Abbreviated Audited Accounts. for the Period 1 January 2013 to 31 March for. Angling Trust Limited

Transcription

1 REGISTERED NUMBER: (England and Wales) Abbreviated Audited Accounts for Angling Trust Limited

2 Contents of the Abbreviated Accounts Page Company Information 1 Report of the Independent Auditors on the Abbreviated Accounts 2 Abbreviated Balance Sheet 3 Notes to the Abbreviated Accounts 4

3 Angling Trust Limited Company Information DIRECTORS: T W Fell M R Heylin D Moore J G Glasspool R Dyer D Kent R J Vincent G W Mawle Mrs J J Hyde C R Collier J Baldwin G Stephenson C Mills M Lloyd SECRETARY: S R Sharp REGISTERED OFFICE: Eastwood House 6 Rainbow Street Leominster Herefordshire HR6 8DQ REGISTERED NUMBER: (England and Wales) AUDITORS: bostockwhite Limited Chartered Accountants and Statutory Auditors Cabourn House Station Street Bingham Nottinghamshire NG13 8AQ BANKERS: Unity Trust Bank plc Nine Brindleyplace Birmingham B1 2HB Page 1

4 Report of the Independent Auditors to Angling Trust Limited Under Section 449 of the Companies Act 2006 We have examined the abbreviated accounts set out on pages three to five, together with the full financial statements of Angling Trust Limited for the period ended 31 March 2014 prepared under Section 396 of the Companies Act This report is made solely to the company, in accordance with Section 449 of the Companies Act Our work has been undertaken so that we might state to the company those matters we are required to state to it in a special auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors The directors are responsible for preparing the abbreviated accounts in accordance with Section 444 of the Companies Act It is our responsibility to form an independent opinion as to whether the company is entitled to deliver abbreviated accounts to the Registrar of Companies and whether the abbreviated accounts have been properly prepared in accordance with the Regulations made under that Section and to report our opinion to you. Basis of opinion We conducted our work in accordance with Bulletin 2008/4 issued by the Auditing Practices Board. In accordance with that Bulletin we have carried out the procedures we consider necessary to confirm, by reference to the financial statements, that the company is entitled to deliver abbreviated accounts and that the abbreviated accounts to be delivered are properly prepared. Opinion In our opinion the company is entitled to deliver abbreviated accounts prepared in accordance with Section 444(3) of the Companies Act 2006, and the abbreviated accounts have been properly prepared in accordance with the Regulations made under that Section. Samantha White FCA CTA (Senior Statutory Auditor) for and on behalf of bostockwhite Limited Chartered Accountants and Statutory Auditors Cabourn House Station Street Bingham Nottinghamshire NG13 8AQ Date:... Page 2

5 Abbreviated Balance Sheet 31 March Notes FIXED ASSETS Intangible assets 2 - (31,978) Tangible assets 3 125, , ,367 75,634 CURRENT ASSETS Debtors 106,086 21,089 Cash at bank and in hand 593, , , ,014 CREDITORS Amounts falling due within one year 581, ,464 NET CURRENT ASSETS 118,446 78,550 TOTAL ASSETS LESS CURRENT LIABILITIES 243, ,184 CREDITORS Amounts falling due after more than one year 20,271 21,310 NET ASSETS 223, ,874 RESERVES Revaluation reserve 94,372 81,420 Income and expenditure account 129,170 51, , ,874 The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved by the Board of Directors on... and were signed on its behalf by:... G Stephenson - Director The notes form part of these abbreviated accounts Page 3

6 Notes to the Abbreviated Accounts 1. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Income Income represents membership subscriptions, competitions entry fees, coach licence and course fees, contributions from members and grant income from partner funding bodies, excluding value added tax. Goodwill The negative goodwill arising on the acquisition of a business on 1 April 2012 is being amortised over one year, being nine months in the year ended 31 December 2012 with the further three months amortised in the period ended 31 March Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery Trophies Computer equipment - 50% on cost - 5% on revaluation less residual value - 33% on cost All assets purchased for under 1,000 are not capitalised and are written off in the year of purchase. The trophy collection has been revalued by Cumberland Galleries, Lincoln. The valuation was performed in 2010 and has been confirmed in writing in February An interim valuation has been prepared in 2014 by the same valuer. In the light of the valuers report the board has decided to adopt a policy of revaluation for this class of asset in the year ended 31 December A rolling policy of maintenance is to be implemented and included within future budgets. The useful economic life for this class of asset is 20 years straight line on the revalued amount less estimated residual value. Residual value is deemed to be the current value of those trophies which are hallmarked silver and are not identified as being in need of renovation. Operating lease commitments Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Life membership Members have the option to become a life member of the organisation. The related subscription amount is released to the profit and loss account on a straight line basis over a 10 year period. Membership The subscriptions of all members, excluding life members, are accounted for in the profit and loss account in the year of receipt. Pension The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. Page 4 continued...

7 Notes to the Abbreviated Accounts - continued 2. INTANGIBLE FIXED ASSETS Total COST At 1 January 2013 and 31 March 2014 (127,912) AMORTISATION At 1 January 2013 (95,934) Amortisation for period (31,978) At 31 March 2014 (127,912) NET BOOK VALUE At 31 March At 31 December 2012 (31,978) 3. TANGIBLE FIXED ASSETS Total COST OR VALUATION At 1 January ,133 Additions 13,995 Revaluations 7,112 At 31 March ,240 DEPRECIATION At 1 January ,521 Charge for period 9,192 Revaluation adjustments (5,840) At 31 March ,873 NET BOOK VALUE At 31 March ,367 At 31 December , SHARE CAPITAL The company has no share capital as it is a company limited by guarantee. Under the terms of the Memorandum and Articles of Association the Directors are each liable to contribute to the company the maximum sum of 1 in the event of the company winding up during their period of office or within the 12 months following their resignation. Page 5