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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
06238026
2022-04-01
2023-03-31
06238026
2023-03-31
06238026
2021-04-01
2022-03-31
06238026
2022-03-31
06238026
bus:LeadAgentIfApplicable
2022-04-01
2023-03-31
06238026
bus:Director1
2022-04-01
2023-03-31
06238026
core:WithinOneYear
2023-03-31
06238026
core:WithinOneYear
2022-03-31
06238026
core:RetainedEarningsAccumulatedLosses
2023-03-31
06238026
core:RetainedEarningsAccumulatedLosses
2022-03-31
06238026
bus:SmallEntities
2022-04-01
2023-03-31
06238026
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2022-04-01
2023-03-31
06238026
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2022-04-01
2023-03-31
06238026
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2022-04-01
2023-03-31
06238026
bus:CompanyLimitedByGuarantee
2022-04-01
2023-03-31
Company registration number:
06238026
North Devon +
Company limited by guarantee
Filleted financial statements
31 March 2023
NORTH DEVON +
COMPANY LIMITED BY GUARANTEE
DIRECTORS RESPONSIBILITIES STATEMENT
YEAR ENDED 31 MARCH 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NORTH DEVON +
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
46,708 |
|
|
|
112,254 |
|
|
Cash at bank and in hand |
|
|
396,943 |
|
|
|
488,400 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
443,651 |
|
|
|
600,654 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
124,943) |
|
|
|
(
319,789) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
318,708 |
|
|
|
280,865 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
318,708 |
|
|
|
280,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
318,708 |
|
|
|
280,865 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Profit and loss account |
|
8 |
|
|
318,708 |
|
|
|
280,865 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Members funds |
|
|
|
|
318,708 |
|
|
|
280,865 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
09 August 2023
, and are signed on behalf of the board by:
Mr Alan Dykes
Director
Company registration number:
06238026
NORTH DEVON +
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1.
General information
The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is Riverbank House, Bideford, North Devon, EX39 2QG.
Principal activity
The principal activity of the company is to develop the North Devon area with the aim of building the economy, increasing tourism and regenerating the area.
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'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome
.
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.
Income from from project management and grants is recognised when the company has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount 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.
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.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Limited by guarantee
The company is incorporated under the Companies Act as a company limited by guarantee and therefore has no share capital, and as such no reconciliation of shareholders funds is shown. The liability of the members is limited to £1 each.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2022:
6
).
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
44,406 |
100,456 |
|
Other debtors |
|
2,302 |
11,798 |
|
|
|
_______ |
_______ |
|
|
|
46,708 |
112,254 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
5,090 |
29,120 |
|
Accruals and deferred income |
|
15,392 |
21,395 |
|
Social security and other taxes |
|
6,934 |
18,313 |
|
Other creditors |
|
97,527 |
250,961 |
|
|
|
_______ |
_______ |
|
|
|
124,943 |
319,789 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses
.
9.
Summary audit opinion
The auditor's report for the year dated
02 October 2023
was unqualified.
The senior statutory auditor was
Catherine Williams FCA DChA
for and on behalf of
Westcott (SW) LLP