Midland Flyfishers Limited - Limited company accounts 11.6

REGISTERED NUMBER: 00630294

Report of the Directors and

Financial Statements

for the Year Ended 30 September 2014

for

Midland Flyfishers Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

Viscount Cobham

A N Andrews - Chairman

M Adams - Hon Secretary

R S Waller - Hon Treasurer

R J Thomas

S J Braithwaite

Dr H D Carr-Smith

D Rance

G J Southall

Dr F T Taylor

SECRETARY:

M Adams - Hon Secretary

REGISTERED OFFICE:

174 High Street

Harborne

Birmingham

West Midlands

B17 9PP

REGISTERED NUMBER:

00630294

AUDITORS:

W H Parker

Chartered Certified Accountants

and Statutory Auditors

174 High Street

Harborne

Birmingham

West Midlands

B17 9PP

The directors present their report with the financial statements of the company for the year ended 30 September 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2013 to the date of this

report.

Viscount Cobham

A N Andrews - Chairman

M Adams - Hon Secretary

R S Waller - Hon Treasurer

R J Thomas

S J Braithwaite

Other changes in directors holding office are as follows:

A M Spittle - resigned 7 January 2014

S J Thomas - resigned 7 January 2014

Dr H D Carr-Smith - appointed 7 January 2014

D Rance - appointed 7 January 2014

G J Southall - appointed 7 January 2014

Dr F T Taylor - appointed 7 January 2014

No Member of the Committee has any interests in the company other than their interests as members of The Midland

Flyfishers.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, W H Parker, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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

to small companies.

ON BEHALF OF THE BOARD:

M Adams - Hon Secretary - Director

10 November 2014

We have audited the financial statements of Midland Flyfishers Limited for the year ended 30 September 2014 on pages

six to ten. The financial reporting framework that has been applied in their preparation is applicable law and the

Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted

Accounting Practice applicable to Smaller Entities).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Report of the Directors to identify material inconsistencies with the audited financial

statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent

with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2014 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

N F Williams (Senior Statutory Auditor)

for and on behalf of W H Parker

Chartered Certified Accountants

and Statutory Auditors

174 High Street

Harborne

Birmingham

West Midlands

B17 9PP

2 December 2014

TURNOVER

59,785

56,520

Administrative expenses

44,560

51,521

OPERATING PROFIT

2

15,225

4,999

Interest receivable and similar income

722

877

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

15,947

5,876

Tax on profit on ordinary activities

3

130

174

PROFIT FOR THE FINANCIAL YEAR

15,817

5,702

FIXED ASSETS

Tangible assets

4

99,283

CURRENT ASSETS

Debtors

5

2,196

1,854

Cash at bank

130,633

118,913

132,829

120,767

CREDITORS

Amounts falling due within one year

6

3,546

7,301

NET CURRENT ASSETS

129,283

113,466

TOTAL ASSETS LESS CURRENT
LIABILITIES

228,566

212,749

RESERVES

Profit and loss account

7

228,566

212,749

MEMBERS' FUNDS

228,566

212,749

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 10 November 2014 and were signed on its behalf
by:

R S Waller - Hon Treasurer - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Subscriptions and entrance fees

Subscriptions are credited to the income and expenditure account in the year in which they are due.

Entrance fees are accounted for on receipt.

Tangible fixed assets

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

Freehold fishing rights

-

not provided

Freehold fishing rights and land are stated at cost.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2014

2013

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

2014

2013

£

Current tax:

UK corporation tax

190

250

Prior year tax

(60

)

(76

)

Tax on profit on ordinary activities

130

174

4.	TANGIBLE FIXED ASSETS

FIXED ASSETS

2013

Additions(disp
osals)

2014

£

TANGIBLE FIXED ASSETS

Freehold fishing rights

River Lugg

23,110

-

23,110

River Dee

43,528

-

43,528

Byne Brook

145

-

145

Binnie Plantation, River Dee

15,500

-

15,500

Browns Land, River Dee

17,000

-

17,000

99,283

32,500

99,283

DEPRECIATION

-

NET BOOK AMOUNT

99,283

32,500

99,283

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Other debtors

2,196

1,854

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Taxation and social security

380

250

Other creditors

3,166

7,051

3,546

7,301

7.

RESERVES

Profit

and loss

account

£

At 1 October 2013

212,749

Profit for the year

15,817

At 30 September 2014

228,566

8.	RELATED PARTY DISCLOSURES

The members of the committee enjoy the same benefits of membership and at the same cost as other members.

9.	MEMBERS LIABILITIES

The company does not have a share capital but the liability of members is limited, in the event of the company

being wound up, to an amount not exceeding £5 for each member.