Company Registration No. 00449723 (England and Wales)
GUILDFORD MASONIC CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
GUILDFORD MASONIC CENTRE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GUILDFORD MASONIC CENTRE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D. J. Leech
Mr S. D. M. Craig
Mr L. G. Piggott
Mr P. Churchill-Coleman
Mr I. Mason
Mr I. J. Greenup
(Appointed 23 February 2023)
Mr M. D. V. Eagle
(Appointed 20 April 2023)
Mr I. W. Pettett
(Appointed 20 April 2023)
Secretary
Mrs E. Hanks
Company number
00449723
Registered office
Weybourne House
Hitherbury Close
Guildford
Surrey
GU2 4DR
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
GUILDFORD MASONIC CENTRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,549,289
1,599,469
Current assets
Stocks
3,197
3,197
Debtors
4
3,200
2,775
Cash at bank and in hand
7,057
38,479
13,454
44,451
Creditors: amounts falling due within one year
5
(28,417)
(14,783)
Net current (liabilities)/assets
(14,963)
29,668
Total assets less current liabilities
1,534,326
1,629,137
Creditors: amounts falling due after more than one year
6
(24,529)
(34,916)
Provisions for liabilities
(3,892)
(4,232)
Net assets
1,505,905
1,589,989
Capital and reserves
Called up share capital
62
62
Capital redemption reserve
206
206
Profit and loss reserves
1,505,637
1,589,721
Total equity
1,505,905
1,589,989
GUILDFORD MASONIC CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 22 March 2024 and are signed on its behalf by:
Mr D. J. Leech
Director
Company Registration No. 00449723
The notes on pages 4 to 7 form part of these financial statements
GUILDFORD MASONIC CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Guildford Masonic Centre Limited (00449723) is a private company limited by shares incorporated in England and Wales. The registered office is Weybourne House, Hitherbury Close, Guildford, Surrey, GU2 4DR.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
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:
Freehold Property
2% on cost
Plant and machinery
25% - 40% on written down value or reducing balance
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 profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Cash and cash equivalents
Cash at bank and in hand 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.
GUILDFORD MASONIC CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.
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 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 payments 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GUILDFORD MASONIC CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
GUILDFORD MASONIC CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Tangible fixed assets
Freehold Property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
2,309,801
483,119
2,792,920
Depreciation and impairment
At 1 April 2022
732,607
460,844
1,193,451
Depreciation charged in the year
46,196
3,984
50,180
At 31 March 2023
778,803
464,828
1,243,631
Carrying amount
At 31 March 2023
1,530,998
18,291
1,549,289
At 31 March 2022
1,577,194
22,275
1,599,469
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,200
Other debtors
2,775
3,200
2,775
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,471
10,084
Taxation and social security
10,710
Other creditors
7,236
4,699
28,417
14,783
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
24,529
34,916