Company Registration No. 5920055 (England and Wales)
Audax United Kingdom Long Distance Cyclists' Association
Unaudited accounts
for the year ended 31 August 2018
Audax United Kingdom Long Distance Cyclists' Association
Unaudited accounts
Contents
Audax United Kingdom Long Distance Cyclists' Association
Company Information
for the year ended 31 August 2018
Directors
Christopher Peter Crossland
Martin David Foley
Peter Christopher Donald Lewis
John Matthew Sabine
William John Ward
Graeme David Provan
Nigel Peter Armstrong
Caroline Anne Fenton
Robert Alan McIvor
Secretary
Graeme David Provan
Company Number
5920055 (England and Wales)
Registered Office
Whitelands
Terling Road
Hatfield Peverel
Essex
CM3 2AG
Audax United Kingdom Long Distance Cyclists' Association
Statement of financial position
as at
31 August 2018
Tangible assets
1,631
2,175
Cash at bank and in hand
230,144
313,215
Creditors: amounts falling due within one year
(44,638)
(46,643)
Net current assets
192,917
278,087
Total assets less current liabilities
194,548
280,262
Creditors: amounts falling due after more than one year
(37,422)
(31,298)
Net assets
157,126
248,964
Profit and loss account
157,126
248,964
Members' funds
157,126
248,964
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 9 January 2019.
Christopher Peter Crossland
Director
Company Registration No. 5920055
Audax United Kingdom Long Distance Cyclists' Association
Notes to the Accounts
for the year ended 31 August 2018
Audax United Kingdom Long Distance Cyclists' Association is a private company, limited by guarantee, registered in England and Wales, registration number 5920055. The registered office is Whitelands, Terling Road, Hatfield Peverel, Essex, CM3 2AG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities, The Financial Reporting Standard applicable in the UK and the Companies Act 2006.
These financial statements were authorised for issue by the Board on 9th January 2019.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets, except that as disclosed in the accounts certain items are shown at fair value.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance method
Finished goods inventories have been valued at the lower of cost and estimated selling price less costs to sell and comprise stocks of medals and badges.
The tax expense is recognised in profit and loss. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted by the reporting date in the countries where the company operates.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Members and Directors of Audax United Kingdom Long Duistance Cyclists' Association who are paid an honorarium for their services to the company are identified as employees in note 10.
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Audax United Kingdom Long Distance Cyclists' Association
Notes to the Accounts
for the year ended 31 August 2018
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
At 1 September 2017
2,900
Finished goods
4,132
5,357
Accrued income and prepayments
3,279
3,981
Audax United Kingdom Long Distance Cyclists' Association
Notes to the Accounts
for the year ended 31 August 2018
7
Creditors: amounts falling due within one year
2018
2017
Trade creditors
3,178
7,364
Taxes and social security
3,149
2,571
Other creditors
30,312
21,899
Other creditors above include members deferred subscriptions of £24,999.
8
Creditors: amounts falling due after more than one year
2018
2017
Other creditors
37,422
31,298
Other creditors above are made up of members deferred subscriptions.
9
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
10
Average number of employees
During the year the average number of employees was 30 (2017: 29).