Yarwood Events Limited Company Accounts

YARWOOD EVENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08916185

Yarwood Events Limited

Filleted Unaudited Financial Statements

31 December 2016

Yarwood Events Limited

Financial Statements

Year ended 31st December 2016

Contents	Page

Statement of Financial Position	1

Notes to the Financial Statements	3

Yarwood Events Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed Assets

Tangible assets	5		79,873	57,619

Current Assets

Stocks		1,230	2,150
Debtors	6	9,609	3,933
Cash at bank and in hand		12,631	4,790
		---------	---------
		23,470	10,873

Creditors: amounts falling due within one year	7	13,515		22,676
		---------		---------
Net Current Assets/(Liabilities)			9,955	( 11,803)
			---------	---------
Total Assets Less Current Liabilities			89,828	45,816

Provisions

Taxation including deferred tax	15,974	–
	---------	---------
Net Assets	73,854	45,816
	---------	---------

Capital and Reserves

Called up share capital	8	100	100
Share premium account		29,970	29,970
Profit and loss account		43,784	15,746
		---------	---------
Members Funds		73,854	45,816
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Yarwood Events Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 31 March 2017 , and are signed on behalf of the board by:

Mr M Yarwood
Director

Company registration number: 08916185

Yarwood Events Limited

Notes to the Financial Statements

Year ended 31st December 2016

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emstrey House (North), Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.

2. Statement of Compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £ .

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	15% straight line
Motor Vehicles	-	15% straight line

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee Numbers

The average number of persons employed by the company during the year, including the director, amounted to 1 (2015: 3 ).

5. Tangible Assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1st January 2016	70,966	6,460	77,426
Additions	31,115	9,442	40,557
Disposals	–	( 6,460)	( 6,460)
	----------	-------	----------
At 31st December 2016	102,081	9,442	111,523
	----------	-------	----------
Depreciation
At 1st January 2016	17,869	1,938	19,807
Charge for the year	13,545	236	13,781
Disposals	–	( 1,938)	( 1,938)
	----------	-------	----------
At 31st December 2016	31,414	236	31,650
	----------	-------	----------
Carrying amount
At 31st December 2016	70,667	9,206	79,873
	----------	-------	----------
At 31st December 2015	53,097	4,522	57,619
	----------	-------	----------

6. Debtors

	2016	2015
	£	£
Other debtors	9,609	3,933
	-------	-------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	989	–
Corporation tax	12,226	9,924
Social security and other taxes	–	18
Accruals	300	300
Other creditors	–	12,434
	---------	---------
	13,515	22,676
	---------	---------

8. Called Up Share Capital

Issued, called up and fully paid

	2016		2015
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Yarwood	( 6,148)	( 1,332)	9,330	1,850
	-------	-------	-------	-------

	2015
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Yarwood	( 10,648)	( 4,000)	8,500	( 6,148)
	---------	-------	-------	-------

The non-interest bearing loan is repayable on demand.

10. Related Party Transactions

During the year the company purchased stock and services from amounting to £28,499 (2015 - £33,843) from K & C Yarwood Ltd. K & C Yarwood Ltd is a Company owned by the minority shareholders and parents of the director, Mr and Mrs K Yarwood. During the year The Crewe Limited provided subcontract services totalling £57,136 (2015 - £Nil) to Yarwood Events Limited . The Crewe Limited is a Company 33% owned by the director and 67% owned by the parents of the director. Included within debtors due within one year is a loan to Mr and Mrs K Yarwood of £3,429 (2015 - £-6,286). The non-interest bearing loan is repayable on demand.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.

No transitional adjustments were required in equity or profit or loss for the Year.