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Unaudited Financial Statements |
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for the Year Ended 30 April 2017 |
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for |
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Greater Grassmarket BID Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 April 2017 |
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for |
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Greater Grassmarket BID Limited |
Greater Grassmarket BID Limited (Registered number: SC474203) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Greater Grassmarket BID Limited |
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Company Information |
for the Year Ended 30 April 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Titanium 1 |
King's Inch Place |
Renfrew |
PA4 8WF |
Greater Grassmarket BID Limited (Registered number: SC474203) |
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Balance Sheet |
30 April 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Other reserves | 8 |
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Income and expenditure account | 8 |
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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 |
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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. |
Greater Grassmarket BID Limited (Registered number: SC474203) |
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Balance Sheet - continued |
30 April 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Greater Grassmarket BID Limited (Registered number: SC474203) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2017 |
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1. | STATUTORY INFORMATION |
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Greater Grassmarket BID Limited is a private company, limited by guarantee without share capital, |
registered in Scotland. The company's registered number and registered office address can be found |
on the Company Information page. |
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The presentation currency of the financial statements is the pound sterling (£). |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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2. | STATEMENT OF COMPLIANCE |
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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. |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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The company has transitioned to FRS 102 from previously extant UK GAAP as at 01 January 2015. |
The reported financial position and financial performance for the previous period are not affected by |
the transition to FRS 102. |
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Turnover |
Turnover represents net invoiced sales of market operator fees, grants, sponsorship, levy and events, |
net of value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Greater Grassmarket BID Limited (Registered number: SC474203) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 May 2016 |
and 30 April 2017 |
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DEPRECIATION |
At 1 May 2016 |
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Charge for year |
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At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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Greater Grassmarket BID Limited (Registered number: SC474203) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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8. | RESERVES |
Income |
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expenditure | Other |
account | reserves | Totals |
£ | £ | £ |
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At 1 May 2016 |
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100,897 |
Deficit for the year | ( |
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Transfer | 53,212 | (53,212 | ) | - |
At 30 April 2017 |
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59,870 |
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9. | FIRST YEAR ADOPTION |
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For all periods up to and including the year ended 30 April 2017, the Company prepared its financial |
statements in accordance with previously extant United Kingdom generally accepted accounting |
practice (UK GAAP). These financial statements, for the year ended 30 April 2017, are the first year |
the Company has prepared in accordance with FRS102. The significant accounting policies in |
meeting those requirements are described in relevant notes. |
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In preparing these financial statements, the Company started from an opening balance sheet at the |
Company's date of transition to FRS 102, and made those changes in accounting policies and other |
restatements required for the first-time adoption of FRS102. There has been no material impact to the |
Company's financial position, results or cashflows as a result of restating its financial statements. |