The League of Veteran Racing Cyclists - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04504300 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

THE LEAGUE OF VETERAN RACING CYCLISTS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Wilson

M Ives

B M Mitchell

I Booth (Treasurer)

M Amery

G A Kristensen MBE

REGISTERED OFFICE:

17 Moor Park Avenue

Preston

PR1 6AS

REGISTERED NUMBER:

04504300 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

CURRENT ASSETS

Debtors

4

6,777

7,907

Cash at bank

69,133

63,967

75,910

71,874

CREDITORS

Amounts falling due within one year

5

(958

)

(1,660

)

NET CURRENT ASSETS

74,952

70,214

TOTAL ASSETS LESS CURRENT LIABILITIES

74,952

70,214

RESERVES

Income and expenditure account

6

74,952

70,214

74,952

70,214

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006.

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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 2 March 2018 and were signed on its behalf by:

I Booth (Treasurer) - Director

1.	STATUTORY INFORMATION

The League of Veteran Racing Cyclists is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents membership subscriptions and levies due for the financial year.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Prepayments

6,777

7,907

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Tax

10

17

Accrued expenses

948

1,643

958

1,660

6.

RESERVES

Income

and

expenditure

account

£

At 1 November 2016

70,214

Surplus for the year

4,738

At 31 October 2017

74,952

7.	TRANSITION TO FRS 102

A transitional report has not been included in the financial statements as no significant adjustments were required.