THE CATHEDRAL QUARTER COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
THE CATHEDRAL QUARTER COMPANY LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
THE CATHEDRAL QUARTER COMPANY LIMITED (REGISTERED NUMBER: 06057365) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
THE CATHEDRAL QUARTER COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
Oakhurst House |
57 Ashbourne Road |
Derby |
Derbyshire |
DE22 3FS |
THE CATHEDRAL QUARTER COMPANY LIMITED (REGISTERED NUMBER: 06057365) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE CATHEDRAL QUARTER COMPANY LIMITED (REGISTERED NUMBER: 06057365) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
The Cathedral Quarter Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
As at 29 February 2024 there were 21 (2023: 21) members of the company each of whom has undertaken to contribute an amount not exceeding £10 in the event of the company winding up. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Bad debts |
In the current and previous period, bad debts in respect of BID levy income have been provided for based upon a percentage applied to the stage of recovery. |
The reduction in bad debt movement in comparison to the prior year is due to the impact of the Coronavisrus pandemic on businesses in the Cathedral Quarter during FY2022. During this time it could not be reliably estimated which accounts were going to be recovered and therefore 100% provision was made. |
Accounts in credit |
During the financial year, the board reverted back to the companies initial policy which relates to the provision for BID levy accounts in credit. Accounts in credit arise when an annual BID levy invoice has been paid by a business but they have left the area part way through a year. Historically, these accounts in credit have been provided for at 100% however, it has since been agreed that, to show a truer reflection, accounts in credit would be provided for on a sliding scale depending how far back the accounts in credit relate to. The change in accounting estimate has reduced the provision in the current year by £8,676. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company's main source of income is a levy on businesses in The Cathedral Quarter. |
Tangible fixed assets |
Computer equipment | - |
Government grants |
Income from government grants, whether capital grants or revenue grants, is recognised when the company has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be measured reliably. |
Where entitlements occur before the income is received, the income is accrued. Where income is received in advance of the company having entitlement to the funds, the income is deferred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE CATHEDRAL QUARTER COMPANY LIMITED (REGISTERED NUMBER: 06057365) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Social security & other taxes | 263 | 2,594 |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Pension creditor | 295 | 336 |
Other creditors |
Accruals and deferred income |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | OTHER FINANCIAL COMMITMENTS |
At the year end the company has financial commitments amounting to £10,183 (2023: 16,772). |