19 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 25,210 10,084 5,042 15,126 10,084 15,126 xbrli:pure xbrli:shares iso4217:GBP SC002495 2023-01-01 2023-12-31 SC002495 2023-12-31 SC002495 2022-12-31 SC002495 2022-01-01 2022-12-31 SC002495 2022-12-31 SC002495 2021-12-31 SC002495 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 SC002495 bus:Director19 2023-01-01 2023-12-31 SC002495 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 SC002495 core:FurnitureFittings 2022-12-31 SC002495 core:FurnitureFittings 2023-12-31 SC002495 core:FurnitureFittings 2023-01-01 2023-12-31 SC002495 core:WithinOneYear 2023-12-31 SC002495 core:WithinOneYear 2022-12-31 SC002495 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC002495 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC002495 core:BetweenOneFiveYears 2023-12-31 SC002495 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 SC002495 core:FurnitureFittings 2022-12-31 SC002495 bus:SmallEntities 2023-01-01 2023-12-31 SC002495 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC002495 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC002495 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 SC002495 bus:FullAccounts 2023-01-01 2023-12-31 SC002495 core:ComputerSoftware 2023-01-01 2023-12-31 SC002495 core:ComputerSoftware 2023-12-31 SC002495 core:ComputerSoftware 2022-12-31
COMPANY REGISTRATION NUMBER: SC002495
Inverness Chamber of Commerce
Company Limited by Guarantee
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Inverness Chamber of Commerce
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
Inverness Chamber of Commerce
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
6
10,084
15,126
Tangible assets
7
8,209
13,114
--------
--------
18,293
28,240
Current assets
Debtors
8
49,314
51,950
Cash at bank and in hand
298,304
254,075
---------
---------
347,618
306,025
Creditors: amounts falling due within one year
9
( 203,496)
( 162,327)
---------
---------
Net current assets
144,122
143,698
---------
---------
Total assets less current liabilities
162,415
171,938
Provisions
( 20,000)
---------
---------
Net assets
162,415
151,938
---------
---------
Capital and reserves
Profit and loss account
162,415
151,938
---------
---------
Members funds
162,415
151,938
---------
---------
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 December 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 .
Inverness Chamber of Commerce
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
C J Marr
Director
Company registration number: SC002495
Inverness Chamber of Commerce
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is Metropolitan House, 31 - 33 High Street, Inverness, IV1 1HT.
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. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Provisions for dilapidations is the area involving estimates and judgements where there is the greatest risk of a material adjustment in future years. The current provision is based on management's best analysis of the future obligation, however various factors and changes in circumstances such as building and materials costs could affect any amount payable in the future. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website and software
-
20% straight line
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Tenant's improvements
-
20% straight line
Fixtures and fittings
-
12.5% to 25% straight line
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 .
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured 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. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Company limited by guarantee
Inverness Chamber of Commerce is a company limited by guarantee and consequently does not have a 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.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 20 ).
6. Intangible assets
Website and software
£
Cost
At 1 January 2023 and 31 December 2023
25,210
--------
Amortisation
At 1 January 2023
10,084
Charge for the year
5,042
--------
At 31 December 2023
15,126
--------
Carrying amount
At 31 December 2023
10,084
--------
At 31 December 2022
15,126
--------
7. Tangible assets
Tenant's improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
54,927
78,113
133,040
Additions
2,071
2,071
Disposals
( 54,927)
( 54,927)
--------
--------
---------
At 31 December 2023
80,184
80,184
--------
--------
---------
Depreciation
At 1 January 2023
51,475
68,451
119,926
Charge for the year
3,452
3,524
6,976
Disposals
( 54,927)
( 54,927)
--------
--------
---------
At 31 December 2023
71,975
71,975
--------
--------
---------
Carrying amount
At 31 December 2023
8,209
8,209
--------
--------
---------
At 31 December 2022
3,452
9,662
13,114
--------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
32,445
36,311
Other debtors
16,869
15,639
--------
--------
49,314
51,950
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,962
10,280
Social security and other taxes
16,718
19,143
Other creditors
165,816
132,904
---------
---------
203,496
162,327
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
15,500
2,122
Later than 1 year and not later than 5 years
62,000
--------
-------
77,500
2,122
--------
-------