COMPANY REGISTRATION NUMBER:
03366442
Lincolnshire Economic Action Partnership |
|
Company Limited by Guarantee |
|
Filleted Financial Statements |
|
Lincolnshire Economic Action Partnership |
|
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 March 2022
Fixed assets
Investments |
5 |
|
193,000 |
193,000 |
|
|
|
|
|
Current assets
Debtors |
6 |
5,112 |
|
2,499 |
Cash at bank and in hand |
277,975 |
|
321,024 |
|
---------- |
|
---------- |
|
283,087 |
|
323,523 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
8,457 |
|
13,687 |
|
---------- |
|
---------- |
Net current assets |
|
274,630 |
309,836 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
467,630 |
502,836 |
|
|
---------- |
---------- |
Net assets |
|
467,630 |
502,836 |
|
|
---------- |
---------- |
|
|
|
|
|
Capital and reserves
Profit and loss account |
|
467,630 |
502,836 |
|
|
---------- |
---------- |
Members funds |
|
467,630 |
502,836 |
|
|
---------- |
---------- |
|
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
25 August 2022
, and are signed on behalf of the board by:
Company registration number:
03366442
Lincolnshire Economic Action Partnership |
|
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Year ended 31 March 2022
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Greetwell Place, Lime Kiln Way, Room NF9, Lincoln, LN2 4US, England.
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.
Going concern
The directors have agreed to a future merger with a kindred organisation, Investors in Lincoln. The accounts have therefore been prepared on a break up basis.
Grants & commitments
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on investment income only, 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4.
Company limited by guarantee
The company is a company limited by guarantee having no share capital; each director is a member of the company and has undertaken to contribute an amount not exceeding £1 to meet the liabilities of the company in the event that it should be wound up.
5.
Investments
|
Other investments |
|
£ |
Cost |
|
At 1 April 2021 and 31 March 2022 |
193,000 |
|
---------- |
Impairment |
|
At 1 April 2021 and 31 March 2022 |
– |
|
---------- |
|
|
Carrying amount |
|
At 31 March 2022 |
193,000 |
|
---------- |
At 31 March 2021 |
193,000 |
|
---------- |
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Other debtors |
5,112 |
2,499 |
|
------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
5,304 |
10,304 |
Corporation tax |
1,040 |
1,270 |
Other creditors |
2,113 |
2,113 |
|
------- |
--------- |
|
8,457 |
13,687 |
|
------- |
--------- |
|
|
|
8.
Other financial commitments
The company has agreed the following future commitments at the year end, totalling £5,304 (2021: £22,677) Community Chest This is a fund that the board agreed to provide the Park Ward neighbourhood panel in the year ended 31 March 2022. At the year end there is a remaining balance in the fund of £Nil (2021: £873). The Community Chest commitment is included within future commitments above.
9.
Summary audit opinion
The auditor's report for the year dated
6 September 2022
was
unqualified
.
The senior statutory auditor was
Linda Lord
, for and on behalf of
Streets Audit LLP
.
10.
Related party transactions
During the year grants were provided to Investors in Lincoln of £7,500 (2021: £7,500). Keith Darwin and Keither Laidler are also directors of Investors in Lincoln and David Rossington acts as the company secretary.