Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31retailing gifts and books and the management of Norwich Cathedral Refectory.truefalse2023-04-01false54true 01055452 2023-04-01 2024-03-31 01055452 2022-04-01 2023-03-31 01055452 2024-03-31 01055452 2023-03-31 01055452 2022-04-01 01055452 c:Director2 2023-04-01 2024-03-31 01055452 d:FurnitureFittings 2023-04-01 2024-03-31 01055452 d:FurnitureFittings 2024-03-31 01055452 d:FurnitureFittings 2023-03-31 01055452 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01055452 d:CurrentFinancialInstruments 2024-03-31 01055452 d:CurrentFinancialInstruments 2023-03-31 01055452 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01055452 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01055452 d:ShareCapital 2024-03-31 01055452 d:ShareCapital 2023-03-31 01055452 d:ShareCapital 2022-04-01 01055452 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01055452 d:RetainedEarningsAccumulatedLosses 2024-03-31 01055452 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01055452 d:RetainedEarningsAccumulatedLosses 2023-03-31 01055452 d:RetainedEarningsAccumulatedLosses 2022-04-01 01055452 c:FRS102 2023-04-01 2024-03-31 01055452 c:Audited 2023-04-01 2024-03-31 01055452 c:FullAccounts 2023-04-01 2024-03-31 01055452 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01055452 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01055452 2 2023-04-01 2024-03-31 01055452 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01055452









NORWICH CATHEDRAL ENTERPRISES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
REGISTERED NUMBER: 01055452

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,882
9,401

  
6,882
9,401

Current assets
  

Stocks
 5 
50,516
58,759

Debtors: amounts falling due within one year
 6 
30,336
8,721

Cash at bank and in hand
 7 
41,237
35,439

  
122,089
102,919

Creditors: amounts falling due within one year
 8 
(122,259)
(103,089)

Net current liabilities
  
 
 
(170)
 
 
(170)

Total assets less current liabilities
  
6,712
9,231

  

Net assets
  
6,712
9,231


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
6,710
9,229

  
6,712
9,231


Page 1

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
REGISTERED NUMBER: 01055452
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Rev'd Canon A Bryant
Director

Date: 16 July 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
2
14,155
14,157



Profit for the year
-
49,579
49,579

Gift aid distribution to Parent
-
(54,505)
(54,505)



At 1 April 2023
2
9,229
9,231



Profit for the year
-
92,833
92,833

Gift aid distribution to Parent
-
(95,352)
(95,352)


At 31 March 2024
2
6,710
6,712


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Norwich Cathedral Enterprises Limited (the "Company") is a private company limited by shared and incorporated in England and Wales, registrations number 01055452.
The Company's registered office is 65 The Close, Norwich, Norfolk, NR1 4DH.
The principal activity of the Company is that of operating the Norwich Cathedral gift shop and management of the Norwich Cathedral Refectory.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in GBP (£), the Company's functional and presentational currency, and have been rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future. Thus the Directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
 

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Revenue recognition (continued)

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10% - 25%

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Page 6

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

2024
2023
£
£

Wages and salaries
26,966
25,187

Social security costs
2,466
2,335

Cost of defined contribution scheme
3,157
2,912

32,589
30,434


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
3



Employees
1
1

5
4


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
58,332



At 31 March 2024

58,332



Depreciation


At 1 April 2023
48,931


Charge for the year on owned assets
2,519



At 31 March 2024

51,450



Net book value



At 31 March 2024
6,882



At 31 March 2023
9,401

Page 7

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Goods held for resale
50,516
58,759



6.


Debtors

2024
2023
£
£


Trade debtors
17,816
480

Prepayments and accrued income
12,520
8,241

30,336
8,721



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
41,237
35,439



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,191
16,677

Accruals and deferred income
14,353
19,138

Amounts owed to group undertakings
98,105
65,039

Other creditors
2,045
1,695

Other taxation and social security
565
540

122,259
103,089


Page 8

 
NORWICH CATHEDRAL ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Related party transactions

The Company is a wholly owned subsidiary of the Parent organisation, The Chapter of Norwich Cathedral. The Company has taken advantage of the exemption contained within FRS 102 and not disclosed and balances or transactions with The Chapter of Norwich Cathedral.


10.


Controlling party

Ultimate control of the Company is vested in the Parent organisation, The Chapter of Norwich Cathedral.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 5 September 2024 by Christopher Dugdale BA FCA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

 
Page 9