The Piscatorial Society Limited - Period Ending 2019-10-31
The Piscatorial Society Limited - Period Ending 2019-10-31
Period from 21 November 2018 to
Registration number:
The Piscatorial Society Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
The Piscatorial Society Limited
Company Information
|
Chairman |
Mr M P L Baker |
|
Directors |
Mr A W Bird Mr J K G Dart Mr R F Hawkes Mr N J Measham Mr H O H Swann Mr J G Waterton Mr D A Watson |
|
Registered office |
|
|
Solicitors |
|
|
Accountants |
|
|
Page 1 |
The Piscatorial Society Limited
Balance Sheet
31 October 2019
|
Note |
2019 |
|
|
Fixed assets |
||
|
Tangible assets |
|
|
|
Current assets |
||
|
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
|
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
|
|
Net liabilities |
( |
|
|
Capital and reserves |
||
|
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
( |
|
|
Total equity |
( |
|
Page 2 |
The Piscatorial Society Limited
Balance Sheet
31 October 2019
For the financial period ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
|
......................................... |
Company Registration Number: 11688732
|
Page 3 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been 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.
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 returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Membership waiting list deposits and entrance fees are recognised when an individual is granted membership.
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 corporation 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.
|
Page 4 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
|
Plant and machinery |
25% per annum reducing balance |
|
Motor vehicles |
25% per annum reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Clause 4.2 of the company's articles of association states that 'Save in the event of a winding up, no distribution shall be paid or capital otherwise returned to the Members in cash or otherwise'.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Page 5 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2019 |
|
|
Current taxation |
|
|
UK corporation tax |
|
|
Page 6 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
|
Tangible assets |
|
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 October 2019 |
|
|
|
|
Depreciation |
|||
|
Charge for the period |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 October 2019 |
|
|
|
|
Carrying amount |
|||
|
At 31 October 2019 |
|
|
|
|
Debtors |
|
Note |
2019 |
|
|
Trade debtors |
|
|
|
Amounts due from group undertakings |
|
|
|
Prepayments |
|
|
|
|
||
|
Less amounts due after one year |
( |
|
|
|
Details of non-current trade and other debtors
£570,074 of amounts due from group undertakings is classified as non current. The directors have confirmed that this loan will not be called in within one year of the balance sheet date.
|
Page 7 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2019 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Corporation tax |
183 |
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2019 |
|
|
Due after one year |
||
|
Loans and borrowings |
|
Loans and borrowings comprises an unsecured interest-free loan from the parent company.
|
Loans and borrowings |
|
2019 |
|
|
Loans and borrowings due after one year |
|
|
Amounts due to group undertakings |
|
|
Page 8 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2019 |
|
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
|
Related party transactions |
Summary of transactions with subsidiaries
Loans to related parties
|
2019 |
Subsidiary |
|
Advanced |
|
Terms of loans to related parties
Loans from related parties
|
2019 |
Parent |
|
Advanced |
|
Terms of loans from related parties
|
Page 9 |
The Piscatorial Society Limited
Notes to the Financial Statements
Period from 21 November 2018 to 31 October 2019
|
Parent and ultimate parent undertaking |
The company's immediate parent is
|
Page 10 |