PREMIER PROMOTIONS AND EXHIBITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Premier Promotions and Exhibitions Limited is a private Company, limited by shares, registered in England and Wales. Its registered number is 05776802 and its registered office is Unit D8-10 Ferry Road, Jackfield, Telford, Shropshire, England, TF8 7LS.
The Company's principal activity is that of event and exhibition management.
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 presentation and functional currency of the Company is GBP and these financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
The Directors have reviewed budgets and forecasts for a period of 12 months following the date of approval of the financial statements and are of the opinion that the financial statements are correctly prepared on the going concern basis. The Company continues to hold healthy cash reserves and has a strong balance sheet. The Directors have considered the going concern of the business in light of challenges faced in relation to the current financial climate and feel that the Company is well structured to respond to these challenges for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue 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;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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