Company Registration No. 09044411 (England and Wales)
DEER PARK ARCHERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
DEER PARK ARCHERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DEER PARK ARCHERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
308,014
302,878
Current assets
Stocks
2,310
-
Debtors
6
270
195
Cash at bank and in hand
19,612
19,680
22,192
19,875
Creditors: amounts falling due within one year
7
(2,677)
(5,991)
Net current assets
19,515
13,884
Total assets less current liabilities
327,529
316,762
Creditors: amounts falling due after more than one year
8
(214,205)
(213,810)
Net assets
113,324
102,952
Reserves
Other reserves
55,806
55,806
Income and expenditure account
57,518
47,146
Members' funds
113,324
102,952
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 March 2020 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.
DEER PARK ARCHERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 June 2020 and are signed on its behalf by:
Mr S M Howse
Director
Company Registration No. 09044411
DEER PARK ARCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Deer Park Archers Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
23 Jenner Close, Hucclecote, Gloucester, Gloucestershire, GL3 3DZ.
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 £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line over 10 or 25 years
Fixtures, fittings & equipment
Straight line over 2, 5 and 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
DEER PARK ARCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances
which
are measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors and loans are classified as debt
and
are
initially recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
If not, they are presented as non-current liabilities.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.7
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Operating surplus
2020
2019
Operating surplus for the year is stated after charging/(crediting):
£
£
Government and other grants
(12,406)
(10,707)
Depreciation of owned tangible fixed assets
16,380
13,264
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2019 - 4).
DEER PARK ARCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
4
Taxation
The company operates for the benefit of its members on a not for profit basis.
The company has Community Amateur Sports Club status and has no taxation liabilities arising from these accounts.
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
311,966
35,625
347,591
Additions
17,403
4,113
21,516
At 31 March 2020
329,369
39,738
369,107
Depreciation and impairment
At 1 April 2019
27,117
17,596
44,713
Depreciation charged in the year
13,269
3,111
16,380
At 31 March 2020
40,386
20,707
61,093
Carrying amount
At 31 March 2020
288,983
19,031
308,014
At 31 March 2019
284,849
18,029
302,878
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
70
-
Other debtors
200
195
270
195
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
75
1,021
Accruals and deferred income
2,602
4,970
2,677
5,991
DEER PARK ARCHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other borrowings
2,000
4,200
Government and other grants
212,205
209,610
214,205
213,810
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
Events after the reporting date
In preparing these accounts the directors considered the curtailment of activities for March, April and May 2020 and the reduced level of activity expected for the remainder of the outside season 2020 after shooting recommenced on 30 May, and also the anticipated impact on the indoor season 2020/21 because of government restrictions on movement and the requirement for social distancing as a result of the Coronavirus COVID-19. The Company has received a government grant of £10,000 for support during this period.