Company Registration No. 00917988 (England and Wales)
DERWENT RESERVOIR SAILING CLUB LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
DERWENT RESERVOIR SAILING CLUB LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
DERWENT RESERVOIR SAILING CLUB LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
41,663
51,517
Current assets
Stocks
500
500
Debtors
-
5,141
Cash at bank and in hand
68,741
86,845
69,241
92,486
Creditors: amounts falling due within one year
(14,720)
(26,773)
Net current assets
54,521
65,713
Total assets less current liabilities
96,184
117,230
Creditors: amounts falling due after more than one year
(2,518)
(14,843)
93,666
102,387
Capital and reserves
Profit and loss account
93,666
102,387
Shareholders' funds
93,666
102,387
For the financial year ended 30 September 2016 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 10 February 2017
M Cooper (Vice Commodore)
SI Donald (Commodore & Treasurer)
Director
Director
Company Registration No. 00917988
DERWENT RESERVOIR SAILING CLUB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.
The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for members subscriptions, courses, events and sale of goods. Where applicable these are net of VAT and discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
straight line over the remaining life of the property lease
Plant and machinery
25% on cost
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
DERWENT RESERVOIR SAILING CLUB LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 October 2015
293,317
Additions
8,333
At 30 September 2016
301,650
Depreciation
At 1 October 2015
241,800
Charge for the year
18,187
At 30 September 2016
259,987
Net book value
At 30 September 2016
41,663
At 30 September 2015
51,517