Cotswold Water Ski Club Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03549780 (England and Wales)

COTSWOLD WATER SKI CLUB LIMITED

COMPANY LIMITED BY GUARANTEE

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2016

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mrs V A Coughlan

Mr A Scott

Mr G I Sheppard

Mr M Curtis

Mrs M Curtis

Miss D Coughlan

Mr J T Whitehouse

Ms D J Ward

Mr D J Gribble

Mr M Hobbs

REGISTERED OFFICE:

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

REGISTERED NUMBER:

03549780 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

HSBC Bank Plc

27 Gloucester Road North

Filton

Bristol

Avon

BS7 0SQ

FIXED ASSETS

Property, plant and equipment

3

149,434

131,692

CURRENT ASSETS

Inventories

58,494

49,616

Debtors

4

55,684

57,747

Cash at bank

41,575

61,417

155,753

168,780

CREDITORS

Amounts falling due within one year

5

18,676

16,754

NET CURRENT ASSETS

137,077

152,026

TOTAL ASSETS LESS CURRENT LIABILITIES

286,511

283,718

RESERVES

Income and expenditure account

286,511

283,718

286,511

283,718

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 29th June 2017 and were signed on its behalf by:

Mr M Curtis - Director

1.	STATUTORY INFORMATION

Cotswold Water Ski Club Limited is a private company, limited by guarantee , registered in

England and Wales. The company's registered number and registered office address can be found

on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A

"Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable

in the UK and Republic of Ireland" and the Companies Act 2006.

FRS 102 is mandatory for accounting periods beginning on or after 1 January 2016 for "Small

Entities", therefore this is being implemented for the first time in these financial statements.

Information on the impact of first time adoption is given in note 8.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or

finance leases. These decisions depend on an assessment of whether the risks and rewards of

ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets

order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of

all balances on a balance by balance basis.

- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net

realisable value of all stock lines on a line by line basis.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations

expected to exist at the end of the property lease.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year.

Tangible fixed assets

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

Road

-

not provided

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing inventories to their present location and condition.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities,

including loans, are measured initially at fair value, net of transaction costs, and are measured

subsequently at amortised cost using the effective interest method.

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 have

been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over

the period of the lease.

3.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1st January 2016

289,740

Additions

35,964

At 31st December 2016

325,704

DEPRECIATION

At 1st January 2016

158,048

Charge for year

18,222

At 31st December 2016

176,270

NET BOOK VALUE

At 31st December 2016

149,434

At 31st December 2015

131,692

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

9,745

9,948

Other debtors

45,939

47,799

55,684

57,747

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

2,581

1,384

Taxation and social security

749

170

Other creditors

15,346

15,200

18,676

16,754

6.	GUARANTEE OF MEMBERS

The company is limited by guarantee and therefore has no share capital. Each member is limited

to a liability of £1 solely in the event of the company winding up.

7.	FIRST YEAR ADOPTION

This has been considered by the directors and they have concluded that there are no transitional

adjustments necessary for the adoption of FRS 102 (1A).