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Registration number: 09612953

North Tyne and Redesdale Agricultural Society Est 1842

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Period from 1 June 2022 to 31 October 2023

image-name
 

North Tyne and Redesdale Agricultural Society Est 1842

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

North Tyne and Redesdale Agricultural Society Est 1842

Company Information

Directors

P R Lloyd

T J Bird

R K Charman

C L Anderson

F J Wyrley-Birch

L M Little

M R Bird

F Pattinson

Company secretary

S J Davidson

Registered office

Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountant
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

North Tyne and Redesdale Agricultural Society Est 1842

(Registration number: 09612953)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,133

-

Current assets

 

Stocks

5

100

-

Debtors

6

18,456

-

Cash at bank and in hand

 

49,704

-

 

68,260

-

Creditors: Amounts falling due within one year

7

(4,215)

-

Net current assets

 

64,045

-

Net assets

 

74,178

-

Reserves

 

Retained earnings

74,178

-

Surplus

 

74,178

-

For the financial period ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
R K Charman
Director

 

North Tyne and Redesdale Agricultural Society Est 1842

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 October 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ
United Kingdom

These financial statements were authorised for issue by the Board on 6 November 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

North Tyne and Redesdale Agricultural Society Est 1842

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 October 2023

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

Plant and equipment

17.5% straight line basis

Office equipment

33.33% straight line basis

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9 (2022 - 9).

 

North Tyne and Redesdale Agricultural Society Est 1842

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

12,001

12,001

At 31 October 2023

12,001

12,001

Depreciation

Charge for the period

1,868

1,868

At 31 October 2023

1,868

1,868

Carrying amount

At 31 October 2023

10,133

10,133

5

Stocks

2023
£

2022
£

Other inventories

100

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

17,099

-

Prepayments

1,357

-

 

18,456

-

 

North Tyne and Redesdale Agricultural Society Est 1842

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,565

-

Accruals and deferred income

650

-

4,215

-

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £Nil).