Company Registration No. 02688255 (England and Wales)
LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
A6 Kingfisher House
Kingsway
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0JQ
LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
4,526
4,600
Debtors
3
2,619
2,077
Cash at bank and in hand
14,085
14,505
21,230
21,182
Creditors: amounts falling due within one year
4
(17,551)
(17,408)
Net current assets
3,679
3,774
Creditors: amounts falling due after more than one year
5
(6,510)
(6,510)
Net liabilities
(2,831)
(2,736)
Reserves
Income and expenditure account
(2,831)
(2,736)
Members' funds
(2,831)
(2,736)

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr David Johnson
Director
Company Registration No. 02688255
LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Lynemouth and Ellington Miners Welfare Scheme Social Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Bridge Road, Lynemouth, Morpeth, Northumberland, NE61 5YL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. The companies policy is to gift all of its profits to its parent which is a registered charity. As such there are no tax liabilities arising in the year.

LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,619
2,077
LYNEMOUTH AND ELLINGTON MINERS WELFARE SCHEME SOCIAL  CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
98
Other creditors
17,551
17,310
17,551
17,408
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
6,510
6,510
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

7
Related party transactions

The company occupies part of the premises of Lynemouth Miners Welfare Institute. As such the company contributes towards the bills that the charity incurs, proportional to its usage. The proportion of cost deemed to be incurred as a result of the company is 25%. Profits are gift aided to Lynemouth Miners Welfare Institute each year.

 

During the covid -19 pandemic the company was kept afloat by way of loans received from the charity the outstanding Liability at the end of last year was £13,867. The company has since recovered from effects of covid -19 and has paid back the entire loan during the year. Additionaly the company collects rent on behalf of the charity from a tenant that uses the premises. At the year end the amount of money the company held on behalf of the charity was £5,525. In addition the company gift aided its profits of £11,193 to the charity.

 

 

 

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