Registration number:
BID Huntingdon Ltd
(A company limited by guarantee)
for the Year Ended 30 September 2023
BID Huntingdon Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
BID Huntingdon Ltd
Company Information
Chairman |
Mrs E Proctor King |
Directors |
Mr S R Wakeford Mr J DeHavilland Ms C J Barden Mrs S Green Mrs E Proctor King Mr T Sanderson Mr J P Mason Mrs C Winstanley Dr D L Cole Mr S P Cox Ms V Brighton Ms S Hemingway Mr J Kerby |
Company secretary |
Mr MR Ellis FCA |
Registered office |
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Solicitors |
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Accountants |
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BID Huntingdon Ltd
Directors' Report for the Year Ended 30 September 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
Directors of the company
The directors who held office during the year were as follows:
BID Huntingdon Ltd
Directors' Report for the Year Ended 30 September 2023
Principal activity
The principal activity of the company is to deliver the projects proposed in the BID Huntingdon Business Plan 2022-2027. The projects aims to improve the vibrancy, vitality and commercial viability of Huntingdon and to create a town where shopping, working, living and spending leisure time is an enjoyable experience. For more details please see our website at www.huntingdonfirst.co.uk.
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
BID Huntingdon Ltd
for the Year Ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BID Huntingdon Ltd for the year ended 30 September 2023 as set out on pages 5 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of BID Huntingdon Ltd, as a body, in accordance with the terms of our engagement letter dated 20 July 2004. Our work has been undertaken solely to prepare for your approval the accounts of BID Huntingdon Ltd and state those matters that we have agreed to state to the Board of Directors of BID Huntingdon Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BID Huntingdon Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that BID Huntingdon Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of BID Huntingdon Ltd. You consider that BID Huntingdon Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of BID Huntingdon Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Mark Ellis FCA
Offord Cluny
St Neots
Cambridgeshire
PE19 5RQ
BID Huntingdon Ltd
Profit and Loss Account for the Year Ended 30 September 2023
Note |
2023 |
2022 |
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Turnover |
|
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Cost of sales |
( |
( |
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Gross surplus |
|
|
|
Administrative expenses |
( |
( |
|
Operating deficit |
(33,370) |
(22,966) |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
- |
|
219 |
58 |
||
Deficit before tax |
( |
( |
|
Deficit for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
BID Huntingdon Ltd
(Registration number: 05156652)
Balance Sheet as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
|||
Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
|
|
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Reserves |
|||
Retained earnings |
78,722 |
111,873 |
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Surplus |
78,722 |
111,873 |
BID Huntingdon Ltd
(Registration number: 05156652)
Balance Sheet as at 30 September 2023
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
Approved and authorised by the
......................................... |
BID Huntingdon Ltd
Statement of Changes in Equity for the Year Ended 30 September 2023
Retained earnings |
Total |
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At 1 October 2022 |
|
|
Deficit for the year |
( |
( |
At 30 September 2023 |
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Retained earnings |
Total |
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At 1 October 2021 |
|
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Deficit for the year |
( |
( |
At 30 September 2022 |
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BID Huntingdon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
BID Huntingdon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Other grants
Tangible assets
Tangible assets are stated in the balance sheet 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:
Asset class |
Depreciation method and rate |
Office equipment |
30% reducing balance basis |
Fixtures and fittings |
20% reducing balance basis |
Cash and cash equivalents
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
BID Huntingdon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of a liquidation.
BID Huntingdon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
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.
Staff numbers |
The average number of persons employed by the company under contracts of service (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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BID Huntingdon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Stocks |
2023 |
2022 |
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Merchandise |
|
- |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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BID Huntingdon Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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( |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £374 (2022 - £574).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
- |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of NIL
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
- |
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2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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