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Registered number: 06044924
Victory To Victory Community Church Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—5
Page 1
Balance Sheet
Registered number: 06044924
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 421,085 335,572
Investments 79,647 363,505
500,732 699,077
CURRENT ASSETS
Debtors 49,310 54,387
Cash at bank and in hand 44,114 33,499
93,424 87,886
Creditors: Amounts Falling Due Within One Year (250,462 ) (258,887 )
NET CURRENT ASSETS (LIABILITIES) (157,038 ) (171,001 )
TOTAL ASSETS LESS CURRENT LIABILITIES 343,694 528,076
Creditors: Amounts Falling Due After More Than One Year (154,934 ) (107,950 )
NET ASSETS 188,760 420,126
CAPITAL AND RESERVES
Called up share capital 2 2
Profit and Loss Account 188,758 420,124
SHAREHOLDERS' FUNDS 188,760 420,126
Page 1
Page 2
For the year ending 31 July 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Douglas Goodman
Director
Mrs Erica Goodman
Director
22/04/2024
The notes on page 4 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2021 2 304,798 304,800
Profit for the year and total comprehensive income - 137,326 137,326
Dividends paid - (22,000) (22,000)
As at 31 July 2022 and 1 August 2022 2 420,124 420,126
Loss for the year and total comprehensive income - (201,366 ) (201,366)
Dividends paid - (30,000) (30,000)
As at 31 July 2023 2 188,758 188,760
Page 3
Page 4
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Income is derived from donations received which are then used to provide services to the local community and to create missions internationally.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Depreciated over the life of the lease
Plant & Machinery 25% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 25% on a reducing balance basis
Computer Equipment 25% on a reducing balance basis
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 7)
7 7
Page 4
Page 5
3. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 August 2022 98,228 120,430 202,400 106,517
Additions - 11,422 151,358 20,626
Disposals - (3,454 ) (62,571 ) (1,289 )
As at 31 July 2023 98,228 128,398 291,187 125,854
Depreciation
As at 1 August 2022 28,065 48,581 78,486 44,261
Provided during the period 14,033 20,607 - 20,697
Disposals - (2,612 ) (22,682 ) (1,046 )
As at 31 July 2023 42,098 66,576 55,804 63,912
Net Book Value
As at 31 July 2023 56,130 61,822 235,383 61,942
As at 1 August 2022 70,163 71,849 123,914 62,256
Computer Equipment Total
£ £
Cost
As at 1 August 2022 15,812 543,387
Additions 959 184,365
Disposals (2,898 ) (70,212 )
As at 31 July 2023 13,873 657,540
Depreciation
As at 1 August 2022 8,422 207,815
Provided during the period 1,616 56,953
Disposals (1,973 ) (28,313 )
As at 31 July 2023 8,065 236,455
Net Book Value
As at 31 July 2023 5,808 421,085
As at 1 August 2022 7,390 335,572
Page 5