Somerset Sporting Society Limited - Period Ending 2019-01-31
Somerset Sporting Society Limited - Period Ending 2019-01-31
Registration number:
Somerset Sporting Society Limited
for the Year Ended 31 January 2019
Somerset Sporting Society Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Somerset Sporting Society Limited
(Registration number: 07956436)
Balance Sheet as at 31 January 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
Mr J Barnes
Director
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Somerset Sporting Society Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
Somerset
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company is reliant upon the support of its members.
The members have also given assurance they will continue to support the club and therefore the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when: the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Somerset Sporting Society Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
20% straight line |
Furniture, fittings and equipment |
20% straight line |
Motor vehicles |
25% straight line |
Other plant, property and equipment |
25% straight line |
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
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Somerset Sporting Society Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2018 |
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Additions |
- |
- |
- |
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Disposals |
- |
- |
- |
( |
At 31 January 2019 |
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Depreciation |
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At 1 February 2018 |
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Charge for the period |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
- |
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At 31 January 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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