Company Registration No. 04613510 (England and Wales)
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
271,554
294,722
Investments
4
2
2
271,556
294,724
Current assets
Stocks
19,957
19,082
Debtors
5
190,076
162,149
Cash at bank and in hand
221,238
350,372
431,271
531,603
Creditors: amounts falling due within one year
6
(88,565)
(149,870)
Net current assets
342,706
381,733
Total assets less current liabilities
614,262
676,457
Creditors: amounts falling due after more than one year
7
(319,573)
(327,171)
Net assets
294,689
349,286
Reserves
Income and expenditure account
294,689
349,286
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2018 and are signed on its behalf by:
B S Carruthers
Director
Company Registration No. 04613510
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 3 -
1
Accounting policies
Company information
Freemasons' Hall (Leicester) Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The
address of the
registered office
and place of business
is
given in the company information page of these financial statements.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% - 15% per annum on cost
Fixtures, fittings & equipment
5% - 25% per annum on cost
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in surplus or deficit.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit
is estimated
and compared to the carrying amount
in order to determine the extent of the impairment loss (if any).
Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 5 -
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 45 (2017 - 47).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017
898,099
Additions
21,887
At 31 May 2018
919,986
Depreciation and impairment
At 1 June 2017
603,377
Depreciation charged in the year
45,055
At 31 May 2018
648,432
Carrying amount
At 31 May 2018
271,554
At 31 May 2017
294,722
4
Fixed asset investments
2018
2017
£
£
Investments
2
2
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2017 & 31 May 2018
2
Carrying amount
At 31 May 2018
2
At 31 May 2017
2
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
64,210
77,357
Amounts owed by group undertakings
104,460
60,300
Other debtors
9,351
10,703
Prepayments and accrued income
12,055
13,789
190,076
162,149
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
26,789
85,025
Other taxation and social security
40,564
40,410
Other creditors
12,283
19,990
Accruals and deferred income
8,929
4,445
88,565
149,870
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
319,573
327,171
FREEMASONS' HALL (LEICESTER) LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 7 -
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.