Annual Financial Statement for 2020 part 2 of 3

                 
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BOSTON INDOOR BOWLING LIMITED
                 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
                 
                 
1.    ACCOUNTING POLICIES                
                 
      Basis of preparing the financial statements                
      The financial statements have been prepared inaccordance wit Financial Reporting Standard 102  "The  
      Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of    
      Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the 
      historical cost convention.                
                 
      Turnover                
      Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
      value added tax and other sales taxes.                
                 
      Tangible fixed assets                
      Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
                 
      Long Leasehold              - Over the term of the lease              
      Fixtures & equipment      - 25% on reducing balance              
                 
      Stocks                
      Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance
      for obsolete and slow moving items.                
                 
      Cost is calculated using the first-in first-out method and includes all purchase, transport and handling costs in
      bringing stocks to their present location and condition.              
                 
      Taxation                
      Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
      the extent that it relates to items recognised in other comprehensive income or directly in equity.    
                 
      Current or deferred taxation assets and liabilities are not discounted.            
                 
      Current tax is recognised as the amount of tax payable using the tax rates and laws that have been enacted or
      substantively enacted by the balance sheet date.                
                 
      Deferred tax                
      Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
      sheet date.                
                 
     Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
     those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
     have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
     timing difference.                
                 
     Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
     will be recovered against the reversal of deferred tax liabilities or other future taxable profits.      
                 
      Pension costs and other post-retirement benefits              
      The company operates a defined contributions pension scheme. Contributions payable to the company's pension
      scheme are charged to the profit and loss account in the period to which they relate.        
                 
  Page 6              
                 
                 
BOSTON INDOOR BOWLING LIMITED
                 
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
                 
      Grant aided assets                
       Grants in respect of capital expenditure are credited to the profit and loss account over the estimated useful life of
       the relevant fixed assets. The grants shown in the balance sheet represent the total grants receivable to date,   
       less the amount so far credited to the profit and loss account.              
                 
2.    EMPLOYEES AND DIRECTORS                
                 
      The average number of employees during the year was 6 (2018 - 5)            
                 
3.    STOCKS                
            2020   2019
            £   £
                 
      Bar                1,815        5,038
      Ties and badges                  357          373
      Vending machine                  453          533
      Cleaning                  451          364
      Repairs                  118          223
      Stationery                  337          410
                 
                 
                 3,531        6,941
                 
                 
                 
4.    TANGIBLE FIXED ASSETS                
    Long   Fixtures &   Leased     
    Leasehold   Equipment   assets   Totals
    £   £   £   £
      COST                
      At 1 January 2020      322,836    289,716               -    612,552
      Adj. to opening bal.            6,862            6,862
      Additions                           -
      Disposals                       -   0
                 
      At 31 December 2020      322,836    296,578               -    619,414
                 
      DEPRECIATION                
      At 1 January 2020      298,725    221,151               -    519,876
      Adj. to opening bal.            6,862            6,862
      Disposals                -                   -    
      Charge for year            263      25,334          25,597
                 
      At 31 December 2020      298,988    253,347               -    552,335
                 
      NET BOOK VALUE                
      At 31 December 2020        23,848      43,231               -      67,079
                 
                 
      At 31 December 2019        24,111      68,565               -      92,676
                 
                 
                 
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BOSTON INDOOR BOWLING LIMITED
                 
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
                 
5.    DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR              
            2020   2019
            £   £
      Other debtors                4,647        5,373
                 
                 
6.    CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR            
            2020   2019
            £   £
      Trade creditors                2,478      15,605
      Taxation and social security                  479          469
      Other creditors              24,084      14,256
                 
                 
               27,041      30,330
                 
                 
7.    DEFERRED INCOME                
            2020   2019
            £    
      Sport England grants at 1 Jan. 2020              10,704      16,528
      Grants received in year                           -
      Amount released to Profit & Loss           (5,824)   (5,824)
                 
                 
      Balance c/fwd 31 December 2020                4,880      10,704
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
                 
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