Registered number
04276621
The Caribbean Council
Filleted Accounts
31 March 2024
The Caribbean Council
Registered number: 04276621
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 734 1
Investments 4 49 63
783 64
Current assets
Debtors 5 114,688 113,313
Cash at bank and in hand 52,712 98,076
167,400 211,389
Creditors: amounts falling due within one year 6 (106,196) (103,256)
Net current assets 61,204 108,133
Total assets less current liabilities 61,987 108,197
Creditors: amounts falling due after more than one year 7 (31,570) (41,570)
Net assets 30,417 66,627
Capital and reserves
Profit and loss account 30,417 66,627
Members' funds 30,417 66,627
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C J Bennett
Director
Approved by the board on 18 July 2024
The Caribbean Council
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 8,229
Additions 917
At 31 March 2024 9,146
Depreciation
At 1 April 2023 8,228
Charge for the year 184
At 31 March 2024 8,412
Net book value
At 31 March 2024 734
At 31 March 2023 1
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 63
Disposals (14)
At 31 March 2024 49
Historical cost
At 1 April 2023 63
At 31 March 2024 63
5 Debtors 2024 2023
£ £
Trade debtors 53,654 32,146
Amounts owed by group undertakings and undertakings in which the company has a participating interest 27,865 36,946
Deferred tax asset 5,838 5,838
Other debtors 27,331 38,383
114,688 113,313
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,850 17,896
Taxation and social security costs 11,667 6,365
Other creditors 88,679 78,995
106,196 103,256
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 31,570 41,570
8 Controlling party
The ultimate controlling party are the members. In the event of the company being wound up, all members will contribute an amount no exceeding £1 to settle any outstanding debts.
9 Company Limited by guarantee
Every member of the Council undertakes to contribute to its assets, in the event of it being
wound up while he is a member or within one year after he ceases to be a member, for payment
of the debts and liabilities of the Council, contracted before he ceased to be a member and of
the costs, charges, and expenses of winding up and for the adjustment of the rights of
contributories among themselves such amount as may be required not exceeding £1.00.
If on the winding up of the Council there remains any surplus after the satisfaction of all its debts
and liabilities, the surplus shall not be distributed among the members of the Council, but shall
be given or transferred to some other body (whether or not it is a member of the Council) having
objects similar to those of the Council, or to another body the objects of which are charitable.
The Caribbean Council 04276621 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2022 C J Bennett No description of principal activity 04276621 2022-04-01 2023-03-31 04276621 core:WithinOneYear 2023-03-31 04276621 core:AfterOneYear 2023-03-31 04276621 core:RetainedEarningsAccumulatedLosses 2023-03-31 04276621 2023-04-01 2024-03-31 04276621 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 04276621 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04276621 bus:Director40 2023-04-01 2024-03-31 04276621 1 2023-04-01 2024-03-31 04276621 2 2023-04-01 2024-03-31 04276621 core:Vehicles 2023-04-01 2024-03-31 04276621 countries:England 2023-04-01 2024-03-31 04276621 bus:FRS102 2023-04-01 2024-03-31 04276621 bus:FullAccounts 2023-04-01 2024-03-31 04276621 2024-03-31 04276621 core:WithinOneYear 2024-03-31 04276621 core:AfterOneYear 2024-03-31 04276621 core:RetainedEarningsAccumulatedLosses 2024-03-31 04276621 core:Vehicles 2024-03-31 04276621 core:DisposalsRepaymentsInvestments 2024-03-31 04276621 2023-03-31 04276621 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure