1. Statutory Information |
SELECT GLOBAL EVENTS LTD is a private company, limited by shares, registered in England and Wales, registration number 12877797. |
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2. Accounting Policies |
Basis of preparing the financial statement |
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. |
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Presentation Currency |
The accounts are presented in £ sterling. |
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Turnover |
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Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes, and provisions for returns and cancellations. Revenue for each category type of revenue is typically fixed at the date of order and is not variable.FRS 102 Section 23 - Rendering of services provides a principles based model to be applied to sales contracts. It is based on the transfer of control of services to the customer and requires the identification and assessment of the satisfaction of delivery of each performance obligation in contracts to recognise revenue.Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative stand alone selling prices to each performance obligation, or managements best estimate of relative value where stand alone selling prices do not exist.Section 23 makes it clear that contract costs include direct costs attributable to contract activity, and any costs specifically chargeable to the customer and that the costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue relating to barter transactions is recorded at fair value and the timing of recognition is in line with the above. Expenses from Barter transactions are recorded at fair value and recognised as incurred. Barter transactions typically involve the trading of show space or advertising services in exchange for adverting services to promote the event. For the avoidance of doubt, any direct costs incurred relating to a future event where the performance obligations have not yet been delivered will be carried forward in prepayments or shown in Deferred income where an invoice value has been received for the same event.See the last page of the accounts for the Revenue Recognition Policy for the different sales revenue types. |
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