FARINGDON & DISTRICT MOTOCROSS CLUB LIMITED |
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BALANCE SHEET |
AS AT 31 DECEMBER 2016 |
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2016 |
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2015 |
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£ |
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£ |
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CURRENT ASSETS |
Cash at bank and in hand |
7,335 |
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9,169 |
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NET ASSETS |
7,335 |
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9,169 |
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RESERVES |
Income and expenditure account |
7,335 |
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9,169 |
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These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. |
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For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board of directors |
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C J Blackwell |
Director |
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Date approved by the board: 13 July 2017 |
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FARINGDON & DISTRICT MOTOCROSS CLUB LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1 |
GENERAL INFORMATION |
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Faringdon & District Motocross Club Limited is a private company limited by guarantee and does not have a share capital. The company was incorporated in England and Wales and its registered office is: |
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Stirling Road |
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South Marston Industrial Estate |
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Swindon |
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SN3 4TQ |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
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Revenue recognition |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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3 |
TRANSITION TO FRS 102 |
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This is the first year in which the financial statements have been prepared under FRS 102. Note 6 gives an explanation of the effects of the transition. |
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4 |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
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No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. |
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5 |
EMPLOYEES |
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The average number of persons employed by the company (including directors) during the year was: |
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2016 |
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2015 |
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Average number of employees |
2 |
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2 |
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6 |
RECONCILIATIONS ON ADOPTION OF FRS 102 |
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These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015. |
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Profit and loss for the year ended 31 December 2015 |
£ |
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Profit for the year under former UK GAAP |
1,363 |
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Profit for the year under FRS 102 |
1,363 |
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Balance sheet at 31 December 2015 |
£ |
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Equity under former UK GAAP |
9,169 |
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Equity under FRS 102 |
9,169 |
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Balance sheet at 1 January 2015 |
£ |
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Equity under former UK GAAP |
7,806 |
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Equity under FRS 102 |
7,806 |
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