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2021-12-31-accounts

Company registration number: 07880951

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Unaudited financial statements

31 December 2021

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Contents

Page
Directors and other information 1
Directors report 2
Statement of comprehensive income 3
Statement of financial position 4 - 5
Statement of changes in equity 6
Notes to the financial statements 7 - 10

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Directors and other information
Directors Mr Mohammod Mortuza Miah
Mr Ahmodur Rahman Khan
Secretary Mr Rahim Miah
Company number 07880951
Registered office 2 The Quarterdeck
London
E14 8SJ
Accountants Acumen London
107 Burdett Road
London
E3 4JN
Bankers LLOYDS BANK
LONDON
UK

Page 1

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Directors report Year ended 31 December 2021

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2021.

Directors

The directors who served the company during the year were as follows:

Mr Mohammod Mortuza Miah

Mr Ahmodur Rahman Khan

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 directors on 24 August 2022 and signed on behalf of the board by:

Mr Mohammod Mortuza Miah Director

Page 2

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Statement of comprehensive income Year ended 31 December 2021

Note
Turnover
Cost of sales
Gross profit
Administrative expenses
Operating loss
Loss before taxation
6
Tax on loss
Loss for the financial year and total
comprehensive income		 2021
£
58,953
)
(1,014
57,939
)
(59,181
)
(1,242
)
(1,242
-
)
(1,242		 2020
£
15,181
)
(665
14,516
)
(65,093
)
(50,577
)
(50,577
-
)
(50,577

All the activities of the company are from continuing operations.

The notes on pages 7 to 10 form part of these financial statements.

Page 3

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Statement of financial position 31 December 2021

Note
Fixed assets
Tangible assets
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due
within one year
9
Net current assets
Total assets less current liabilities
Net assets
Capital and reserves
Called up share capital
Profit and loss account
Members funds		 2021
£
£
5,889
5,889
8,500
51,354
59,854
)
(36,557
23,297
29,186
29,186
44,078
)
(14,892
29,186		 2020
£
£
6,543
6,543
8,500
62,497
70,997
)
(47,112
23,885
30,428
30,428
44,078
)
(13,650
30,428

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

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 4

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Statement of financial position (continued) 31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 24 August 2022, and are signed on behalf of the board by:

Mr Mohammod Mortuza Miah Director

Company registration number: 07880951

The notes on pages 7 to 10 form part of these financial statements.

Page 5

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Statement of changes in equity Year ended 31 December 2021

Called up
share
capital
Profit and
loss
account
£
£
At 1 January 2020
44,078
36,927
Loss for the year
)
(50,577
Total comprehensive income for the year
-
)
(50,577
At 31 December 2020 and 1 January 2021
44,078
)
(13,650
Loss for the year
)
(1,242
Total comprehensive income for the year
-
)
(1,242
At 31 December 2021
44,078
)
(14,892		 Total
£
81,005
)
(50,577
)
(50,577
30,428
)
(1,242
)
(1,242
29,186

Page 6

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Notes to the financial statements Year ended 31 December 2021

1. General information

The company is a private company limited by guarantee, registered in . The address of the registered office is 2 The Quarterdeck, London, E14 8SJ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Page 7

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 December 2021

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:

Fittings fixtures and equipment - 10% 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.

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.

Page 8

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 December 2021

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

5. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2020: 1).

6. Loss before taxation

Loss before taxation is stated after charging/(crediting):

Loss before taxation is stated after charging/(crediting):
2021 2020
£ £
Depreciation of tangible assets 654 727

Page 9

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 December 2021

7. Tangible assets

Fixtures,
fittings and
equipment
£
Cost
At 1 January 2021 and 31 December 2021
8,985
Depreciation
At 1 January 2021
2,442
Charge for the year
654
At 31 December 2021
3,096
Carrying amount
At 31 December 2021
5,889
At 31 December 2020
6,543
8.
Debtors
2021
£
Other debtors
8,500
9.
Creditors: amounts falling due within one year
2021
£
Social security and other taxes
112
Other creditors
36,445
36,557		 Total
£
8,985
2,442
654
3,096
5,889
6,543
2020
£
8,500
2020
£
112
47,000
47,112

Page 10

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

The following pages do not form part of the statutory accounts.

WESTFERRY COMMUNITY ORGANISATION Company limited by guarantee

Detailed income statement Year ended 31 December 2021

Turnover
Sales
Cost of sales
Direct costs
Gross profit
Gross profit percentage
Overheads
Administrative expenses
Wages and salaries
Rent payable
Rates
Insurance
Light and heat
Cleaning
Repairs and maintenance
Printing, postage and stationery
Telephone
Travelling and entertainment
Legal and professional
Accountancy fees
Staff welfare
General expenses
Depreciation of tangible assets
Operating loss
Operating loss percentage
Loss before taxation		 2021
£
58,953
58,953
)
(1,014
)
(1,014
57,939
%
98.3
)
(3,687
)
(47,000
-
)
(963
)
(3,934
)
(1,648
)
(682
)
(117
)
(256
-
-
)
(240
-
-
)
(654
)
(59,181
)
(1,242
%
2.1
)
(1,242		 2020
£
15,181
15,181
)
(665
)
(665
14,516
%
95.6
)
(1,708
)
(47,000
)
(230
)
(936
)
(3,375
)
(1,300
)
(7,845
)
(351
)
(402
)
(793
)
(218
)
(200
)
(8
)
(1
)
(727
)
(65,093
)
(50,577
%
333.2
)
(50,577