Company Registration No. 05711222 (England and Wales)
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2018.
Principal activities
The principal activity of the company is the operation of day nurseries, together with a training centre which is focussed on providing qualifications for staff.
During the year the directors reassessed the disclosure of a number of costs incurred. Various costs that were previously disclosed as administrative costs have now been allocated to direct costs of sales, which the directors feel represents a more appropriate position given the nature of these costs. The costs reassessed include various staff costs and office running costs that are directly linked to generating income for the company. The accounts for the year ended 31 December 2017 have not been restated in respect of these.
Any profits made are donated to Greyfriars Church (see Accounting Policies).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S M Smith
G Underwood
F Joy
(Appointed 1 January 2018)
Mrs J I R Tomlinson
(Appointed 1 February 2018 and resigned 28 February 2019)
Mr D H Jeffries
(Appointed 1 June 2018)
Miss H Turner
(Appointed 1 February 2019)
Auditor
In accordance with the company's articles, a resolution proposing that Bruton Charles be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G Underwood
Mr D H Jeffries
Director
Director
25 March 2019
25 March 2019
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45,348
51,968
Current assets
Debtors
4
112,671
48,885
Cash at bank and in hand
89,502
293,734
202,173
342,619
Creditors: amounts falling due within one year
5
(103,106)
(246,103)
Net current assets
99,067
96,516
Total assets less current liabilities
144,415
148,484
Creditors: amounts falling due after more than one year
6
(86,645)
(90,860)
Provisions for liabilities
(8,300)
(8,154)
Net assets
49,470
49,470
Reserves
Income and expenditure account
49,470
49,470
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 25 March 2019 and are signed on its behalf by:
G Underwood
Mr D H Jeffries
Director
Director
Company Registration No. 05711222
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Greyfriars Ministries Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
C/O Simon Porter & Co Accountants Ltd, 1 Prospect Street, Caversham, Reading, Berkshire, RG4 8JB.
1.1
Accounting convention
The financial statements have been prepared under the historical cost convention.
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 principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently 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
25% straight line
Fixtures, fittings & nursery equipment
25% straight line
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
.
1.4
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 is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
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.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
1.6
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 balance sheet 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 debtors 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit. Corporation tax is only due on interest received.
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.9
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.
1.10
Donation Policy
It is the policy of Greyfriars Ministries Ltd to donate its taxable profits to Greyfriars Church each year. As the amount donated is the profit adjusted for corporation tax purposes there will be no corporation tax liability nor any tax loss to carry forward
(in a profit making year)
. Any tax shown in the profit and loss account relates to a deferred tax charge or release of prior charge, not an actual tax charge.
Because of the way corporation tax is calculated based on the adjusted profit rather than those shown in the accounts the amount to be donated will be such that the company shows a small profit or loss each year; that profit or loss is effectively the difference between the accounting profit and the adjusted profit for tax, normally this will be the difference between the charge for depreciation in the accounts and the capital allowances calculated according to corporation tax rules.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 52 (2017 - 65).
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
146,917
Additions
24,774
Disposals
(30,467)
At 31 December 2018
141,224
Depreciation and impairment
At 1 January 2018
94,949
Depreciation charged in the year
22,837
Eliminated in respect of disposals
(21,910)
At 31 December 2018
95,876
Carrying amount
At 31 December 2018
45,348
At 31 December 2017
51,968
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Service charges due
10,791
8,842
Other debtors
101,880
40,043
112,671
48,885
Trade debtors disclosed above are measured at amortised cost.
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
20,281
58,585
Taxation and social security
11,034
9,850
Other creditors
71,791
177,668
103,106
246,103
GREYFRIARS MINISTRIES LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
86,645
90,860
7
Deferred income
2018
2017
£
£
Brought forward grant funding
90,860
213,759
Amounts received during the year
406,497
490,301
Amount released to the P&L against expenditure
(410,712)
(613,200)
86,645
90,860
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.
9
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 auditor's report was unqualified.
The senior statutory auditor was Jonathan Lawrence-Archer.
The auditor was Bruton Charles.
10
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:
2018
2017
£
£
351,400
495,673
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.100
No description of principal activity
25 March 2019
This audit opinion is unqualified
S M Smith
G Underwood
F Joy
S M Smith
Mr D H Jeffries
Miss H Turner
G Underwood
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