Company registration number 04029723 (England and Wales)
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
38,089
22,880
Investments
5
1,919,469
1,796,223
1,957,558
1,819,103
Current assets
Trade and other receivables
6
211,389
248,235
Cash and cash equivalents
320,621
271,675
532,010
519,910
Current liabilities
7
(354,857)
(391,465)
Net current assets
177,153
128,445
Total assets less current liabilities
2,134,711
1,947,548
Non-current liabilities
8
(55,864)
(44,483)
Provisions for liabilities
(370,246)
(335,930)
Net assets
1,708,601
1,567,135
Reserves
Revaluation reserve
11
1,554,770
1,454,941
Income and expenditure account
153,831
112,194
Members' funds
1,708,601
1,567,135
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
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 30 September 2022 and are signed on its behalf by:
Joada Allen
Director
Company Registration No. 04029723
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Chamber of Commerce (Barnsley & Rotherham) Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
6 Genesis Business Park, Sheffield Road, Templeborough, Rotherham, South Yorkshire, S60 1DX.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
Given
true
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 Chamber’s ability to continue as a going concern.
Directors have considered forecasts for a period of twelve months from the date of approval of these financial statements, which show that current and future sources of funding or support will be more than adequate for the company's needs. They therefore believe that the Chamber’s financial statements should be prepared on a going concern basis.
In addition, the company continues to work closely with its subsidiary company, Rotherham Enterprise Agency Limited.
1.3
Income and expenditure
Membership and Patronage i
ncome
is recognised
in the financial statements
over the period to which it corresponds.
Grant income is recognised in the period when grant conditions have been met.
All other income is recognised in the period to which it relates.
Expenditure is recognised in the period to which the expense relates.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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:
Fixtures and fittings
10% straight line
Computers
20% straight line
Motor vehicles
25% on 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
.
1.5
Non-current investments
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
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.
1.6
Cash and cash equivalents
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.
1.7
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 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 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
trade and other receivables
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.
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.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
trade and other payables
, 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 payables
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 payables
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
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.
Current or deferred taxation assets and liabilities are not discounted.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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.
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.
Deferred tax is also recognised in respect of fair value gains on investments in subsidiaries.
1.9
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
non-current 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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
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:
2022
2021
Number
Number
Total
13
14
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2021
51,580
Additions
39,011
Disposals
(28,985)
At 31 March 2022
61,606
Depreciation and impairment
At 1 April 2021
28,700
Depreciation charged in the year
11,573
Eliminated in respect of disposals
(16,756)
At 31 March 2022
23,517
Carrying amount
At 31 March 2022
38,089
At 31 March 2021
22,880
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1,919,469
1,796,223
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2021
1,796,223
Additions
123,246
At 31 March 2022
1,919,469
Carrying amount
At 31 March 2022
1,919,469
At 31 March 2021
1,796,223
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
6
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Service charges due
149,885
220,014
Amounts owed by group undertakings
26,850
Other receivables
34,654
28,221
211,389
248,235
7
Current liabilities
2022
2021
£
£
Bank loans
9,687
5,517
Obligations under finance leases
4,782
16,508
Other borrowings
5,290
Trade payables
7,862
4,168
Amounts owed to group undertakings
4,800
Corporation tax
451
Other taxation and social security
49,694
97,880
Other payables
29,572
5,580
Accruals and deferred income
247,519
257,012
354,857
391,465
The obligations under finance leases is secured over the asset to which it relates.
The bank loan is government guaranteed under the Bounceback loan scheme.
8
Non-current liabilities
2022
2021
Notes
£
£
Bank loans and overdrafts
33,206
44,483
Obligations under finance leases
22,658
55,864
44,483
The bank loan is government guaranteed under the Bounceback loan scheme. Amounts on hire purchase are secured on the assets to which it relates.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
5,285
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
5,547
(1,850)
Tax losses
-
(3,502)
Investments
364,699
341,282
370,246
335,930
2022
Movements in the year:
£
Liability at 1 April 2021
335,930
Charge to profit or loss
10,899
Charge to equity
23,417
Liability at 31 March 2022
370,246
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
Revaluation reserve
2022
2021
£
£
At the beginning of the year
1,454,941
1,423,270
Deferred tax on revaluation of property, plant and equipment
(23,417)
(23,878)
Share of other comprehensive income of associate
123,246
55,549
At the end of the year
1,554,770
1,454,941
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditors' report was unqualified.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
12
Audit report information
(Continued)
- 9 -
Senior Statutory Auditor:
Victoria Jane Harrison
Statutory Auditor:
GBAC Limited
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
9,009
11,781
14
Directors' transactions
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.
2022-03-31
2021-04-01
false
20 October 2022
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
This audit opinion is unqualified
Joada Allen
Glen Banks
Benjamin McFeely
Lisa Pogson
Tricia Smith
Matthew Stephens
Matthew Travis
Clive Watkinson
Anne Wilson MBE
Hayley Koseoglu
Carrie Sudbury
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