Aylesbury Sports Company Limited - Accounts to registrar - small 16.3d
Aylesbury Sports Company Limited - Accounts to registrar - small 16.3d
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
AYLESBURY SPORTS COMPANY LIMITED |
AYLESBURY SPORTS COMPANY LIMITED (REGISTERED NUMBER: 00161144) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AYLESBURY SPORTS COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Church Street |
Aylesbury |
Buckinghamshire |
HP20 2QP |
AYLESBURY SPORTS COMPANY LIMITED (REGISTERED NUMBER: 00161144) |
BALANCE SHEET |
31 DECEMBER 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
AYLESBURY SPORTS COMPANY LIMITED (REGISTERED NUMBER: 00161144) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | STATUTORY INFORMATION |
Aylesbury Sports Company Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Changes in accounting policies |
The following was a change in accounting policy arising from the transition to FRS102: |
Deferred tax has been recognised on all fair value measurements. |
Tangible fixed assets |
Plant and machinery etc | - | 25% on reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
In accordance with FRS102, no depreciation is provided in respect of freehold properties held as investments. This |
is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. |
Such properties are held for investment and not for consumption and the directors consider that to depreciate |
them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual |
valuation of properties and accordingly the amount of depreciation which might otherwise have been charged |
cannot be separately identified or quantified. The directors consider that this policy results in the financial |
statements giving a true and fair view. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted |
or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Operating leases |
Rental income is recognised on a straight line basis over the period of the lease. |
AYLESBURY SPORTS COMPANY LIMITED (REGISTERED NUMBER: 00161144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
Cost or valuation at 31 December 2016 is represented by: |
£ |
Valuation in 2016 | 231,736 |
If investment property had not been revalued it would have been included at the following historical cost: |
2016 | 2015 |
£ | £ |
Cost | 85,488 | 85,488 |
Investment property was valued on an open market basis on 31 December 2016 by the directors . |
The gross amount of assets held by the company for use in operating leases was £231,736 (2015 - £231,736). |
No depreciation has been charged on these assets. |
If the freehold properties were sold at the balance sheet date, an additional corporation tax liability of £20,435 |
(2015 - £21066) would arise. |
6. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
AYLESBURY SPORTS COMPANY LIMITED (REGISTERED NUMBER: 00161144) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
6. | DEBTORS - continued |
2016 | 2015 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax |
Accelerated capital allowances | ( |
) | ( |
) |
Tax losses carried forward | ( |
) |
Revaluation of investment property | 20,435 | 21,066 |
20,006 | 20,366 |
Deferred |
tax |
£ |
Balance at 1 January 2016 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2016 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2016 |
Tax on revaluation | 631 |
At 31 December 2016 |
10. | RELATED PARTY DISCLOSURES |
Loans of £4,000 (2015 - £6,000) were made to divisions of Aylesbury Sports Club. Interest of £45 (2015 - £65) |
was charged for the year. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by members of Aylesbury Sports Club who own 71% (2015 - 71%) of the issued share |
capital. |