Company Registration No. 04029723 (England and Wales)
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
22,880
23,858
Investments
5
1,796,223
1,740,674
1,819,103
1,764,532
Current assets
Trade and other receivables
6
248,235
240,264
Cash and cash equivalents
271,675
129,951
519,910
370,215
Current liabilities
7
(391,465)
(312,841)
Net current assets
128,445
57,374
Total assets less current liabilities
1,947,548
1,821,906
Non-current liabilities
8
(44,483)
(16,508)
Provisions for liabilities
(335,930)
(302,682)
Net assets
1,567,135
1,502,716
Reserves
Revaluation reserve
11
1,454,941
1,423,270
Income and expenditure account
112,194
79,446
Members' funds
1,567,135
1,502,716
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 16 September 2021 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 2021
- 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
Since the start of 2020, the world has been suffering from the gradual impact caused by the Coronavirus, which from March 2020 began to impact in the UK in major way. The UK government introduced restrictions from 24
true
th
March on the population's movements to reduce the spread of the virus and the full impact of these restrictions longer term on the company's activities is still 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 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
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
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 2021
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 2021
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 2021
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.
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:
2021
2020
Number
Number
Total
14
14
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2020
45,368
Additions
6,212
At 31 March 2021
51,580
Depreciation and impairment
At 1 April 2020
21,510
Depreciation charged in the year
7,190
At 31 March 2021
28,700
Carrying amount
At 31 March 2021
22,880
At 31 March 2020
23,858
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1,796,223
1,740,674
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2020
1,740,674
Valuation changes
55,549
At 31 March 2021
1,796,223
Carrying amount
At 31 March 2021
1,796,223
At 31 March 2020
1,740,674
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
6
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Service charges due
220,014
168,871
Amounts owed by group undertakings
10,000
Other receivables
28,221
61,393
248,235
240,264
7
Current liabilities
2021
2020
£
£
Bank loans
5,517
Obligations under finance leases
16,508
2,389
Trade payables
4,168
36,356
Amounts owed to group undertakings
4,800
Taxation and social security
97,880
60,224
Other payables
5,580
12,976
Accruals and deferred income
257,012
200,896
391,465
312,841
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
2021
2020
Notes
£
£
Bank loans and overdrafts
44,483
Obligations under finance leases
16,508
44,483
16,508
The bank loan is government guaranteed under the Bounceback loan scheme.
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 2021
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
(1,850)
-
Tax losses
(3,502)
(14,722)
Investments
341,282
317,404
335,930
302,682
2021
Movements in the year:
£
Liability at 1 April 2020
302,682
Charge to profit or loss
9,370
Charge to equity
23,878
Liability at 31 March 2021
335,930
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
2021
2020
£
£
At the beginning of the year
1,423,270
1,334,675
Deferred tax on revaluation of property, plant and equipment
(23,878)
(18,561)
Share of other comprehensive income of associate
55,549
107,156
At the end of the year
1,454,941
1,423,270
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.
The senior statutory auditor was Victoria Jane Harrison.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
12
Audit report information
(Continued)
- 9 -
The auditor was 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:
2021
2020
£
£
11,781
4,490
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.
2021-03-31
2020-04-01
false
01 October 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
This audit opinion is unqualified
Joada Allen
Glen Banks
Frank Kler
Benjamin McFeely
Lisa Pogson
Tricia Smith
Matthew Stephens
Matthew Travis
Clive Watkinson
Anne Wilson MBE
Carrie Sudbury
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