Coigach Community Development Company - Period Ending 2016-03-31

Registration number: SC374107

Coigach Community Development Company

(A company limited by guarantee)

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
IV2 5GH

Coigach Community Development Company
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Coigach Community Development Company
(Registration number: SC374107)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					118,859			117,629
Investments					100			150
					118,959			117,779
Current assets
Debtors		3			20,901			11,854
Cash at bank and in hand					22,337			49,910
					43,238			61,764
Creditors: Amounts falling due within one year					(22,747)			(16,831)
Net current assets					20,491			44,933
Total assets less current liabilities					139,450			162,712
Creditors: Amounts falling due after more than one year					(127,513)			(132,482)
Net assets					11,937			30,230
Capital and reserves
Profit and loss account					11,937			30,230
Members' funds					11,937			30,230

For the year ending 31 March 2016 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 22 November 2016 and signed on its behalf by:

.........................................
I F Muir
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Coigach Community Development Company
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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).

Turnover

Turnover represents the value of grants, membership subscriptions and donations received. Membership subscriptions and donations received are recorded at the time of receipt.

Government grants

Grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grant will be received. Grant relating to the purchase of assets are treated as deferred income and allocated to the profit and loss accounts over the useful life of the related assets. Grants relating to expenses are treated as income in the profit and loss account.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2% straight line basis on buildings, land is not depreciated
Office equipment	33% straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Page 2

Coigach Community Development Company
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2015		124,779			150			124,929
Additions		3,307			-			3,307
Disposals		-			(50)			(50)
At 31 March 2016		128,086			100			128,186
Depreciation
At 1 April 2015		7,150			-			7,150
Charge for the year		2,077			-			2,077
At 31 March 2016		9,227			-			9,227
Net book value
At 31 March 2016		118,859			100			118,959
At 31 March 2015		117,629			150			117,779

Included in freehold land and buildings is land of £20,000 which is not depreciated.

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Page 3

Coigach Community Development Company
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Coigach Wind Power Ltd	Scotland	Ordinary shares	100%	Production of electricity

3

Debtors

Debtors includes £12,565 (2015 - £11,854) receivable after more than one year.

 

4

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years not by instalments		106,831			-

5	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.

6

Control

The company is controlled by the directors.

Page 4