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COMPANY REGISTRATION NUMBER: 00002793
The Lower Norwood Co-operative Building Company Limited
Filleted Unaudited Financial Statements
31 March 2023
The Lower Norwood Co-operative Building Company Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
8
27,478,699
27,673,689
Current assets
Debtors
10
235,521
316,521
Cash at bank and in hand
551,916
420,686
---------
---------
787,437
737,207
Creditors: amounts falling due within one year
11
510,508
2,182,106
---------
------------
Net current assets/(liabilities)
276,929
( 1,444,899)
-------------
-------------
Total assets less current liabilities
27,755,628
26,228,790
Creditors: amounts falling due after more than one year
12
4,627,573
3,305,451
Provisions
Taxation including deferred tax
3,014,842
3,001,842
-------------
-------------
Net assets
20,113,213
19,921,497
-------------
-------------
Capital and reserves
Called up share capital
4,104,000
4,104,000
Profit and loss account
14
16,009,213
15,817,497
-------------
-------------
Shareholders funds
20,113,213
19,921,497
-------------
-------------
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 income and retained earnings has not been delivered.
For the year ending 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Lower Norwood Co-operative Building Company Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 August 2023 , and are signed on behalf of the board by:
M J Renshaw B.Sc.(Hons), M.R.I.C.S., EWI
M A P Fryer B.A.(Hons), A.C.M.A., C.G.M.A.
Director
Director
Company registration number: 00002793
The Lower Norwood Co-operative Building Company Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Arundel Gate, Sheffield, S1 2PP.
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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents the total amount receivable by the company in the ordinary course of business from the rental of property. Rental income is accrued on a time basis, by reference to the agreements entered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
33% straight line
Computer software
-
33% straight line
Investment property
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are recognised at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Operating profit is stated after charging:
2023
2022
£
£
Depreciation
490
490
Pension Costs
5,250
4,953
Directors' remuneration
146,035
97,375
5. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
6. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
85,368
146,825
Deferred tax:
Origination and reversal of timing differences
13,000
632,103
--------
---------
Tax on profit
98,368
778,928
--------
---------
7. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
266,760
266,760
---------
---------
The directors propose a final dividend in respect of the financial year ending 31 March 2023 of 55p per share which will absorb £225,720 of shareholders' funds. This will be paid to shareholders who are on the register of members at 31 August 2023.
8. Tangible assets
Investment property
Office equipment
Computer software
Total
£
£
£
£
Cost/Valuation
At 1 April 2022
27,672,710
3,692
1,566
27,677,968
Additions
18,000
18,000
Disposals
( 262,500)
( 262,500)
Revaluations
50,000
50,000
-------------
-------
-------
-------------
At 31 March 2023
27,478,210
3,692
1,566
27,483,468
-------------
-------
-------
-------------
Depreciation
At 1 April 2022
2,713
1,566
4,279
Charge for the year
490
490
-------------
-------
-------
-------------
At 31 March 2023
3,203
1,566
4,769
-------------
-------
-------
-------------
Carrying amount
At 31 March 2023
27,478,210
489
27,478,699
-------------
-------
-------
-------------
At 31 March 2022
27,672,710
979
27,673,689
-------------
-------
-------
-------------
The historical cost of the investment properties included above at a valuation of £27,460,210 was £11,866,772 (2022: £11,982,616).
9. Investment in subsidiary
The company has a 100% shareholding in the company The South London Co-operative Building Company Limited. The company did not trade during the year and the value of the investment was considered to be £nil.
10. Debtors
2023
2022
£
£
Trade debtors
81,277
107,117
Other debtors
154,244
209,404
---------
---------
235,521
316,521
---------
---------
11. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
192,446
1,823,196
Trade creditors
13,621
Corporation tax
85,531
146,988
Social security and other taxes
27,996
29,277
Other creditors
190,914
182,645
---------
------------
510,508
2,182,106
---------
------------
12. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,627,573
3,305,451
------------
------------
The bank loans payable in 5 years plus is £nil (2022: £nil) The bank loans and overdraft are secured over the freehold investment properties. The bank loans are repayable over 2 to 5 years.
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
3,014,842
3,001,842
------------
------------
14. Reserves
The total amount of distributable reserves as at 31 March 2023 was £6,024,012 (2022: £5,722,640). The total amount of non - distributable reserves as at 31 March 2023 was £9,985,201 (2022: £10,094,857).
15. Related party transactions
The directors have provided personal guarantees of £5,000 each to a total of £20,000 in respect of the loan facility. During the year a company controlled by one of the Director's was used to manage properties on behalf of the company. At year end a balance of £44,043.19 (2022:nil) was due from this company in relation to rents received less costs and fees.