Company Registration No. 00208991 (England and Wales)
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
412,325
423,761
Investment properties
4
590,625
590,625
1,002,950
1,014,386
Current assets
Debtors
6
10,823
55,445
Cash at bank and in hand
93,743
43,518
104,566
98,963
Creditors: amounts falling due within one year
7
(78,867)
(75,250)
Net current assets
25,699
23,713
Total assets less current liabilities
1,028,649
1,038,099
Creditors: amounts falling due after more than one year
8
(383,917)
(395,071)
Provisions for liabilities
9
(38,417)
(38,994)
Net assets
606,315
604,034
Reserves
Revaluation reserve
11
46,865
46,865
Income and expenditure account
559,450
557,169
Members' funds
606,315
604,034
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.
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 June 2021 and are signed on its behalf by:
N C Beckhurst
Director
Company Registration No. 00208991
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Eastbourne and District Chamber of Commerce,Limited (The) is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
49 Gildredge Road, Eastbourne, East Sussex, BN21 4RY.
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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The Chamber has continued to operate at a surplus through the lockdown period in 2020, has considerable cash reserves at the balance sheet date, and continues to ensure that it operates within resources available.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Turnover represents amounts receivable for memberships, meetings and events and property rents net of VAT.
1.4
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:
Freehold land & buildings
50 years straight line on buildings element only
Fixtures, fittings & equipment
5 - 10 years
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
.
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies (Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.6
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.
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.
1.7
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.
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies (Continued)
- 5 -
1.8
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
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 creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies (Continued)
- 6 -
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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
fixed 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.
1.11
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.
1.12
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3
(2019 - 3).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
419,994
45,351
465,345
Additions
2,528
2,528
Disposals
(3,281)
(3,281)
At 31 December 2020
419,994
44,598
464,592
Depreciation and impairment
At 1 January 2020
8,400
33,184
41,584
Depreciation charged in the year
8,400
2,283
10,683
At 31 December 2020
16,800
35,467
52,267
Carrying amount
At 31 December 2020
403,194
9,131
412,325
At 31 December 2019
411,594
12,167
423,761
4
Investment property
2020
£
Fair value
At 1 January 2020 and 31 December 2020
590,625
Investment property comprises 6 & 7 Hyde Gardens, Eastbourne. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 29 January 2019 by R Price FRICS of Martin Lacey Buckley Ltd, Chartered Surveyors. The valuation was made on the basis of market value in accordance with the requirements of the RICS Valuation - Professional Standards July 2017 incorporating the IVSC International Valuation Standards and Professional Standards UK July 2017.
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
5
Subsidiaries
Controlling interest
The Chamber has voting control of Eastbourne & District Enterprise Agency Limited, a company which is limited by guarantee and has no share capital.
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking
Registered
Nature of business
office
Eastbourne & District Enterprise Agency Limited
England & Wales
Enterprise Agency
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss) for the year
Capital and Reserves
31 March
31 March
2020
2020
£
£
Eastbourne & District Enterprise Agency Limited
(6,756)
154,863
The investments in subsidiaries are all stated at cost.
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
7,849
9,358
Amounts due from group undertakings
41,168
Other debtors
2,974
4,919
10,823
55,445
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
10,161
11,463
Trade creditors
1,624
14,946
Amounts owed to group undertakings
7,775
Taxation and social security
3,859
1,546
Other creditors
55,448
47,295
78,867
75,250
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
383,917
395,071
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
383,917
395,071
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
1,735
2,312
Investment property
36,682
36,682
38,417
38,994
EASTBOURNE AND DISTRICT CHAMBER OF COMMERCE,LIMITED (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
9
Deferred taxation (Continued)
- 10 -
2020
Movements in the year:
£
Liability at 1 January 2020
38,994
Credit to profit or loss
(577)
Liability at 31 December 2020
38,417
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 25 pence per member. At the year end, there were 500 members (2019: 500 members).
11
Revaluation reserve
2020
2019
£
£
At the beginning and end of the year
46,865
46,865
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 auditor's report was unqualified.
The senior statutory auditor was Mr Malcolm Preece BA FCA DChA.
The auditor was Price & Company.
2020-12-31
2020-01-01
false
17 June 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
N C Beckhurst
M McFadden
A Pugh
N Fisher
T Cobb
L Salway
R Garland
M Huddart
M O'Brien
R Colbran
S Simes
P Moskal
K Kaczala
H Ovaisi
T J Steinschauer
R Conroy
D Ouzman
S Holt
Z Lau
S Dyer
J Hill
00208991
2020-01-01
2020-12-31
00208991
2020-12-31
00208991
2019-12-31
00208991
core:LandBuildings
2020-12-31
00208991
core:OtherPropertyPlantEquipment
2020-12-31
00208991
core:LandBuildings
2019-12-31
00208991
core:OtherPropertyPlantEquipment
2019-12-31
00208991
core:CurrentFinancialInstruments
2020-12-31
00208991
core:CurrentFinancialInstruments
2019-12-31
00208991
core:Non-currentFinancialInstruments
2020-12-31
00208991
core:Non-currentFinancialInstruments
2019-12-31
00208991
core:RevaluationReserve
2020-12-31
00208991
core:RevaluationReserve
2019-12-31
00208991
core:RetainedEarningsAccumulatedLosses
2020-12-31
00208991
core:RetainedEarningsAccumulatedLosses
2019-12-31
00208991
bus:Director2
2020-01-01
2020-12-31
00208991
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-01-01
2020-12-31
00208991
core:FurnitureFittings
2020-01-01
2020-12-31
00208991
core:LandBuildings
2019-12-31
00208991
core:OtherPropertyPlantEquipment
2019-12-31
00208991
2019-12-31
00208991
core:LandBuildings
2020-01-01
2020-12-31
00208991
core:OtherPropertyPlantEquipment
2020-01-01
2020-12-31
00208991
core:Subsidiary1
2020-01-01
2020-12-31
00208991
core:Subsidiary1
2020-12-31
00208991
bus:CompanyLimitedByGuarantee
2020-01-01
2020-12-31
00208991
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
00208991
bus:FRS102
2020-01-01
2020-12-31
00208991
bus:Audited
2020-01-01
2020-12-31
00208991
bus:Director1
2020-01-01
2020-12-31
00208991
bus:Director3
2020-01-01
2020-12-31
00208991
bus:Director4
2020-01-01
2020-12-31
00208991
bus:Director5
2020-01-01
2020-12-31
00208991
bus:Director6
2020-01-01
2020-12-31
00208991
bus:Director7
2020-01-01
2020-12-31
00208991
bus:Director8
2020-01-01
2020-12-31
00208991
bus:Director9
2020-01-01
2020-12-31
00208991
bus:Director10
2020-01-01
2020-12-31
00208991
bus:Director11
2020-01-01
2020-12-31
00208991
bus:Director12
2020-01-01
2020-12-31
00208991
bus:Director13
2020-01-01
2020-12-31
00208991
bus:Director14
2020-01-01
2020-12-31
00208991
bus:Director15
2020-01-01
2020-12-31
00208991
bus:Director16
2020-01-01
2020-12-31
00208991
bus:Director17
2020-01-01
2020-12-31
00208991
bus:Director18
2020-01-01
2020-12-31
00208991
bus:Director19
2020-01-01
2020-12-31
00208991
bus:Director20
2020-01-01
2020-12-31
00208991
bus:Director21
2020-01-01
2020-12-31
00208991
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP