Company Registration No. NI026045 (Northern Ireland)
BUSINESS EXHIBITIONS (NI) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
BUSINESS EXHIBITIONS (NI) LTD
COMPANY INFORMATION
Directors
Edmund Hourican
Maureen Hourican
Secretary
Edmund Hourican
Company number
NI026045
Registered office
1 Lanyon Quay
Belfast
Co Antrim
Northern Ireland
BT1 3LG
Accountants
Eaton Neary
Custume Place
Athlone
Co Westmeath
Bankers
AIB Bank
Ashford House
Tara Street
Dublin 2
Solicitors
G & D Walsh Solicitors
28 Sandyford Office Park
Sandyford
Dublin 18
BUSINESS EXHIBITIONS (NI) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BUSINESS EXHIBITIONS (NI) LTD
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
108,152
53,793
Cash at bank and in hand
55,747
129,016
163,899
182,809
Creditors: amounts falling due within one year
3
(33,766)
(51,386)
Net current assets
130,133
131,423
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
130,033
131,323
Total equity
130,133
131,423
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 21 December 2017 and are signed on its behalf by:
Edmund Hourican
Maureen Hourican
Director
Director
Company Registration No. NI026045
BUSINESS EXHIBITIONS (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Business Exhibitions (NI) Ltd is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
1 Lanyon Quay, Belfast, Co Antrim, Northern Ireland, BT1 3LG.
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
sterling
, 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Business Exhibitions (NI) Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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.
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.
BUSINESS EXHIBITIONS (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
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.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
11,822
2,963
Amounts owed by group undertakings
96,330
36,330
Other debtors
-
14,500
108,152
53,793
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,340
10,907
Other taxation and social security
8,766
6,662
Other creditors
18,660
33,817
33,766
51,386
BUSINESS EXHIBITIONS (NI) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 4 -
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
5
Directors' transactions
During the year the directors entered into the following advances and credits with the company:
Description
Opening balance
Amounts repaid
Closing balance
£
£
£
Maureen Hourican -
30,895
(15,280)
15,615
30,895
(15,280)
15,615