Seven Towers Motor Cycle Club Limited - Period Ending 2017-11-30

Registration number: NI028026

Seven Towers Motor Cycle Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

D T Carson & Co
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

Seven Towers Motor Cycle Club Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 3

Seven Towers Motor Cycle Club Limited

(Registration number: NI028026)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	1,835	293
Current assets
Cash at bank and in hand		2,308	4,235
Creditors: Amounts falling due within one year	4	(393)	(271)
Net current assets		1,915	3,964
Net assets		3,750	4,257
Capital and reserves
Profit and loss account		3,750	4,257
Total equity		3,750	4,257

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 August 2018 and signed on its behalf by:
 

......................................... Sheelagh Frances Laverty Director

......................................... Jack Davidson Barr Director

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

Seven Towers Motor Cycle Club Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company is a company limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.

The address of its registered office is:
91 Toome Road
Ballymena
BT42 2BX

These financial statements were authorised for issue by the Board on 1 August 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	20% reducing balance

Page 2

Seven Towers Motor Cycle Club Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
At 1 December 2016	2,728	2,728
Additions	2,000	2,000
At 30 November 2017	4,728	4,728
Depreciation
At 1 December 2016	2,435	2,435
Charge for the year	458	458
At 30 November 2017	2,893	2,893
Carrying amount
At 30 November 2017	1,835	1,835
At 30 November 2016	293	293

4

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Accruals and deferred income	264	142
Other creditors	129	129
	393	271

Page 3