To
Trustees' Annual Report for the period
Period start date Period end date 01 April 2021 30 03 2022
From
Section A Reference and administration details
Charity name Other names charity is known by Registered charity number (if any) 1145093
Elgar Centre Ltd
Charity's principal address 1a High Street Upton Northampton
Postcode NN5 4EN
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Stephanie Hay | chairperson | |||
| Stuart Hay | Secretary | |||
| Nicolette Bench | director | |||
| Andrewpommeroy | director | |||
Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for whole year
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| Names and addresses of advisers (Optional information) Type of adviser Name Address |
Names and addresses of advisers (Optional information) Type of adviser Name Address |
Names and addresses of advisers (Optional information) Type of adviser Name Address |
|---|---|---|
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
Description of the charity’s trusts
constitution
Type of governing document (eg. trust deed, constitution) Limited company by guarantee (not for profit) How the charity is constituted (eg. trust, association, company) Elected by board Trustee selection methods
-
(eg. trust, association, company)
-
(eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
-
policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational structure and any wider network with which the charity works;
-
relationship with any related parties;
-
trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
Summary of the objects of the charity set out in its governing document
'To further or benefit the residents of Upton and the neighbourhood, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation leisure time occupation with the objective of improving the conditions of life for the residents.
In furtherance of these objects but not otherwise, the trustees shall have
March 2012
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power:
To establish or secure the establishment of a community centre and to maintain or manage or co-operate with any statutory authority in the maintenance' and management of such a centre for activities promoted by the charity in furtherance of the above objects.'
The centre has carried out the following activities for public benefit. Hired out the centre facilities to community groups to facilitate activities for the benefit of the Upton and wider Northampton community.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
Additional details of objectives and activities (Optional information)
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You may choose to include further statements, where relevant, about:
-
policy on grantmaking;
-
policy programme related investment;
-
contribution made by volunteers.
Section D Achievements and performance
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Section D Achievements and performance
Facilitated the hiring of the centre to a number of groups to achieve Summary of the main following services for upton area achievements of the charity during the year Youth groups Scouts group Mums and tots groups Seniors groups Sports teams and recreation at upton community park
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Section E Financial review
Policy is to ensure adequate reserves to maintain obligations under lease Brief statement of the held with council. charity’s policy on reserves
Details of any funds materially in deficit
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
-
the charity’s principal sources of funds (including any fundraising);
-
how expenditure has supported the key objectives of the charity;
-
investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s) Stuart hay Position (eg Secretary, Chair, Secretary. etc)
Date 22/02/23
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Company Registration number: 07604967 Charity Registration number: 1145093
The Elgar Centre Limited
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the Year Ended 30 April 2022
- Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT
The Elgar Centre Limited
Contents
| Company Information | 1 |
|---|---|
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Profit and Loss Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Unaudited Financial Statements | 8 to 11 |
| Detailed Profit and Loss Account | 12 to 13 |
The Elgar Centre Limited
Company Information
Chairman S l Hay Directors N Ambrose A Pomeroy S M Hay Registered office The Elgar Centre 1A High Street Northampton NN5 4EN Accountants 10. Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT
Page 1
The Elgar Centre Limited
Directors' Report for the Year Ended 30 April 2022
The directors present their report and the financial statements for the year ended 30 April 2022.
Directors of the company
The directors who held office during the year were as follows:
N Ambrose
A Pomeroy
S l Hay - Chairman
S M Hay
Small companies provision statement
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.
Approved and authorised by the Board on .................... and signed on its behalf by:
.........................................
A Pomeroy Director
Page 2
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of The Elgar Centre Limited for the Year Ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Elgar Centre Limited for the year ended 30 April 2022 as set out on pages 4 to 11 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/regulation.
This report is made solely to the Board of Directors of The Elgar Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Elgar Centre Limited and state those matters that we have agreed to state to the Board of Directors of The Elgar Centre 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 The Elgar Centre Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Elgar Centre 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 of The Elgar Centre Limited. You consider that The Elgar Centre Limited 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 accounts of The Elgar Centre 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 statutory accounts.
......................................
- Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT Date:.............................
Page 3
The Elgar Centre Limited
Profit and Loss Account for the Year Ended 30 April 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Turnover | 33,583 | 21,604 | ||
| Gross surplus | 33,583 | 21,604 | ||
| Administrative expenses | (28,456) | (23,019) | ||
| Operating surplus/(deficit) | 5,127 | (1,415) | ||
| Surplus/(deficit) before tax | 5,127 | (1,415) | ||
| Surplus/(deficit) for the financial year | 5,127 | (1,415) |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The notes on pages 8 to 11 form an integral part of these financial statements. Page 4
The Elgar Centre Limited
Statement of Comprehensive Income for the Year Ended 30 April 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Surplus/(deficit) for the year | 5,127 | (1,415) | |
| Total comprehensive income for the year | 5,127 | (1,415) |
The notes on pages 8 to 11 form an integral part of these financial statements. Page 5
The Elgar Centre Limited
(Registration number: 07604967) Balance Sheet as at 30 April 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Current assets | ||||
| Debtors | 4 | 2,743 | 796 | |
| Cash at bank and in hand | 41,165 | 36,479 | ||
| 43,908 | 37,275 | |||
| Creditors: Amounts falling due within one year | 5 | (3,423) | (1,917) | |
| Net assets | 40,485 | 35,358 | ||
| Reserves | ||||
| Retained earnings | 40,485 | 35,358 | ||
| Surplus | 40,485 | 35,358 |
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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.
Approved and authorised by the Board on .................... and signed on its behalf by:
.........................................
A Pomeroy Director
The notes on pages 8 to 11 form an integral part of these financial statements. Page 6
The Elgar Centre Limited
Statement of Changes in Equity for the Year Ended 30 April 2022
| Retained | ||
|---|---|---|
| earnings | Total | |
| £ | £ | |
| At 1 May 2021 | 35,358 | 35,358 |
| Surplus for the year | 5,127 | 5,127 |
| At 30 April 2022 | 40,485 | 40,485 |
| Retained | ||
| earnings | Total | |
| £ | £ | |
| At 1 May 2020 | 36,773 | 36,773 |
| Deficit for the year | (1,415) | (1,415) |
| At 30 April 2021 | 35,358 | 35,358 |
The notes on pages 8 to 11 form an integral part of these financial statements. Page 7
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
1 General information
The company is a company limited by guarantee, incorporated in England and Wales, 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: The Elgar Centre 1A High Street Northampton NN5 4EN
2 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
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.
Page 8
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Government grants
Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable.
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.
Page 9
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Financial instruments
Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
3 Staff numbers
The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 5).
4 Debtors
| 4 Debtors |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| Current | £ | £ | |
| Trade debtors | 2,743 | 477 | |
| Prepayments | - | 319 | |
| 2,743 | 796 |
Page 10
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
5 Creditors
Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Due within one year | |||
| Trade creditors | 651 | 108 | |
| Accruals and deferred income | 2,772 | 1,809 | |
| 3,423 | 1,917 |
Page 11
The Elgar Centre Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Turnover (analysed below) | 33,583 | 21,604 | |
| Gross surplus (%) | 100% | 100% | |
| Administrative expenses | |||
| Employment costs (analysed below) | (7,708) | (7,638) | |
| Establishment costs (analysed below) | (15,672) | (13,504) | |
| General administrative expenses (analysed below) | (5,076) | (1,877) | |
| (28,456) | (23,019) | ||
| Operating surplus/(deficit) | 5,127 | (1,415) | |
| Surplus/(deficit) before tax | 5,127 | (1,415) |
This page does not form part of the statutory financial statements. Page 12
The Elgar Centre Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Turnover | |||
| Room hire | 20,523 | 217 | |
| Playing field income | 3,560 | 2,290 | |
| Grants and subsidies | 9,500 | 19,097 | |
| 33,583 | 21,604 | ||
| Employment costs | |||
| Wages and salaries | (7,708) | (7,638) | |
| Establishment costs | |||
| Rent and rates | (996) | (778) | |
| Light, heat and power | (11,455) | (11,137) | |
| Insurance | (515) | (511) | |
| Repairs and renewals | (2,706) | (1,078) | |
| (15,672) | (13,504) | ||
| General administrative expenses | |||
| Opening and closing costs | (906) | - | |
| Printing, postage and stationery | (791) | (493) | |
| Trade subscriptions | (40) | (793) | |
| Cleaning | (2,889) | (153) | |
| Accountancy fees | (450) | (438) | |
| (5,076) | (1,877) |
This page does not form part of the statutory financial statements. Page 13
Company Registration number: 07604967 Charity Registration number: 1145093
The Elgar Centre Limited
(A company limited by guarantee)
Annual Report and Unaudited Financial Statements
for the Year Ended 30 April 2022
- Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT
The Elgar Centre Limited
Contents
| Company Information | 1 |
|---|---|
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Profit and Loss Account | 4 |
| Statement of Comprehensive Income | 5 |
| Balance Sheet | 6 |
| Statement of Changes in Equity | 7 |
| Notes to the Unaudited Financial Statements | 8 to 11 |
| Detailed Profit and Loss Account | 12 to 13 |
The Elgar Centre Limited
Company Information
Chairman S l Hay Directors N Ambrose A Pomeroy S M Hay Registered office The Elgar Centre 1A High Street Northampton NN5 4EN Accountants 10. Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT
Page 1
The Elgar Centre Limited
Directors' Report for the Year Ended 30 April 2022
The directors present their report and the financial statements for the year ended 30 April 2022.
Directors of the company
The directors who held office during the year were as follows:
N Ambrose
A Pomeroy
S l Hay - Chairman
S M Hay
Small companies provision statement
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.
Approved and authorised by the Board on .................... and signed on its behalf by:
.........................................
A Pomeroy Director
Page 2
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of The Elgar Centre Limited for the Year Ended 30 April 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Elgar Centre Limited for the year ended 30 April 2022 as set out on pages 4 to 11 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/regulation.
This report is made solely to the Board of Directors of The Elgar Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Elgar Centre Limited and state those matters that we have agreed to state to the Board of Directors of The Elgar Centre 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 The Elgar Centre Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Elgar Centre 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 of The Elgar Centre Limited. You consider that The Elgar Centre Limited 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 accounts of The Elgar Centre 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 statutory accounts.
......................................
- Chartered Accountants 10 Cheyne Walk Northampton Northamptonshire NN1 5PT Date:.............................
Page 3
The Elgar Centre Limited
Profit and Loss Account for the Year Ended 30 April 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Turnover | 33,583 | 21,604 | ||
| Gross surplus | 33,583 | 21,604 | ||
| Administrative expenses | (28,456) | (23,019) | ||
| Operating surplus/(deficit) | 5,127 | (1,415) | ||
| Surplus/(deficit) before tax | 5,127 | (1,415) | ||
| Surplus/(deficit) for the financial year | 5,127 | (1,415) |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The notes on pages 8 to 11 form an integral part of these financial statements. Page 4
The Elgar Centre Limited
Statement of Comprehensive Income for the Year Ended 30 April 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Surplus/(deficit) for the year | 5,127 | (1,415) | |
| Total comprehensive income for the year | 5,127 | (1,415) |
The notes on pages 8 to 11 form an integral part of these financial statements. Page 5
The Elgar Centre Limited
(Registration number: 07604967) Balance Sheet as at 30 April 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Current assets | ||||
| Debtors | 4 | 2,743 | 796 | |
| Cash at bank and in hand | 41,165 | 36,479 | ||
| 43,908 | 37,275 | |||
| Creditors: Amounts falling due within one year | 5 | (3,423) | (1,917) | |
| Net assets | 40,485 | 35,358 | ||
| Reserves | ||||
| Retained earnings | 40,485 | 35,358 | ||
| Surplus | 40,485 | 35,358 |
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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.
Approved and authorised by the Board on .................... and signed on its behalf by:
.........................................
A Pomeroy Director
The notes on pages 8 to 11 form an integral part of these financial statements. Page 6
The Elgar Centre Limited
Statement of Changes in Equity for the Year Ended 30 April 2022
| Retained | ||
|---|---|---|
| earnings | Total | |
| £ | £ | |
| At 1 May 2021 | 35,358 | 35,358 |
| Surplus for the year | 5,127 | 5,127 |
| At 30 April 2022 | 40,485 | 40,485 |
| Retained | ||
| earnings | Total | |
| £ | £ | |
| At 1 May 2020 | 36,773 | 36,773 |
| Deficit for the year | (1,415) | (1,415) |
| At 30 April 2021 | 35,358 | 35,358 |
The notes on pages 8 to 11 form an integral part of these financial statements. Page 7
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
1 General information
The company is a company limited by guarantee, incorporated in England and Wales, 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: The Elgar Centre 1A High Street Northampton NN5 4EN
2 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
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.
Page 8
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Government grants
Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable.
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.
Page 9
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Financial instruments
Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
3 Staff numbers
The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 5).
4 Debtors
| 4 Debtors |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| Current | £ | £ | |
| Trade debtors | 2,743 | 477 | |
| Prepayments | - | 319 | |
| 2,743 | 796 |
Page 10
The Elgar Centre Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
5 Creditors
Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Due within one year | |||
| Trade creditors | 651 | 108 | |
| Accruals and deferred income | 2,772 | 1,809 | |
| 3,423 | 1,917 |
Page 11
The Elgar Centre Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Turnover (analysed below) | 33,583 | 21,604 | |
| Gross surplus (%) | 100% | 100% | |
| Administrative expenses | |||
| Employment costs (analysed below) | (7,708) | (7,638) | |
| Establishment costs (analysed below) | (15,672) | (13,504) | |
| General administrative expenses (analysed below) | (5,076) | (1,877) | |
| (28,456) | (23,019) | ||
| Operating surplus/(deficit) | 5,127 | (1,415) | |
| Surplus/(deficit) before tax | 5,127 | (1,415) |
This page does not form part of the statutory financial statements. Page 12
The Elgar Centre Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Turnover | |||
| Room hire | 20,523 | 217 | |
| Playing field income | 3,560 | 2,290 | |
| Grants and subsidies | 9,500 | 19,097 | |
| 33,583 | 21,604 | ||
| Employment costs | |||
| Wages and salaries | (7,708) | (7,638) | |
| Establishment costs | |||
| Rent and rates | (996) | (778) | |
| Light, heat and power | (11,455) | (11,137) | |
| Insurance | (515) | (511) | |
| Repairs and renewals | (2,706) | (1,078) | |
| (15,672) | (13,504) | ||
| General administrative expenses | |||
| Opening and closing costs | (906) | - | |
| Printing, postage and stationery | (791) | (493) | |
| Trade subscriptions | (40) | (793) | |
| Cleaning | (2,889) | (153) | |
| Accountancy fees | (450) | (438) | |
| (5,076) | (1,877) |
This page does not form part of the statutory financial statements. Page 13