back to OLYMPIC BOWLING CLUB COMPANY,LIMITED detail Olympic Bowling Club Company Limited - Period Ending 2016-12-31
Olympic Bowling Club Company Limited 00035763 false 2016-01-01 2016-12-31 2016-12-31 The principal activity of the company is that of a bowling club and social club Digita Accounts Production Advanced 6.20.8420.0 Software true 00035763 2016-01-01 2016-12-31 00035763 2016-12-31 00035763 bus:OrdinaryShareClass1 2016-12-31 00035763 core:RetainedEarningsAccumulatedLosses 2016-12-31 00035763 core:ShareCapital 2016-12-31 00035763 core:CurrentFinancialInstruments 2016-12-31 00035763 core:CurrentFinancialInstruments core:WithinOneYear 2016-12-31 00035763 core:FurnitureFittingsToolsEquipment 2016-12-31 00035763 core:LandBuildings 2016-12-31 00035763 bus:SmallEntities 2016-01-01 2016-12-31 00035763 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 00035763 bus:FullAccounts 2016-01-01 2016-12-31 00035763 bus:RegisteredOffice 2016-01-01 2016-12-31 00035763 bus:Director11 2016-01-01 2016-12-31 00035763 bus:Director13 2016-01-01 2016-12-31 00035763 bus:Director15 2016-01-01 2016-12-31 00035763 bus:Director16 2016-01-01 2016-12-31 00035763 bus:Director17 2016-01-01 2016-12-31 00035763 bus:Director2 2016-01-01 2016-12-31 00035763 bus:Director4 2016-01-01 2016-12-31 00035763 bus:Director8 2016-01-01 2016-12-31 00035763 bus:OrdinaryShareClass1 2016-01-01 2016-12-31 00035763 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 00035763 core:FurnitureFittingsToolsEquipment 2016-01-01 2016-12-31 00035763 core:LandBuildings 2016-01-01 2016-12-31 00035763 countries:England 2016-01-01 2016-12-31 00035763 2015-12-31 00035763 core:FurnitureFittingsToolsEquipment 2015-12-31 00035763 core:LandBuildings 2015-12-31 00035763 2015-01-01 2015-12-31 00035763 2015-12-31 00035763 bus:OrdinaryShareClass1 2015-12-31 00035763 core:RetainedEarningsAccumulatedLosses 2015-12-31 00035763 core:ShareCapital 2015-12-31 00035763 core:CurrentFinancialInstruments 2015-12-31 00035763 core:CurrentFinancialInstruments core:WithinOneYear 2015-12-31 00035763 core:FurnitureFittingsToolsEquipment 2015-12-31 00035763 core:LandBuildings 2015-12-31 iso4217:GBP xbrli:pure xbrli:shares

Olympic Bowling Club Company Limited

Registration number : 00035763



















Annual Report and Unaudited Financial Statements

for the year ended 31 December 2016

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Olympic Bowling Club Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Olympic Bowling Club Company Limited

Company Information

Directors

Mr Keith Newton

Mr John Metcalfe

Mr Stephen Philip Young

Mr Anthony Lynch

Mr Cyril Killen

Mr Peter James Woods

Mr Peter Connolly

Mr James Meadows

Registered office

Park Vale Road
Walton Vale
Walton
Merseyside
L9 2DG

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

Olympic Bowling Club Company Limited

(Registration number: 00035763)
Balance Sheet as at 31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Tangible assets

4

80,387

85,050

Current assets

 

Stocks

5

3,656

3,825

Debtors

6

1,203

437

Cash at bank and in hand

 

61,121

59,960

 

65,980

64,222

Creditors: Amounts falling due within one year

7

(9,628)

(11,513)

Net current assets

 

56,352

52,709

Net assets

 

136,739

137,759

Capital and reserves

 

Called up share capital

1,200

1,200

Profit and loss account

135,539

136,559

Total equity

 

136,739

137,759

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 March 2017 and signed on its behalf by:
 

.........................................

Mr Cyril Killen

Director

 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Park Vale Road
Walton Vale
Walton
Merseyside
L9 2DG

These financial statements were authorised for issue by the Board on 24 March 2017.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

2% Straight line basis

Fixtures, fittings and equipment

20% Straight line basis

 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2015 - 3).

 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2016

102,738

94,822

197,560

Additions

-

2,029

2,029

At 31 December 2016

102,738

96,851

199,589

Depreciation

At 1 January 2016

26,205

86,305

112,510

Charge for the year

2,043

4,649

6,692

At 31 December 2016

28,248

90,954

119,202

Carrying amount

At 31 December 2016

74,490

5,897

80,387

At 31 December 2015

76,533

8,517

85,050

Included within the net book value of land and buildings above is £74,490 (2015 - £76,533) in respect of freehold land and buildings.
 

5

Stocks

2016
£

2015
£

Finished goods and goods for resale

3,656

3,825

6

Debtors

2016
£

2015
£

Other debtors

1,203

437

 

1,203

437

 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

7

Creditors

Creditors: amounts falling due within one year

2016
£

2015
£

Due within one year

Trade creditors

2,962

2,955

Taxation and social security

3,227

2,862

Other creditors

3,439

5,696

9,628

11,513

8

Share capital

Allotted, called up and fully paid shares

 

2016

2015

 

No.

£

No.

£

Ordinary of £1 each

1,200

1,200

1,200

1,200

         
 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

9

Transition to FRS 102

Balance Sheet at 1 January 2015
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

87,409

-

-

87,409

Current assets

Stocks

3,572

-

-

3,572

Debtors

(1)

-

-

(1)

Cash at bank and in hand

64,254

-

-

64,254

67,825

-

-

67,825

Creditors: Amounts falling due within one year

(13,287)

-

-

(13,287)

Net current assets

54,538

-

-

54,538

Net assets

141,947

-

-

141,947

Capital and reserves

Called up share capital

1,200

-

-

1,200

Profit and loss account

140,747

-

-

140,747

Total equity

141,947

-

-

141,947

 

Olympic Bowling Club Company Limited

Notes to the Financial Statements for the year ended 31 December 2016

Balance Sheet at 31 December 2015
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

85,050

-

-

85,050

Current assets

Stocks

3,825

-

-

3,825

Debtors

436

-

-

436

Cash at bank and in hand

59,960

-

-

59,960

64,221

-

-

64,221

Creditors: Amounts falling due within one year

(11,512)

-

-

(11,512)

Net current assets

52,709

-

-

52,709

Net assets

137,759

-

-

137,759

Capital and reserves

Called up share capital

1,200

-

-

1,200

Profit and loss account

136,559

-

-

136,559

Total equity

137,759

-

-

137,759