The Totnes & Bridgetown Races Company, Limited - Period Ending 2015-12-31

 
 
 
 
 
 
 
  The Totnes & Bridgetown Races Company, Limited
 (A company limited by guarantee)
 
  Unaudited Abbreviated Accounts
  Year Ended 31 December 2015
 
  Company Registration Number: 00235384

The Totnes & Bridgetown Races Company, Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

The Totnes & Bridgetown Races Company, Limited
Abbreviated Balance Sheet
31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			4,600			4,600
Investments		2			240,894			231,424
					245,494			236,024
Current assets
Stocks					955			962
Cash at bank and in hand					24,258			26,820
					25,213			27,782
Creditors: Amounts falling due within one year					(1,162)			(726)
Net current assets					24,051			27,056
Net assets					269,545			263,080
Capital and reserves
Other reserves					21,020			21,020
Profit and loss account					248,525			242,060
Shareholders' funds					269,545			263,080

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

The Totnes & Bridgetown Races Company, Limited
Abbreviated Balance Sheet
31 December 2015 ......... continued

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 April 2016 and signed on its behalf by:

Mr G K M Welch
Director

Company Registration Number: 00235384

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

The Totnes & Bridgetown Races Company, Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Departures from Companies Act requirements

In the opinion of the directors, the standard format of the profit and loss account as laid down by the Companies Act 2006 would not present a fair view of the results of the company. Accordingly, the format of the profit and loss account has been amended as permitted by the Companies Act 2006.

Turnover

Turnover is dividend income and book sales.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual vaule, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Office equipment	Straight line over three years

Fixed asset investments

The company's investments in stocks and shares are included in the balance sheet at the lower of cost or the open market value. Provision is made for the diminution in value in order to provide a prudent valuation within the balance sheet and in view of the size of such provision, is included as an exceptional item within the profit and loss account.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

The Totnes & Bridgetown Races Company, Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2015		4,869			245,035			249,904
Additions		-			20,415			20,415
Disposals		-			(9,268)			(9,268)
At 31 December 2015		4,869			256,182			261,051
Depreciation
At 1 January 2015		269			13,611			13,880
Charge for the year		-			1,677			1,677
At 31 December 2015		269			15,288			15,557
Net book value
At 31 December 2015		4,600			240,894			245,494
At 31 December 2014		4,600			231,424			236,024

3	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 4