REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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THE LOTTERIES COUNCIL |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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THE LOTTERIES COUNCIL |
THE LOTTERIES COUNCIL (REGISTERED NUMBER: 05724970) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THE LOTTERIES COUNCIL |
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COMPANY INFORMATION |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
THE LOTTERIES COUNCIL (REGISTERED NUMBER: 05724970) |
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BALANCE SHEET |
31 December 2021 |
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31.12.20 | 31.12.21 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
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Tangible assets | 5 |
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CURRENT ASSETS |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
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Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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RESERVES |
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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. |
THE LOTTERIES COUNCIL (REGISTERED NUMBER: 05724970) |
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BALANCE SHEET - continued |
31 December 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income and Expenditure Account 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 LOTTERIES COUNCIL (REGISTERED NUMBER: 05724970) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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The Lotteries Council is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention. |
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The significant accounting policies applied in the preparation of these financial statements are set out below and these policies have been applied consistently to all years presented unless otherwise stated. |
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Going concern |
In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that a period of interrupted trading could bring and have taken measures to reduce the company's cost base in order to combat the reduction in revenues that this may cause. The directors have put in place contingency plans to reduce the cost base in order to ensure the company can continue as a going concern. Accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
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Turnover |
Turnover represents invoiced membership Fees to the council and for attendance at the annual conference. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where payments are received from members in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
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Tangible fixed assets |
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Computer equipment | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
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THE LOTTERIES COUNCIL (REGISTERED NUMBER: 05724970) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
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The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow or part of the asset to be recovered. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include deposits held at call with banks. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Other debtors |
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THE LOTTERIES COUNCIL (REGISTERED NUMBER: 05724970) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | ULTIMATE CONTROLLING PARTY |
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