REGISTERED NUMBER:
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Tenant Participation Advisory Service |
(Cymru) Limited |
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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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Tenant Participation Advisory Service |
(Cymru) Limited |
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Report of the Directors and |
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Financial Statements for the Year Ended 31 March 2022 |
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Statement of Directors' Responsibilities | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Balance Sheet | 7 |
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Notes to the Financial Statements | 8 |
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Tenant Participation Advisory Service |
(Cymru) Limited |
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Company Information |
for the Year Ended 31 March 2022 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Auditors: |
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7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Report of the Directors |
for the Year Ended 31 March 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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Principal activity |
The principal activity of the company in the year under review was that of promoting the well being of people in socially rented housing and to engage in the advancement of education for the benefit of people in socially rented housing and in pursuit of any other objects for the well being of people in socially rented housing, which may now or hereafter be deemed by law to be charitable. |
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Directors |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
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Other changes in directors holding office are as follows: |
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Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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On behalf of the board: |
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Statement of Directors' Responsibilities |
for the Year Ended 31 March 2022 |
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The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Tenant Participation Advisory Service |
(Cymru) Limited |
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Opinion |
We have audited the financial statements of Tenant Participation Advisory Service (Cymru) Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Tenant Participation Advisory Service |
(Cymru) Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP FRS 102 and relevant tax legislation. |
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Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include: |
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Discussing with Directors and management which areas of the business they believe to be more susceptible to
fraud, and whether they have any knowledge or suspicion of fraudulent activities; |
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Obtaining an understanding of the key controls put in place by the company to address risks identified,
assessing the effectiveness of those and discussing how these are maintained and monitored internally; |
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Assessing the risk of management override and review and testing of journal entries made into the accounting
system; |
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Challenging assumptions and judgements made by the company in relation to the significant accounting
estimates employed in the preparation of the financial statements; |
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Discussing with Directors and Management the legal and regulatory obligations of the business and whether
they have any knowledge or suspicion of non compliance. |
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Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Income Statement |
for the Year Ended 31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
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Turnover |
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Cost of sales | ( |
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Gross profit |
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Administrative expenses | ( |
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2,616 | (35,643 | ) |
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Other operating income |
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Operating profit |
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Interest receivable and similar income |
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Profit before taxation | 4 |
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Tax on profit | ( |
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Profit for the financial year |
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 6 |
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Current assets |
Debtors | 7 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 8 | ( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities | 10 | ( |
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Net assets |
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Reserves |
Retained earnings | 11 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | Statutory information |
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Tenant Participation Advisory Service (Cymru) Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Income represents membership fees, grants and consultancy services, net of value added tax. Income is deferred when the conditions for full entitlement have not been met. |
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Tangible fixed assets |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pensions |
The company operates a defined contribution pension scheme. Contributions are recognised in the income and expenditure account in the period in which they become payable in accordance with the rules of the scheme. |
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Government grants |
The company provides the majority of its services and support to client groups by obtaining grants from the Welsh Government and local authorities. The amounts are listed separately within the detailed income breakdown in the notes to the accounts. |
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Operating leases |
Rentals payable under operating leases are charged in the income and expenditure account on a straight line basis over the lease term. |
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3. | Employees and directors |
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The average number of employees during the year was
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | Profit before taxation |
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The profit is stated after charging: |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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5. | Limited by guarantee |
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The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the value of the company in the event of liquidation. |
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6. | Tangible fixed assets |
Computer |
equipment |
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Cost |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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Depreciation |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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Net book value |
At 31 March 2022 |
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At 31 March 2021 |
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7. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments and accrued income |
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8. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Deferred income |
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Accrued expenses |
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Tenant Participation Advisory Service |
(Cymru) Limited (Registered number: 02287865) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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9. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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10. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
£ |
Balance at 1 April 2021 |
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Credit to Income Statement during year | ( |
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Balance at 31 March 2022 |
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11. | Reserves |
Retained |
earnings |
£ |
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At 1 April 2021 |
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Profit for the year |
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At 31 March 2022 |
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The directors recognise the need to maintain a basic level of reserves in the event of having to face closure through loss of income. The level of available reserves to meet such an eventuality had been calculated to be £160,691 in 2021 and remains unchanged for 2022. However, due to the current economic climate the directors are currently reviewing this calculation to ensure they continue to have sufficient levels to include on-going contractual obligations and statutory redundancy costs. |
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The Board will be looking at cost saving measures and finding alternative sources of funding to meet any income reductions and to maintain sufficient levels of reserves to meet the cost of closure. The actual level of available reserves excluding those invested in fixed assets at the year end is £153,864 (2021: £151,159). |
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12. | Related party disclosures |
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The company has dealings with various organisations who are members of the Company's Committee of Management. However the committee have no direct interest in any of these transactions. |
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Board members |
During the year board members received expenses totalling £nil (2021: £178). |
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13. | Pension schemes |
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The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £8,011 (2021: £9,215). |