year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Short leasehold property
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-
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Depreciated evenly over its useful life of 25 months
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Plant and machinery
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-
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25% reducing balance
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Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2016:
2
).
5.
Tangible assets
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£
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Cost
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At 1 March 2016 and 28 February 2017
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6,964
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-------
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Depreciation
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At 1 March 2016
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5,137
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Charge for the year
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577
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-------
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At 28 February 2017
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5,714
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-------
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Carrying amount
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At 28 February 2017
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1,250
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-------
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At 29 February 2016
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1,827
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-------
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6.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value
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Balance owed by/(owed to)
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2017
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2016
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2017
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2016
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£
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£
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£
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£
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Festival Energy Limited
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–
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27,689
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–
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12,000
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Festival Energy Ltd, a company in which Mr J McCusker is also a Director, provides management resource to
Festival House Business Centre Limited
.