Company Registration No. 00064569 (England and Wales)
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,975
-
Tangible assets
4
4,827
4,076
23,802
4,076
Current assets
Debtors
5
356,291
277,967
Cash at bank and in hand
151,104
191,419
507,395
469,386
Creditors: amounts falling due within one year
6
(556,464)
(540,098)
Net current liabilities
(49,069)
(70,712)
Total assets less current liabilities
(25,267)
(66,636)
Creditors: amounts falling due after more than one year
7
(4,725)
(11,025)
Net liabilities
(29,992)
(77,661)
Reserves
Income and expenditure account
(29,992)
(77,661)
Members' funds
(29,992)
(77,661)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 February 2021 and are signed on its behalf by:
AJ Krachai
Director
Company Registration No. 00064569
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Sheffield Chamber of Commerce and Industry is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
John Banner Centre, 620 Attercliffe Road, Sheffield, South Yorkshire, S9 3QS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company generated a surplus during the year ended 31 March 2020 of £47,669. At 31 March 2020 the reserves were
(
£29,992
)
(as restated 2019: (£77,661)). The company had a cash and cash equivalent balance at the year-end of £151,104 (2019: £191,419).
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The directors have considered the potential impact on the activities of the company of the COVID-19 pandemic and do not believe that any impact will be significant. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income
Membership and patronage income is recognised in the period to which it relates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment
10% - 33% straight line
Computer equipment
33% straight line
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
16
17
3
Intangible fixed assets
Software
£
Cost
At 1 April 2019
-
Additions
18,975
Transfers
46,967
At 31 March 2020
65,942
Amortisation and impairment
At 1 April 2019
-
Transfers
46,967
At 31 March 2020
46,967
Carrying amount
At 31 March 2020
18,975
At 31 March 2019
-
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Tangible fixed assets
Office Equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2019
263,219
46,967
310,186
Additions
3,360
-
3,360
Transfers to software
-
(46,967)
(46,967)
At 31 March 2020
266,579
-
266,579
Depreciation and impairment
At 1 April 2019
259,143
46,967
306,110
Depreciation charged in the year
2,609
-
2,609
Transfers to software
-
(46,967)
(46,967)
At 31 March 2020
261,752
-
261,752
Carrying amount
At 31 March 2020
4,827
-
4,827
At 31 March 2019
4,076
-
4,076
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Service charges due
285,690
204,045
Other debtors
70,601
73,922
356,291
277,967
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
103,837
82,870
Taxation and social security
47,239
43,095
Other creditors
405,388
414,133
556,464
540,098
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
4,725
11,025
The balance due after more than one year, is in relation to funding received from ERDF in 2011. This is being paid back over a 4 year period with monthly instalments of £525. This balance is interest free.
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Lisa Leighton.
The auditor was BHP LLP.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
35,898
120,422
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2020
2019
£
£
Acquisition of intangible assets
-
20,805
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
12
Related party transactions
Distinction Doors Limited
Distinction Doors Limited is a company in which VM Brown is a Director. During the year the company made sales totalling £462 (2019: £1,344) to Distinction Doors Limited.
Counter Context Limited
Counter Context Limited is a company in which AJ Krachai is a Director. During the year the company made sales totalling £594 (2019: £1,576) to Counter Context Limited.
HLM Architects Limited
HLM Architects Limited is a company in which KS Mosley is a Director. During the year the company made sales totalling £624 (2019: £nil) to HLM Architects Limited.
Wosskow Brown Solicitors LLP
Wosskow Brown Solicitors LLP is a partnership in which I Brown is a LLP Designated Member. During the year the company made sales totalling £12,102 (2019: £12,738) to Wosskow Brown Solicitors LLP. At the year end, a balance totalling £9,000 (2019: £1,200) was owing from Wosskow Brown Solicitors LLP.
Hawsons Chartered Accountants
Hawsons Chartered Accountants is a partnership in which SL Bladen is Partner. During the year the company made sales totalling £1,044 (2019: £402) to Hawsons Chartered Accountants. At the year end, a credit balance totalling £12 (2019: £nil) was owing to Hawsons Chartered Accountants.
Universal Office Products Ltd
Universal Office Products Ltd is a company in which SP Manley is a Director. During the year the company made sales totalling £1,684 (2019: £2,932) to Universal Office Products Ltd and purchases totalling £5,142 (2019: £nil). At the year end, a balance totalling £143 (2019: £206) was owing from Universal Office Products Ltd.
UK Workspace Limited
UK Workspace Limited is a company in which MG Jackson is a Director. During the year the company made sales totalling £nil (2019: £402) to UK Workspace Limited.
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
13
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2019
£
£
£
Creditors due within one year
Deferred income
(262,701)
(49,268)
(311,969)
Reserves
Profit and loss
(28,393)
(49,268)
(77,661)
Reconciliation of changes in equity
1 April
31 March
2018
2019
£
£
Adjustments to prior year
Deferred income adjustment
-
(49,268)
Equity as previously reported
-
(28,393)
Equity as adjusted
-
(77,661)
Notes to reconciliation
Prior year adjustment due to a change in the revenue recognition policy.
2020-03-31
2019-04-01
false
25 February 2021
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
This audit opinion is unqualified
Ian Brown
Victoria Mary Brown
MG Jackson
Alexis John Krachai
Stephen Paul Manley
Karen Susan Mosley
James Needham
Simon Luke Bladen
John Trevor Saxelby Hayward
Brenda Jordan
Stella Steele
Richard Kersey Wright
I Brown
00064569
2019-04-01
2020-03-31
00064569
2020-03-31
00064569
core:IntangibleAssetsOtherThanGoodwill
2020-03-31
00064569
2019-03-31
00064569
core:FurnitureFittings
2020-03-31
00064569
core:FurnitureFittings
2019-03-31
00064569
core:CurrentFinancialInstruments
core:WithinOneYear
2020-03-31
00064569
core:CurrentFinancialInstruments
core:WithinOneYear
2019-03-31
00064569
core:CurrentFinancialInstruments
2020-03-31
00064569
core:CurrentFinancialInstruments
2019-03-31
00064569
core:Non-currentFinancialInstruments
2020-03-31
00064569
core:Non-currentFinancialInstruments
2019-03-31
00064569
core:RetainedEarningsAccumulatedLosses
2020-03-31
00064569
core:RetainedEarningsAccumulatedLosses
2019-03-31
00064569
bus:Director3
2019-04-01
2020-03-31
00064569
core:IntangibleAssetsOtherThanGoodwill
2019-04-01
2020-03-31
00064569
core:ComputerSoftware
2019-04-01
2020-03-31
00064569
core:FurnitureFittings
2019-04-01
2020-03-31
00064569
core:ComputerEquipment
2019-04-01
2020-03-31
00064569
2018-04-01
2019-03-31
00064569
core:FurnitureFittings
2019-03-31
00064569
core:ComputerEquipment
2019-03-31
00064569
2019-03-31
00064569
core:WithinOneYear
2020-03-31
00064569
core:WithinOneYear
2019-03-31
00064569
bus:CompanyLimitedByGuarantee
2019-04-01
2020-03-31
00064569
bus:SmallCompaniesRegimeForAccounts
2019-04-01
2020-03-31
00064569
bus:FRS102
2019-04-01
2020-03-31
00064569
bus:Audited
2019-04-01
2020-03-31
00064569
bus:Director1
2019-04-01
2020-03-31
00064569
bus:Director2
2019-04-01
2020-03-31
00064569
bus:Director4
2019-04-01
2020-03-31
00064569
bus:Director5
2019-04-01
2020-03-31
00064569
bus:Director6
2019-04-01
2020-03-31
00064569
bus:Director7
2019-04-01
2020-03-31
00064569
bus:Director8
2019-04-01
2020-03-31
00064569
bus:Director9
2019-04-01
2020-03-31
00064569
bus:Director10
2019-04-01
2020-03-31
00064569
bus:Director11
2019-04-01
2020-03-31
00064569
bus:Director12
2019-04-01
2020-03-31
00064569
bus:CompanySecretary1
2019-04-01
2020-03-31
00064569
bus:FullAccounts
2019-04-01
2020-03-31
xbrli:pure
xbrli:shares
iso4217:GBP