Registration number:
for the Year Ended
National Federation of Subpostmasters
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
National Federation of Subpostmasters
Company Information
Chairman |
Mrs Susan Edgar |
Chief executive |
Mr Calum Brian Greenhow |
Directors |
Ms Sue Jude Mr Bharat Pranjivan Visani Mr Samuel Houston Mr David Sanghera Mr Sajjad Hussain Mr Joseph David Timothy Boothman Ms Christine Donnelly Mr Stewert Ambrose Waldron Mr Sanjay Joshi Miss Donna May Louise Underhill |
Registered office |
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Auditors |
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National Federation of Subpostmasters
(Registration number: 9771284)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
|
|
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Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
1,211,764 |
1,013,695 |
|
|
|
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Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
Capital and reserves |
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Revaluation reserve |
142,381 |
- |
|
Other reserves |
2,984,851 |
3,006,370 |
|
Profit and loss account |
500,468 |
321,225 |
|
Shareholders' funds |
3,627,700 |
3,327,595 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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National Federation of Subpostmasters
Statement of Changes in Equity for the Year Ended 30 September 2021
Other reserves |
Merger reserve |
Profit and loss account |
Total |
|
At 1 October 2020 |
- |
|
|
|
Surplus for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Transfers |
142,381 |
(21,519) |
(120,862) |
- |
At 30 September 2021 |
|
|
|
|
Other reserves |
Merger reserve |
Profit and loss account |
Total |
|
At 1 October 2019 |
|
|
|
|
Deficit for the year |
- |
- |
( |
( |
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
( |
( |
Transfers |
(122,182) |
(13,322) |
183,412 |
47,908 |
At 30 September 2020 |
- |
|
|
|
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.
Group accounts not prepared
Audit report
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Other grants
Grants relating to specific projects are recognised in the income statement as the related costs are incurred.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% - Straight line |
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Computer equipment and software |
33% - Straight line |
Office equipment |
25% - Reducing balance |
Business combinations
The acquisition of the undertaking of the National Federation of Subpostmasters has been accounted for under the purchase method. The fair value of the assets acquired, less the actual consideration provided, has been treated as a capital contribution from the members.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Computer software |
33% - Straight line |
Investments
Investments are included at fair value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 October 2020 |
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At 30 September 2021 |
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Amortisation |
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At 1 October 2020 |
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Amortisation charge |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Land and buildings |
Furniture, fittings and equipment |
Total |
|
At 1 October 2020 |
|
|
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Additions |
- |
|
|
At 30 September 2021 |
|
|
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Depreciation |
|||
At 1 October 2020 |
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Charge for the year |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Included within the net book value of land and buildings above is £729,800 (2020 - £746,200) in respect of freehold land and buildings.
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2020 |
|
Provision |
|
Carrying amount |
|
At 30 September 2021 |
|
At 30 September 2020 |
|
Subsidiaries |
£ |
Fair value |
|
At 1 October 2020 |
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At 30 September 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company controls 20% or more of the voting rights or rights to capital on dissolution, are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights held |
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2021 |
2020 |
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Evelyn House
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Sole member |
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England |
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
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N.F.S.P Trading Limited The principal activity of N.F.S.P Trading Limited is |
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Other investments
The market value of the listed investments at 30 September 2021 was £1,211,764 (2020 - £1,013,695).
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
|
||
Non-current financial assets |
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Cost or valuation |
|||
At 1 October 2020 |
1,013,695 |
1,013,695 |
|
Fair value adjustments |
155,155 |
155,155 |
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Additions |
361,759 |
361,759 |
|
Disposals |
(318,845) |
(318,845) |
|
At 30 September 2021 |
1,211,764 |
1,211,764 |
|
Carrying amount |
|||
At 30 September 2021 |
|
1,211,764 |
Debtors |
Note |
2021 |
2020 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
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National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Trade creditors |
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|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
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Taxation and social security |
|
|
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Accruals and deferred income |
|
|
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Other creditors |
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|
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Reserves |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Merger reserve |
Total |
|
Surplus/(deficit) on revaluation of other assets |
( |
( |
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Related party transactions |
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Directors' remuneration
During the year the number of directors who were receiving benefits was as follows:
2021 |
2020 |
|
Accruing benefits under money purchase pension scheme |
|
|
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Summary of transactions with subsidiaries
Income and receivables from related parties
2021 |
Subsidiary |
Receipt of services |
|
|
|
|
2020 |
Subsidiary |
Receipt of services |
|
|
|
|
Loans to related parties
2021 |
Subsidiary |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
- |
- |
|
2020 |
Subsidiary |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Terms of loans to related parties
National Federation of Subpostmasters
Notes to the Financial Statements for the Year Ended 30 September 2021
Loans from related parties
2021 |
Subsidiary |
Total |
Advanced |
|
|
At end of period |
|
|
|
Terms of loans from related parties