Company registration number 00457174 (England and Wales)
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
COMPANY INFORMATION
Directors
L M Gilston
(Appointed 14 September 2021)
D Glover
P R Hardman
(Appointed 14 September 2021)
R G Jackson
C G Jenkins
G C J Latham
L M Mawdsley
K A Monaghan
(Appointed 15 April 2022)
R Roukin
(Appointed 4 February 2022)
J A Stanley
D I Scott
(Appointed 16 May 2022)
P G Stock
Secretary
L M Gilston
Company number
00457174
Registered office
The Masonic Hall
Duke Street
Southport
PR8 1LS
Accountants
Harrison Latham & Company
97 Tulketh Street
Southport
Merseyside
PR8 1AW
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 11
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2022.
Principal activities
The principal activity of the company continued to be that of maintaining and supporting premises for masonic purposes.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L M Gilston
(Appointed 14 September 2021)
D Glover
P R Hardman
(Appointed 14 September 2021)
R G Jackson
C G Jenkins
G C J Latham
N A Latham
(Resigned 9 May 2022)
L M Mawdsley
K A Monaghan
(Appointed 15 April 2022)
R P Morris
(Resigned 21 January 2022)
R Roukin
(Appointed 4 February 2022)
J A Stanley
D I Scott
(Resigned 4 February 2022)
D I Scott
(Appointed 16 May 2022)
P G Stock
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
L M Gilston
Secretary
25 July 2022
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTHPORT MASONIC HALL COMPANY LIMITED (THE) FOR THE YEAR ENDED 31 MAY 2022
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Southport Masonic Hall Company Limited (The) for the year ended 31 May 2022 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Southport Masonic Hall Company Limited (The), as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Southport Masonic Hall Company Limited (The)
and state those matters that we have agreed to state to the Board of Directors of Southport Masonic Hall Company Limited (The), as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southport Masonic Hall Company Limited (The) and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Southport Masonic Hall Company Limited (The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Southport Masonic Hall Company Limited (The). You consider that Southport Masonic Hall Company Limited (The) is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Southport Masonic Hall Company Limited (The). For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Latham & Company
26 July 2022
Chartered Accountants
97 Tulketh Street
Southport
Merseyside
PR8 1AW
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
2022
2021
£
£
Turnover
232,612
57,796
Cost of sales
(69,493)
(4,065)
Gross profit
163,119
53,731
Administrative expenses
(154,548)
(104,896)
Other operating income
24,874
55,138
Operating profit
33,445
3,973
Interest receivable and similar income
65
23
Profit before taxation
33,510
3,996
Tax on profit
(2,166)
1,095
Profit for the financial year
31,344
5,091
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
BALANCE SHEET
- 4 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
145,997
159,020
Investment properties
4
80,000
80,000
225,997
239,020
Current assets
Stocks
4,415
3,885
Debtors
5
138
3,652
Cash at bank and in hand
323,789
259,348
328,342
266,885
Creditors: amounts falling due within one year
6
(25,287)
(8,197)
Net current assets
303,055
258,688
Net assets
529,052
497,708
Capital and reserves
Called up share capital
3,580
3,580
Other reserves
35,478
35,478
Profit and loss reserves
489,994
458,650
Total equity
529,052
497,708
For the financial year ended 31 May 2022 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.
T
he 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 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 July 2022 and are signed on its behalf by:
D I Scott
P G Stock
Director
Director
Company Registration No. 00457174
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022
- 5 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2020
3,580
35,478
453,559
492,617
Year ended 31 May 2021:
Profit and total comprehensive income for the year
-
-
5,091
5,091
Balance at 31 May 2021
3,580
35,478
458,650
497,708
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
-
31,344
31,344
Balance at 31 May 2022
3,580
35,478
489,994
529,052
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 6 -
1
Accounting policies
Company information
Southport Masonic Hall Company Limited (The) is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Masonic Hall, Duke Street, Southport, PR8 1LS.
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. 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
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rents from lodges and room hire are recognised as income when the income is earned.
Rental income is recognised in accordance with the lease.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
All other sources of income are recognised on receipt.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
periods between 20 and 52 years on a straight line basis
Plant and equipment
between 5% and 20% of cost
No depreciation is provided on freehold land of £7,000 (2021 £7,000).
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 7 -
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an
asset
is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, 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 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
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises
purchase price together with costs
incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
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.
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 8 -
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.
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 and
bank loans 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
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. No dividends payable on equity instruments.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on
none mutual
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.
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 9 -
1.11
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.
1.12
Leases
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.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
During the period the company received grants under the
Coronavirus Job Retention Scheme (CJRS)
, the scheme
allows employers to put staff on temporary leave (furlough) and claim the cost of 80% of employees’ payroll costs from the government.
The g
rants are recognised as income if all performance conditions have been met in full. For furloughed employees this will happen over the period of furlough.
During the period the company received grants under the Small Business Grant Fund and the Hospitality and Leisure Grant Fund
.
The g
rants are recognised as income if all performance conditions have been met in full.
2
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
11
1
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 10 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2021 and 31 May 2022
192,410
310,024
502,434
Depreciation and impairment
At 1 June 2021
123,948
219,466
343,414
Depreciation charged in the year
3,617
9,406
13,023
At 31 May 2022
127,565
228,872
356,437
Carrying amount
At 31 May 2022
64,845
81,152
145,997
At 31 May 2021
68,462
90,558
159,020
4
Investment property
2022
£
Fair value
At 1 June 2021 and 31 May 2022
80,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
77
Other debtors
138
3,575
138
3,652
SOUTHPORT MASONIC HALL COMPANY LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 11 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
6,564
Corporation tax
2,149
1,496
Other taxation and social security
5,590
2,250
Other creditors
10,984
4,451
25,287
8,197
7
Related party transactions
Funds
of £
20,000
(20
21
£
10,000
)
were
received from The Southport Masonic Hall Foundation. The objects of the Foundation are to raise funds and donations and to hold such funds for
the needs of the
Southport Masonic Hall Company Limited.
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P R Hardman
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C G Jenkins
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L M Mawdsley
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R P Morris
R Roukin
J A Stanley
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