Registered number |
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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 3 |
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Current assets | |||||||
Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 | ( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves | |||||||
General reserve | 76,114 | 76,114 | |||||
Retained earnings |
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Shareholder's funds |
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Lord Iain McNicol | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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Going concern | ||||||||
These financial accounts are prepared on the going concern basis. As stated in note 6, the members of the Council of Managment have reviewed the effect of the Covid-19 outbreak on the company and consider that the outbreak is unlikely to cause a significant disruption to the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. |
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Turnover | ||||||||
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Dividends and interest | ||||||||
Dividends are credited to the profit and loss account when received. Interest, gross, is credited to the profit and loss account when received. | ||||||||
Investments | ||||||||
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Cash and cash equivalents | ||||||||
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Financial Instruments | ||||||||
Financial instruments are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts being presented in the financial statements, when there is a legally enforceable right to net 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. |
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1 | Accounting policies (continued) | |||||||
Basic financial assets | ||||||||
Basic financial assets, including debtors and cash balances are initially recognised at their 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. | ||||||||
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 as a residual interest in the assets of the company after deducting all of its liabilities. | ||||||||
Basic financial liabilities | ||||||||
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Taxation | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
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Deferred tax | ||||||||
Deferred tax liabilities are generally recognised for all timing differences and a deferred tax asset is recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. |
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2 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Investments | |||||||
Other | ||||||||
investments | ||||||||
£ | ||||||||
Fair value | ||||||||
At 1 February 2021 |
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Net loss on fair value adjustments | ( |
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At 31 January 2022 |
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Historical cost | ||||||||
At 1 February 2021 | 118,513 | |||||||
At 31 January 2022 | 118,513 | |||||||
The listed investments are dealt with on the London and New York Stock Exchanges | ||||||||
4 | Investments held as current assets | 2022 | 2021 | |||||
£ | £ | |||||||
Fair value | ||||||||
Increase/(decrease) in fair value included in the profit and loss account for the financial year | ||||||||
Listed investments | (23,469) | (194,248) | ||||||
5 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Other creditors |
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6 | Going concern | |||||||
As the company's principal activity is to assist the Labour Movement by providing donations, they are able to suspend donations temporarily if required. The organisation's only obligation is to fund their annual tax preparation and financial statement fees and the company has a strong reserve and cash position to be able to fund these expenses. Therefore, the members of the Council of Management consider that this outbreak is unlikely to cause significant disruption to the company's ability to continue as a going concern and have a reasonable expectation that they have adequate resources to continue for a period of at least 12 months from the date of approval of these financial statements. |
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7 | Other information | |||||||
The Lionel Cooke Memorial Fund Limited is a private company limited by guarantee without share capital where the maximum liability of the members is £1. It is incorporated in England and Wales. The registered office is: | ||||||||
Floor 8 | ||||||||
Southside | ||||||||
105 Victoria Street | ||||||||
London | ||||||||
SW1E 6QT |