|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 December 2017 |
|
for |
|
The Wessex Association of Chambers of |
Commerce |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 December 2017 |
|
for |
|
The Wessex Association of Chambers of |
Commerce |
The Wessex Association of Chambers of |
Commerce (Registered number: 02911453) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
The Wessex Association of Chambers of |
Commerce |
|
Company Information |
for the Year Ended 31 December 2017 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
The Wessex Association of Chambers of |
Commerce (Registered number: 02911453) |
|
Balance Sheet |
31 December 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
RESERVES |
Income and expenditure account |
|
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
The Wessex Association of Chambers of |
Commerce (Registered number: 02911453) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
|
1. | STATUTORY INFORMATION |
|
The Wessex Association of Chambers of Commerce is a
|
England and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The financial statements are presented in sterling which is the functional currency of the company and rounded |
to the nearest £. |
|
Turnover |
Turnover is recognised based on the percentage completion of the services provided, calculated by reference to |
the time expended compared to the total anticipated time. |
|
Tangible fixed assets |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful |
economic life of that asset as follows: |
|
Fixtures & Fittings - 10-15% straight line |
Office Equipment - 10-33% straight line |
Website - 100% straight line |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
|
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. |
|
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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of |
the lease. |
|
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with |
the lessor are charged against profits on a straight line basis over the period of the lease. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
The Wessex Association of Chambers of |
Commerce (Registered number: 02911453) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
Website | fittings | Equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2017 |
and 31 December 2017 |
|
|
|
|
DEPRECIATION |
At 1 January 2017 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 December 2017 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2017 |
|
|
|
|
At 31 December 2016 |
|
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Corporation tax | - | 9 |
Social security and other taxes |
|
|
PAYE and social security | - | 6,108 |
VAT | 37,101 | 30,138 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
7. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
15,042 |
|
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of Monahans
|
The Wessex Association of Chambers of |
Commerce (Registered number: 02911453) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
|
9. | RELATED PARTY DISCLOSURES |
|
Key Management Personnel Remuneration: |
|
During the year remuneration paid to key management personnel totalled £98,936 (2016: £103,749). |
|
R Perks - Chief Executive and Director: |
|
During the year R Perks, Chief Executive and Director, deferred remuneration of £8,597 (2016: £10,500) and |
received payments of £13,833 (2016: £17,000) in respect of deferred remuneration from prior years. |
|
At the year end £8,264 (2016: £13,500) was owed to R Perks in respect of deferred remuneration and this |
balance is included within other creditors. There is no interest accrued in respect of this balance. |
|
10. | LIMITED BY GUARANTEE |
|
The association is Limited by Guarantee and does not have any share capital. The amount of the guarantee is |
limited to £1 per member. |