Company Registration No. 00952071 (England and Wales)
Charity Registration No. 500464
THE ABBEYFIELD BERWICK SOCIETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
THE ABBEYFIELD BERWICK SOCIETY LIMITED
COMPANY INFORMATION
Directors
Mrs E.M.A. Hardie (Chairman)
Mr D. Hardwick
Mrs D. Higham
Mr D. Conway
Mr S.A.F. Faed
Secretary
Mrs N. Sandwith
Company number
00952071
Charity number
500464
Registered office
4 Bankhill
Berwick upon Tweed
TD15 1BE
Accountants
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Barclay Bank Plc.
22/24 Hide Hill
Berwick upon Tweed
TD15 1AF
Solicitors
T C Smith
9 Church Street
Berwick upon Tweed
Northumberland
TD15 1EF
THE ABBEYFIELD BERWICK SOCIETY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE ABBEYFIELD BERWICK SOCIETY LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
289,859
290,420
Investments
5
333,863
347,014
623,722
637,434
Current assets
Debtors
6
1,462
1,435
Cash at bank and in hand
111,253
104,201
112,715
105,636
Creditors: amounts falling due within one year
7
(2,033)
(3,749)
Net current assets
110,682
101,887
Total assets less current liabilities
734,404
739,321
Deferred income
8
(82,583)
(82,583)
Net assets
651,821
656,738
Reserves
Income and expenditure account
11
651,821
656,738
Members' funds
651,821
656,738
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 30 September 2019 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2019
30 September 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 March 2020 and are signed on its behalf by:
Mrs E.M.A. Hardie (Chairman)
Mr S.A.F. Faed
Director
Director
Company Registration No. 00952071
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
The Abbeyfield Berwick Society Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
4 Bankhill, Berwick upon Tweed, TD15 1BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice) which includes FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, the Housing and Regeneration Act 2008, the Charities Act 2011 and the Statement of Recommended Practice (SORP) for Registered Social Housing Providers 2014, "Accounting by Registered Social Housing Providers" 2014. 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 Society has taken advantage of the disclosure exemptions available under FRS 102 and accordingly has not prepared a cash flow statement.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Social housing grants towards capital costs of the property are taken to deferred income and held there until the property or part thereof is sold. The grants are then released to income.
Expenses include VAT where applicable as the company cannot reclaim it.
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:
Housing properties
Not depreciated
Fixtures, fittings & equipment
15% 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 surplus or deficit
.
1.4
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). 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.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in surplus or deficit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.7
Taxation
The society has charitable status and is exempt from Corporation Tax on income it receives.
The society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT.
1.8
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.
1.9
Expenses are allocated to management expenses, repair and maintenance costs and services costs on the basis of proportion of time or other relevant factors attributable to those activities.
1.10
Future cyclical and major repairs
It is the executive committee's opinion that no provision is required for future cyclical or major repairs.
2
Income/Service charges
2019
2018
£
£
Class of business
Residential charges receivable
127,778
124,971
Losses arising from vacancies
(67,272)
(52,067)
60,506
72,904
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in England and Wales.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
3
Employees
The average monthly number of persons employed by the company during the year was 8 (2018 - 8). No directors were employed during the year (2018 - None).
4
Tangible fixed assets
Housing properties
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2018 and 30 September 2019
286,680
39,245
325,925
Depreciation and impairment
At 1 October 2018
-
35,505
35,505
Depreciation charged in the year
-
561
561
At 30 September 2019
-
36,066
36,066
Carrying amount
At 30 September 2019
286,680
3,179
289,859
At 30 September 2018
286,680
3,740
290,420
5
Fixed asset investments
2019
2018
£
£
Investments
333,863
347,014
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2018
347,014
Additions
44,534
Valuation changes
(1,144)
Disposals
(56,541)
At 30 September 2019
333,863
Carrying amount
At 30 September 2019
333,863
At 30 September 2018
347,014
Fixed asset investments are held at market value. The historical cost of the investments is £335,007 (2018 £334,764).
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Loan to Abbeyfield Society
1,000
1,000
Other debtors
462
435
1,462
1,435
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
313
1,994
Other creditors
1,720
1,755
2,033
3,749
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
8
Government grants
2019
2018
£
£
Arising from Social Housing grants
82,583
82,583
9
Accommodation units
The Society had the following bed spaces available for occupation:
2019
2018
Registered residential care
7
7
10
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.
11
Income and expenditure account
2019
2018
£
£
At the beginning of the year
656,738
644,859
(Deficit)/surplus for the year
(4,917)
11,879
At the end of the year
651,821
656,738
The income and expenditure account is an unrestricted revenue reserve.
12
Related party transactions
The Society is a member of The Abbeyfield Society Limited and paid annual subscriptions of £2,800 (2018 £2,809). Included within debtors is an outstanding loan of £1,000 (2018 £1,000) due from The Abbeyfield Society Limited. This loan is unsecured, undated and interest free.
Greaves West & Ayre are the society's financial advisors. During the year Greaves West & Ayre charged the society £2,157 (2018 £6,982).
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Mrs E.M.A. Hardie (Chairman)
Mr D. Hardwick
Mrs D. Higham
Mr D. Conway
Mr S.A.F. Faed
Mrs N. Sandwith
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