Fromeside Gymnastics Club (1987) Ltd Company accounts

Fromeside Gymnastics Club (1987) Ltd Company accounts

FROMESIDE GYMNASTICS CLUB (1987) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02141338
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2017
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2017
Contents
Page
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Directors' Report
Year ended 31 December 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2017 .
Directors
The directors who served the company during the year were as follows:
Ms K A Gingell
Mr D Wall
Mr G A Hale
Mr R P Blackman
(Appointed 11 October 2017)
Mrs M J Duncan
(Appointed 1 August 2017)
Mrs K Whittingham
(Resigned 11 October 2017)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 March 2018 and signed on behalf of the board by:
Mrs M J Duncan
Company Secretary
Registered office:
Fromeside Gymnastics Club
Watleys End Road
Winterbourne
BS36 1PW
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Statement of Income and Retained Earnings
Year ended 31 December 2017
Period from
Year to
1 Oct 15 to
31 Dec 17
31 Dec 16
Note
£
£
Turnover
374,726
451,334
---------
---------
Gross profit
374,726
451,334
Administrative expenses
361,090
403,934
---------
---------
Operating profit
13,636
47,400
---------
---------
Profit before taxation
6
13,636
47,400
Tax on profit
–
–
--------
--------
Profit for the financial year and total comprehensive income
13,636
47,400
--------
--------
Retained earnings at the start of the year
266,837
219,437
---------
---------
Retained earnings at the end of the year
280,473
266,837
---------
---------
All the activities of the company are from continuing operations.
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Statement of Financial Position
31 December 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
7
166,102
158,219
Current assets
Stocks
4,208
2,876
Debtors
8
77,052
59,846
Cash at bank and in hand
44,223
55,340
---------
---------
125,483
118,062
Creditors: amounts falling due within one year
9
11,112
9,444
---------
---------
Net current assets
114,371
108,618
---------
---------
Total assets less current liabilities
280,473
266,837
---------
---------
Net assets
280,473
266,837
---------
---------
Capital and reserves
Profit and loss account
280,473
266,837
---------
---------
Members funds
280,473
266,837
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 December 2017 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 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 financial statements .
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2017
These financial statements were approved by the board of directors and authorised for issue on 21 March 2018 , and are signed on behalf of the board by:
Ms K A Gingell
Mr D Wall
Director
Director
Mr G A Hale
Mr R P Blackman
Director
Director
Mrs M J Duncan
Director
Company registration number: 02141338
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2017
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Fromeside Gymnastics Club, Watleys End Road, Winterbourne, BS36 1PW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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:
Freehold property
-
Market value
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The company is limited by guarantee and therefore has no share capital. Each members' liability is limited to £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2016: 40 ).
6. Profit before taxation
Profit before taxation is stated after charging:
Period from
Year to
1 Oct 15 to
31 Dec 17
31 Dec 16
£
£
Depreciation of tangible assets
10,702
10,575
--------
--------
7. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2017
158,565
135,687
294,252
Additions
–
18,585
18,585
---------
---------
---------
At 31 December 2017
158,565
154,272
312,837
---------
---------
---------
Depreciation
At 1 January 2017
34,515
101,518
136,033
Charge for the year
–
10,702
10,702
---------
---------
---------
At 31 December 2017
34,515
112,220
146,735
---------
---------
---------
Carrying amount
At 31 December 2017
124,050
42,052
166,102
---------
---------
---------
At 31 December 2016
124,050
34,169
158,219
---------
---------
---------
8. Debtors
2017
2016
£
£
Trade debtors
7,355
4,085
Other debtors
69,697
55,761
--------
--------
77,052
59,846
--------
--------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
2,440
–
Social security and other taxes
3,747
3,595
Other creditors
4,925
5,849
--------
-------
11,112
9,444
--------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017
2016
£
£
Not later than 1 year
1,404
–
Later than 1 year and not later than 5 years
1,758
6,640
Later than 5 years
31,350
34,650
--------
--------
34,512
41,290
--------
--------
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Management Information
Year ended 31 December 2017
The following pages do not form part of the financial statements.
Fromeside Gymnastics Club (1987) Ltd
Company Limited by Guarantee
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Fromeside Gymnastics Club (1987) Ltd
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fromeside Gymnastics Club (1987) Ltd for the year ended 31 December 2017, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Fromeside Gymnastics Club (1987) Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Fromeside Gymnastics Club (1987) Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fromeside Gymnastics Club (1987) Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Fromeside Gymnastics Club (1987) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fromeside Gymnastics Club (1987) Ltd. You consider that Fromeside Gymnastics Club (1987) Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Fromeside Gymnastics Club (1987) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
STONE & CO Chartered Accountants
2 Charnwood House Marsh Road Ashton Bristol BS3 2NA