Company registration number 02055369 (England and Wales)
THE RAGHUVANSHI ASSOCIATION
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
THE RAGHUVANSHI ASSOCIATION
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE RAGHUVANSHI ASSOCIATION
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,260,293
1,235,692
Current assets
Debtors
5
1,932
500
Cash at bank and in hand
32,021
56,279
33,953
56,779
Creditors: amounts falling due within one year
6
(145,349)
(139,015)
Net current liabilities
(111,396)
(82,236)
Total assets less current liabilities
1,148,897
1,153,456
Creditors: amounts falling due after more than one year
7
(100,000)
(150,000)
Net assets
1,048,897
1,003,456
Reserves
Income and expenditure account
1,048,897
1,003,456
Members' funds
1,048,897
1,003,456
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 31 January 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 11 June 2023 and are signed on its behalf by:
Mr Ajay Jobanputra
Mr Sunil Radia
Director
Director
Company Registration No. 02055369
THE RAGHUVANSHI ASSOCIATION
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
The Raghuvanshi Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Compton House, 20b Selsdon Road, South Croydon, Surrey, CR2 6PA.
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. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
All incoming resources are accounted for when the charity has entitlement to the funds, certainty of receipt and the amount is measureable.
Expenditure is recognised on the accrued basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
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:
Land and buildings Freehold
not depreciated
Fixtures, fittings & equipment
20% on cost
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
Taxation
The company is a registered charity and therefore not liable to taxation on the excess of income over expenditure.
THE RAGHUVANSHI ASSOCIATION
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 February 2022
1,217,961
45,565
1,263,526
Additions
9,747
23,250
32,997
At 31 January 2023
1,227,708
68,815
1,296,523
Depreciation and impairment
At 1 February 2022
27,834
27,834
Depreciation charged in the year
8,396
8,396
At 31 January 2023
36,230
36,230
Carrying amount
At 31 January 2023
1,227,708
32,585
1,260,293
At 31 January 2022
1,217,961
17,731
1,235,692
THE RAGHUVANSHI ASSOCIATION
(COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Donation pledged
500
500
Other debtors
1,432
1,932
500
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
145,349
139,015
Included in other creditors is interest free loan from Lohana Community South London and some of its members of £110,575 (2022: £110,516).
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
100,000
150,000
Other creditors is the secured loan advanced by G P Ganatra Charitable Trust of £100,000 (2022: £150,000).The loan is a 10 year loan repayable with accrued interest on 21 April 2031, or such other date as agreed between the parties.
Interest of £5,694 at the rate of 3% over the bank base rate per annum has been accrued in the accounts in accordance with the agreement.
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.