| Thursdays Trust Limited |
| Notes to the Accounts |
| for the year ended 31 July 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold Improvements |
over 10 years |
|
Fixtures, fittings and equipment |
over 6.66 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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|
Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
|
There is no tax payable as the company is a not for profit making orgnaisation. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Leasehold Improvements to Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 August 2019 |
24,958 |
|
15,693 |
|
40,651 |
|
At 31 July 2020 |
24,958 |
|
15,693 |
|
40,651 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2019 |
24,958 |
|
15,489 |
|
40,447 |
|
Charge for the year |
- |
|
36 |
|
36 |
|
At 31 July 2020 |
24,958 |
|
15,525 |
|
40,483 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2020 |
- |
|
168 |
|
168 |
|
At 31 July 2019 |
- |
|
204 |
|
204 |
|
|
| 4 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade creditors |
143 |
|
48 |
|
Deferred Income |
|
|
|
|
- |
|
2,057 |
|
Other creditors |
1,605 |
|
987 |
|
|
|
|
|
|
1,748 |
|
3,092 |
|
|
|
|
|
|
|
|
|
| 5 |
Statement of movement on reserves |
2020 |
|
2019 |
| £ |
£ |
|
|
Balance as at 1st August 2019 |
2,122 |
|
1,090 |
|
Surplus for the Year |
2,703 |
|
1,032 |
|
|
Balance as at 31st July 2020 |
4,825 |
|
2,122 |
|
|
|
|
|
|
|
|
|
|
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| 6 |
Related party transactions |
|
|
During the year the director Mr T D Indge continued to rent a room at the Pen-Y-Pound Stadium. Mr T D Indge paid a total of £875.00 in rent during the year.
Mr T D Indge also under took works for the Thursdays Trust Ltd for a total of £1650.00. All transactions are at arms length.
|
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| 7 |
Other information |
|
|
Thursdays Trust Limited is a private company limited by guarantee and incorporated in England and Wales. Its registered office is: |
|
Pen-Y-Pound Stadium |
|
Pen-Y-Pound |
|
Abergavenny |
|
Monmouthshire |
|
NP7 7RN |
