NORFOLK SHOWGROUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Norfolk Showground Limited is a private company limited by shares incorporated in England and Wales, company registration no. 02814458. The registered office is Norfolk Showground, Dereham Road, Norwich, Norfolk, NR5 0TT. The company's principal activity is events and rental business.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have considered the budgets and forecasts for at least 12 months from date of approval of the financial statements and consider that the organisation will be able to continue as a going concern, given the level of planned activity.
Turnover is from the hire of the Norfolk Showground to third party event organisers, commercial events and other additional services. It 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 value added tax. The following criteria must also be met before revenue is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract; and
∙the event has taken place in the year.
Income recieved in advance is deferred into the year an event is due to take place.
Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
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