Company Registration No. 00513517 (England and Wales)
Ampleforth Abbey Trading Limited
Financial statements
for the year ended 31 August 2021
Pages for filing with the Registrar
Ampleforth Abbey Trading Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Ampleforth Abbey Trading Limited
Balance sheet
As at 31 August 2021
Page 1
2021
2020
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
4
55
2
Current assets
Stocks
6
80
215
Debtors
5
236
186
Cash at bank and in hand
142
30
458
431
Creditors: amounts falling due within one year
7
(90)
(65)
Net current assets
368
366
Net assets
423
368
Capital and reserves
Called up share capital
8
50
50
Profit and loss reserves
373
318
Total equity
423
368
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 18 August 2022 and are signed on its behalf by:
Rev Kevin Hayden
Director
Company Registration No. 00513517
Ampleforth Abbey Trading Limited
Notes to the financial statements
For the year ended 31 August 2021
Page 2
1
Accounting policies
Company information
Ampleforth Abbey Trading Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Ampleforth Abbey, York, North Yorkshire, YO62 4EY.
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 £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The activities of the company are closely linked to those of Ampleforth Abbey Trust (the Trust), its parent undertaking, and the company's operational performance is dependent upon being able to trade from the Trust premises.
The financial statements of Ampleforth Abbey Trust for the year ended 31 August 2021 disclose a material uncertainty in respect of the Trust being dependent upon the realisation of cash from the sale of surplus property or disposal of investment funds within the going concern period. These asset sales are progressing in line with expectations at the date of approval of the financial statements and the Trust has additional liquid investment funds which could provide additional headroom should property transactions not complete as planned. However, these conditions indicate the existence of a material uncertainty as the receipt of these proceeds is fundamental to the Trust being able to service its obligations as they fall due.
Given the operational relationship between the company and the Trust, this also presents a material uncertainty about the company's ability to continue as a going concern.
1.3
Turnover
Ampleforth Abbey Trading is licensed to occupy certain buildings on Ampleforth's estate. Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Trading income is recognised at the point of sale to the customer.
Ampleforth Abbey Trading Limited
Notes to the financial statements (continued)
For the year ended 31 August 2021
1
Accounting policies (continued)
Page 3
1.4
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 calculated so as to write off the cost of tangible and intangible fixed assets, after deducting improvement grants, by equal instalments over their estimated useful lives as follows:
Buildings
10 - 25 years
Plant and machinery
4 years
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Ampleforth Abbey Trading Limited
Notes to the financial statements (continued)
For the year ended 31 August 2021
1
Accounting policies (continued)
Page 4
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Ampleforth Abbey Trading Limited
Notes to the financial statements (continued)
For the year ended 31 August 2021
1
Accounting policies (continued)
Page 5
1.10
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
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company operates a defined contribution scheme. Contributions are charged to the profit and loss account as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
Ampleforth Abbey Trading Limited
Notes to the financial statements (continued)
For the year ended 31 August 2021
Page 6
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The company did not directly employ any employees in the current or prior year.
4
Tangible fixed assets
Buildings
Plant and machinery etc
Total
£'000
£'000
£'000
Cost
At 1 September 2020
452
40
492
Additions
67
67
At 31 August 2021
452
107
559
Depreciation and impairment
At 1 September 2020
452
38
490
Depreciation charged in the year
14
14
At 31 August 2021
452
52
504
Carrying amount
At 31 August 2021
55
55
At 31 August 2020
2
2
Ampleforth Abbey Trading Limited
Notes to the financial statements (continued)
For the year ended 31 August 2021
Page 7
5
Debtors
2021
2020
Amounts falling due within one year:
£'000
£'000
Trade debtors
157
36
Amounts owed by group undertakings
74
119
Other debtors
5
31
236
186
6
Stocks
2021
2020
£'000
£'000
Shops
34
165
Shops - publishing
-
4
Sports
2
2
Other
44
44
80
215
7
Creditors: amounts falling due within one year
2021
2020
£'000
£'000
Trade creditors
65
18
Other creditors
25
47
90
65
8
Called up share capital
2021
2020
£'000
£'000
Ordinary share capital
Issued and fully paid
50,000 Ordinary shares of £1 each
50
50
Ampleforth Abbey Trading Limited
Notes to the financial statements (continued)
For the year ended 31 August 2021
Page 8
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Material uncertainty relating to going concern
We draw attention to note 1 of the financial statements which describes the operational relationship between the company and its parent undertaking, Ampleforth Abbey Trust (the Trust) and the Trust's own financial dependence upon receipt of cash proceeds from the sale of surplus assets or the realisation of investment funds. These conditions indicate a material uncertainty around going concern. Our audit opinion is not modified in respect of this matter.
The senior statutory auditor was Sally Appleton.
The auditor was Saffery Champness LLP.
10
Parent company
The company is a subsidiary of Ampleforth Abbey Trust, which is a charity registered in the United Kingdom. The ultimate parent undertaking is The Ampleforth Abbey Trustees, a company limited by guarantee.
The largest group in which the results of the company are consolidated is that headed by Ampleforth Abbey Trust. The consolidated accounts of the group are available to the public and may be obtained from the Charity Commission.
2021-08-31
2020-09-01
false
19 August 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
Mr Richard Doyle (non exec)
Rev Kevin Hayden
Mr Andrew Slingsby
Mr P Hackwood
Mr C S Swinburne
Mr Liam Kelly
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