REGISTERED NUMBER:
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd |
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Report of the Directors and |
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Financial Statements For The Year Ended 31 March 2020 |
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REGISTERED NUMBER:
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd |
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Report of the Directors and |
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Financial Statements For The Year Ended 31 March 2020 |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Contents of the Financial Statements |
For The Year Ended 31 March 2020 |
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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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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Notes to the Financial Statements | 9 |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd |
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Company Information |
For The Year Ended 31 March 2020 |
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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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Chartered Accountants |
The Old Grammar School |
13 Moorgate Road |
Rotherham |
South Yorkshire |
S60 2EN |
Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Report of the Directors |
For The Year Ended 31 March 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2020. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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). 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 surplus or deficit 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; |
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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. |
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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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AUDITORS |
The auditors, Allotts Business Services Ltd, Statutory Auditor, will be proposed for re-appointment at the forthcoming |
Annual General Meeting. |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Report of the Directors |
For The Year Ended 31 March 2020 |
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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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Report of the Independent Auditors to the Members of |
Chamber of Commerce (Barnsley and |
Rotherham) Ltd |
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Opinion |
We have audited the financial statements of Chamber of Commerce (Barnsley and Rotherham) Ltd (the 'company') for |
the year ended 31 March 2020 which comprise the Income Statement, Other Comprehensive Income, 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: |
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give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its surplus 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 |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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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, 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 there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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: |
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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: |
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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 |
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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 |
Chamber of Commerce (Barnsley and |
Rotherham) Ltd |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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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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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Chartered Accountants |
The Old Grammar School |
13 Moorgate Road |
Rotherham |
South Yorkshire |
S60 2EN |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Income Statement |
For The Year Ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS SURPLUS |
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Administrative expenses |
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(72,681 | ) | (41,182 | ) |
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Other operating income |
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OPERATING SURPLUS | 4 |
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Interest receivable and similar income |
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53,646 | 91,917 |
Gain/loss on revaluation of investments | (9,469 | ) | - |
44,177 | 91,917 |
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Interest payable and similar expenses |
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SURPLUS BEFORE TAXATION |
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Tax on surplus |
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SURPLUS FOR THE FINANCIAL YEAR |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Other Comprehensive Income |
For The Year Ended 31 March 2020 |
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2020 | 2019 |
Notes | £ | £ |
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SURPLUS FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Gain on revaluation of investments |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 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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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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RESERVES |
Fair value reserve | 11 |
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Income and expenditure account |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Notes to the Financial Statements |
For The Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Chamber of Commerce (Barnsley and Rotherham) Ltd is a
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England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The financial statements are presented in sterling which is the functional currency of the company and rounded |
to the nearest £. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Fixed asset investments in subsidiary undertakings are included at their fair value at the balance sheet date. Fair |
value gains/losses in year are shown through other comprehensive income, unless a revaluation decrease |
exceeds the accumulated revaluation gains on an asset, in which case the excess shall be recognised in profit |
and loss. |
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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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Deferred tax is also recognised in respect of fair value gains on investments in subsidiaries. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
Since the start of 2020 the world has been suffering from the gradual impact caused by the Coronavirus, which |
in March 2020 began to impact in the UK in major way. The UK government introduced restrictions from 24 |
March on the population's movements to reduce the spread of the virus and the full impact of these restrictions |
on the company's activities is not clear at the present time. However, given the level of reserves held by the |
company and the low level of commitments, the directors are of the opinion that no material uncertainty exists |
about the entity's ability to continue as a going concern. The directors have considered forecasts for a period of |
twelve months from the date of approval of the financial statements, which show that current and future sources |
of funding or support will be more than adequate for the company's needs. The directors therefore believe that |
the company's financial statements should be prepared on a going concern basis. In addition the company will |
continue to receive the support of its subsidiary company, Rotherham Enterprise Agency Limited. |
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Group accounts |
The financial statements contain information about Chamber of Commerce (Barnsley and Rotherham) Limited |
as an individual company and do not contain consolidated financial information as the parent of the group. The |
company has taken the option under section 398 of the Companies Act 2006 not to prepare consolidated |
financial statements. |
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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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4. | OPERATING SURPLUS |
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The operating surplus is stated after charging: |
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2020 | 2019 |
£ | £ |
Depreciation - owned assets |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 April 2019 |
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Revaluations |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Cost or valuation at 31 March 2020 is represented by: |
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Shares in |
group |
undertakings |
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Valuation in 2020 | 1,714,674 |
Cost | 26,000 |
1,740,674 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2020 | 2019 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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2020 | 2019 |
£ | £ |
Aggregate capital and reserves | ( |
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(Loss)/profit for the year | ( |
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Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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The amounts owed to group undertakings of £nil (2019 - £66,327) are secured in the form of a fixed and floating |
charge over the assets of the company. |
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The hire purchase creditor totalling £18,897 (2019 - £21,286) is secured over the asset to which it relates. |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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10. | PROVISIONS FOR LIABILITIES |
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2020 | 2019 |
£ | £ |
Deferred tax |
On investment fair value revaluations | 317,404 | 298,843 |
On timing differences | (14,722 | ) | (25,323 | ) |
302,682 | 273,520 |
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Brought forward as previously reported | (25,323 | ) | (43,163 | ) |
Prior period adjustment | 298,843 | 298,843 |
Provided during the year | 29,162 | 17,840 |
302,682 | 273,520 |
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Details of the prior period adjustment are set out in note 14. |
Chamber of Commerce (Barnsley and |
Rotherham) Ltd (Registered number: 04029723) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 March 2020 |
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11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2019 |
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Revaluation during the year | 107,156 |
Deferred tax on gains | (18,561 | ) |
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At 31 March 2020 |
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12. | OTHER FINANCIAL COMMITMENTS |
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The company had total guarantees and commitments at the balance sheet date of £4,490 (2019 - £18,558). |
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13. | TRANSACTIONS WITH DIRECTORS |
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Due to the nature of the company's operations and the composition of the Board of directors being drawn from |
the local business community, it is inevitable that transactions will take place with organisations in which a |
director may have an interest. All transactions involving an organisation in which a director may have an interest |
are conducted in accordance with the company's normal procurement procedures. |
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14. | PRIOR PERIOD ADJUSTMENTS |
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a) Change of accounting policy |
The company has changed its accounting policy for recognition of fair value gains/losses on investments in |
subsidiaries. The previous policy was to recognise the revaluation through profit and loss account. The new |
accounting policy is to recognise the revaluation through other comprehensive income. In the opinion of the |
directors, the new policy provides more reliable and relevant information about the trading performance of the |
entity. |
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The change in accounting profit has been applied retrospectively and comparative information has been restated |
accordingly. The effect of the change has been to reduce the 2018/19 reported surplus for the financial year in |
the Income Statement by £749.The effect in the current year is a reduction in surplus for the financial year in the |
Income Statement of £88,595. As this is a move from Income Statement to Other Comprehensive Income, there |
is no overall effect on reserves. |
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b) Prior Period Errors |
In the 2017 accounts the company adopted Financial Reporting Standard 102 for the first time. Investments in |
subsidiaries were valued at fair value. However, the associated deferred tax on the fair value gain was not |
provided.The correction of this error has been applied retrospectively and comparative information has been |
restated accordingly. The effect of the change is as follows: |
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2020 | 2019 |
£ | £ |
Increased deferred tax liability | 298,843 |
Decrease in fair value reserve brought forward | 298,843 | 298,843 |
Decrease in fair value reserve carried forward | 298,843 |
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