Bristol Folk House Co-operative Ltd Filleted accounts for Companies House (small and micro)

Bristol Folk House Co-operative Ltd Filleted accounts for Companies House (small and micro)

BRISTOL FOLK HOUSE CO-OPERATIVE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03404836
Bristol Folk House Co-operative Ltd
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 July 2018
Bristol Folk House Co-operative Ltd
Company Limited by Guarantee
Statement of Financial Position
31 July 2018
2018
2017
Note
£
£
Fixed assets
Tangible assets
6
5,529
5,266
Current assets
Debtors
7
12,655
8,252
Cash at bank and in hand
201,851
189,851
---------
---------
214,506
198,103
Creditors: amounts falling due within one year
8
193,741
176,723
---------
---------
Net current assets
20,765
21,380
--------
--------
Total assets less current liabilities
26,294
26,646
--------
--------
Net assets
26,294
26,646
--------
--------
Capital and reserves
Profit and loss account
26,294
26,646
--------
--------
Members funds
26,294
26,646
--------
--------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2018 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 .
Bristol Folk House Co-operative Ltd
Company Limited by Guarantee
Statement of Financial Position (continued)
31 July 2018
These financial statements were approved by the board of directors and authorised for issue on 16 January 2019 , and are signed on behalf of the board by:
A Curtis
E Charles
Director
Director
Company registration number: 03404836
Bristol Folk House Co-operative Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2018
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 61 Macrae Road, Pill, Bristol, BS20 0DD.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for courses delivered, stated net of discounts and of Value Added Tax. Revenue from the delivery of courses is recognised when the course has been delivered, 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.
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:
Property improvements
-
20% straight line
Fixtures & Equipment
-
20% straight line
Office equipment
-
20% straight line
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.
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 was established under a Memorandum of Association and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2017: 11 ).
6. Tangible assets
Property Improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2017
28,960
34,196
14,142
77,298
Additions
–
1,481
968
2,449
--------
--------
--------
--------
At 31 July 2018
28,960
35,677
15,110
79,747
--------
--------
--------
--------
Depreciation
At 1 August 2017
28,960
31,205
11,867
72,032
Charge for the year
–
1,214
972
2,186
--------
--------
--------
--------
At 31 July 2018
28,960
32,419
12,839
74,218
--------
--------
--------
--------
Carrying amount
At 31 July 2018
–
3,258
2,271
5,529
--------
--------
--------
--------
At 31 July 2017
–
2,991
2,275
5,266
--------
--------
--------
--------
7. Debtors
2018
2017
£
£
Trade debtors
8,175
1,670
Other debtors
4,480
6,582
--------
-------
12,655
8,252
--------
-------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
10,405
5,809
Social security and other taxes
1,640
1,411
Other creditors
181,696
169,503
---------
---------
193,741
176,723
---------
---------
Other creditors include deferred income as follows:
2018 2017
£ £
Course fees received in advance 112,531 113,082
9. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 1,012 (2017: £ 407 ).
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
–
475
Later than 1 year and not later than 5 years
9,174
–
-------
----
9,174
475
-------
----
11. Related party transactions
The company was under the control of the directors throughout the current and previous year. During the year bookkeeping fees of £12,652 (2017: £12,019) were paid to Anne Curtis who is a director. Remuneration to directors of £32,100 (2017: £30,000) was paid in the year.
12. Bristol folk house
The company acts as the service provider, under an annual licence for Bristol Folk House a registered charity, registered number 301666, which owns the freehold of the premises from which the company operates. A Liaison Committee of charity trustees and the company's directors meet monthly to monitor the delivery of services and to ensure that the aims and objectives of the Charity are being met.
During the year the following amounts were payable to Bristol Folk House.
2018
2017
£
£
Rent
37,000
30,000
Donations
48,500
36,400
Insurance
3,000
3,000
Rates
4,982
6,763
A balance of £48,500 (2017: £36,400) due to Bristol Folkhouse at the year end is included in other creditors.