Company registration number: 1087011
Tamil Association of Brent Company limited by guarantee
Unaudited financial statements
31 March 2023
Tamil Association of Brent Company limited by guarantee
Contents
| Page | |
|---|---|
| Trustees and other information | 1 |
| Trustees report | 2 |
| Accountants report | 3 |
| Statement of income and retained earnings | 4 |
| Statement of financial position | 5 - 6 |
| Notes to the financial statements | 7 - 10 |
Tamil Association of Brent Company limited by guarantee
Trustees and other information (continued)
Trustees Mr Arulampalam Dhanapalan Mr Jeganmohan Subramaniyam Mrs Kamala Mahenthiran Mr Kanthan Thevarajah Mrs Pathma Thavagnanam Mr Namasivayam Uruthireswaran Mrs Kavitha Devnath Company number 1087011 Registered office 133 Aboyne Road Neasden London NW10 0EY Accountants Amey Kamp LLP Chartered Accountants 310 Harrow Road Wembley Middlesex HA9 6LL Bankers HSBC Bank Plc Lloyds Bank Plc Nationwide Building Society
Page 1
Tamil Association of Brent Company limited by guarantee
Trustees report Year ended 31 March 2023
The trustees presentI report and the unaudited financial statements of the company for the year ended 31 March 2023.
Trustees
The Trustees who served the company during the year were as follows:
Mr Arulampalam Dhanapalan Mr Jeganmohan Subramaniyam Mrs Kamala Mahenthiran Mr Kanthan Thevarajah Mrs Pathma Thavagnanam Mr Namasivayam Uruthireswaran Mrs Kavitha Devnath
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of trustees on 19 October 2022. and signed on behalf of the board by:
_______ Mrs Pathma Thavagnanam Trustee
Page 2
Tamil Association of Brent Company limited by guarantee
Chartered accountants report to the board of trustees on the preparation of the unaudited statutory financial statements of Tamil Association of Brent Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tamil Association of Brent for the year ended 31 March 2023 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm 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/members/regulations-standards-and-guidance/.
This report is made solely to the trustees of Tamil Association of Brent, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tamil Association of Brent and state those matters that we have agreed to state to the board of directors of Tamil Association of Brent 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 Tamil Association of Brent and its board of trustees as a body for our work or for this
It is your duty to ensure that Tamil Association of Brent has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tamil Association of Brent. You consider that Tamil Association of Brent is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tamil Association of Brent. 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 statutory financial statements.
_______ Amey Kamp LLP Chartered Accountants
310 Harrow Road Wembley Middlesex HA9 6LL
6 November 2023
Page 3
Tamil Association of Brent Company limited by guarantee
Statement of income and retained earnings Year ended 31 March 2023
| Note Turnover Cost of sales Administrative expenses Other operating income Operating (loss)/profit Other interest receivable and similar income (Loss)/profit before taxation 5 Tax on (loss)/profit (Loss)/profit for the financial year and total comprehensive income Retained earnings at the start of the year Retained earnings at the end of the year |
2023 £ 50,332 - ) (61,636 5,889 ) (5,415 548 ) (4,867 - ) (4,867 187,926 183,059 |
2022 £ 23,794 - ) (29,746 10,811 4,859 90 4,949 - 4,949 182,977 187,926 |
|---|---|---|
All the activities of the company are from continuing operations.
The notes on pages 7 to 10 form part of these financial statements.
Page 4
Tamil Association of Brent Company limited by guarantee
Statement of financial position 31 March 2023
| Note Fixed assets Tangible assets 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Net current assets Total assets less current liabilities Net assets Capital and reserves Profit and loss account Members funds |
2023 £ £ 137,138 137,138 1,340 44,941 46,281 ) (360 45,921 183,059 183,059 183,059 183,059 |
2022 £ £ 137,500 137,500 1,444 51,508 52,952 ) (2,526 50,426 187,926 187,926 187,926 187,926 |
2022 £ £ 137,500 137,500 1,444 51,508 52,952 ) (2,526 50,426 187,926 187,926 187,926 187,926 |
|---|---|---|---|
| 187,926 | |||
| 187,926 | |||
| 187,926 | |||
| 187,926 |
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The notes on pages 7 to 10 form part of these financial statements.
Page 5
Tamil Association of Brent Company limited by guarantee
Statement of financial position (continued) 31 March 2023
These financial statements were approved by the board of trustees and authorised for issue on 19 October 2022 and are signed on behalf of the board by:
_______ Mrs Pathma Thavagnanam Trustee
Company registration number: 1087011
The notes on pages 7 to 10 form part of these financial statements.
Page 6
Tamil Association of Brent Company limited by guarantee
Notes to the financial statements Year ended 31 March 2023
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is 133 Aboyne Road, Neasden, London, NW10 0EY.
2. Statement of compliance
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.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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Tamil Association of Brent Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2023
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
| Freehold property | - | no depreciation |
|---|---|---|
| Fittings fixtures and equipment | - | 25% reducing balance |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity.
Page 8
Tamil Association of Brent Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2023
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 payments 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. Amounts 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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Limited by guarantee
If the company is wound up, the liability of the members is limited to an amount not exceeding £10 per member.
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Tamil Association of Brent Company limited by guarantee
Notes to the financial statements (continued) Year ended 31 March 2023
5. Loss/profit before taxation
| Loss/profit before taxation is stated after charging/(crediting): 2023 £ Depreciation of tangible assets 362 6. Tangible assets Freehold property Fixtures, fittings and equipment £ £ Cost At 1 April 2022 and 31 March 2023 136,051 4,396 Depreciation At 1 April 2022 - 2,947 Charge for the year - 362 At 31 March 2023 - 3,309 Carrying amount At 31 March 2023 136,051 1,087 At 31 March 2022 136,051 1,449 The trustees fair value the property at each year end. 7. Debtors 2023 £ Other debtors 1,340 8. Creditors: amounts falling due within one year 2023 £ Other creditors 360 |
2022 £ 482 Total £ 140,447 |
|---|---|
| 2,947 362 |
|
| 3,309 | |
| 137,138 | |
| 137,500 | |
| 2022 £ 1,444 2022 £ 2,526 |
Page 10
Tamil Association of Brent Company limited by guarantee
The following pages do not form part of the statutory accounts.
Tamil Association of Brent Company limited by guarantee
Detailed income statement Year ended 31 March 2023
| Turnover Tamil school Membership & donation New year celebration Sports day Youth activities 50+ activity Super Singer Services Warehouse rent Other income Overheads Administrative expenses Other operating income Grant received Operating (loss)/profit Other interest receivable and similar income (Loss)/profit before taxation |
2023 £ 12,853 13,736 953 ) (692 9,361 990 7,756 - 5,050 325 50,332 ) (61,636 ) (61,636 5,889 5,889 ) (5,415 548 ) (4,867 |
2022 £ 6,583 7,160 - 747 7,404 1,885 - 15 - - 23,794 ) (29,746 ) (29,746 10,811 10,811 4,859 90 4,949 |
|---|---|---|
Tamil Association of Brent Company limited by guarantee
Detailed income statement (continued) Year ended 31 March 2023
| Overheads Administrative expenses Association administration expenses Tamil school expenses Insurance Youth activities Super Singer New year celebration expenses Navaratri Christmas Party Expenses Warehouse expenses Accountancy fees General expenses Charitable donations - other Depreciation of tangible assets |
2023 £ ) (481 ) (23,423 ) (557 ) (13,792 ) (6,312 ) (3,440 - ) (743 ) (425 ) (360 ) (282 ) (11,459 ) (362 ) (61,636 |
2022 £ ) (851 ) (8,294 ) (842 ) (11,092 - - ) (240 ) (1,498 - ) (360 ) (117 ) (5,970 ) (482 ) (29,746 |
|---|---|---|