CCFON LTD
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Notes to the Accounts |
for the year ended 30 June 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover represents the value of grants and donations received from various sources including, income from campaigns, merchandise and reimbursements from and the company's associated not for profit company and an associated Christian charity.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Plant and machinery |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 July 2016 |
55,910 |
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Additions |
5,087 |
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At 30 June 2017 |
60,997 |
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Depreciation |
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At 1 July 2016 |
55,909 |
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Charge for the year |
1,272 |
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At 30 June 2017 |
57,181 |
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Net book value |
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At 30 June 2017 |
3,816 |
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At 30 June 2016 |
1 |
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3 |
Investment |
Investments in |
subsidiary |
undertakings |
£ |
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Cost |
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At 1 July 2016 |
1 |
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At 30 June 2017 |
1 |
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This is an investment in minor and specialist predominately in house publcations entity called Wilberforce Publications Ltd |
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4 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
30,387 |
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14,244 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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33,000 |
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- |
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Other debtors |
5,957 |
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5,276 |
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69,344 |
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19,520 |
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5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
34,459 |
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14,151 |
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Other taxes and social security costs |
19,654 |
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21,994 |
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Other creditors |
36,171 |
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46,107 |
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90,284 |
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82,252 |
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6 |
Related party transactions |
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Adegboyeca Adydeji Omooba |
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Director |
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Annual Salary |
(62,077) |
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(62,009) |
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Amount due (to) the related party |
- |
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Christian Legal Centre |
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In Common Director Andrea R Williams |
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Amounts forwarded to Christian Legal Centre Ltd for related and associated work |
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(239,197) |
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(88,459) |
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NB. Andrea R Williams CLC salary was £45,000 with the balance of funds £ 194,197 used for other relevant expenditure items |
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Faith Truth & Hope |
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Common Director Andrea R Williams |
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Amounts forwarded by Faith Truth and Hope for related and associated work |
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360,987 |
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512,900 |
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Wilberforce Publications Ltd |
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Common Director Andrea R Williams |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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5,528 |
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4,672 |
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7 |
Going Concern |
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The financial statements have been prepared on the going concern basis on the directors assumption that this not for profit company will continue to meet its obligations as they fall due. |
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This depends on sympathetic individuals and Christian groups continuing to donate gifts to fund CCFON's working capital requirements. |
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These donations are vital for the survival and on going function of the company until income streams can be increased, or funds injected by strategic partners to fund the accumulated and token deficit. |
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8 |
Corporate Structure |
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CCFON Ltd is incorporated as a company limited by guarantee. The members are each liable to contribute up to £1 in the event of the company being wound up. |
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9 |
Controlling party |
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There is no overall controlling company, but there is one common director in the associated not for profit and charitable companies.
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10 |
Other information |
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CCFON LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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70 Wimpole Street |
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London |
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W1G 8AX |