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Notes
to the financial statements |
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1. |
Accounting
Policies |
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{a} |
Basis
of Accounting |
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The
financial statements have been prepared under the historical cost convention
as modified |
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by the
revaluation of certain assets and in accordance with the Financial Reporting
Standard |
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for
Smaller Entities (effective January 2007). |
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The group
financial statements consolidate those of the holding company, the British
Sub- |
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Aqua
Club, and its wholly owned subsidiary, BSAC International Limited. |
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In
accordance with the exemption granted by Section 230 of the Companies Act
1985, |
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no
separate income and expenditure account is presented for the parent
company. The |
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surplus
for the company was £81,262. |
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The
financial statements have been prepared on a going concern basis. |
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{b} |
Subscriptions |
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Subscriptions
received in advance of performance are reflected as an obligation in the
balance |
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sheet and
released to the profit and loss account over the period to which the
subscription |
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relates. |
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{c} |
Tangible
Fixed Assets |
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Long
leasehold properties are stated at cost or valuation where relevant. |
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All other
fixed assets are stated at cost. |
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All long
leasehold properties are externally valued at least every five years
subsequent to |
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acquisition. In the period between external valuations
Council review the value of the |
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properties. Any impairment in the value of a long
leasehold property is recognised in the |
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income
and expenditure account. |
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Computer
Equipment: |
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25% |
straight line |
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Motor
Vehicles: |
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25% |
reducing balance |
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Fixtures
& Fittings: |
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15-33% |
straight line |
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{d} |
Stocks |
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Stocks
are valued at the lower of cost and net realisable value, after making due |
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allowance
for obsolete and slow moving items. |
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{e} |
Foreign
Currency Translation |
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Foreign
currency assets and liabilities are translated at the rate of exchange ruling
at the |
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balance
sheet date and any gain or loss arising on exchange is included in the income |
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and
expenditure account. Income and
expenditure transactions in foreign currencies |
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are
translated into sterling at the exchange rate in operation on the date of
receipt or |
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payment. |
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{f} |
Leased
Assets |
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Rentals
paid under operating leases are charged to the profit and loss account when
incurred. |
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Page last modified: 19th Apr 2008 - 23:38:56