Portwood Ward Labour Party (Holdings) Limited |
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Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Portwood Ward Labour Party (Holdings) Limited for the year ended 30 June 2015 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Portwood Ward Labour Party (Holdings) Limited for the year ended 30 June 2015 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
This report is made solely to the Board of Directors of Portwood Ward Labour Party (Holdings) Limited, as a body, in accordance with the terms of our engagement letter dated 15 May 2006. Our work has been undertaken solely to prepare for your approval the accounts of Portwood Ward Labour Party (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Portwood Ward Labour Party (Holdings) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Portwood Ward Labour Party (Holdings) Limited and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Portwood Ward Labour Party (Holdings) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Portwood Ward Labour Party (Holdings) Limited. You consider that Portwood Ward Labour Party (Holdings) Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the accounts of Portwood Ward Labour Party (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts. |
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APPLEBY & WOOD |
Chartered Accountants |
Bolton Enterprise centre |
Washington St |
Bolton |
Greater Manchester |
BL3 5EY |
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20 December 2015 |
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Portwood Ward Labour Party (Holdings) Limited
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Registered number: |
00700165
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Abbreviated Balance Sheet |
as at 30 June 2015
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Notes |
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2015 |
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|
2014 |
£ |
£ |
Fixed assets |
Tangible assets |
2 |
|
|
142,424 |
|
|
142,424 |
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Current assets |
Cash at bank and in hand |
|
|
1,571 |
|
|
1,571 |
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Net current assets |
|
|
|
1,571 |
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|
1,571 |
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Total assets less current liabilities |
|
|
|
143,995 |
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|
143,995 |
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Creditors: amounts falling due after more than one year |
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|
|
(142,566) |
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|
(142,566) |
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|
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Net assets |
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|
|
1,429 |
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|
1,429 |
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|
|
|
|
|
|
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Capital and reserves |
Profit and loss account |
|
|
|
1,429 |
|
|
1,429 |
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Shareholders' funds |
|
|
|
1,429 |
|
|
1,429 |
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|
|
|
|
|
|
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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.
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Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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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.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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Mrs M Rowles |
Director |
Approved by the board on 20 December 2015
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The notes on page 3 form an integral part of these financial statements |
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Portwood Ward Labour Party (Holdings) Limited
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Notes to the Abbreviated Accounts |
for the year ended 30 June 2015
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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Depreciation |
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The property is an investment property being the club building in which Brinnington Ward labour Club trades. In accordance with the requirements of the Financial Reporting Standards depreciation is no longer chargeable on properties held as investments if the current value exceeds the cost. The Director's have taken informal valuations and now believe it would be difficult to achieve a net selling price at or above cost. The informal valuations range from £120,000 to £150,000. |
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The board feel that in time the value of the property may rise to cost level and in view of the commitment from Brinnington Ward Labour Club, that it is inappropriate to write down the property value or to incur the expense of formal valuations. In the absence of a formal valuation the Fixed Assets have been included in the accounts at cost. Until an agreed external valuation is obtained the value for accounts purposes is uncertain and has not been included in the accounts. In this respect the company has departed from accounting standards. |
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2 |
Tangible fixed assets |
£ |
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|
Cost |
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At 1 July 2014 |
142,424 |
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At 30 June 2015 |
142,424 |
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Depreciation |
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At 30 June 2015 |
- |
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|
|
|
|
|
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Net book value |
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At 30 June 2015 |
142,424 |
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At 30 June 2014 |
142,424 |
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|
|
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|
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3 |
Share Capital |
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The company does not have share capital and is limited by guarantee |
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4 |
Creditors: amounts falling due after one year |
2015 |
|
2014 |
£ |
£ |
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Loans |
142,566 |
|
142,566 |
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The loan is from Brinnington Ward Labour Club - Related Party |
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The (notional) rent due in respect of the Club's use of the premises is waived and considered to be equal to any (notional) interest due on the loan. The committee of Brinnington Ward Labour Club have not given notice to call in any of the loan. If a repayment either in full or in part was required the company would need to raise money either by sale of loan. |