Audenshaw Masonic Hall Limited Filleted accounts for Companies House (small and micro)

AUDENSHAW MASONIC HALL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00913062

Audenshaw Masonic Hall Limited

Filleted Unaudited Financial Statements

31 August 2018

Audenshaw Masonic Hall Limited

Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		870,619	882,125

Current assets

Stocks		7,778	5,681
Debtors	6	6,234	8,052
Cash at bank and in hand		19,886	14,045
		--------	--------
		33,898	27,778

Creditors: amounts falling due within one year	7	30,473		49,180
		--------		--------
Net current assets/(liabilities)			3,425	( 21,402)
			---------	---------
Total assets less current liabilities			874,044	860,723

Creditors: amounts falling due after more than one year	8		99,525	99,475

Provisions

Taxation including deferred tax	49,380	151,680
	---------	---------
Net assets	725,139	609,568
	---------	---------

Audenshaw Masonic Hall Limited

Statement of Financial Position (continued)

31 August 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	10	69,488	69,318
Profit and loss account		655,651	540,250
		---------	---------
Shareholders funds		725,139	609,568
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 1 May 2019 , and are signed on behalf of the board by:

Mr N Clarke
Director

Company registration number: 00913062

Audenshaw Masonic Hall Limited

Notes to the Financial Statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stanley House, Manchester Road, Audenshaw, Manchester, M34 5GB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and Buildinga	-	1% straight line
Platn & Machinery	-	10% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2017: 14 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 September 2017 and 31 August 2018	835,602	46,523	882,125
	---------	--------	---------
Depreciation
At 1 September 2017	–	–	–
Charge for the year	8,356	3,150	11,506
	---------	--------	---------
At 31 August 2018	8,356	3,150	11,506
	---------	--------	---------
Carrying amount
At 31 August 2018	827,246	43,373	870,619
	---------	--------	---------
At 31 August 2017	835,602	46,523	882,125
	---------	--------	---------

Tangible assets held at valuation

The freehold property was revalued by Bernard C Higginbotham FRICS at the 31st August 2015.

6. Debtors

	2018	2017
	£	£
Trade debtors	6,234	1,367
Other debtors	–	6,685
	-------	-------
	6,234	8,052
	-------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	11,127	15,543
Trade creditors	5,346	23,735
Social security and other taxes	5,067	989
Other creditors	8,933	8,913
	--------	--------
	30,473	49,180
	--------	--------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Members' loans	36,975	36,975
Roof Loan	62,500	62,500
Other creditors	50	–
	--------	--------
	99,525	99,475
	--------	--------

The Loans are unsecured and are only repayable on the sale of the property or part thereof.

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions	49,380	151,680
	--------	---------

10. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	69,318	69,318	69,318	69,318
	--------	--------	--------	--------

170 Ordinary Shares were issued in the year The nominal amount for each share was £1 and the total consideration received for each share was one pound

Following the adoption of new articles of association on the 10th April 2018 the 69318 Ordinary Shares of the Company were c onverted to Deferred Ordinary Shares having a value of 0.01 pence per shares. They carry no voting rights and are not eligible to receive any dividends.

11. Charges on assets

The total amount of liabilities secured on the assets of the company is £73,627 (2017 78,043)

12. Contingencies

13. Related party transactions

There is no overall control by any single or group of parties.