Abbreviated Company Accounts - PELFASGED CYF

Registered Number 08273793

PELFASGED CYF

Abbreviated Accounts

31 March 2016

PELFASGED CYF Registered Number 08273793

Abbreviated Balance Sheet as at 31 March 2016

	2016	2015
	£	£
Current assets
Debtors	12,394	2,555
Cash at bank and in hand	57,492	37,285
	69,886	39,840
Creditors: amounts falling due within one year	(14,915)	(800)
Net current assets (liabilities)	54,971	39,040
Total assets less current liabilities	54,971	39,040
Total net assets (liabilities)	54,971	39,040
Reserves
Income and expenditure account	54,971	39,040
Members' funds	54,971	39,040

For the year ending 31 March 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.

Approved by the Board on 15 December 2016

And signed on their behalf by:
GD Williams, Director

PELFASGED CYF Registered Number 08273793

Notes to the Abbreviated Accounts for the period ended 31 March 2016

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 January 2015.

Turnover policy
Membership income is recognised to match the underlying costs of membership.
Revenue determined by grant agreements is recognised based on the conditions for each grant and delivery against those conditions.
Ticket income, competition income and other event income are recognised as revenue when the related event is staged.
All other income is recognised on a recoverable basis.

Tangible assets depreciation policy
Tangible fixed assets are stated at historic cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Tangible fixed assets are depreciated on a straight-line basis calculated to write down their cost to estimated residual values over their estimated useful economic lives as follows:

Computer Equipment - Straight Line over 3 years
Basketball Equipment - Straight Line over 3 years

Assets are capitalised if an individual asset exceeds £100 in value.

Other accounting policies
Expenditure
Where payments are made relating to expenditure for specific events in a future period, that expenditure is carried as prepayments and recognised as expenditure when the related event is staged.

Grants
Grants receivable in respect of tangible fixed assets are credited to the income statement over the expected useful economic lives of the relevant assets to which they relate. Grants received but not yet released to the income statement are included as deferred income in the balance sheet.

Revenue grants are released to the income statement in the same year as the related expense.

Contributions in-kind
Where consideration is received in kind, income and expenditure are grossed up on the basis of arms' length commercial rates. Incoming resources from non-exchange transactions are recognised as follows:
- Transactions that do not impose specified future performance-related conditions on the recipient are recognised in income when the resources are received or receivable;
- Transactions that do impose specified future performance-related conditions on the recipient are recognised in income only when the performance-related conditions are met; and
- Where resources are received before the revenue recognition criteria are satisfied, a liability is recognised.

Incoming resources from non-exchange transactions are measured as follows:
- Donated services and facilities that would otherwise have been purchased are measured at the value to the entity; and
- All other incoming resources from non-exchange transactions are measured at the fair value of the resources received or receivable.

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