Company registration number SC307677 (Scotland)
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
4,462
15,702
Cash at bank and in hand
324,732
224,374
329,194
240,076
Creditors: amounts falling due within one year
5
(160,433)
(85,280)
Net current assets
168,761
154,796
Reserves
Income and expenditure account
168,761
154,796
Members' funds
168,761
154,796
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2023 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 accounts for the year in question in accordance with section 476; and
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
John Hamilton
Director
Company Registration No. SC307677
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Glasgow and West of Scotland Forum of Housing Associations is a private company limited by shares and incorporated in Scotland.
The registered office is:
TC Young LLP
Merchants House
7 West George Street
Glasgow
G2 1BA
1.1
Accounting convention
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
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
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Furniture, fittings and equipment
25% Straight Line
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Cash at bank and in hand
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Furniture, fittings and equipment
£
Cost
At 1 April 2022 and 31 March 2023
4,659
Depreciation and impairment
At 1 April 2022 and 31 March 2023
4,659
Carrying amount
At 31 March 2023
At 31 March 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
4,462
15,702
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
4,402
1,150
Other creditors
156,031
84,130
160,433
85,280
6
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.
GLASGOW AND WEST OF SCOTLAND FORUM OF HOUSING ASSOCIATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Related party transactions
During the year the company incurred costs for accommodation and finance assistance amounting to £1,829 (2022 - £7,642) from a member. As at 31 March 2023 there was an amount outstanding of £Nil (2022 - £1,818).