Abbey Cross Angling Society Limited
Registered number: 05617105
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 79,054 79,054
Current assets
Debtors 4 8,500 9,714
Cash at bank and in hand 333,932 90,714
342,432 100,428
Creditors: amounts falling due within one year 5 (6,824) (17,415)
Net current assets 335,608 83,013
Total assets less current liabilities 414,662 162,067
Provision 6 (264,511) -
Net assets 150,151 162,067
Capital and reserves
Profit and loss account 150,151 162,067
Shareholders' funds 150,151 162,067
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C F Janes
Director
Approved by the board on 19 March 2018
Abbey Cross Angling Society Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
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.
Turnover
Turnover represents subscriptions and enrolment fees received from members.
Tangible fixed assets
No depreciation is provided on the land and waters as although they have not been valued at the balance sheet date the directors' consider their value to be similar to their original cost.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
Corporation tax is only liable on bank interest received.
2 FRS 102
The company's land and waters have not been included in the accounts at their open market value as required by Financial Reporting Standard 102. As stated in note 1 above the directors consider their value to be similar to their original cost.
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2017 79,054
At 31 December 2017 79,054
Depreciation
At 31 December 2017 -
Net book value
At 31 December 2017 79,054
At 31 December 2016 79,054
4 Debtors 2017 2016
£ £
Other debtors 8,500 9,714
5 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 47 25
Other creditors 6,777 17,390
6,824 17,415
6 Provision 2017 2016
£ £
During the year the company received a legacy from the estate
of a former member, Derek Clark, and this money will be spent on
special projects in the current year and in the future.
As a result the amount has not been included in the profit and loss
account, and will be shown as a provision in these and future accounts
and until it has all been spent.
Legacy received 291,123 -
Deduct:
Cost of electrical installation at Taylors Lake. (26,612)
At 31 December 2017 264,511 -
7 Controlling party
The company is controlled by the senior members of the company. (Limited to 450 members)
8 Other information
Abbey Cross Angling Society Limited is a private company limited by gaurantee and incorporated in England. Its registered office is:
Rosedale Old Cestrian Sports Club
Andrews Lane
Cheshunt
Hertfordshire
EN7 6TB
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