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
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
Ibstock Community Enterprises Limited
Statement of financial position
as at 31 August 2023
Intangible assets
64,984
83,764
Investment property
585,000
585,000
Cash at bank and in hand
50,384
56,188
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
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
Ibstock Community Enterprises Limited
Notes to the Accounts
for the year ended 31 August 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 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 have been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
Ibstock Community Enterprises Limited
Notes to the Accounts
for the year ended 31 August 2023
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.
Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.
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.
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Intangible fixed assets
Goodwill
At 1 September 2022
151,656
At 1 September 2022
67,892
Charge for the year
18,780
Ibstock Community Enterprises Limited
Notes to the Accounts
for the year ended 31 August 2023
5
Tangible fixed assets
Plant & machinery
At 1 September 2022
144,832
At 1 September 2022
144,144
Fair value at 1 September 2022
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.
Amounts falling due within one year
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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
Bank loans payable within one year of £4,948 (2022 £4,948) are secured on the assets of the company.
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.
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Deferred taxation
2023
2022
Revaluation of investment property
19,913
19,913
Provision at start of year
19,913
19,913
Provision at end of year
19,913
19,913
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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.
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Average number of employees
During the year the average number of employees was 7 (2022: 7).