Somerset Sporting Society Limited - Period Ending 2016-01-31

Registration number: 07956436

Somerset Sporting Society Limited

(A company limited by guarantee)

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

Somerset Sporting Society Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Somerset Sporting Society Limited
(Registration number: 07956436)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					59,568			86,725
Current assets
Stocks					998			-
Debtors					204,668			101,768
					205,666			101,768
Creditors: Amounts falling due within one year					(346,440)			(246,519)
Net current liabilities					(140,774)			(144,751)
Net liabilities					(81,206)			(58,026)
Capital and reserves
Profit and loss account					(81,206)			(58,026)
Shareholders' deficit					(81,206)			(58,026)

For the year ending 31 January 2016 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 director acknowledges his 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 director on 5 July 2016

 Mr Jeremy Barnes
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Somerset Sporting Society Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The company is reliant upon the support of its members.

The members have given assurance they will continue to support the club and therefore the financial statements have been prepared on a going concern basis.

Turnover

Members' subscriptions and contributions received comprises revenue recognised by the club in respect of members subscriptions and contributions received during the year.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line
Motor vehicles	25% straight line
Freehold property	20% straight line
Quad bikes	25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Somerset Sporting Society Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2015		176,280			176,280
Additions		23,940			23,940
Disposals		(22,575)			(22,575)
At 31 January 2016		177,645			177,645
Depreciation
At 1 February 2015		89,555			89,555
Charge for the year		42,151			42,151
Eliminated on disposals		(13,629)			(13,629)
At 31 January 2016		118,077			118,077
Net book value
At 31 January 2016		59,568			59,568
At 31 January 2015		86,725			86,725

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		8,735			20,000

4	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

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