WALTON COMMUNITY ASSOCIATION (STONE) LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Walton Community Association (Stone) Limited Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5—6 |
| Notes to the Financial Statements | 7—8 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 9 |
Walton Community Association (Stone) Limited Company Information For The Year Ended 31 December 2024
| Directors | Miss Andrea Walker |
|---|---|
| Mr Gerald Canning | |
| Mrs Jill Wood | |
| Mr Michael Williamson | |
| Mr Adrian Bennett | |
| Company Number | 03638526 |
| Registered Office | Walton Community Centre |
| Whitemill Lane | |
| Stone | |
| Staffordshire | |
| ST15 0EQ | |
| Accountants | Wynniatt-Husey Limited |
| ICAEW | |
| Hampson Chambers | |
| Stafford Street | |
| Stone | |
| Staffordshire | |
| ST15 8QW | |
| Charity Number: 1079053 |
Page 1
Walton Community Association (Stone) Limited Company No. 03638526 Directors' Report For The Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year were as follows:
Miss Andrea Walker Mr Gerald Canning Mrs Jill Wood Mr Michael Williamson Mr Adrian Bennett
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Miss Andrea Walker Director
21 February 2025
Page 2
Walton Community Association (Stone) Limited Accountant's Report For The Year Ended 31 December 2024
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Walton Community Association (Stone) Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Walton Community Association (Stone) Limited for the year ended 31 December 2024 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-andguidance.
This report is made solely to the directors of Walton Community Association (Stone) Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Walton Community Association (Stone) Limited and state those matters that we have agreed to state to the directors of Walton Community Association (Stone) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walton Community Association (Stone) Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Walton Community Association (Stone) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Walton Community Association (Stone) Limited. You consider that Walton Community Association (Stone) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Walton Community Association (Stone) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
21 February 2025
Wynniatt-Husey Limited ICAEW Hampson Chambers Stafford Street Stone Staffordshire ST15 8QW
Page 3
Walton Community Association (Stone) Limited Income and Expenditure Account For The Year Ended 31 December 2024
| Notes TURNOVER Cost of sales GROSS SURPLUS Administrative expenses Other operating income OPERATING (DEFICIT)/SURPLUS AND (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
2024 £ 79,844 (482) 79,362 (103,392) - (24,030) |
2023 £ 67,680 (957) |
|---|---|---|
| 66,723 (71,063) 65,722 |
||
| 61,382 |
The notes on pages 7 to 8 form part of these financial statements.
Page 4
Walton Community Association (Stone) Limited Balance Sheet As At 31 December 2024
| Notes FIXED ASSETS Tangible Assets 5 CURRENT ASSETS Stocks 6 Debtors 7 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 8 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2024 £ £ 54,633 54,633 120 6,674 114,016 120,810 (12,207) 108,603 163,236 163,236 163,236 163,236 |
2024 £ £ 54,633 54,633 120 6,674 114,016 120,810 (12,207) 108,603 163,236 163,236 163,236 163,236 |
2023 £ £ 54,633 54,633 120 5,422 139,901 145,443 (12,810) 132,633 187,266 187,266 187,266 187,266 |
2023 £ £ 54,633 54,633 120 5,422 139,901 145,443 (12,810) 132,633 187,266 187,266 187,266 187,266 |
|---|---|---|---|---|
| 54,633 108,603 |
54,633 132,633 |
|||
| 120,810 (12,207) |
145,443 (12,810) |
|||
| 163,236 | 187,266 | |||
| 163,236 | 187,266 | |||
| 163,236 | 187,266 | |||
| 163,236 | 187,266 |
Page 5
Walton Community Association (Stone) Limited Balance Sheet (continued) As At 31 December 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Miss Andrea Walker Director
Mr Gerald Canning Director
Mrs Jill Wood Director
Mr Michael Williamson Director
Mr Adrian Bennett Director
21 February 2025
The notes on pages 7 to 8 form part of these financial statements.
Page 6
Walton Community Association (Stone) Limited Notes to the Financial Statements For The Year Ended 31 December 2024
1. General Information
Walton Community Association (Stone) Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 03638526. The registered office is Walton Community Centre, Whitemill Lane, Stone, Staffordshire, ST15 0EQ.
The company is a registered charity: Charity Number 1079053
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Incoming Resources: Income is included in full in the Detailed Income and Expenditure Account, when receivable. The value of services provided by volunteers has not been included.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Fixtures & Fittings
10% written down value 25% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Grants
Grants, including grants for the purchase of fixed assets, are recognised in full in the Detailed Income and Expenditure Account in the year in which they are receivable.
2.6. Resources expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
4. Exceptional items
During the year ended 31 December 2023, the company received a bequest from the estate of the late J G Beecham who passed away on the 20 July 2020. He had been appointed a director and secretary of the company on the 16 July 2007.
No such similar funds have been received during the current year.
Page 7
Walton Community Association (Stone) Limited Notes to the Financial Statements (continued) For The Year Ended 31 December 2024
5. Tangible Assets
| Cost As at 1 January 2024 As at 31 December 2024 Depreciation As at 1 January 2024 As at 31 December 2024 Net Book Value As at 31 December 2024 As at 1 January 2024 |
Land & Property Freehold £ 54,633 |
Fixtures & Fittings £ 45,651 |
Total £ 100,284 |
|---|---|---|---|
| 54,633 | 45,651 | 100,284 | |
| - | 45,651 | 45,651 | |
| - | 45,651 | 45,651 | |
| 54,633 | - | 54,633 | |
| 54,633 | - | 54,633 |
The freehold property in fact belongs to Stafford Borough Council and not the company; its value was removed from the balance sheet in the financial statements for the year ended 31 December 2013.
However the company does own the playing fields adjacent to the freehold property. These playing fields are subject to a covenant restricting their use to "recreational purposes only". The area of these playing fields is 4.5 acres or 1.8211 hectares. The valuation has been estimated by the directors at £30,000 per hectare, so making a valuation of £54,633. The covenant also stipulates that, in the event of the company wishing to sell these fields, they must first be offered to Fields in Trust (formerly The National Playing Fields Association). As the company has no intention of selling the fields, the directors felt it to be an unneccessary expense to engage the services of a professional valuer.
6. Stocks
| Stock 7. Debtors Due within one year Trade debtors 8. Creditors: Amounts Falling Due Within One Year Trade creditors Other creditors Taxation and social security |
2024 £ 120 2024 £ 6,674 2024 £ 1,233 10,078 896 12,207 |
2023 £ 120 |
|---|---|---|
| 2023 £ 5,422 |
||
| 2023 £ 1,209 11,015 586 |
||
| 12,810 |
9. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
Page 8
Walton Community Association (Stone) Limited Detailed Income and Expenditure Account For The Year Ended 31 December 2024
| TURNOVER Rents received Car boot income Membership fees Donations and grants Fund raising Utilities recovered Sundry income Commission refunds COST OF SALES Fund raising expenses Advertising of car boot sales GROSS SURPLUS Administrative Expenses Centre manager's salary Light and heat Water rates Cleaning materials and windows Gardening Repairs, renewals and maintenance Insurance Printing, postage and stationery Advertising PRS, TV and other licences Telephone Accountancy fees Donations made Secretarial and bookkeeping Lease of equipment Sundry expenses Other Operating Income Bequest: estate of JG Beecham OPERATING (DEFICIT)/SURPLUS AND (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
2024 £ £ 61,167 2,095 275 4,497 2,581 4,380 318 4,531 79,844 395 87 (482) 79,362 19,893 14,718 2,294 5,364 1,345 49,734 3,746 12 621 1,156 733 636 700 1,578 768 94 (103,392) - - (24,030) |
2024 £ £ 61,167 2,095 275 4,497 2,581 4,380 318 4,531 79,844 395 87 (482) 79,362 19,893 14,718 2,294 5,364 1,345 49,734 3,746 12 621 1,156 733 636 700 1,578 768 94 (103,392) - - (24,030) |
2023 £ £ 60,432 769 275 230 2,056 2,920 998 - 67,680 798 159 (957) 66,723 21,550 13,598 1,761 6,076 1,000 16,540 3,614 307 1,326 998 676 570 732 1,382 816 117 (71,063) 65,722 65,722 61,382 |
2023 £ £ 60,432 769 275 230 2,056 2,920 998 - 67,680 798 159 (957) 66,723 21,550 13,598 1,761 6,076 1,000 16,540 3,614 307 1,326 998 676 570 732 1,382 816 117 (71,063) 65,722 65,722 61,382 |
|---|---|---|---|---|
| 79,844 (482) |
67,680 (957) |
|||
| 19,893 14,718 2,294 5,364 1,345 49,734 3,746 12 621 1,156 733 636 700 1,578 768 94 |
21,550 13,598 1,761 6,076 1,000 16,540 3,614 307 1,326 998 676 570 732 1,382 816 117 |
|||
| 79,362 (103,392) - |
66,723 (71,063) 65,722 |
|||
| - | 65,722 | |||
| (24,030) | 61,382 |
Page 9