ACCOUNTS - Final Accounts preparation

NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2017-04-01 02688756 2017-04-01 2018-03-31 02688756 2018-03-31 02688756 2017-03-31 02688756 c:Director2 2017-04-01 2018-03-31 02688756 d:CurrentFinancialInstruments 2018-03-31 02688756 d:CurrentFinancialInstruments 2017-03-31 02688756 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 02688756 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 02688756 d:RetainedEarningsAccumulatedLosses 2018-03-31 02688756 d:RetainedEarningsAccumulatedLosses 2017-03-31 02688756 c:FRS102 2017-04-01 2018-03-31 02688756 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 02688756 c:FullAccounts 2017-04-01 2018-03-31 02688756 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP

Registered number: 02688756

NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED

(A company limited by guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 02688756

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2018

		2018		2017
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	8,650		11,502
Cash at bank and in hand		41,287		27,444
		49,937		38,946
Creditors: amounts falling due within one year	5	(26,494)		(16,308)
Net current assets			23,443		22,638
Total assets less current liabilities			23,443		22,638

Net assets			23,443		22,638

Capital and reserves
Profit and loss account	23,443	22,638
	23,443	22,638

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NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED

(A company limited by guarantee)

REGISTERED NUMBER: 02688756

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Martin Dupee

Director

Date: 15 July 2018

The notes on pages 3 to 5 form part of these financial statements.

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NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

Norfolk Tourist Attractions Association Limited is a company limited by guarantee incorporated in England and Wales, registration number 02688756. The registered office is 43 Bull Street, Holt, Norfolk, NR25 6HP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in not-puttable ordinary shares.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Interest income

Interest income is recognised in the Income statement using the effective interest method.

2.8

Taxation

Tax is recognised in the Income statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Employees

The average monthly number of employees, including directors, during the year was 0 (2017 - 0).

Debtors

					2018	2017
					£	£


Trade debtors	5,524	7,567
Other debtors	2,180	2,575
Prepayments and accrued income	946	1,360
	8,650	11,502

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NORFOLK TOURIST ATTRACTIONS ASSOCIATION LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

5.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	18,895	14,844
Corporation tax	49	48
Accruals and deferred income	7,550	1,416
	26,494	16,308


6.	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 £1.00 towards the assets of the Company in the event of liquidation, whilst a member or within one year after ceasing to be a member.

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