Abbreviated Company Accounts - PAPERCOURT SAILING CLUB LIMITED

Abbreviated Company Accounts - PAPERCOURT SAILING CLUB LIMITED

PAPERCOURT SAILING CLUB LIMITED - Company Information

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Registered Number 01458210

PAPERCOURT SAILING CLUB LIMITED

Abbreviated Accounts

30 September 2014

PAPERCOURT SAILING CLUB LIMITED Registered Number 01458210

Abbreviated Balance Sheet as at 30 September 2014

Notes 2014 2013
£ £
Fixed assets
Intangible assets - -
Tangible assets 3 611,494 530,319
Investments - -
611,494 530,319
Current assets
Stocks 811 -
Debtors 45,655 -
Investments - -
Cash at bank and in hand 67,834 76,040
114,300 76,040
Prepayments and accrued income - -
Creditors: amounts falling due within one year (54,554) (164,008)
Net current assets (liabilities) 59,746 (87,968)
Total assets less current liabilities 671,240 442,351
Creditors: amounts falling due after more than one year (423,576) (417,869)
Provisions for liabilities 0 0
Accruals and deferred income 0 0
Total net assets (liabilities) 247,664 24,482
Reserves
Income and expenditure account 247,664 24,482
Members' funds 247,664 24,482
  • For the year ending 30 September 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 May 2015

And signed on their behalf by:
Frank Brown, Director
Patrick Fell, Director

PAPERCOURT SAILING CLUB LIMITED Registered Number 01458210

Notes to the Abbreviated Accounts for the period ended 30 September 2014

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.

Turnover policy
Turnover comprises fees received from members

Tangible assets depreciation policy
Land is recorded at cost. Other fixed assets are recorded on the balance sheet where the value of the asset exceeds £5000. They are depreciated over their expected useful life.

Intangible assets amortisation policy
N/A

Valuation information and policy
N/A

Other accounting policies
Government grants except for land improvements are treated as deferred income and released over the expected useful life of the asset. Grants received for unspecified purposes are recorded as income. Other grants are deducted from the cost of the asset. Bank loan is repayable in equal installments up to 2022 and is disclosed on that basis. Members' loans are repayable subject to the availability of resources. It is the intention of the club to repay these in equal annual installments up to 2022 are they are disclosed on this basis.

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

3Tangible fixed assets
£
Cost
At 1 October 2013 530,319
Additions 81,175
Disposals 0
Revaluations 0
Transfers 0
At 30 September 2014 611,494
Depreciation
At 1 October 2013 0
Charge for the year 0
On disposals 0
At 30 September 2014 0
Net book values
At 30 September 2014 611,494
At 30 September 2013 530,319

Freehold land is charged as security for the bank loan. The additions are partly financed by grants from Sport England.