St Thomas Centre Limited 04185719 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the management of the St Thomas Centre. Digita Accounts Production Advanced 6.30.9574.0 true true true 04185719 2022-04-01 2023-03-31 04185719 2023-03-31 04185719 core:CurrentFinancialInstruments 2023-03-31 04185719 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04185719 bus:SmallEntities 2022-04-01 2023-03-31 04185719 bus:Audited 2022-04-01 2023-03-31 04185719 bus:FullAccounts 2022-04-01 2023-03-31 04185719 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04185719 bus:RegisteredOffice 2022-04-01 2023-03-31 04185719 bus:Director5 2022-04-01 2023-03-31 04185719 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04185719 1 2022-04-01 2023-03-31 04185719 countries:EnglandWales 2022-04-01 2023-03-31 04185719 2021-04-01 2022-03-31 04185719 2022-03-31 04185719 core:CurrentFinancialInstruments 2022-03-31 04185719 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04185719

St Thomas Centre Limited

Financial Statements

for the Year Ended 31 March 2023

 

St Thomas Centre Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 5

 

St Thomas Centre Limited

(Registration number: 04185719)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

14,088

5,602

Cash at bank and in hand

 

25,015

18,957

 

39,103

24,559

Creditors: Amounts falling due within one year

5

(143,362)

(114,526)

Net liabilities

 

(104,259)

(89,967)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(104,260)

(89,968)

Shareholders' deficit

 

(104,259)

(89,967)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

.........................................

Miss K Cheetham
Director

 

St Thomas Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St Thomas Centre
Ardwick Green North
Manchester
M12 6FZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

St Thomas Centre is a well-established business with a diverse customer base. The business was affected significantly by covid restrictions in 2020/21 but has recovered well since then. Turnover projection for 2022/23 was stated as £130k while the actual is £137k (2021/22 £74k). Demand has been high since the start of 2023/24 and the turnover projection for 2023/24 is £160k and we are confident about the future income for St Thomas Centre restoring the ability of the St Thomas Centre to generate a surplus. However, the company has a shareholder’s deficit and net current liabilities of £104,259 at 31 March 2023 and is reliant on the parent company, GMCVO, providing ongoing financial support and not demanding repayment of intercompany debt of £134,183 in the next 12 months to enable the company to repay other liabilities as they fall due. The directors are confident about the future trading prospects of St Thomas Centre.

The directors believe the company will be able to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. This assessment has been made having taken account of a range of information in respect of future funding and costs, cash flow projections, the current and anticipated changes in the level of reserves, and opportunities whilst recognising key strategic, operational, and financial risks and uncertainties. There are not considered to be any material uncertainties relating to going concern.

 

St Thomas Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Audit report

The Independent Auditor's Report was unqualified. We draw your attention to the going concern paragraph in note 2 of the financial statements which states that the company has a shareholder’s deficit and net current liabilities of £104,259 at 31 March 2023 and is reliant on the parent company, GMCVO, providing ongoing financial support and not demanding repayment of intercompany debt of £134,183 in the next 12 months to enable the company to repay other liabilities as they fall due. The note states the directors are confident about the future trading prospects of St Thomas Centre. Our opinion is not modified in respect of this matter.. The name of the Senior Statutory Auditor who signed the audit report on 22 April 2024 was Sue Hutchinson FCCA, who signed for and on behalf of Beever and Struthers.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

Current tax is recognised for the amount of tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

The company is not registered for VAT therefore all income and expenditure are stated inclusive of VAT.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

St Thomas Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Employee numbers

The average number of persons employed by the Company (including Directors) during the year, was 4 (2022 - 2).

Employment costs have been charged directly to the company from the ultimate parent company in accordance with the joint contracts of employment held by the relevant individuals. The cost is included as part of the overall administrative expenses. These costs are equivalent to an average of 1.4 (2022: 1.3) persons for the year.

4

Debtors

2023
£

2022
£

Trade debtors

14,047

5,583

Prepayments

41

19

14,088

5,602

 

St Thomas Centre Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

3,022

2,465

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

134,183

106,828

Accruals and deferred income

 

5,776

5,024

Other creditors

 

381

209

 

143,362

114,526

6

Controlling Party

The company's immediate parent is Greater Manchester Centre for Voluntary Organisation, incorporated in England and Wales. This is a company limited by guarantee and a charity.

Greater Manchester Centre for Voluntary Organisation prepares group financial statements and these are available from the charity's registered office at St Thomas Centre, Ardwick Green North, Manchester, M12 6FZ.