Venture North Cooperative Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC460356 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 30 September 2016

for

Venture North Cooperative Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mrs Helen M Lamont

Miss Catherine M Macleod

Mr Andrew S Mackay

Mrs Joanna R Wyke

SECRETARY:

Mrs Tanya Sutherland

REGISTERED OFFICE:

46 Union Street

Wick

Caithness

KW1 5ED

REGISTERED NUMBER:

SC460356 (Scotland)

ACCOUNTANTS:

Victor T Fraser & Co Limited

Chartered Accountants

3-4 Market Place

Wick

Caithness

KW1 4LP

FIXED ASSETS

Tangible assets

2

950

1,056

CURRENT ASSETS

Debtors

2,023

2,528

Cash at bank

47,442

29,138

49,465

31,666

CREDITORS

Amounts falling due within one year

47,847

34,176

NET CURRENT ASSETS/(LIABILITIES)

1,618

(2,510

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,568

(1,454

)

RESERVES

Income and expenditure account

2,568

(1,454

)

2,568

(1,454

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 in accordance with Section 476 of the Companies Act 2006.

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 surplus or deficit 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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 June 2017 and were signed on its behalf by:

Mrs Helen M Lamont - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Income represents the amounts receivable in the year from membership fees and donations. Income is also generated from

grants received. The grant is recognised as income over the period necessary to match them with the related costs, for which

they are intended to compensate, on a systematic basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Event equipment

-

10% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

and 30 September 2016

1,173

DEPRECIATION

At 1 October 2015

117

Charge for year

106

At 30 September 2016

223

NET BOOK VALUE

At 30 September 2016

950

At 30 September 2015

1,056

3.	MEMBERS COMMITMENT

During the period the members gave considerable time to the project without being paid.