Manchester Pride Events Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 December 2023
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 53 Portland Street, Manchester, M1 3LF.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate reserves to continue in operational existence for the foreseeable future. The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.
Turnover represents sales to external customers at invoiced amounts exclusive of Value Added Tax. Turnover consists of sponsorship and entrance fees to the Pride Festival. Income from sponsorship is recognised on an accruals basis and entrance fees are recognised when the Pride event occurs.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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