Old Northamptonians Association Limited - Limited company accounts 16.3

REGISTERED NUMBER: 06498032 (England and Wales)

Report of the Directors and

Unaudited Financial Statements For The Year Ended 31 May 2017

for

The Old Northamptonians Association

Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Mr J T G Harris

Mr P J Bason

Mr E L Slinn

REGISTERED OFFICE:

7 Billing Road

NORTHAMPTON

Northamptonshire

NN1 5AN

REGISTERED NUMBER:

06498032 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 May 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2016 to the date of this report.

Mr J T G Harris

Mr P J Bason

Mr E L Slinn

The company is limited by guarantee and consequently the directors have no beneficial interest in any share capital.

Under the Memorandum of Association the directors form the Management Committee of the company.

In the event of the winding up of the company, after satisfaction of all its debts and liabilities, the assets remaining shall

be transferred in the furtherance of the objects stated above to any organisation having objects similar to or compatible

with any objects of the co-operative as may be determined by a General Meeting or, insofar as the assets are not

transferred, shall be held for charitable purposes.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr J T G Harris - Director

2 August 2017

TURNOVER

316,892

327,720

Cost of sales

107,031

112,943

GROSS SURPLUS

209,861

214,777

Administrative expenses

210,158

206,902

OPERATING (DEFICIT)/SURPLUS

4

(297

)

7,875

Interest receivable and similar income

6

2

(291

)

7,877

Interest payable and similar expenses

2,228

2,229

(DEFICIT)/SURPLUS BEFORE TAXATION

(2,519

)

5,648

Tax on (deficit)/surplus

-

-

(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR

(2,519

)

5,648

FIXED ASSETS

Tangible assets

5

222,004

214,487

CURRENT ASSETS

Stocks

6,343

7,366

Debtors

6

5,475

4,007

Cash at bank

2,445

5,553

14,263

16,926

CREDITORS

Amounts falling due within one year

7

52,647

42,527

NET CURRENT LIABILITIES

(38,384

)

(25,601

)

TOTAL ASSETS LESS CURRENT LIABILITIES

183,620

188,886

CREDITORS

Amounts falling due after more than one year

8

-

2,747

NET ASSETS

183,620

186,139

RESERVES

Income and expenditure account

183,620

186,139

183,620

186,139

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2 August 2017 and were signed on its behalf by:

Mr J T G Harris - Director

1.	STATUTORY INFORMATION

The Old Northamptonians Association 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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents monies received (excluding value added tax) from bar sales and other activities.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 balance sheet date.

Deferred tax

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

balance sheet 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	OPERATING (DEFICIT)/SURPLUS

The operating deficit (2016 - operating surplus) is stated after charging:

2017

2016

£

£

Depreciation - owned assets

4,796

4,094

5.	TANGIBLE FIXED ASSETS

Fixtures

New

Plant and

and

Office

Clubhouse

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2016

187,285

43,587

2,882

8,335

242,089

Additions

5,798

-

6,515

-

12,313

At 31 May 2017

193,083

43,587

9,397

8,335

254,402

DEPRECIATION

At 1 June 2016

-

24,102

1,833

1,667

27,602

Charge for year

-

1,949

1,513

1,334

4,796

At 31 May 2017

-

26,051

3,346

3,001

32,398

NET BOOK VALUE

At 31 May 2017

193,083

17,536

6,051

5,334

222,004

At 31 May 2016

187,285

19,485

1,049

6,668

214,487

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,907

891

Other debtors

3,568

3,116

5,475

4,007

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

5,024

-

Hire purchase contracts

2,747

2,747

Trade creditors

28,610

25,787

Taxation and social security

471

837

Other creditors

15,795

13,156

52,647

42,527

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

2,747

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

2,747

5,494

10.	RELATED PARTY DISCLOSURES

Mr John TG Harris, is a director of the Old Northamptonians Association Limited. In addition he is a partner in

Harris & Clarke LLP who provide payroll and company secretarial services to the Old Northamptonians

Association Limited. During the year under review the cost of these services amounted to £1,660 (2016 -

£1,720).

11.	CONTINGENT LIABILITY

The company pays rental to the Northampton Old Grammar School Foundation, currently in the sum of £8,000

per annum. The lease is subject to a rent review clause which is currently being negotiated. The directors do not

consider it likely that a material change in the annual charge is likely.