Company Registration No. 02737866 (England and Wales)
GLASTONBURY FESTIVALS LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
GLASTONBURY FESTIVALS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
GLASTONBURY FESTIVALS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,516,890
2,422,591
Current assets
Debtors
1,857,853
1,815,903
Cash at bank and in hand
204,335
103,146
2,062,188
1,919,049
Creditors: amounts falling due within one year
(894,734)
(618,524)
Net current assets
1,167,454
1,300,525
Total assets less current liabilities
3,684,344
3,723,116
Creditors: amounts falling due after more than one year
-
(630,000)
Provisions for liabilities
(660,869)
(609,944)
3,023,475
2,483,172
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
3,023,375
2,483,072
Shareholders'  funds
3,023,475
2,483,172
GLASTONBURY FESTIVALS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 September 2016
Mr A J M Eavis
Director
Company Registration No. 02737866
GLASTONBURY FESTIVALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue is recognised when events have been held.

1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Buildings Freehold
Over 50 years straight line
Leasehold Improvements
33.33% straight line
Plant and machinery
20% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

No depreciation amount has been charged on freehold buildings as the amount would be immaterial as in the directors opinion the residual value approximately equals the cost.

1.5
Deferred taxation

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

1.6

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held sep a rat e ly from those of the company in an independently administered fund.

1.7

Hire Purchase and Leasing

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

GLASTONBURY FESTIVALS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
4,618,081
Additions
576,717
Disposals
(86,047)
At 31 December 2015
5,108,751
Depreciation
At 1 January 2015
2,195,490
On disposals
(70,720)
Charge for the year
467,091
At 31 December 2015
2,591,861
Net book value
At 31 December 2015
2,516,890
At 31 December 2014
2,422,591
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
10,000 Ordinary of 1p each
100
100
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