Abbreviated Company Accounts - BRYN GRIFFITH WORKING MENS'S SOCIAL CLUB LIMITED(THE)

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Going concern

The company is reliant upon the continued support of the company's bankers and Coors Brewery Limited in order to continue as a going concern.

Coors Brewery Limited have provided the company with a loan facility in order to repay accrued liabilities of the company. These liabilities were settled following the receipt of the loan funds. The loan is repayable by a fixed monthly payment of £226 and by barrelage achieved on direct purchases by the company from the Brewery. The loan facility will remain in place as long as the company meets its obligations under the terms of the loan agreement.

Barclays Bank plc also provided the company with loan facilities in order to repay the accrued liabilities of the company. These liabilities were settled following receipt of the loan funds. The loan is repayable by a fixed monthly payment of £979. The loan facility will remain in place as long as the company meets its obligations under the terms of the loan agreement. The loan has been secured against the land and buildings owned by the company. There are no reasons to suggest that the support of Barclays Bank plc and Coors Brewery Limited will be withdrawn and therefore the accounts have been prepared on a going concern basis.

Tangible assets depreciation policy
Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and Buildings Freehold - NIL
Fixtures, Fittings and Equipment - 10% Reducing Balance
In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) no depreciation is provided in respect of the freehold property owned by the company. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.