Memorial Woodlands Trustee Company Limit - Limited company accounts 11.7

REGISTERED NUMBER: 06280057 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2014

FOR

MEMORIAL WOODLANDS TRUSTEE COMPANY

LIMITED

Page

Company Information

1

Report of the Directors

2

Income and Expenditure Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

C H Baker

P N J Hutchinson

S J Orme

SECRETARY:

C H Baker

REGISTERED OFFICE:

Earthcott Green

Alveston

Bristol

BS35 3TA

REGISTERED NUMBER:

06280057 (England and Wales)

ACCOUNTANTS:

Aspen Waite Limited

Chartered Accountants

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

The directors present their report with the financial statements of the company for the year ended 30th April 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st May 2013 to the date of this report.

C H Baker

P N J Hutchinson

S J Orme

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

C H Baker - Director

30th April 2015

TURNOVER

-

-

Administrative expenses

(2,400

)

(3,255

)

OPERATING DEFICIT

2

(2,400

)

(3,255

)

Interest receivable and similar income

-

204

DEFICIT ON ORDINARY ACTIVITIES BEFORE TAXATION

(2,400

)

(3,051

)

Tax on deficit on ordinary activities

3

-

-

DEFICIT FOR THE FINANCIAL YEAR

(2,400

)

(3,051

)

DEFICIT FOR THE FINANCIAL YEAR

(2,400

)

(3,051

)

Unrealised surplus on revaluation

8,687

4,008

TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR

6,287

957

FIXED ASSETS

Investments

4

202,695

194,008

CURRENT ASSETS

Debtors

5

204,429

141,877

Cash at bank

68,803

78,463

273,232

220,340

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6

(468,683

)

(413,391

)

NET CURRENT LIABILITIES

(195,451

)

(193,051

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,244

957

RESERVES

Revaluation reserve

7

12,695

4,008

Income and expenditure account

7

(5,451

)

(3,051

)

MEMBERS' FUNDS

7,244

957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 30th April 2015 and were signed on its behalf by:

C H Baker - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, modified to include the

revaluation of certain fixed assets, and in accordance with the financial Reporting Standards for Smaller Entities

(effective April 2008).

Turnover

Memorial Woodlands Trustee Company Limited holds payments made by customers of the funeral provider,

Memorial Woodlands Funeral Plan Limited. Turnover is not recognised by Memorial Woodlands Trustee

Company Limited as it is solely the custodian of monies paid in respect of prepaid funeral plans.

Investments

Investments held beneficially by the company are recorded initially at historic cost. The investments are revalued

each year with any gain or loss being transferred to the revaluation reserve.

Interest receivable from investments are included in the Profit and Loss Account on an accruals basis. Dividend

income is accounted for on a cash basis.

Gains and losses on disposal are included in the Profit and Loss Account to the extent that they are realised. A

transfer is made between the profit and loss revaluation reserves for any revaluation relating to a previously

revalued asset which has now been disposed of.

Prepaid funeral plans

Liabilities for prepaid funeral plans are recognised within other creditors at the original agreed cost, The

company has guaranteed holders of prepaid funeral plans a funeral in line with the signed contract. Any

fluctuation in the market value of providing the funeral is suffered by Memorial Woodlands Funeral Plan

Limited.

Outstanding liabilities are recognised by inclusion of a corresponding asset reflected in trade debtors, to the

extent that they are considered recoverable.

Value added tax

The provision of funeral services is an exempt supply for Value Added Tax and as a consequence a proportion of

the related Value Added Tax on expenses and direct costs are not recoverable and therefore included in costs and

expenses.

2.	OPERATING DEFICIT

The operating deficit is stated after charging:

Period

1/7/12

Year Ended

to

30/4/14

30/4/13

£

£

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

No liability to UK corporation tax arose on ordinary activities for the period ended 30th April 2014 nor for the

year ended 30th April 2013.

4.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST OR VALUATION

At 1st May 2013

194,008

Revaluations

8,687

At 30th April 2014

202,695

NET BOOK VALUE

At 30th April 2014

202,695

At 30th April 2013

194,008

Cost or valuation at 30th April 2014 is represented by:

Unlisted

investments

£

Valuation in 2014

202,695

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/14

30/4/13

£

£

Amounts due from associated undertaking

204,429

141,877

Amounts due from associated undertakings are due from Memorial Woodlands Funeral Plan Limited in respect

of prepaid funeral plan payments made by customers of Memorial Woodland Funeral Plan Limited and which

are due to be paid to this company under the terms of the Memorial Woodlands Trust deed.

At the 30th April 2014 Memorial Woodlands Funeral Plan Limited had money on deposit in the sum of

£189,148 to meet the costs of any prepaid funeral plans. Of this sum £204,429 was owing to Memorial

Woodlands Trustee Company Limited at the year end.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/14

30/4/13

£

£

Prepaid funeral payments

464,603

411,711

Accruals and deferred income

4,080

1,680

468,683

413,391

The capital of the trust fund is held to pay prepaid funeral payments and is subject to triennial actuarial valuation

to determine the trust assets and liability to pay deferred funeral payments. Any income or surplus arising on

actuarial valuation is due to Memorial Woodlands Funeral Plan Limited. In the event of a deficit on actuarial

valuation the company shall make such arrangements as are necessary with Memorial Woodlands Funeral Plan

Limited to secure or make good the deficit.

7.

RESERVES

Income

and

expenditure

Revaluation

account

reserve

Totals

£

£

£

At 1st May 2013

(3,051

)

4,008

957

Deficit for the year

(2,400

)

(2,400

)

Revaluation of investments

-

8,687

8,687

At 30th April 2014

(5,451

)

12,695

7,244

8.	LIMITED BY GUARANTEE

The company is limited by guarantee and there is no controlling party.