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NORFOLK SHOWGROUND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Norfolk Showground Limited is a private company limited by shares, incorporated in England and Wales with the company registration number 02814458. The registered office address is Norfolk Showground, Dereham Road, Norwich, Norfolk, NR5 0TT. The principal activity is events and rental business.
The financial statements are presented in sterling, which is also the functional currency of the Company.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The budget and forecast information for the period covering twelve months from the date of approval has been evaluated by the directors and they consider that the going concern basis should continue to be adopted due to the planned level of activity.
Income is from the hire of the Norfolk Showground, including the land, arena and buildings, to third party organisers for commercial events and other additional services. 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
Turnover 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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis and reviewed for impairment at each balance sheet date.
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