Registration number:
Preston Guild Hall Limited
for the Year Ended 31 December 2017
Preston Guild Hall Limited
Contents
Abridged Balance Sheet |
|
Notes to the Abridged Financial Statements |
Preston Guild Hall Limited
(Registration number: 09065223)
Abridged Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Negative goodwill |
- |
( |
|
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Accruals and deferred income |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Preston Guild Hall Limited
(Registration number: 09065223)
Abridged Balance Sheet as at 31 December 2017
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Page 2 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Page 3 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
Asset class |
Depreciation method and rate |
Leasehold property |
1% straight line |
Plant and machinery |
20% straight line |
Furniture and fixtures |
10% straight line |
Office equipment |
20% straight line |
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of the non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 4 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
Intangible assets |
Total |
|
Cost or valuation |
|
At 1 January 2017 |
|
At 31 December 2017 |
|
Amortisation |
|
At 1 January 2017 |
|
At 31 December 2017 |
|
Carrying amount |
|
At 31 December 2017 |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Negative goodwill |
£ |
At 1 January 2017 |
( |
Recognised in profit or loss |
|
At 31 December 2017 |
- |
Page 6 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 January 2017 |
|
|
|
|
Additions |
|
|
|
|
At 31 December 2017 |
|
|
|
|
Depreciation |
||||
At 1 January 2017 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2017 |
|
|
|
|
Carrying amount |
||||
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
Included within the net book value of land and buildings above is £6,943,354 (2016 - £5,405,689) in respect of long leasehold land and buildings.
Stocks |
2017 |
2016 |
|
Work in progress |
|
- |
Other inventories |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Page 7 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 January 2017 |
Advances to directors |
Other payments made to company by director |
At 31 December 2017 |
Mr William Simon Rigby |
||||
Directors current account |
(217,941) |
- |
(490,339) |
( |
2016 |
At 1 January 2016 |
Other payments made to company by director |
At 31 December 2016 |
Mr William Simon Rigby |
|||
Directors current account |
(54,897) |
(163,044) |
( |
Summary of transactions with entities with joint control or significant interest
Income and receivables from related parties
2017 |
Entities with joint control or significant influence |
Receipt of services |
|
2016 |
Entities with joint control or significant influence |
Sale of goods |
|
Expenditure with and payables to related parties
Page 8 |
Preston Guild Hall Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2017
2017 |
Entities with joint control or significant influence |
Purchase of goods |
|
Rendering of services |
|
|
|
2016 |
Entities with joint control or significant influence |
Purchase of goods |
|
Rendering of services |
|
|
|
Loans from related parties
2017 |
Entities with joint control or significant influence |
At start of period |
|
Advanced |
|
At end of period |
|
2016 |
Entities with joint control or significant influence |
At start of period |
|
Advanced |
|
At end of period |
|
Page 9 |