COMPANY REGISTRATION NUMBER: 8199454
Berrow Community Association Limited Company Limited by Guarantee Unaudited Financial Statements
30 September 2022
WESTCOTTS
Chartered Accountants 80 Oxford Street Burnham on Sea Somerset TA8 1EF
Berrow Community Association Limited
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2022
| Contents | Page |
|---|---|
| Officers and professional advisers | 1 |
| Directors' report | 2 |
| Chartered accountants report to the board of directors on the preparation of | |
| the unaudited statutory financial statements | 3 |
| Statement of income and retained earnings | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 7 |
| The following pages do not form part of the financial statements | |
| Detailed income statement | 11 |
| Notes to the detailed income statement | 12 |
Berrow Community Association Limited
Company Limited by Guarantee
Officers and Professional Advisers
| The board of directors | Mr O Davies FCA |
|---|---|
| Mr D Stickels | |
| Mr K M Gough | |
| Mr R Easton | |
| Registered office | Village Hall |
| Parsonage Road | |
| Berrow | |
| Burnham-on-Sea | |
| Somerset | |
| TA8 2NW | |
| Accountants | Westcotts |
| Chartered Accountants | |
| 80 Oxford Street | |
| Burnham on Sea | |
| Somerset | |
| TA8 1EF | |
| Bankers | CAF Bank Limited |
| Kings Hill | |
| West malling | |
| Kent | |
| ME19 4TA |
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Berrow Community Association Limited
Company Limited by Guarantee
Directors' Report
Year ended 30 September 2022
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2022.
Directors
The directors who served the company during the year were as follows:
Mr O Davies FCA Mr D Stickels Mr K M Gough (Appointed 18 January 2022) Mr R Easton (Appointed 18 January 2022) Mr R M Thomas (Resigned 14 December 2021)
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 .............................. and signed on behalf of the board by:
Mr O Davies FCA Director
Registered office: Village Hall Parsonage Road Berrow Burnham-on-Sea Somerset TA8 2NW
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Berrow Community Association Limited
Company Limited by Guarantee
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Berrow Community Association Limited
Year ended 30 September 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Berrow Community Association Limited for the year ended 30 September 2022, which comprise the statement of income and retained earnings, statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Berrow Community Association Limited, as a body, in accordance with the terms of our engagement letter dated 22 December 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Berrow Community Association Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Berrow Community Association Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Berrow Community Association Limited 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 profit of Berrow Community Association Limited. You consider that Berrow Community Association 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 financial statements of Berrow Community Association 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 financial statements.
WESTCOTTS Chartered Accountants
80 Oxford Street Burnham on Sea Somerset TA8 1EF
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Berrow Community Association Limited
Company Limited by Guarantee
Statement of Income and Retained Earnings
Year ended 30 September 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Turnover | 35,334 | 32,741 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Gross profit | 35,334 | 32,741 | |
| Administrative expenses | 21,411 | 17,736 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Operating profit | 13,923 | 15,005 | |
| Other interest receivable and similar income | 5 | – | |
| Interest payable and similar expenses | 6,303 | 6,965 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| Profit before taxation | 6 | 7,625 | 8,040 |
| Tax on profit | – | – | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| Profit for the financial year and total comprehensive income | 7,625 | 8,040 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| Retained earnings at the start of the year | 309,874 | 301,834 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Retained earnings at the end of the year | 317,499 | 309,874 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
All the activities of the company are from continuing operations.
The notes on pages 7 to 9 form part of these financial statements.
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Berrow Community Association Limited
Company Limited by Guarantee
Statement of Financial Position
30 September 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 7 | 400,078 | 399,518 | ||
| Current assets | |||||
| Stocks | 877 | 318 | |||
| Debtors | 8 | 3,563 | 4,099 | ||
| Cash at bank and in hand | 14,638 | 16,045 | |||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||||
| 19,078 | 20,462 | ||||
| Creditors: amounts falling due | |||||
| within one year | 9 | 12,139 | 8,210 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||||
| Net current assets | 6,939 | 12,252 | |||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||
| Total assets less current liabilities | 407,017 | 411,770 | |||
| Creditors: amounts falling due after | |||||
| more than one year | 10 | 89,518 | 101,896 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||
| Net assets | 317,499 | 309,874 | |||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The statement of financial position continues on the following page. The notes on pages 7 to 9 form part of these financial statements.
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Berrow Community Association Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
30 September 2022
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |||
| Capital and reserves | |||||||
| Profit and loss account | 317,499 | 309,874 | |||||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||||||
| Members funds | 317,499 | 309,874 | |||||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
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'.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
-
The directors 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 were approved by the board of directors and authorised for issue on ........................, and are signed on behalf of the board by:
Mr O Davies FCA Director
Company registration number: 8199454
The notes on pages 7 to 9 form part of these financial statements.
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Berrow Community Association Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The company is a private company limited by guarantee, registered in England. The address of the registered office is Village Hall, Parsonage Road, Berrow, Burnham-on-Sea, Somerset, TA8 2NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the letting of the company's freehold property, net of Value Added Tax, together with rents, grants and funding received.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Furniture and equipment
- 20% straight line
The directors consider that the residual value of the Freehold land and buildings is in excess of its original cost and have therefore not made a depreciation provision.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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Berrow Community Association Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 September 2022
3. Accounting policies (continued)
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount.
4. Company limited by guarantee
The company is a company limited by guarantee and has no share capital.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3).
6. Profit before taxation
Profit before taxation is stated after charging:
| Profit before taxation is stated after charging: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Depreciation of tangible assets | 389 ৶৶৶৶ |
96 ৶৶৶৶ |
7. Tangible assets
| Freehold | Furniture & | ||
|---|---|---|---|
| property | Equipment | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 October 2021 | 399,518 | 12,654 | 412,172 |
| Additions | – | 949 | 949 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 30 September 2022 | 399,518 | 13,603 | 413,121 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Depreciation | |||
| At 1 October 2021 | – | 12,654 | 12,654 |
| Charge for the year | – | 389 | 389 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 30 September 2022 | – | 13,043 | 13,043 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Carrying amount | |||
| At 30 September 2022 | 399,518 | 560 | 400,078 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At 30 September 2021 | 399,518 | – | 399,518 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
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Berrow Community Association Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 September 2022
| 8. | Debtors | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | 3,308 | 3,964 | |
| Prepayments and accrued income | 255 | 135 | |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 3,563 | 4,099 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 9. | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Bank loan | 4,528 | 4,528 | |
| Trade creditors | 179 | 773 | |
| Accruals and deferred income | 6,616 | 2,137 | |
| Social security and other taxes | 816 | 772 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | ||
| 12,139 | 8,210 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 10. | Creditors: amounts falling due after more than one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Bank loan | 89,518 | 101,896 | |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
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Berrow Community Association Limited
Company Limited by Guarantee
Management Information
Year ended 30 September 2022
The following pages do not form part of the financial statements.
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Berrow Community Association Limited
Detailed Income Statement
Year ended 30 September 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Turnover | ||
| Lettings | 27,506 | 11,148 |
| Fundraising | 1,768 | 641 |
| Lottery funding | 2,886 | 3,282 |
| Coronavirus grants | – | 17,670 |
| Bar sales | 3,174 | – |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 35,334 | 32,741 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Gross profit | 35,334 | 32,741 |
| Overheads | ||
| Administrative expenses | ||
| Rates and water | 352 | 358 |
| Light and heat | 2,814 | 1,623 |
| Insurance | 1,145 | 1,290 |
| Repairs and maintenance | 1,868 | 1,213 |
| Cleaning and materials | 1,670 | 1,611 |
| Wages and salaries | 10,449 | 7,597 |
| Telephone | 289 | 341 |
| Licences | 186 | 394 |
| Website costs | 380 | 360 |
| Printing postage and stationery | – | 65 |
| Sundry expenses | 482 | 1,938 |
| Legal and professional fees | 527 | – |
| Accountancy fees | 860 | 850 |
| Depreciation of tangible assets | 389 | 96 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 21,411 | 17,736 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Operating profit | 13,923 | 15,005 |
| Other interest receivable and similar income | 5 | – |
| Interest payable and similar expenses | (6,303) | (6,965) |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| Profit before taxation | 7,625 ৶৶৶৶৶৶৶ |
8,040 ৶৶৶৶৶৶৶ |
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Berrow Community Association Limited
Notes to the Detailed Income Statement
Year ended 30 September 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Other interest receivable and similar income | ||
| Interest receivable | 5 | – |
| ৶৶৶৶ | ৶৶৶৶ | |
| Interest payable and similar expenses | ||
| Interest on bank loans and overdrafts | 6,303 | 6,965 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
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