Company Registration No. 03150901 (England and Wales)
ADVENT EXHIBITIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
ADVENT EXHIBITIONS LIMITED
COMPANY INFORMATION
Directors
Mr M Duffy
Ms A A Gibson
Secretary
Ms A A Gibson
Company number
03150901
Registered office
Unit 11b Clarke Road
Mount Farm
Bletchley
Milton Keynes
Buckinghamshire
MK1 1LG
ADVENT EXHIBITIONS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
ADVENT EXHIBITIONS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ADVENT EXHIBITIONS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Advent Exhibitions Limited for the year ended 31 March 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Advent Exhibitions Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Advent Exhibitions Limited and state those matters that we have agreed to state to the Board of Directors of Advent Exhibitions Limited, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants
as detailed at
http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Advent Exhibitions Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Advent Exhibitions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Advent Exhibitions Limited. You consider that Advent Exhibitions Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Advent Exhibitions Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ad Valorem Accountancy Services Limited
22 July 2019
ACCA Accountants
2-3 Bassett Court
Broad Street
Newport Pagnell
Buckinghamshire
MK16 0JN
ADVENT EXHIBITIONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,382
17,355
Current assets
Debtors
4
75,243
34,974
Cash at bank and in hand
511,133
532,534
586,376
567,508
Creditors: amounts falling due within one year
5
(152,542)
(81,034)
Net current assets
433,834
486,474
Total assets less current liabilities
459,216
503,829
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
459,116
503,729
Total equity
459,216
503,829
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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 22 July 2019 and are signed on its behalf by:
Ms A A Gibson
Director
Company Registration No. 03150901
ADVENT EXHIBITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Advent Exhibitions Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 11b Clarke Road, Mount Farm, Bletchley, Milton Keynes, Buckinghamshire, United Kingdom, MK1 1LG.
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. The principal accounting policies adopted are set out below.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
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.
ADVENT EXHIBITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 5).
ADVENT EXHIBITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2018
115,617
Additions
16,486
At 31 March 2019
132,103
Depreciation and impairment
At 1 April 2018
98,262
Depreciation charged in the year
8,459
At 31 March 2019
106,721
Carrying amount
At 31 March 2019
25,382
At 31 March 2018
17,355
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
75,243
34,974
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
66,701
-
Trade creditors
27,992
33,319
Corporation tax
4,831
9,574
Other taxation and social security
33,488
26,964
Other creditors
19,530
11,177
152,542
81,034
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Allotted, called up and fully paid
100
100