Company registration number 03877634 (England and Wales)
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
COMPANY INFORMATION
Directors
K Crumpton
D Whitton
D V Newton
(Appointed 6 February 2022)
Company number
03877634
Registered office
20 Sutton Road
Kirkby-In-Ashfield
Nottingham
NG17 8GS
Accountants
S C Hudson
24 Westfield Close
Brampton
Chesterfield
Derbyshire
S40 3RS
Business address
20 Sutton Road
Kirkby-In-Ashfield
Nottingham
NG17 8GS
Bankers
HSBC Bank Plc
1 Leeming Street
Mansfield
Nottingham
NG18 1LU
Solicitors
Clayton, Mott and Lawton
Market Chambers
Market Place
Sutton In Ashfield
Nottinghamshire
NG17 1AQ
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006,
I
have prepared for your approval the financial statements of Bentinck Miners' Welfare Social Club Limited for the year ended 31 December 2021 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given
me
.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW),
I am
subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Bentinck Miners' Welfare Social Club Limited, as a body, in accordance with the terms of
my
engagement letter dated 14 May 2011.
My
work has been undertaken solely to prepare for your approval the financial statements of Bentinck Miners' Welfare Social Club Limited
and state those matters that
I
have agreed to state to the Board of Directors of Bentinck Miners' Welfare Social Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law,
I
do not accept or assume responsibility to anyone other than Bentinck Miners' Welfare Social Club Limited and its Board of Directors as a body, for
my
work or for this report.
It is your duty to ensure that Bentinck Miners' Welfare Social Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and deficit
of Bentinck Miners' Welfare Social Club Limited. You consider that Bentinck Miners' Welfare Social Club Limited is exempt from the statutory audit
requirement for the year.
I
have not been instructed to carry out an audit or a review of the financial statements of Bentinck Miners' Welfare Social Club Limited. For this reason,
I
have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to
me
and
I
do not, therefore, express any opinion on the statutory financial statements.
S C Hudson
Chartered Accountant
24 Westfield Close
Brampton
Chesterfield
Derbyshire
S40 3RS
7 July 2022
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,522
1,814
Current assets
Stocks
4,575
1,850
Debtors
820
1,415
Cash at bank and in hand
24,933
31,831
30,328
35,096
Creditors: amounts falling due within one year
(56,037)
(57,625)
Net current liabilities
(25,709)
(22,529)
Net liabilities
(23,187)
(20,715)
Reserves
Income and expenditure account
(23,187)
(20,715)
Members' funds
(23,187)
(20,715)
In accordance with section 444 of the Companies Act 2006, all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 July 2022 and are signed on its behalf by:
D Whitton
Director
Company Registration No. 03877634
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Bentinck Miners' Welfare Social Club Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
20 Sutton Road, Kirkby-In-Ashfield, Nottingham, NG17 8GS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The company continues as a going concern only with support of the Bentinck Miners Welfare Scheme which has provided interest bearing loan capital finance to the company. Should the scheme withdraw that support it is unlikely that the Directors would be able to access alternative sources of the funding and the company would be unable to trade. The statements are prepared on the basis that the company will continue to have the support of the charity. The company following a major review of activities in 2008 embarked upon a series of measures designed to produce an operating surplus designed in order to eliminate the interfund debt with the charity over a seven year period. The combined surplus in the 2008-20
20
period was £12
3
,
623
which vindicated the decision made by the directors. The company
made a loss in
20
21
of £
1,879 before tax which was a good result given the exceptional termination costs.
. The Directors
continue to
strive despite the difficulties arising from having an old building to
review all aspects of the business to try and ensure an improvement of profitability. The interfund debt with the charity has reduced by a further £
7,596
after charging the company a further interest charge of £
546
. Whilst this is beyond the seven year period substantial progress has been made and the interfund
debt
continues to fall.
1.3
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.4
Tangible fixed assets
Depreciation is
provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment
25% reducing balance
1.5
Stocks
Stock was valued at the lower of cost or net realisable value, after making due allowances for obsolete and slow moving items.
1.6
Deferred taxation
Provision is made at current rates for taxation deferred in respect of all material timing differences except to the extent that, in the opinion of the directors, there is reasonable probability that the liability will not arise in the forseeable future.
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.7
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
12
12
BENTINCK MINERS' WELFARE SOCIAL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
4
Tangible fixed assets
Total
£
Cost
At 1 January 2021
14,634
Additions
1,549
At 31 December 2021
16,183
Depreciation and impairment
At 1 January 2021
12,820
Depreciation charged in the year
841
At 31 December 2021
13,661
Carrying amount
At 31 December 2021
2,522
At 31 December 2020
1,814
5
Members' liability
The company is a company limited by guarantee and does not have a share capital.