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Company Registration No. 03239173 (England and Wales)
Ibstock Community Enterprises Limited Unaudited accounts for the year ended 31 August 2023
Ibstock Community Enterprises Limited Unaudited accounts Contents
Page
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Ibstock Community Enterprises Limited Company Information for the year ended 31 August 2023
Directors
Peter James Cawte Barry Hayles Patrick Michael Wilford Guy Leonard Rogers
Company Number
03239173 (England and Wales)
Registered Office
57 High Street Ibstock Leicestershire LE67 6LH
Accountants
121 Local Accounting Ltd Unit 15, Whitwick Business Centre Stenson Road Coalville Leicestershire LE67 4JP
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Ibstock Community Enterprises Limited Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
64,984 
83,764 
Tangible assets
1,371 
688 
Investment property
585,000 
585,000 
651,355 
669,452 
Current assets
Inventories
3,500 
3,500 
Debtors
3,711 
2,999 
Cash at bank and in hand
50,384 
56,188 
57,595 
62,687 
Creditors: amounts falling due within one year
(22,545)
(28,358)
Net current assets
35,050 
34,329 
Total assets less current liabilities
686,405 
703,781 
Creditors: amounts falling due after more than one year
(132,779)
(137,727)
Provisions for liabilities
Deferred tax
(19,913)
(19,913)
Net assets
533,713 
546,141 
Reserves
Revaluation reserve
382,038 
382,038 
Profit and loss account
151,675 
164,103 
Members' funds
533,713 
546,141 
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by
Barry Hayles Director Company Registration No. 03239173
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Ibstock Community Enterprises Limited Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
Ibstock Community Enterprises Limited is a private company, limited by guarantee, registered in England and Wales, registration number 03239173. The registered office is 57 High Street, Ibstock, Leicestershire, LE67 6LH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Goodwill
On 16 February 2012 the company purchased the goodwill of The Post Office and Lease of 118-120 High Street, Ibstock. The goodwill was not being amortised but from 1 September 2018 it was decided that it should be written off in equal instalments over the following 10 years and then revised further on 1 September 2020 to be written off over the remainder of the lease, which ends on 16 February 2027.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Stocks
Stocks have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The company operates as a social enterprise and is exempt from paying corporation tax on the business profits. Taxation for the year on capital items comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the exact amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Ibstock Community Enterprises Limited Notes to the Accounts for the year ended 31 August 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leasing commitments
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 September 2022
151,656 
At 31 August 2023
151,656 
Amortisation
At 1 September 2022
67,892 
Charge for the year
18,780 
At 31 August 2023
86,672 
Net book value
At 31 August 2023
64,984 
At 31 August 2022
83,764 
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Ibstock Community Enterprises Limited Notes to the Accounts for the year ended 31 August 2023
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 September 2022
144,832 
Additions
972 
At 31 August 2023
145,804 
Depreciation
At 1 September 2022
144,144 
Charge for the year
289 
At 31 August 2023
144,433 
Net book value
At 31 August 2023
1,371 
At 31 August 2022
688 
6
Investment property
2023 
£ 
Fair value at 1 September 2022
585,000 
At 31 August 2023
585,000 
Investment property was professionally valued on 21 May 2018 and the directors consider that this valuation is still applicable at 31 August 2023. Fair value at 31 August 2023 is represented by cost of £480,195 and valuation in 2018 of £104,805.
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
566 
433 
Other debtors
3,145 
2,566 
3,711 
2,999 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
4,948 
4,948 
Trade creditors
3,041 
1,911 
Taxes and social security
7,120 
6,296 
Other creditors
7,436 
15,203 
22,545 
28,358 
Bank loans payable within one year of £4,948 (2022 £4,948) are secured on the assets of the company.
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Ibstock Community Enterprises Limited Notes to the Accounts for the year ended 31 August 2023
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
132,779 
137,727 
Bank loans payable after more than one year of £132,779 (2022 £137,727) are secured on the assets of the company.
10
Deferred taxation
2023 
2022 
£ 
£ 
Revaluation of investment property
19,913 
19,913 
2023 
2022 
£ 
£ 
Provision at start of year
19,913 
19,913 
Provision at end of year
19,913 
19,913 
11
Company limited by guarantee
The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
12
Average number of employees
During the year the average number of employees was 7 (2022: 7).
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