Company Registration Number: NI.045812
KIDS KABIN DRUMAROAD LIMITED Company Limited by Guarantee
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Unaudited Financial Statements for the Year Ended 31st August 2020
Prepared By: Peter E O'Hare & Co Chartered Accountants Century House 32 High Street Ballynahinch Co Down BT24 8AB
KIDS KABIN DRUMAROAD LIMITED
Company Limited by Guarantee
| Contents | |
|---|---|
| Page | |
| Directors and other Information | 1 |
| Directors Report | 2 |
| Independent Examiners Report | 3 |
| Statement of Income and Retained Earnings | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 - 9 |
KIDS KABIN DRUMAROAD LIMITED
Company Limited by Guarantee
| Directors Report | |
|---|---|
| Year Ended 31st August 2020 | |
| Director | Mr Sean Mackin |
| Company Number | NI045812 |
| Registered Office | 21 Chapel Lane |
| Drumaroad | |
| Castlewellan | |
| Co Down | |
| BT31 9PJ | |
| Business Address | 21 Chapel Lane |
| Drumaroad | |
| Castlewellan | |
| Co Down | |
| BT31 9PJ | |
| Accountants | Peter E O'Hare & Co |
| Century House | |
| 32 High Street | |
| Ballynahinch | |
| Co Down | |
| Bankers | First Trust Bank |
| 15 Market Street | |
| Downpatrick | |
| Co Down | |
| BT30 6LP |
Page 2
KIDS KABIN DRUMAROAD LIMITED
Company Limited by Guarantee
Directors Report
Year Ended 31st August 2020
The Members/Trustees present their report and the Unaudited Financial Statements of the Company for the Year Ended 31st August 2020.
Directors
The director/Trustee(s) who served the company during the year were as follows:
Mr Sean Mackin
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the Trustees on 18[th] May 2021 and signed on behalf of the board by:
Sean Mackin
Trustee
Page 2
KIDS KABIN DRUMAROAD LIMITED
Company Limited by Guarantee
Independent Examiner’s Report to the Trustees on the
unaudited Statutory Financial Statements of KIDS KABIN DRUMAROAD LIMITED for the Year Ended 31st August 2020
I report on the accounts of Kids Kabin Drumaroad Ltd for the Year Ended 31[st] August 2020.
Respective responsibilities of Trustees and Independent Examiner
The charity's trustees are responsible for the preparation of the accounts. It is my responsibility to state, on the basis of my examination, whether particular matters have come to my attention.
Basis of Independent Examiner's Statement
My examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner's Statement
In connection with my examination, no matter has come to my attention:
(i) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that:
-
proper books of account are kept in accordance with section 27 of the Charities Act (Northern Ireland)
-
1964; and
-
accounts are prepared which agree with the books of account and comply with the accounting requirements of the Act; or
(ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
______ Date:18[th] May 2021 ___
Peter E O'Hare FCA (Independent Examiner)
C/o - Peter E O'Hare & Co Chartered Accountants 32 High Street Ballynahinch Co Down BT24 8AB
Page 3
Company Limited by Guarantee
KIDS KABIN DRUMAROAD LIMITED
Statement of Income and Retained Earnings Year Ended 31st August 2020
| Note Turnover Staff costs Depreciation and other amounts written off assets Other charges Profit / (Loss) |
2020 £ 44,340 (30,622) (1,910) (7,069) _ 4,739 _ |
2019 £ 36,580 (35,894) 565 (12,281) _ (11,030) _ |
|---|---|---|
All the activities of the company are from continuing operations.
Page 4
KIDS KABIN DRUMAROAD LIMITED Company Limited by Guarantee
Company Registration Number: NI045812
Statement of Financial Position
As At 31st August 2020
| Fixed Assets Current Assets Creditors: amounts falling due within one year Net Current Assets Total Assets less Current Liabilities Accruals and deferred income Net Assets Capital and Reserves |
2020 £ 9,417 _ 7,748 (251) _ 7,497 _ 16,914 (522) _ 16,392 _ 16,392 _ |
2019 £ 11,327 _ 1,417 (80) _ 1,337 _ 12,664 (1,011) _ 11,653 _ 11,653 _ |
|---|---|---|
KIDS KABIN DRUMAROAD LIMITED Company Limited by Guarantee
Company Registration Number: NI045812
Statement of Financial Position
As At 31st August 2020
For the year ending 31[st] August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors/Trustees Responsiblities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the micro-entity provisions.
These financial statements were approved by the board of directors and authorised for issue on 18[th] May 2021, and are signed on behalf of the board by:
Sean Mackin
Trustee
The company is a private company limited by guarantee, registered in Northern Ireland.
KIDS KABIN DRUMAROAD LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued) Year Ended 31st August 2020
1. General Information
The company is a Private Company Limited by Guarantee, registered in Northern Ireland, and the address . of the registered office is 21 Chapel Lane, Drumaroad, Castlewellan, Co Down, BT31 9PJ.
2. Statement of Compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
KIDS KABIN DRUMAROAD LIMITED
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year Ended 31st August 2019
Tangible Assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where revaluation decrease exceeds the accumulated revaluation gains accumulated in capital & reserves in respect of that asset, the excess being recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Company Limited by Guarantee
KIDS KABIN DRUMAROAD LIMITED
Notes to the Financial Statements (continued)
Year Ended 31st August 2020
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
In respect of intangible assets other than goodwill, the aggregate cost, amortisation and the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
4. Limited by Guarantee
This Company is a "Company Limited by Guarantee" and is also a "Registered Charity (Registration Number 112233).
5. Staff Costs
The average number of persons employed by the company during the year, including the directors was 3 (2019: 5)
6. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
| Amortisation of Grants Depreciation on Tangible Assets |
2020 £ - 1,910 _ |
2019 £ (2,475) 1,910 _ |
|---|---|---|
KIDS KABIN DRUMAROAD LIMITED Company Limited by Guarantee
The following pages do not form part of the statutory accounts.
Company Limited by Guarantee
KIDS KABIN DRUMAROAD LIMITED
Detailed Income Statement Year Ended 31st August 2020
| Turnover Subscriptions & Nursery Fees Fundraising Income Sundry/Other Income Education Authority Grants Other Grants Staff costs Wages and Salaries Staff pension costs Educational Resources/Supplies Depreciation and other amounts written off assets Amortisation of Capital Grants Depreciation - Fixed Assets Other charges Insurance Light and Heat Repairs and Maintenance Stationery & Advertising Telephone Legal and Professional Fees Accountancy Fees Bank Charges General/Sundry Expenses |
2020 £ 2,970 2,182 - 36,344 2,844 _ 44,340 (26,099) (741) (3,782) _ (30,622) - (1,910) _ (1,910) (1,418) (1,011) (374) (118) (644) (2,568) (619) (180) (137) _ (7,069) |
2019 £ 5,572 2,550 138 28,320 - _ 36,580 (28,074) (807) (7,013) _ (35,894) 2,475 (1,910) _ 565 (1,745) (750) (2,460) (574) (677) (2,478) (741) (245) (2,611) _ (12,281) |
|---|---|---|