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Registration number: 00174851

Masonic Assembly Rooms (Padiham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2017

 

Masonic Assembly Rooms (Padiham) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Masonic Assembly Rooms (Padiham) Limited

(Registration number: 00174851)
Balance Sheet as at 30 June 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

3,485

3,873

Investment property

5

200,000

200,000

 

203,485

203,873

Current assets

 

Stocks

6

566

550

Debtors

7

148

148

Cash at bank and in hand

 

41,618

36,399

 

42,332

37,097

Creditors: Amounts falling due within one year

8

(810)

(810)

Net current assets

 

41,522

36,287

Total assets less current liabilities

 

245,007

240,160

Provisions for liabilities

(40,000)

(40,000)

Net assets

 

205,007

200,160

Capital and reserves

 

Called up share capital

2,000

2,000

Share premium reserve

29,000

29,000

Other reserves

110,415

110,415

Profit and loss account

63,592

58,745

Total equity

 

205,007

200,160

 

Masonic Assembly Rooms (Padiham) Limited

(Registration number: 00174851)
Balance Sheet as at 30 June 2017

For the financial year ending 30 June 2017 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 20 October 2017 and signed on its behalf by:
 

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

Mr M W Blades

Director

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

1

General information

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

The address of its registered office is:
22 Moor Lane
Padiham
Lancashire
BB12 8LZ

These financial statements were authorised for issue by the Board on 20 October 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.

Basis of preparation

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

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

1% straight line

Fixtures and fittings

10% reducing balance

Organ

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2016 - 9).

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2016

23,230

350

23,580

At 30 June 2017

23,230

350

23,580

Depreciation

At 1 July 2016

19,454

253

19,707

Charge for the year

378

10

388

At 30 June 2017

19,832

263

20,095

Carrying amount

At 30 June 2017

3,398

87

3,485

At 30 June 2016

3,776

97

3,873

5

Investment properties

2017
£

Fair value at 1 July

200,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2017
£

2016
£

Other inventories

566

550

7

Debtors

2017
£

2016
£

Other debtors

148

148

Total current trade and other debtors

148

148

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Other creditors

 

810

810

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

9

Transition to FRS 102

The freehold property has been reclassified as Investments to correctly reflect the use of the property.

Balance Sheet at 1 July 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

54,588

(50,285)

-

4,303

Investments

 

-

200,000

-

200,000

 

54,588

149,715

-

204,303

Current assets

 

Stocks

 

664

-

-

664

Debtors

 

145

-

-

145

Cash at bank and in hand

 

32,943

-

-

32,943

 

33,752

-

-

33,752

Creditors: Amounts falling due within one year

 

(1,371)

-

-

(1,371)

Net current assets

 

32,381

-

-

32,381

Total assets less current liabilities

 

86,969

149,715

-

236,684

Provisions for liabilities

 

(748)

-

-

(748)

Net assets

 

86,221

149,715

-

235,936

Capital and reserves

 

Called up share capital

 

(2,500)

-

-

(2,500)

Share premium reserve

 

(29,000)

-

-

(29,000)

Other reserves

 

-

(149,715)

-

(149,715)

Profit and loss account

 

(54,721)

-

-

(54,721)

Total equity

 

(86,221)

(149,715)

-

(235,936)

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Balance Sheet at 30 June 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

53,458

(50,285)

-

3,173

Investment property

 

-

200,000

-

200,000

 

53,458

149,715

-

203,173

Current assets

 

Stocks

 

550

-

-

550

Debtors

 

148

-

-

148

Cash at bank and in hand

 

36,399

-

-

36,399

 

37,097

-

-

37,097

Creditors: Amounts falling due within one year

 

(810)

-

-

(810)

Net current assets

 

36,287

-

-

36,287

Net assets

 

89,745

149,715

-

239,460

Capital and reserves

 

Called up share capital

 

(2,000)

-

-

(2,000)

Share premium reserve

 

(29,000)

-

-

(29,000)

Other reserves

 

-

(150,415)

-

(150,415)

Profit and loss account

 

(58,745)

700

-

(58,045)

Total equity

 

(89,745)

(149,715)

-

(239,460)

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2017

Profit and Loss Account for the year ended 30 June 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Turnover

 

7,539

-

-

7,539

Cost of sales

 

(4,050)

-

-

(4,050)

Gross profit

 

3,489

-

-

3,489

Administrative expenses

 

(20,763)

700

-

(20,063)

Other operating income

 

20,550

-

-

20,550

Operating profit

 

3,276

700

-

3,976

Loss on financial assets at fair value through profit and loss account

 

-

(700)

-

(700)

 

-

(700)

-

(700)

Profit before tax

 

3,276

-

-

3,276

Taxation

 

748

-

-

748

Profit for the financial year

 

4,024

-

-

4,024