Seven Towers Motor Cycle Club Limited - Period Ending 2019-11-30

Seven Towers Motor Cycle Club Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 3

Seven Towers Motor Cycle Club Limited

(Registration number: NI028026)
Balance Sheet as at 30 November 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	1,174	1,468
Current assets
Cash at bank and in hand		3,592	3,102
Creditors: Amounts falling due within one year	4	(273)	(393)
Net current assets		3,319	2,709
Net assets		4,493	4,177
Capital and reserves
Profit and loss account		4,493	4,177
Total equity		4,493	4,177

For the financial year ending 30 November 2019 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 accounts for the year in question in accordance with section 476; and
•	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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 August 2020 and signed on its behalf by:
 

......................................... Sheelagh Frances Laverty Company secretary and director

......................................... Jack Davidson Barr Director

Seven Towers Motor Cycle Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

1	General information

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

The address of its registered office is:
91 Toome Road
Ballymena
BT42 2BX

These financial statements were authorised for issue by the Board on 4 August 2020.

2	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 sales/value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 & machinery	20% reducing balance

Seven Towers Motor Cycle Club Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2019

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
At 1 December 2018	4,728	4,728
At 30 November 2019	4,728	4,728
Depreciation
At 1 December 2018	3,260	3,260
Charge for the year	294	294
At 30 November 2019	3,554	3,554
Carrying amount
At 30 November 2019	1,174	1,174
At 30 November 2018	1,468	1,468

4

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Accruals and deferred income	143	264
Other creditors	130	129
	273	393