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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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TRURO CATHEDRAL LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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TRURO CATHEDRAL LIMITED |
TRURO CATHEDRAL LIMITED (REGISTERED NUMBER: 04917372) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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TRURO CATHEDRAL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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Statutory Auditors |
The Old Carriage Works |
Moresk Road |
TRURO |
Cornwall |
TR1 1DG |
TRURO CATHEDRAL LIMITED (REGISTERED NUMBER: 04917372) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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TRURO CATHEDRAL LIMITED (REGISTERED NUMBER: 04917372) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Truro Cathedral Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | 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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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible fixed assets are included at cost, being purchase price, less accumulated depreciation. Depreciation is |
not charged on property refurbishment costs as the property is kept in a good state of repair and any depreciation |
charged would be immaterial. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Public benefit entity concessionary loans |
Concessionary loans are recognised, measured and disclosed in accordance with FRS102.34 for loans made |
between a public benefit entity and another party at below the prevailing market rate of interest that are not |
repayable on demand and are for the purposes of furthering the objectives of the public benefit entity. Truro |
Cathedral Limited has initially measured the arrangement at the amount received and subsequently measures the |
carrying amount in the financial statements, adjusting this to reflect any accrued interest payable. To the extent |
that the loan is irrecoverable, impairment losses are recognised in the profit and loss account. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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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TRURO CATHEDRAL LIMITED (REGISTERED NUMBER: 04917372) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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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Cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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The Cathedral Church of the |
Blessed Virgin Mary in Truro |
- Other |
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Sundry debtor | 20 | - |
Prepayments |
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TRURO CATHEDRAL LIMITED (REGISTERED NUMBER: 04917372) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
The Chapter of the Cathedral |
Church of the Blessed Virgin |
Mary in Truro | 22,760 | - |
Trade creditors |
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Social security and other taxes |
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VAT | 20,688 | 22,201 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
The Chapter of the Cathedral |
Church of the Blessed Virgin |
Mary in Truro - loan | 147,176 | 149,676 |
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Both the loans from The Chapter of Cathedral Church of the Blessed Virgin Mary in Truro are repayable not |
later than 26 June 2043. Interest is charged at a rate of 1.30% (2016 - 1.30%) per annum. As such the |
arrangements are treated as public benefit entity concessionary loans. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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During the year the company charged The Chapter of the Cathedral Church of the Blessed Virgin Mary in Truro |
£10,193 (2016: £11,615) in respect of shop and restaurant goods. |
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During the year the company was charged by The Chapter of the Cathedral Church of The Blessed Virgin Mary |
in Truro £16,981 (2016: £16,905) in respect of establishment costs and £24,996 (2016: £24,996) in respect of |
management charges. |
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All transactions were conducted on an arms length basis. |
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A donation by the way of gift aid totalling £11,182 (2016: £24,840) was made to The Chapter of the Cathedral |
Church of the Blessed Virgin Mary in Truro in the year. |
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On 8 March 2005, the Cathedral entered into a loan agreement with Truro Cathedral Limited for £79,494. This |
loan is repayable not later than 26 June 2043. Interest is charged at a rate of 1.30% (2016: 1.30%) per annum. |
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On 25th March 2010, the Cathedral entered into a loan agreement with Truro Cathedral Limited for £100,182. |
Interest was charged at 1.30% (2016: 1.30%). This loan is repayable not later than 26 June 2043. |
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As at the year end, the total amount owed to The Chapter of the Cathedral Church of The Blessed Virgin Mary |
in Truro is £169,933 (2016: £139,517). |
TRURO CATHEDRAL LIMITED (REGISTERED NUMBER: 04917372) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is The Chapter of the Cathedral Church of the Blessed Virgin Mary in Truro. |