Registered number
04235907
The Carp Society
Filleted Accounts
31 May 2024
The Carp Society
Registered number: 04235907
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 105,000 120,000
Tangible assets 4 1,597,965 1,648,440
1,702,965 1,768,440
Current assets
Stocks 9,819 9,131
Debtors 5 5,160 6,432
Cash at bank and in hand 246,278 350,976
261,257 366,539
Creditors: amounts falling due within one year 6 (235,641) (257,428)
Net current assets 25,616 109,111
Total assets less current liabilities 1,728,581 1,877,551
Creditors: amounts falling due after more than one year 7 (613,362) (646,122)
Net assets 1,115,219 1,231,429
Capital and reserves
Revaluation reserve 9 482,066 482,066
Profit and loss account 633,153 749,363
Shareholders' funds 1,115,219 1,231,429
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Widdows
Director
Approved by the board on 20 January 2025
The Carp Society
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings straightline over 50 years
Plant and machinery 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 150,000
At 31 May 2024 150,000
Amortisation
At 1 June 2023 30,000
Provided during the year 15,000
At 31 May 2024 45,000
Net book value
At 31 May 2024 105,000
At 31 May 2023 120,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 1,562,914 537,910 1,750 2,102,574
Additions 46,034 16,823 - 62,857
At 31 May 2024 1,608,948 554,733 1,750 2,165,431
Depreciation
At 1 June 2023 152,653 299,986 1,495 454,134
Charge for the year 18,845 94,232 255 113,332
At 31 May 2024 171,498 394,218 1,750 567,466
Net book value
At 31 May 2024 1,437,450 160,515 - 1,597,965
At 31 May 2023 1,410,261 237,924 255 1,648,440
Freehold land and buildings: 2024 2023
£ £
Historical cost 761,315 761,315
Cumulative depreciation based on historical cost 281,105 281,105
480,210 480,210
5 Debtors 2024 2023
£ £
Trade debtors 267 3,087
Other debtors 4,893 3,345
5,160 6,432
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 93,164 91,133
Trade creditors 7,390 1,463
Taxation and social security costs 168 3,769
Other creditors 134,919 161,063
235,641 257,428
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 613,362 646,122
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 262,861 295,620
Secured bank loans 700,987 733,747
Bank mortgages secured on Horsehoe Lake Property and Ashmead Fishery.
9 Revaluation reserve 2024 2023
£ £
At 1 June 2023 482,066 482,066
At 31 May 2024 482,066 482,066
10 Related party transactions
There were two payments to connected parties, one for Andrew Ellis AE Fisheries Consultants £294 and Steve Bowles gas services £852.87, in the prior year there was one payment made to connected parties in the period of reporting, Steve Bowles £945 for plumbing services .
11 Other information
The Carp Society is a private company limited by guarantee and incorporated in England. Its registered office is:
Horseshoe Lake
Burford Road
Lechalde
Gloucestershire
GL7 3QQ
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