REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CROYDON & DISTRICT MASONIC HALL PLC |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
CROYDON & DISTRICT MASONIC HALL PLC |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Statement of Financial Position | 12 |
Statement of Changes in Equity | 13 |
Statement of Cash Flows | 14 |
Notes to the Statement of Cash Flows | 15 |
Notes to the Financial Statements | 16 |
CROYDON & DISTRICT MASONIC HALL PLC |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
D S House |
306 High Street |
Croydon |
Surrey |
CR0 1NG |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The year of 2022-23 has been even harder financially than the previous year. This year the company made a loss of £22,223, compared with a loss of £71 in the previous year. |
The numbers of people attending Masonic & non-Masonic meetings and events have still not returned to pre-Covid levels. Further, we have seen unprecedented price increases from all of our suppliers as a result of the war in Ukraine and as they have responded to trading uncertainties. |
After the cap on gas and electricity prices for businesses was removed on 31 March 2023, the prices of these utilities rose by 353%. During 2023 the cost of light and heat was £86,233 compared with £32,076 the previous year. We have now renegotiated contracts for the supply of both gas and electricity. On the basis that we use the same amount of gas and electricity during 2023-24 as in 2022-23, we anticipate the cost in 2023-24 should be in the region of £54,000. This is considerably higher than we paid in 2021-22 and previous years, but is considerably less than the amount we would pay in 2023-24 if we not renegotiated our gas and electricity contracts. |
Other suppliers to the hospitality industry have also increased their prices. These include our suppliers of beer, food and wine. Even with strict negotiations with our suppliers we have still seen an all-round increase. |
The Minimum Wage increases this year, of approximately 10%, represent an additional extra cost to the business. We keep staffing levels under review with a view to keeping costs down. We have been helped in this aim by Management staff fulfilling multiple and varied duties previously carried out by other staff members, thereby reducing the need for extra staffing. |
Equipment within the centre has had to be replaced when it has reached the end of its useful life. |
We are continuing to look to cut costs where we can, and to improve on the terms of current contracts. |
For the most part, during the past year decorating within the centre has been undertaken by our own staff. An exception concerned the redecoration of the Mann Temple, in relation to which the work was undertaken by an outside contractor due to the Mann Temple’s size and height. The Board would like to thank Mandy O'Reilly and all the staff who helped redecorate the hallway, bar and other areas within the centre. This made those areas more appealing to people viewing the centre for external events as well as the Masons that use the centre for their meetings and lodges of instruction. The Board would also like to thank one of its directors, Tony Campbell, who updated and modernised the bar. |
The company operates through two identities: |
1. The CDMH arm, which deals with Masonic units; and |
2. The Festival Suite, which deals with non-Masonic or outside events. |
We advertise the centre for external events through a separate website (http://www.thefestivalsuite.co.uk/). Information for Masonic customers is kept on http://www.cdmhplc.co.uk. Lodge members can log into this site and download information that they require. |
Like most organisations in the hospitality sector, we have found business to have been slower than pre-Covid levels, but things are starting to improve. |
We are constantly looking for new external business for the centre, using online tools, such as our website, yell.com and other social media. |
We have seen a number of new training companies using our centre for hosting their events through 2022-23. |
We are very fortunate to have some magnificent staff onboard who support the centre by doing work that is beyond their remit. These are long service staff who have a passion for working at the centre. We are grateful to them for their commitment and energy. |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
We are always seeking to improve the experience our customers enjoy when they visit, whether they be external event organisers or Masonic units. |
ON BEHALF OF THE BOARD: |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
The directors present their report with the financial statements of the company for the year ended 31 August 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 August 2023. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 September 2022 to the date of this report. |
The beneficial interests of the directors holding office at 31 August 2023 in the shares of the company, according to the register of directors' interests, were as follows: |
31.8.23 | 1.9.22 |
Ordinary shares of £1 each |
5 | 5 |
- | - |
- | - |
- | - |
- | - |
These directors did not hold any non-beneficial interests in the shares of the company. |
TAXATION |
On the information available to the Directors, the Company is not a Close Company within the meaning of the Corporation Taxes Act, 2010. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
AUDITORS |
The auditors, DSK Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROYDON & DISTRICT MASONIC HALL PLC |
Opinion |
We have audited the financial statements of Croydon & District Masonic Hall PLC (the 'company') for the year ended 31 August 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROYDON & DISTRICT MASONIC HALL PLC |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROYDON & DISTRICT MASONIC HALL PLC |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations |
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The key laws and regulations we have considered in this context included the Companies Act 2006, pension and tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
o Using our general commercial and sector experience and through discussions with the directors and management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management's own assessment of the risks that irregularities may occur either as a result of fraud or error. |
o We examined the company's/LLP's regulatory and legal correspondence and discussed with the directors and management any known or suspected instances of fraud or non-compliance with laws and regulations. |
o We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
o In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CROYDON & DISTRICT MASONIC HALL PLC |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
D S House |
306 High Street |
Croydon |
Surrey |
CR0 1NG |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(236,693 | ) | (184,749 | ) |
Other operating income |
OPERATING (LOSS)/PROFIT | 6 | ( |
) |
Interest receivable and similar income |
(32,056 | ) | 4,383 |
Interest payable and similar expenses | 7 | ( |
) |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 8 | ( |
) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 August 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 August 2023 |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
171,705 |
Cash and cash equivalents at end of year | 2 | 165,628 | 183,154 |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Deferred Tax | 9,633 | - |
Finance costs | (200 | ) | 122 |
Finance income | (500 | ) | - |
(17,307 | ) | 24,583 |
Increase in stocks | ( |
) | ( |
) |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
£ | £ |
Cash and cash equivalents | 165,628 | 183,154 |
Year ended 31 August 2022 |
31.8.22 | 1.9.21 |
£ | £ |
Cash and cash equivalents | 183,154 | 171,705 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.9.22 | Cash flow | At 31.8.23 |
£ | £ | £ |
Net cash |
Cash at bank | 183,154 | (17,526 | ) | 165,628 |
183,154 | ( |
) | 165,628 |
Total | 183,154 | (17,526 | ) | 165,628 |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | GENERAL INFORMATION |
Croydon & District Masonic Hall PLC is a company limited by shares, incorporated in England and Wales. Its registered office is 73 Oakfield Road, Croydon, Surrey, CR0 2UX. |
2. | STATUTORY INFORMATION |
Croydon & District Masonic Hall PLC is a private company, registered in England and Wales. The company's |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound. |
3. | STATEMENT OF COMPLIANCE |
The individual financial statements of Croydon & District Masonic Hall PLC have been prepared in accordance with Financial Reporting Standard 102 (FRS102) and Companies Act 2006. |
4. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under historic cost convention. |
Going concern |
As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account the current economic conditions that exist. |
After making appropriate enquires, the directors have a reasonable expectation that the company has adequate resources to enable it to continue in operational existence for the foreseeable future. They believe it is appropriate to prepare the accounts on a going concern basis. |
Revenue recognition |
Revenue is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT. |
Revenue from the sale of goods/services is recognised when all of the following conditions are satisfied. |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is possible that the economic benefits associated with the transaction will flow to the company; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Specifically, revenue is recognised when goods/service are delivered and legal title is passed. |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
4. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Land and building include freehold premises and land. Land and building are carried at historic cost, less subsequent depreciation and impairment losses. |
Land is not depreciated. Depreciation on other assets is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected useful lives on a straight line basis at the following rates: |
Freehold property | 1% | Straight line |
Fixtures & fittings and catering equipment | 10-20% | Straight line |
Computer equipment | 10-20% | Straight line |
At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exits, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loos, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Stock |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of stock class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Taxation |
Taxation for the year 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 amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
4. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, any bank overdrafts are shown within borrowings or current liabilities. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Management and Office staff | 5 | 2 |
Catering and Bar staff | 37 | 21 |
Part time staff | 11 | 11 |
The time and services of the Directors are provided voluntarily. Therefore, no fees or other emoluments were paid or are payable to them apart from G Billington, the Chairman, who was paid a salary of £32,706 during the year (2022 - £28,041) and as D Candeland, was paid NIL salary, as he resigned, (2022- £12,747). No retirement benefits are due to the Directors. |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Audit fees |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | ( |
) |
8. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Deferred tax: |
Timing differences | ( |
) |
Tax on (loss)/profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Timing differences | (9,633 | ) | 4,332 |
Total tax (credit)/charge | (9,633 | ) | 4,332 |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Catering | and | Computer |
property | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 | ( |
) |
Included in cost of land and buildings is freehold land of £ 75,651 (2022 - £ 75,651 ) which is not depreciated. |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Goods for resale |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Deferred tax asset | 11,824 | 2,191 |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other taxation |
VAT | 32 | - |
Other creditors |
Accruals and deferred income |
CROYDON & DISTRICT MASONIC HALL PLC (REGISTERED NUMBER: 00453294) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 57,932 | 57,932 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2022 |
Deficit for the year | ( |
) |
At 31 August 2023 |