Oakhaven Lottery Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03339521 (England and Wales)

OAKHAVEN LOTTERY COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A B Ryde

Professor P Dodson

REGISTERED OFFICE:

Pennington Chase

Lower Pennington Lane

Pennington

Lymington

Hampshire

SO41 8ZZ

REGISTERED NUMBER:

03339521 (England and Wales)

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

HSBC Bank plc

102 High Street

Lymington

Hampshire

SO41 9ZP

CURRENT ASSETS

Debtors

5

692

95,773

Cash at bank

99,115

66,802

99,807

162,575

CREDITORS

Amounts falling due within one year

6

(94,851

)

(82,242

)

NET CURRENT ASSETS

4,956

80,333

TOTAL ASSETS LESS CURRENT LIABILITIES

4,956

80,333

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

4,954

80,331

SHAREHOLDERS' FUNDS

4,956

80,333

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 October 2018 and were signed on its behalf by:

A B Ryde - Director

1.	STATUTORY INFORMATION

Oakhaven Lottery Company Limited is a private company, limited by shares , 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 FRS 102 "The Financial Reporting Standards

applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as

applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure

is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Income is recognised on a draw-by-draw basis, at the point the draw takes place. Where players wager in

advance, this income is deferred and only recognised in the Statement of Income and Retained Earnings once the

draw has taken place.

Tangible fixed assets

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

Fixtures and fittings

-

20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and

the carrying value of the asset and is recognised in the income statement.

Taxation

No corporation tax is due as all taxable profits are donated under Gift Aid to the parent charity.

Distribution of profits

The company has a policy of paying gift aid of an amount up to the taxable profits each year to The Oakhaven

Trust, its ultimate parent undertaking. In line with recent guidance following FRED 68, the Company treats this

donation as a distribution of reserves if it is paid pre year end. The Board are responsible for formally agreeing

to the total amount to be distributed each year.

Financial assets

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the

effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2017

and 31 March 2018

1,324

DEPRECIATION

At 1 April 2017

and 31 March 2018

1,324

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as restated

£

£

Amounts owed by group undertakings

-

72,484

Other debtors

692

23,289

692

95,773

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as restated

£

£

Trade creditors

10,854

5,835

Other creditors

83,997

76,407

94,851

82,242

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michaela Johns FCCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

8.	ULTIMATE CONTROLLING PARTY

The Oakhaven Trust, a registered charity (number 900215) and company limited by guarantee (number

2435177), is the ultimate parent, for which consolidated accounts including Oakhaven Lottery Company Limited

are prepared. These accounts are available from its registered office, Pennington Chase, Lower Pennington Lane,

Lymington, Hampshire, SO41 8ZZ.

9.	PRIOR YEAR ADJUSTMENT

A prior year adjustment of £80,331 (2016: £124,142) has been recognised to adjust the gift aid distribution

during the year to ensure it is in line with recent guidance following FRED 68.

There has been no effect to tax due to all gift aid distributions being paid over within 9 months of the year end.

This has had the effect of increasing the amounts due from group undertakings and increasing retained earnings.