Abbreviated Company Accounts - FOLK CAMPS SOCIETY LIMITED
Abbreviated Company Accounts - FOLK CAMPS SOCIETY LIMITED
Registered Number 00931434
FOLK CAMPS SOCIETY LIMITED
Abbreviated Accounts
31 August 2016
FOLK CAMPS SOCIETY LIMITED Registered Number 00931434
Abbreviated Balance Sheet as at 31 August 2016
| Notes | 2016 | 2015 | |
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| £ | £ | ||
| Fixed assets | |||
| Tangible assets | 3 |
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| Investments | 4 |
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| Current assets | |||
| Stocks |
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| Cash at bank and in hand |
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| Prepayments and accrued income |
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| Creditors: amounts falling due within one year |
( |
( |
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| Net current assets (liabilities) |
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| Total assets less current liabilities |
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| Total net assets (liabilities) |
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| Reserves | |||
| Income and expenditure account |
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| Members' funds |
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For the year ending 31 August 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
And signed on their behalf by:
FOLK CAMPS SOCIETY LIMITED Registered Number 00931434
Notes to the Abbreviated Accounts for the period ended 31 August 2016
1Accounting Policies
Basis of measurement and preparation of accounts
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Changes in accounting policies
This is the first year that the Company has presented its results under FRS 102. The last financial statements under previous UK GAAP were for the year ended 31st August 2015. The date of transition to FRS 102 was 1st September 2015.
There were no adjustments necessary on the transition from UK GAAP to FRS 102.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on reducing balance
Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Other accounting policies
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
2Company limited by guarantee
3Tangible fixed assets
| £ | |
|---|---|
| Cost | |
| At 1 September 2015 |
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| Additions |
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| Disposals |
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| Revaluations |
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| Transfers |
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| At 31 August 2016 |
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| Depreciation | |
| At 1 September 2015 |
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| Charge for the year |
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| On disposals |
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| At 31 August 2016 |
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| Net book values | |
| At 31 August 2016 | 19,076 |
| At 31 August 2015 | 13,605 |
4Fixed assets Investments
£
MARKET VALUE
At 1 September 2015 79,490
Revaluations 204
At 31 August 2016 79,694
NET BOOK VALUE
At 31 August 2016 79,694
At 31 August 2015 79,490
There were no investment assets outside the UK.