Mansfield Colliery Miners Welfare Social Club Limited 31/03/2021 iXBRL

Mansfield Colliery Miners Welfare Social Club Limited 31/03/2021 iXBRL

MANSFIELD COLLIERY MINERS WELFARE SOCIAL CLUB LIMITED - Company Information

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Company registration number: 02673059
Mansfield Colliery Miners Welfare Social Club Limited
Company limited by guarantee
Unaudited filleted financial statements
31 March 2021
Mansfield Colliery Miners Welfare Social Club Limited
Company limited by guarantee
Contents
Statement of financial position
Notes to the financial statements
Mansfield Colliery Miners Welfare Social Club Limited
Company limited by guarantee
Statement of financial position
31st March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 108,021 128,186
_______ _______
108,021 128,186
Current assets
Stocks 5,000 10,318
Debtors 7 10,484 5,877
Cash at bank and in hand 41,174 6,068
_______ _______
56,658 22,263
Creditors: amounts falling due
within one year 8 ( 221,089) ( 232,556)
_______ _______
Net current liabilities ( 164,431) ( 210,293)
_______ _______
Total assets less current liabilities ( 56,410) ( 82,107)
Creditors: amounts falling due
after more than one year 9 ( 37,500) ( 4,561)
Provisions for liabilities ( 13,098) ( 11,888)
_______ _______
Net liabilities ( 107,008) ( 98,556)
_______ _______
Capital and reserves
Profit and loss account ( 107,008) ( 98,556)
_______ _______
Members deficit ( 107,008) ( 98,556)
_______ _______
For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2022 , and are signed on behalf of the board by:
Mr. D. Nettleship
Director
Company registration number: 02673059
Mansfield Colliery Miners Welfare Social Club Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31st March 2021
1. General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Clipstone Road West, Forest Town, Mansfield, Nottinghamshire, NG19 0EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors note the ongoing COVID-19 pandemic and the negative impact of this on the hospitality sector. They are of the view at this time that there are material uncertainties as to the level of activity and cash inflows and outflows that will occur over the coming months. The directors have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted cash inflows and outflows are considered to be sufficient with the level of reserves for the company to be able to continue as a going concern. The directors are also confident that if necessary external finance would be available from the breweries. They are therefore of the view that it is appropriate for the financial statements to continue to be prepared on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 5 % straight line
Computer Equipment - 25 % straight line
Fittings fixtures and equipment - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The company is a company limited by guarantee having no authorised or issued share capital. Every member of the company undertakes to contribute to the assets of the company in the event of the company being wound up whilst he is a member.The amount to be contributed by a member is such an amount not exceeding £1, as is required for the payment of the debts and liabilities of the company and for the expenses of winding up.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2020: 16 ).
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1st April 2020 227,659 320,442 548,101
Additions - 2,659 2,659
_______ _______ _______
At 31st March 2021 227,659 323,101 550,760
_______ _______ _______
Depreciation
At 1st April 2020 175,448 244,467 419,915
Charge for the year 11,383 11,441 22,824
_______ _______ _______
At 31st March 2021 186,831 255,908 442,739
_______ _______ _______
Carrying amount
At 31st March 2021 40,828 67,193 108,021
_______ _______ _______
At 31st March 2020 52,211 75,975 128,186
_______ _______ _______
7. Debtors
2021 2020
£ £
Other debtors 10,484 5,877
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 7,500 6,000
Trade creditors 9,153 17,563
Social security and other taxes 54,265 63,888
Other creditors 150,171 145,105
_______ _______
221,089 232,556
_______ _______
The bank loan in the current year represents the proportion of the Bounce Back Loan repayable within one year.
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 37,500 4,561
_______ _______
In the prior year this comprised a discount loan which is interest free. This is repayable by the application by the brewery of discounts at agreed rates according to barrelage purchased in a particular period. This is shown as a non-current obligation and has been fully repaid.
The balance in the current year represents a Bounce Back Loan which is repayable after more than one year.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Mansfield Colliery Miners Welfare Trust 25,000 35,000 ( 136,692) ( 131,159)
_______ _______ _______ _______
Four of the directors are also Trustees of Mansfield Colliery Miners Welfare Trust. Under the terms of an occupational licence entered into by the company and Mansfield Colliery Miners Welfare Trust the company is responsible for payment, if demanded, of the running expenses of the Trust by way of a licence fee. The licence fee paid by the company to the Trust and the balances outstanding are shown above.
11. Controlling party
There is no overall controlling party.