0 1 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 1921227 2022-01-01 2022-12-31 1921227 2022-12-31 1921227 2021-12-31 1921227 bus:Director2 2022-01-01 2022-12-31 1921227 core:WithinOneYear 2022-12-31 1921227 core:WithinOneYear 2021-12-31 1921227 core:RetainedEarningsAccumulatedLosses 2022-12-31 1921227 core:RetainedEarningsAccumulatedLosses 2021-12-31 1921227 bus:SmallEntities 2022-01-01 2022-12-31 1921227 bus:Audited 2022-01-01 2022-12-31 1921227 bus:FullAccounts 2022-01-01 2022-12-31 1921227 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 1921227 bus:CompanyLimitedByGuarantee 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 1921227
BROADWAY SHOPPING CENTRE ASSOCIATION (BEXLEYHEATH) LIMITED
Company Limited by Guarantee
FILLETED FINANCIAL STATEMENTS
31 December 2022
BROADWAY SHOPPING CENTRE ASSOCIATION (BEXLEYHEATH) LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
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
---------
---------
Net assets
111,625
163,767
---------
---------
Capital and reserves
Profit and loss account
111,625
163,767
---------
---------
Members funds
111,625
163,767
---------
---------
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:
R Fraczek
Director
Company registration number: 1921227
BROADWAY SHOPPING CENTRE ASSOCIATION (BEXLEYHEATH) LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
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
---------
--------
130,619
89,269
---------
--------
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
--------
--------
28,216
20,128
--------
--------
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 .