GB BOXING EVENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1.Accounting policies
|
|
Basis of preparation of financial statements
|
GB Boxing Events Limited is a private company limited by shares and incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 10926498. The company's place of business is located at English Institute of Sport, Coleridge Road, Sheffield, South Yorkshire, S9 5DA.
The financial statements have been prepared on a going concern basis under the historical cost convention modified to include items at fair value. The financial statements have been prepared in accordance with FRS 102 Section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
At 31 March 2024 the company had net liabilities of £19,776. In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows. In the Directors’ opinion, the company is a going concern for a minimum of twelve months from the date of the approval of the financial statements. In addition confirmation has been received to confirm that the group financing will not be removed until the company has sufficient funds to repay the balance. On this basis we have prepared the accounts on a going concern basis.
Income represents grants and other income receivable less value added tax where applicable.
The performance model has been adopted in relation to grant income whereby:
A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met.
|
|
Short term debtors and creditors
|
Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 2
|