Company registration number 01780108 (England and Wales)
FACULTY OF BUILDING
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
FACULTY OF BUILDING
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FACULTY OF BUILDING
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,000
4,000
Current assets
Debtors
5
87,234
95,417
Cash at bank and in hand
144,562
185,979
231,796
281,396
Creditors: amounts falling due within one year
6
(212,933)
(214,209)
Net current assets
18,863
67,187
Total assets less current liabilities
28,863
71,187
Creditors: amounts falling due after more than one year
7
(6,811)
(11,919)
Net assets
22,052
59,268
Reserves
Income and expenditure account
22,052
59,268
Members' funds
22,052
59,268
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
Mr D A Jones (Chair)
Director
Company registration number 01780108 (England and Wales)
FACULTY OF BUILDING
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Faculty of Building is a private company limited by guarantee incorporated in England and Wales. The registered office is Carpenter Court, 1 Maple Road, Bramhall, Stockport, Cheshire, SK7 2DH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
The company has incurred a net loss of £37,216 (2023: £39,040) for the then year ended. The directors have prepared detailed forecasts and have the advantage that the majority of subscription income is received in the first three months of the financial year. This, together with current bank balances, supports the opinion of the directors that there is a reasonable expectation that the company will continue in operational existence for the foreseeable future, and so these financial statements are prepared on the going concern basis.
1.3
Income and expenditure
Income shown in the income and expenditure account represents subscriptions, branch event and corporate sponsorship income receivable by the Faculty during the year, exclusive of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets relate to the website and have been accounted for at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% straight line
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks,
1.6
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
FACULTY OF BUILDING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
The company is only taxed on the bank interest it receives.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2023: 8)
2024
2023
Number
Number
Total
4
8
4
Intangible fixed assets
Other
£
Cost
At 1 March 2023
10,675
Additions
6,000
Disposals
(6,675)
At 28 February 2024
10,000
Amortisation and impairment
At 1 March 2023
6,675
Disposals
(6,675)
At 28 February 2024
Carrying amount
At 28 February 2024
10,000
At 28 February 2023
4,000
FACULTY OF BUILDING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
62,575
50,101
Other debtors
24,659
45,316
87,234
95,417
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,108
5,108
Trade creditors
40,917
26,732
Corporation tax
37
37
Other taxation and social security
19,163
13,871
Other creditors
147,708
168,461
212,933
214,209
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,811
11,919
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Heyes FCA
Statutory Auditor:
Rayner Essex LLP
Date of audit report:
19 August 2024
FACULTY OF BUILDING
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
10
Related party transactions
During the year the company entered into the following transactions with related parties:
£19,206 (2023: £13,566) invoiced by the director Mr D A Jones.
£2,728 (2023: £nil) invoiced by the director Ms J Shepherd.
£254 (2023: £nil) invoiced by the director Mr M A Tyler.
£18,833 (2023: £nil) invoiced by John Southworth Consultancy, a business which director Mr J A Southworth controls. A creditor balance was also due of £1,710 (2023: £0) to Mr J A Southworth at year end.
£nil (2023: £10,500) invoiced by Thirty 30 Media Limited, a company in which director Mr D A Jones is also a director.
£nil (2023: £14,335) invoiced by Angle House Consulting Limited, a company in which director Mr J A Southworth is also a director.