Bristol Law Society - Period Ending 2017-11-30
Bristol Law Society - Period Ending 2017-11-30
Registration number:
(A company limited by guarantee)
for the Year Ended
Bristol Law Society
Contents
Balance Sheet |
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Notes to the Financial Statements |
Bristol Law Society
(Registration number: 00005295)
Balance Sheet as at 30 November 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Bristol Law Society
(Registration number: 00005295)
Balance Sheet as at 30 November 2017
Approved and authorised by the
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Mr Gary Lightwood (President)
Director
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Mr Benjamin Holt (Junior Vice President) /(Honorary Treasurer)
Director
Page 2 |
Bristol Law Society
Notes to the Financial Statements for the Year Ended 30 November 2017
General information |
The company is a company limited by guarantee, incorporated in the United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be measured reliably;
it is probable that the economic benefits associated with the transaction will flow to the entity;
the stages of completion of the transaction at the end of the reporting period can be measured reliably;
and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Bristol Law Society is a not for profit organisation. Whilst a surplus may arise in a particular period, the aim is to break even over time. In the opinion of the board of directors, the only taxable activity of the company is the supply of education services to non-members.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Deferred tax assets are recognised only to the extent that the Council Members consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Page 3 |
Bristol Law Society
Notes to the Financial Statements for the Year Ended 30 November 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office and library equipment |
20-33% straight line |
Long leasehold buildings |
2% straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 4 |
Bristol Law Society
Notes to the Financial Statements for the Year Ended 30 November 2017
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Long leasehold buildings |
Office and library equipment |
Total |
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Cost or valuation |
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At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
- |
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Charge for the year |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Included within the net book value of land and buildings above is £372,683 (2016 - £380,289) in respect of long leasehold land and buildings.
Page 5 |
Bristol Law Society
Notes to the Financial Statements for the Year Ended 30 November 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
- |
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Prepayments and accrued income |
5,956 |
9,167 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
- |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
34,470 |
36,769 |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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The bank loan is secured by way of a fixed and floating charge over the leasehold property.
Included in creditors are the following amounts due after more than five years:
2017 |
2016 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Page 6 |
Bristol Law Society
Notes to the Financial Statements for the Year Ended 30 November 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Key management personnel
All Directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Society are considered to be key management personnel.
Loans from related parties
2017 |
Key management |
At start of period |
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Repaid |
( |
At end of period |
- |
2016 |
Key management |
Advanced |
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Terms of loans from related parties
Transition to FRS 102 |
Page 7 |