Company Registration No. 03709565 (England and Wales)
Newent Initiative Trust
Unaudited accounts
for the year ended 31 August 2017
Newent Initiative Trust
Unaudited accounts
Contents
Newent Initiative Trust
Company Information
for the year ended 31 August 2017
Directors
Martin Stephen Draper
Trevor Bruce Fowler
Kerri Greenwold
Eli Heathield
Jane Margaret Highton
Simon Mason
Keith Charles Urch
William Henry Windsor Clive
Secretary
Alison Margaret Offord
Company Number
03709565 (England and Wales)
Registered Office
36 BROAD STREET
NEWENT
GLOUCESTERSHIRE
GL18 1AJ
Accountants
The Practice - Chartered Management Accountants
7 The Southend
Ledbury
Herefordshire
HR8 2EY
Newent Initiative Trust
Statement of financial position
as at 31 August 2017
Tangible assets
117,313
120,664
Cash at bank and in hand
31,729
18,147
Creditors: amounts falling due within one year
(894)
(894)
Net current assets
30,835
17,253
Net assets
148,148
137,917
Profit and loss account
148,148
137,917
Members' funds
148,148
137,917
For the year ending 31 August 2017 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 30 April 2018.
Keith Charles Urch
Director
Company Registration No. 03709565
Newent Initiative Trust
Notes to the Accounts
for the year ended 31 August 2017
Newent Initiative Trust is a private company, limited by guarantee, registered in England and Wales, registration number 03709565. The registered office is 36 BROAD STREET, NEWENT, GLOUCESTERSHIRE, GL18 1AJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 August 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 September 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line Basis
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 September 2016
167,560
7,733
175,293
At 31 August 2017
167,560
7,733
175,293
At 1 September 2016
46,896
7,733
54,629
Charge for the year
3,351
-
3,351
At 31 August 2017
50,247
7,733
57,980
At 31 August 2017
117,313
-
117,313
At 31 August 2016
120,664
-
120,664
Newent Initiative Trust
Notes to the Accounts
for the year ended 31 August 2017
5
Creditors: amounts falling due within one year
2017
2016
6
Company limited by guarantee
The Company is limited by guarantee and consequently does not have share capital.
7
Average number of employees
During the year the average number of employees was 7 (2016: 8).