Registration number: 03221140
Epworth & District Agricultural Society Limited
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the Year Ended 31 October 2023
Hepworth Griffiths Chartered Accountants 47/49 Grove Street Retford Nottinghamshire DN22 6LA
Epworth & District Agricultural Society Limited
Contents
| Company Information | 1 |
|---|---|
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Profit and Loss Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Unaudited Financial Statements | 8 to 10 |
| Detailed Profit and Loss Account | 11 to 12 |
Epworth & District Agricultural Society Limited
Company Information
Directors Mr I Allport Mr D Poulter Mr P Goodall Mrs M Antcliff Ms L Oakley Company secretary Mrs Janice Banks Registered office 6 Orchard Croft Epworth Doncaster South Yorkshire DN9 1LL Accountants Hepworth Griffiths Chartered Accountants 47/49 Grove Street Retford Nottinghamshire DN22 6LA
Page 1
Epworth & District Agricultural Society Limited
Directors' Report for the Year Ended 31 October 2023
The directors present their report and the financial statements for the year ended 31 October 2023.
Directors of the company
The directors who held office during the year were as follows:
Mr S Boor (resigned 21 October 2023)
Mr I Allport Mr D Poulter Mr P Goodall Mrs M Antcliff Mr P Naughton (resigned 30 August 2023) Ms L Oakley
Principal activity
The principal activity of the company is to promote and advance agriculture and farming.
Small companies provision statement
This report has 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.
Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
......................................... Mrs M Antcliff Director
Page 2
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Epworth & District Agricultural Society Limited for the Year Ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Epworth & District Agricultural Society Limited for the year ended 31 October 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation .
This report is made solely to the Board of Directors of Epworth & District Agricultural Society Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Epworth & District Agricultural Society Limited and state those matters that we have agreed to state to the Board of Directors of Epworth & District Agricultural Society Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Epworth & District Agricultural Society Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Epworth & District Agricultural Society Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Epworth & District Agricultural Society Limited. You consider that Epworth & District Agricultural Society Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Epworth & District Agricultural Society Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Hepworth Griffiths Chartered Accountants 47/49 Grove Street Retford Nottinghamshire DN22 6LA 23 July 2024
Page 3
Epworth & District Agricultural Society Limited
Profit and Loss Account for the Year Ended 31 October 2023
| Note Turnover Cost of sales Gross deficit Administrative expenses Operating deficit Other interest receivable and similar income Deficit before tax Deficit for the financial year |
2023 £ 57,617 (57,707) (90) (4,493) (4,583) 233 (4,350) (4,350) |
2022 £ 66,715 (68,498) |
|---|---|---|
| (1,783) (3,007) |
||
| (4,790) 9 |
||
| (4,781) | ||
| (4,781) |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The notes on pages 8 to 10 form an integral part of these financial statements. Page 4
Epworth & District Agricultural Society Limited
Statement of Comprehensive Income for the Year Ended 31 October 2023
| Deficit for the year Total comprehensive income for the year |
2023 £ (4,350) (4,350) |
2022 £ (4,781) |
|---|---|---|
| (4,781) |
The notes on pages 8 to 10 form an integral part of these financial statements. Page 5
Epworth & District Agricultural Society Limited
(Registration number: 03221140) Balance Sheet as at 31 October 2023
| Note Fixed assets Tangible assets 4 Current assets Cash at bank and in hand Creditors: Amounts falling due within one year 5 Net current assets Net assets Reserves Other reserves Retained earnings Surplus |
2023 £ 124,410 21,221 (18,523) 2,698 127,108 38,020 89,088 127,108 |
2022 £ 126,333 32,906 (27,781) |
|---|---|---|
| 5,125 | ||
| 131,458 | ||
| 38,020 93,438 |
||
| 131,458 |
For the financial year 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 year 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.
Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
......................................... Mrs M Antcliff Director
The notes on pages 8 to 10 form an integral part of these financial statements. Page 6
Epworth & District Agricultural Society Limited
Statement of Changes in Equity for the Year Ended 31 October 2023
| At 1 November 2022 Deficit for the year At 31 October 2023 At 1 November 2021 Deficit for the year At 31 October 2022 |
Other reserves £ 38,020 - 38,020 Other reserves £ 38,020 - 38,020 |
Retained earnings £ 93,438 (4,350) 89,088 Retained earnings £ 98,219 (4,781) 93,438 |
Total £ 131,458 (4,350) |
|---|---|---|---|
| 127,108 | |||
| Total £ 136,239 (4,781) |
|||
| 131,458 |
The notes on pages 8 to 10 form an integral part of these financial statements. Page 7
Epworth & District Agricultural Society Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
1 General information
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is: 6 Orchard Croft Epworth Doncaster South Yorkshire DN9 1LL England
These financial statements were authorised for issue by the Board on 23 July 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.
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.
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:
Page 8
Epworth & District Agricultural Society Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
Asset class Depreciation method and rate Plant and machinery Variable rates
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 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 year, was 8 (2022 - 8).
4 Tangible assets
| Cost or valuation At 1 November 2022 At 31 October 2023 Depreciation At 1 November 2022 Charge for the year At 31 October 2023 Carrying amount At 31 October 2023 At 31 October 2022 |
Land and buildings £ 110,955 110,955 - - - 110,955 110,955 |
Other tangible assets £ 64,273 64,273 48,895 1,923 50,818 13,455 15,378 |
Total £ 175,228 |
|---|---|---|---|
| 175,228 | |||
| 48,895 1,923 |
|||
| 50,818 | |||
| 124,410 | |||
| 126,333 |
Included within the net book value of land and buildings above is £110,955 (2022 - £110,955) in respect of freehold land and buildings.
Page 9
Epworth & District Agricultural Society Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
| 5 Creditors |
||
|---|---|---|
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Due within one year | ||
| Trade creditors | 18,523 | 27,781 |
Page 10
Epworth & District Agricultural Society Limited
Detailed Profit and Loss Account for the Year Ended 31 October 2023
| Turnover (analysed below) Cost of sales (analysed below) Gross deficit Gross surplus (%) Administrative expenses General administrative expenses (analysed below) Operating deficit Other interest receivable and similar income (analysed below) Deficit before tax |
2023 £ 57,617 (57,707) (90) (0.16)% (4,493) (4,583) 233 (4,350) |
2022 £ 66,715 (68,498) |
|---|---|---|
| (1,783) (2.67)% (3,007) |
||
| (4,790) 9 |
||
| (4,781) |
This page does not form part of the statutory financial statements. Page 11
Epworth & District Agricultural Society Limited
Detailed Profit and Loss Account for the Year Ended 31 October 2023
| Turnover Sale of goods, UK Cost of sales Purchases General administrative expenses Sundry expenses Other interest receivable and similar income Bank interest receivable |
2023 £ 57,617 (57,707) (4,493) 233 |
2022 £ 66,715 |
|---|---|---|
| (68,498) (3,007) |
||
| 9 |
This page does not form part of the statutory financial statements. Page 12