COMPANY REGISTRATION NUMBER:
1921227
BROADWAY SHOPPING CENTRE ASSOCIATION (BEXLEYHEATH) LIMITED |
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Company Limited by Guarantee |
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FILLETED FINANCIAL STATEMENTS |
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BROADWAY SHOPPING CENTRE ASSOCIATION (BEXLEYHEATH) LIMITED |
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COMPANY LIMITED BY GUARANTEE |
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STATEMENT OF FINANCIAL POSITION |
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31 December 2022
Current assets
Debtors |
5 |
130,619 |
|
89,269 |
Cash at bank and in hand |
9,222 |
|
94,626 |
|
--------- |
|
--------- |
|
139,841 |
|
183,895 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
28,216 |
|
20,128 |
|
--------- |
|
--------- |
Net current assets |
|
111,625 |
163,767 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
111,625 |
163,767 |
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|
--------- |
--------- |
Net assets |
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111,625 |
163,767 |
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|
--------- |
--------- |
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|
|
|
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Capital and reserves
Profit and loss account |
|
111,625 |
163,767 |
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|
--------- |
--------- |
Members funds |
|
111,625 |
163,767 |
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|
--------- |
--------- |
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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.
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
1 November 2023
, and are signed on behalf of the board by:
Company registration number:
1921227
BROADWAY SHOPPING CENTRE ASSOCIATION (BEXLEYHEATH) LIMITED |
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COMPANY LIMITED BY GUARANTEE |
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NOTES TO THE FINANCIAL STATEMENTS |
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YEAR ENDED 31 DECEMBER 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 The Management Office, Broadway Shopping Centre, 69 The Broadway, Bexleyheath, Kent, DA6 7JN.
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 the statement of comprehensive income. The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; a non-profit making association and the general promotion of the Broadway Shopping Centre, Bexleyheath, and of the collective interests of the members of the Company The revenue shown in the statement of comprehensive income represents amounts invoiced during the year, exclusive of Value Added Tax.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Company limited by guarantee
The Company is limited by guarantee and does not have Share Capital.
5.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
126,964 |
82,597 |
Other debtors |
3,655 |
6,672 |
|
--------- |
-------- |
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130,619 |
89,269 |
|
--------- |
-------- |
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The company exists to provide what is described as Marketing services to each of the commercial tenants in a shopping centre sited in Bexleyheath. The tenants are also Members of the company. The Freeholder of the shopping centre has appointed a Service organisation to manage all of the Property and Financial Operations connected with its investment in the shopping centre, and this includes Processes in connection with the collection of Service Charges. As an adjunct to its primary purpose the Service Organisation also manages the Financial Processes of the company which it refers to as a Tenants Association. There is no current Service Level Agreement in place with the Service Organisation, and the company is dependent upon the Service Organisations' Systems of Process and Control.
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
15,216 |
5,493 |
Other creditors |
13,000 |
14,635 |
|
-------- |
-------- |
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28,216 |
20,128 |
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-------- |
-------- |
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|
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7.
Summary audit opinion
The auditor's report for the year dated
1 November 2023
was
qualified
on the following basis:
In connection with the system of Internal Control and Processing we have not been able to satisfy ourselves that the company is in control of the engagement. As mentioned in Note 6 in the Financial Statements the company uses a Service Organisation in circumstances where there is no current Service Level Agreement.
The senior statutory auditor was
Mr Philip Benson Woodman FCCA
, for and on behalf of
Opass Billings Wilson & Honey LLP
.