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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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The Hooton Park Trust |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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The Hooton Park Trust |
The Hooton Park Trust (Registered number: 03987530) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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The Hooton Park Trust |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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104 Whitby Road |
Ellesmere Port |
Cheshire |
CH65 0AB |
The Hooton Park Trust (Registered number: 03987530) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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The Hooton Park Trust (Registered number: 03987530) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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The Hooton Park Trust is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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All tangible fixed assets are initially recorded at cost. |
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Heritage assets: |
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The company's collection of badges and aviation ephemera, together with a classic car, are reported in the balance sheet at their cost of acquisition. |
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Acquisitions are made by purchase or donation. The company may occasionally dispose of objects from the collection in order to fund new acquisitions where the directors determine this does not detract from the integrity of the collection. |
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It is the company's policy to maintain its collection of heritage assets in full working order, where appropriate, and maintenance costs are charged to the profit and loss account when incurred. The assets are deemed to have indeterminate lives and the directors do not, therefore, consider it appropriate to charge depreciation. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
The Hooton Park Trust (Registered number: 03987530) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Collection |
of badges |
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Freehold | aviation | Plant and | Motor |
property | ephemera | machinery | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The property was purchased from Vauxhall Motors Limited who retain the option to buy back the whole or parts of the property at the purchase price if conditions detailed in the option agreement dated 27 September 2000 are not met. The company has, and will continue to operate the site within the terms of the option agreement and therefore expects to retain the freehold rights to the hangars and the other property. |
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During the period under review the company added to its collection of model aeroplanes at a cost of £460. |
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In the earlier accounting period ended 31 December 2013 the company purchased a collection of badges and aviation ephemera at a cost of £1,180. During the subsequent accounting period ended 31 December 2014 further purchases were made comprising of badges at a cost of £200 and a glider at a cost of £600. The company purchased further badges and other items of interest at a cost of £759 during the accounting period ended 31 December 2017. During the accounting period ended 31 December 2018 the company acquired a full-scale replica of the First World War British Sopwith Baby scout/bomber aircraft at a cost of £300. |
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Also, during the accounting period ended 31 December 2017 the company purchased a Meteor and an instrument panel for the Meteor which have been capitalised along with the costs of bringing them to their current location. The total amount paid was £6,350. |
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In an earlier accounting period the company acquired a Vauxhall Viva at a cost of £1,500. The motor car being an HA Viva, being the first model type produced at Ellesmere Port. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Prepayments |
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The Hooton Park Trust (Registered number: 03987530) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Tax |
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VAT | 2,185 | 582 |
Other creditors |
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Accruals and deferred income |
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7. | COMPANY LIMITED BY GUARANTEE |
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The company is a company limited by guarantee, without share capital. |