Report of the Directors and OFFICE COPY. Unaudited Financial Statements. for the Year Ended 31 December for. Messerschmitt Owners Club Ltd

Transcription

1 Report of the Directors and Unaudited Financial Statements for the Year Ended 31 December 2015 for Messerschmitt Owners Club Ltd

2 Contents of the Financial Statements Page Company Information 1 Report of the Directors 2 Report of the Accountants 3 Income and Expenditure Account 4 Balance Sheet 5 Notes to the Financial Statements 6 Detailed Income and Expenditure Account 8

3 Company Information DIRECTORS: SECRETARY: REGISTERED OFFICE: REGISTERED NUMBER: ACCOUNTANTS: D K Garner J A Woolley L W House R C Adams R W Garner J A Woolley 169 Coulsdon Road Coulsdon Surrey CR5 1EG (England and Wales) Tile & Co Warden House 37 Manor Road Colchester Essex CO3 3LX Page 1

4 Report of the Directors The directors present their report with the financial statements of the company. DIRECTORS The directors shown below have held office during the whole of the period from 1 January 2015 to the date of this report. D K Garner J A Woolley L W House R C Adams R W Garner This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD: L W House - Director 20 March 2016 Page 2

5 Report of the Accountants to the Directors of Messerschmitt Owners Club Ltd As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2015 set out on pages four to seven and you consider that the company is exempt from an audit. In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. Tile & Co Warden House 37 Manor Road Colchester Essex CO3 3LX 20 March 2016 This page does not form part of the statutory financial statements Page 3

6 Income and Expenditure Account Notes TURNOVER 90,662 71,364 Cost of sales 49,054 29,981 GROSS SURPLUS 41,608 41,383 Administrative expenses 39,093 35,724 OPERATING SURPLUS 2 2,515 5,659 Interest receivable and similar income 7 7 SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION 2,522 5,666 Tax on surplus on ordinary activities 3 1 (64) SURPLUS FOR THE FINANCIAL YEAR 2,521 5,730 The notes form part of these financial statements Page 4

7 (Registered number: ) Balance Sheet 31 December 2015 Notes FIXED ASSETS Tangible assets 4 5,561 5,516 CURRENT ASSETS Stocks 105, ,140 Cash at bank and in hand 33,652 29, , ,240 CREDITORS Amounts falling due within one year 5 8,721 8,606 NET CURRENT ASSETS 130, ,634 TOTAL ASSETS LESS CURRENT LIABILITIES 135, ,150 RESERVES Income and expenditure account 6 135, , , ,150 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act The directors acknowledge their responsibilities for: (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015). The financial statements were approved by the Board of Directors on 20 March 2016 and were signed on its behalf by: L W House - Director The notes form part of these financial statements Page 5

8 Notes to the Financial Statements 1. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). Exemption from preparing a cash flow statement Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. Turnover Turnover represents net invoiced sales of goods, excluding value added tax. Tangible fixed assets In a departure from the Financial Reporting Standard for Smaller Entities (effective January 2005) depreciation has not been provided in respect of the motor vehicle asset held by the company. It is the opinion of the directors that the vehicle constitutes an investment and that its current open market value is, and will remain, at least equal to its historic cost. Stocks Stocks and work in progress are valued at retail cost, after making due allowance for obsolete and slow moving items. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis over the period of the lease. 2. OPERATING SURPLUS The operating surplus is stated after charging: Depreciation - owned assets Directors' remuneration and other benefits etc TAXATION Analysis of the tax charge/(credit) The tax charge/(credit) on the surplus on ordinary activities for the year was as follows: Current tax: UK corporation tax 1 (64) Tax on surplus on ordinary activities 1 (64) The club sells parts to members only and as such is only liable to Corporation Tax on income generated from non-members of the club. The provision for Corporation Tax relates to the interest earned from the company's funds deposited with the bank. Page 6 continued...

9 Notes to the Financial Statements - continued 4. TANGIBLE FIXED ASSETS Motor Computer vehicles equipment Totals COST At 1 January ,000 1,620 6,620 Additions At 31 December ,000 1,768 6,768 DEPRECIATION At 1 January ,104 1,104 Charge for year At 31 December ,207 1,207 NET BOOK VALUE At 31 December , ,561 At 31 December , , CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security 3,454 2,116 Other creditors 5,168 5, RESERVES 8,721 8,606 Income and expenditure account At 1 January ,150 Surplus for the year 2,521 At 31 December , ULTIMATE CONTROLLING PARTY The club is controlled by the members of the club. Page 7

10 Detailed Income and Expenditure Account Turnover Sales 82,997 63,378 Subscriptions 7,665 7,986 90,662 71,364 Cost of sales Opening stock 94,782 94,486 Opening work in progress 12,358 6,104 Parts 47,093 36, , ,121 Closing stock (99,082) (94,782) Closing work in progress (6,097) (12,358) 49,054 29,981 GROSS SURPLUS 41,608 41,383 Other income Deposit account interest ,615 41,390 Expenditure Rent 3,900 2,925 Light and heat Telephone 858 1,045 Post and stationery 7,006 8,151 Rally expenses 1, Insurance 2,544 2,478 Repairs and renewals Kabinews 5,303 4,367 Commission 14,660 10,918 Subscription Sundry expenses 25 1,395 Computer costs Depreciation of tangible fixed assets Computer equipment ,181 33,312 5,434 8,078 Finance costs Bank charges - 93 Credit card Paypal charges 2,084 1,648 2,912 2,412 NET SURPLUS 2,522 5,666 This page does not form part of the statutory financial statements Page 8