Company Registration No. 11178139 (England and Wales)
BELMONT COMMUNITY HOUSING
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
BELMONT COMMUNITY HOUSING
COMPANY INFORMATION
Directors
M Moloney L Moloney A Hession
Company number Registered office
11178139
Thornbank Tottington Road Harwood Bolton Greater Manchester BL2 4LR
BELMONT COMMUNITY HOUSING
CONTENTS
| Page | |
|---|---|
| Directors' report | 1 |
| Income and expenditure account | 2 |
| Balance sheet | 3 |
| Notes to the financial statements | 4 - 5 |
BELMONT COMMUNITY HOUSING
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2021
The directors present their annual report and financial statements for the year ended 31 January 2021.
Principal activities
The principal activity of the company was to be that of supplying affordable housing to families in the North West of England.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Moloney L Moloney A Hession
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M Moloney Director
22 October 2021
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BELMONT COMMUNITY HOUSING
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2021
| Income Administrative expenses Surplus before taxation Tax on surplus Surplus for the financial year |
2021 £ 32,949 (2,093) 30,856 - 30,856 |
2020 £ - - |
|---|---|---|
| - - |
||
| - |
- 2 -
BELMONT COMMUNITY HOUSING
BALANCE SHEET
AS AT 31 JANUARY 2021
| Notes Current assets Cash at bank and in hand Net current assets Reserves Income and expenditure account Members' funds |
2021 £ 30,856 |
£ 30,856 30,856 30,856 |
2020 £ - |
£ - |
|---|---|---|---|---|
| - | ||||
| - |
For the financial year ended 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 October 2021 and are signed on its behalf by:
M Moloney Director
Company Registration No. 11178139
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BELMONT COMMUNITY HOUSING
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
1 Accounting policies
Company information
Belmont Community Housing is a private company limited by guarantee incorporated in England and Wales. The registered office is Thornbank, Tottington Road, Harwood, Bolton, Greater Manchester, BL2 4LR.
1.1 Accounting convention
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4 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.
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BELMONT COMMUNITY HOUSING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021
1 Accounting policies
(Continued)
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.
1.5 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.6 Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2 Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Employees
The average monthly number of persons (including directors) employed by the company during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Total | 3 | 3 |
4 Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
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BELMONT COMMUNITY HOUSING
DETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2021
| Income Charitable donations received Administrative expenses Computer running costs Charitable donations Bank charges Operating surplus |
£ 80 2,000 13 |
2021 £ 32,949 (2,093) 30,856 |
£ - - - |
2020 £ - - |
|---|---|---|---|---|
| - |