ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

WORSTEAD SPORTING LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseOperation of a game shootfalse2017-04-01 06979908 2017-04-01 2018-03-31 06979908 2016-04-01 2017-03-31 06979908 2018-03-31 06979908 2017-03-31 06979908 c:Director1 2017-04-01 2018-03-31 06979908 c:RegisteredOffice 2017-04-01 2018-03-31 06979908 d:CurrentFinancialInstruments 2018-03-31 06979908 d:CurrentFinancialInstruments 2017-03-31 06979908 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 06979908 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 06979908 d:ShareCapital 2018-03-31 06979908 d:ShareCapital 2017-03-31 06979908 d:RetainedEarningsAccumulatedLosses 2018-03-31 06979908 d:RetainedEarningsAccumulatedLosses 2017-03-31 06979908 c:FRS102 2017-04-01 2018-03-31 06979908 c:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 06979908 c:FullAccounts 2017-04-01 2018-03-31 06979908 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 06979908










WORSTEAD SPORTING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018
 
WORSTEAD SPORTING LIMITED
 
 
COMPANY INFORMATION


Director
Mrs T M Crane 




Registered number
06979908



Registered office
Prospect House
Main Road

Ormesby St Michael

Great Yarmouth

Norfolk

NR29 3LN




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ




 
WORSTEAD SPORTING LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2
Notes to the Financial Statements
 
 
3 - 5

 
WORSTEAD SPORTING LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WORSTEAD SPORTING LIMITED
FOR THE YEAR ENDED 31 MARCH 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Worstead Sporting Limited for the year ended 31 March 2018 which comprise  the Balance Sheet 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Worstead Sporting Limited in accordance with the terms of our engagement letter dated 27 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Worstead Sporting Limited and state those matters that we have agreed to state to the director of Worstead Sporting Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Worstead Sporting Limited and its director for our work or for this report. 

It is your duty to ensure that Worstead Sporting Limited 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 loss of Worstead Sporting Limited. You consider that Worstead Sporting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Worstead Sporting Limited. 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
30 January 2019
Page 1
 
WORSTEAD SPORTING LIMITED
REGISTERED NUMBER: 06979908

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2018
2017
2017
Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2
506

Cash at bank and in hand
  
83
47,098

  
85
47,604

Creditors: amounts falling due within one year
 5 
(1,693)
(47,639)

Net current liabilities
  
 
 
(1,608)
 
 
(35)

  

Net liabilities
  
£(1,608)
£(35)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(1,610)
(37)

  
£(1,608)
£(35)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 January 2019.




Mrs T M Crane
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
WORSTEAD SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

Worstead Sporting Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The registered office is Prospect House, Main Road, Ormesby St Michael, Great Yarmouth, Norfolk, NR29 3LN.
The Company's principal activity is that of the operation of a game shoot.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the Company in respect of income from organised shoot days.  The Company is not registered for Value Added Tax.
Turnover is accounted for in accordance with the date upon which the shoot takes place and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured.

 
2.3

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3
 
WORSTEAD SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).


4.


Debtors

2018
2017
£
£


Other debtors
-
504

Called up share capital not paid
2
2

£2
£506


Page 4
 
WORSTEAD SPORTING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

5.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
-
47,000

Accruals and deferred income
1,693
639

£1,693
£47,639


 
Page 5