Kingfisher Angling and Preservation Society
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2023
Kingfisher Angling and Preservation Society is a private company limited by guarentee and is incorporated in England with the registration number 03140017. The address of the registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, inclusive of Value Added Tax and exclusive of trade discounts.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Freehold land and buildings
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Plant, equipment and boats
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Fishing rights and leases
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Rentals paid under operating leases in respect of land, buildings and fishing rights are charged on a straight line basis over the lease term.
In view of the company's non profit making activities the committee have taken advantage of the provisions of the Companies Act 2006 to prepare the income and expenditure account in a format appropriate to its activities.
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