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Registration number: 00174851

Masonic Assembly Rooms (Padiham) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

 

Masonic Assembly Rooms (Padiham) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Masonic Assembly Rooms (Padiham) Limited

(Registration number: 00174851)
Balance Sheet as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

5,044

3,485

Investment property

5

200,000

200,000

 

205,044

203,485

Current assets

 

Stocks

6

242

566

Debtors

7

149

148

Cash at bank and in hand

 

34,082

41,618

 

34,473

42,332

Creditors: Amounts falling due within one year

8

(840)

(810)

Net current assets

 

33,633

41,522

Total assets less current liabilities

 

238,677

245,007

Provisions for liabilities

(40,000)

(40,000)

Net assets

 

198,677

205,007

Capital and reserves

 

Called up share capital

1,500

2,000

Share premium reserve

29,000

29,000

Other reserves

110,415

110,415

Profit and loss account

57,762

63,592

Total equity

 

198,677

205,007

 

Masonic Assembly Rooms (Padiham) Limited

(Registration number: 00174851)
Balance Sheet as at 30 June 2018

For the financial year ending 30 June 2018 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 14 September 2018 and signed on its behalf by:
 

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

Mr B Ross
Director

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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 14 September 2018.

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.

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

1% straight line

Fixtures and fittings

10% reducing balance

Organ

10% reducing balance

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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.

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 (2017 - 9).

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2017

23,230

350

23,580

Additions

-

2,119

2,119

At 30 June 2018

23,230

2,469

25,699

Depreciation

At 1 July 2017

19,832

263

20,095

Charge for the year

340

220

560

At 30 June 2018

20,172

483

20,655

Carrying amount

At 30 June 2018

3,058

1,986

5,044

At 30 June 2017

3,398

87

3,485

5

Investment properties

2018
£

Fair value at 1 July

200,000

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

6

Stocks

2018
£

2017
£

Other inventories

242

566

7

Debtors

2018
£

2017
£

Prepayments

149

148

149

148

 

Masonic Assembly Rooms (Padiham) Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

8

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Accruals and deferred income

840

810