Company Registration No. 06510855 (England and Wales)
TRINITY CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
TRINITY CENTRE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TRINITY CENTRE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,848
4,485
Current assets
Stocks
250
250
Debtors
4
3,622
5,545
Cash at bank and in hand
1,343
1,371
5,215
7,166
Creditors: amounts falling due within one year
5
(3,629)
(3,755)
Net current assets
1,586
3,411
Total assets less current liabilities
9,434
7,896
Capital and reserves
Profit and loss reserves
9,434
7,896
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 May 2020 and are signed on its behalf by:
G Blair
Director
Company Registration No. 06510855
TRINITY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Trinity Centre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Trinity Centre, High Street, Gosforth, Tyne and Wear, NE3 4AG. The company registration number is 06510855.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises revenue recognised by the company in respect of catering services, room hire and donations.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TRINITY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction
costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
7
6
TRINITY CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2018
72,456
Additions
5,683
Disposals
(726)
At 31 August 2019
77,413
Depreciation and impairment
At 1 September 2018
67,971
Depreciation charged in the year
2,320
Eliminated in respect of disposals
(726)
At 31 August 2019
69,565
Carrying amount
At 31 August 2019
7,848
At 31 August 2018
4,485
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
3,622
4,544
Other debtors
-
1,001
3,622
5,545
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
1,491
2,025
Corporation tax
162
-
Other taxation and social security
1,976
1,730
3,629
3,755