2022-10-012023-09-302023-09-30false04410400CRAVEN RURAL AND BUSINESS SKILLS CENTRE 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CRAVEN RURAL AND BUSINESS SKILLS CENTRE LIMITED

Registered Number
04410400
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

CRAVEN RURAL AND BUSINESS SKILLS CENTRE LIMITED
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

EATON, Jeremy John
LALL, Anita Kaur
MCKENZIE, James Michael Edward

Company Secretary

DIXON, Gareth

Registered Address

Auction Mart
Gargrave Road
Skipton
BD23 1UD

Registered Number

04410400 (England and Wales)
CRAVEN RURAL AND BUSINESS SKILLS CENTRE LIMITED
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3504,710567,126
504,710567,126
Current assets
Cash at bank and on hand-812
-812
Creditors amounts falling due within one year4(126,670)(125,270)
Net current assets (liabilities)(126,670)(124,458)
Total assets less current liabilities378,040442,668
Creditors amounts falling due after one year5(108,714)(119,709)
Net assets269,326322,959
Capital and reserves
Revaluation reserve168,277206,279
Other reserves365,735365,735
Profit and loss account(264,686)(249,055)
Reserves269,326322,959
The financial statements were approved and authorised for issue by the Board of Directors on 16 April 2024, and are signed on its behalf by:
EATON, Jeremy John
Director
Registered Company No. 04410400
CRAVEN RURAL AND BUSINESS SKILLS CENTRE LIMITED
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term. Where the company is a lessor rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year44
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 October 22775,000137,07626,021938,097
At 30 September 23775,000137,07626,021938,097
Depreciation and impairment
At 01 October 22207,874137,07626,021370,971
Charge for year62,416--62,416
At 30 September 23270,290137,07626,021433,387
Net book value
At 30 September 23504,710--504,710
At 30 September 22567,126--567,126
On 30 September 2018, the Leasehold Property was revalued by WBW Chartered Surveyors. The valuation was made on the basis of open market value for existing use. The 2023 valuations were made by the directors, on an open market value for existing use basis. Cost or Valuation at 30 September 2023 is as follows: At cost £732,415 At valuation £42,585 £775,000 If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: £ £ Cost 732,415 (2022 - 732,415) Accumulated Depreciation 494,892 (2022 - 470,478) Net Book Value 237,523 (2022 - 261,937)
4.Creditors: amounts due within one year

2023

2022

££
Amounts owed to related parties125,470124,070
Accrued liabilities and deferred income1,2001,200
Total126,670125,270
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Creditors: amounts due after one year

2023

2022

££
Other creditors108,714119,709
Total108,714119,709
6.Related party transactions
The company is operated as a joint venture between Craven Cattle Marts Limited and Craven College. Included within creditors: amounts falling due within one year, is a balance of £125,470 (2022 - £124,070) owing to Craven Cattle Marts Limited. The balance is interest free and repayable on demand. During the year, the company paid rent of £100,611 (2022 - £90,359) to Craven Cattle Marts Limited During the year, the company received rental income of £31,128 (2022 - £28,272) from Craven College.