ACCOUNTS - Final Accounts preparation

CHORLTON OUT OF SCHOOL HOURS LIMITED - Company Information

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Registered number: 02847196

CHORLTON OUT OF SCHOOL HOURS LIMITED

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

CHORLTON OUT OF SCHOOL HOURS LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 02847196

BALANCE SHEET

AS AT 31 AUGUST 2018

		2018		2017
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	950		427
Cash at bank and in hand	5	158,296		138,680
		159,246		139,107
Creditors: amounts falling due within one year	6	(12,537)		(13,543)
NET CURRENT ASSETS			146,709		125,564
TOTAL ASSETS LESS CURRENT LIABILITIES			146,709		125,564

NET ASSETS			146,709		125,564

CAPITAL AND RESERVES
Profit and loss account	146,709	125,564
MEMBERS SURPLUS FUNDS	146,709	125,564

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 May 2019.

Julie Jones

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

CHORLTON OUT OF SCHOOL HOURS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

1.	GENERAL INFORMATION

Chorlton Out of School Hours Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02847196. The registered office is Chorlton Park Primary School, Barlow Moor Road, Chorlton, Manchester, M21 7HH.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 following principal accounting policies have been applied:

2.2

REVENUE

Revenue represents fees received from members.

2.3

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.4

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

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.

2.6

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and

Page 2

CHORLTON OUT OF SCHOOL HOURS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.ACCOUNTING POLICIES (CONTINUED)

2.7

FINANCIAL INSTRUMENTS (continued)

other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 11 (2017 -11).

DEBTORS

					2018	2017
					£	£


Prepayments and accrued income	950	427
	950	427

5.	CASH AND CASH EQUIVALENTS
		2018	2017
		£	£

Cash at bank and in hand	158,296	138,680
	158,296	138,680

6.	CREDITORS: Amounts falling due within one year
		2018	2017
		£	£

Payments received on account	8,051	10,802
Other taxation and social security	2,116	-
Other creditors	152	61
Accruals and deferred income	2,218	2,680
	12,537	13,543

Page 3

CHORLTON OUT OF SCHOOL HOURS LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018


7.	COMPANY STATUS

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

8.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £593 (2017 -£111).

9.	MEMBERS' FUNDS

The Company trades as a co-operative, providing comprehensive and affordable childcare services to its members.

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