Seven Club Limited Small abridged accounts

SEVEN CLUB LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Seven Club Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 03880568

Seven Club Limited

Company Limited by Guarantee

Unaudited Abridged Financial Statements

31 December 2016

B.S.S. & CO. (ACCOUNTANCY SERVICES) LTD

Chartered Certified Accountants

75 Aston Street

Shifnal

Shropshire

TF11 8DU

Seven Club Limited

Company Limited by Guarantee

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Seven Club Limited

Company Limited by Guarantee

Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Seven Club Limited

Year ended 31 December 2016

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 December 2016, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

B.S.S. & CO. (ACCOUNTANCY SERVICES) LTD Chartered Certified Accountants

75 Aston Street Shifnal Shropshire TF11 8DU

4 May 2017

Seven Club Limited

Company Limited by Guarantee

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	7		–	266

Current assets

Stocks	5,625	6,332
Debtors	36,334	44,243
Cash at bank and in hand	153,657	96,680
	---------	---------
	195,616	147,255

Creditors: amounts falling due within one year	112,951		64,730
	---------		---------
Net current assets		82,665	82,525
		--------	--------
Total assets less current liabilities		82,665	82,791
		--------	--------
Net assets		82,665	82,791
		--------	--------

Capital and reserves

Other reserves	74,573	74,573
Profit and loss account	8,092	8,218
	--------	--------
Members funds	82,665	82,791
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Seven Club Limited

Company Limited by Guarantee

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 4 May 2017 , and are signed on behalf of the board by:

Mr M Phipps

Director

Company registration number: 03880568

Seven Club Limited

Company Limited by Guarantee

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 9 Nevill Street, Abergavenny, Monmouthshire, NP7 5AA.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Disclosure exemptions

No cash flow statement has been presented for the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Events equipment	-	33% reducing balance
Motor vehicles	-	25% straight line
Office equipment	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Company limited by guarantee

Seven Club Limited is a company limited by guarantee and has no share capital. In the event of the company being wound up, the liability of each member is limited to £1 each.

5. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to Nil (2015: Nil).

6. Profit before taxation

(Loss)/profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	266	267
	----	----

7. Tangible assets

	£
Cost
At 1 January 2016 and 31 December 2016	47,785
	--------
Depreciation
At 1 January 2016	47,519
Charge for the year	266
	--------
At 31 December 2016	47,785
	--------
Carrying amount
At 31 December 2016	–
	--------
At 31 December 2015	266
	--------

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

	Year ended 31 December 2015
	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£
Gross profit	148,876	–	148,876
Administrative expenses	( 144,213)	–	( 144,213)
	---------	----	---------
Operating (loss)/profit	4,663	–	4,663
Other interest receivable and similar income	737	–	737
Tax on (loss)/profit	( 147)	–	( 147)
	-------	----	-------
(Loss)/profit for the financial year	5,253	–	5,253
	-------	----	-------