Workington Association Football Club Limited - Period Ending 2016-05-31

Registration number: 00176420

Workington Association Football Club Limited
 
  Unaudited Abbreviated Accounts
 
  for the Year Ended 31 May 2016
 

Workington Association Football Club Limited
(Registration number: 00176420)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			40,005			44,794
Current assets
Stocks					1,500			1,500
Debtors					2,412			681
Cash at bank and in hand					18,609			65,835
					22,521			68,016
Creditors: Amounts falling due within one year					(15,821)			(19,629)
Net current assets					6,700			48,387
Total assets less current liabilities					46,705			93,181
Creditors: Amounts falling due after more than one year					(5,250)			(5,250)
Net assets					41,455			87,931
Capital and reserves
Called up share capital		3			323,000			321,900
Other reserves					7,328			7,328
Profit and loss account					(288,873)			(241,297)
Shareholders' funds					41,455			87,931

For the year ending 31 May 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 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the Board on 11 November 2016 and signed on its behalf by:

.........................................
Mr D Blackwell
Director

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

Workington Association Football Club Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 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).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Property alterations	5% - 15% reducing balance basis
Equipment and fittings	15% reducing balance basis
Kitchen equipment	15% reducing balance basis

Stocks

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Workington Association Football Club Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		123,562			123,562
Additions		1,666			1,666
At 31 May 2016		125,228			125,228
Depreciation
At 1 June 2015		78,768			78,768
Charge for the year		6,455			6,455
At 31 May 2016		85,223			85,223
Net book value
At 31 May 2016		40,005			40,005
At 31 May 2015		44,794			44,794

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		323,000			323,000			321,900			321,900

New shares allotted

During the year 1,100 ordinary shares having an aggregate nominal value of £1,100 were allotted for an aggregate consideration of £1,100.

Page 3