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18 September 2024
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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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SC342792
2023-01-01
2023-12-31
SC342792
2023-12-31
SC342792
2022-12-31
SC342792
2022-01-01
2022-12-31
SC342792
2022-12-31
SC342792
2021-12-31
SC342792
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2023-12-31
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2023-12-31
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SC342792
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SC342792
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2023-12-31
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2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC342792
Carbeth Hutters Community Company |
|
Company Limited by Guarantee |
|
Filleted Financial Statements |
|
Carbeth Hutters Community Company |
|
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
2,249,640 |
2,250,140 |
|
|
|
|
Current assets
Debtors |
6 |
78,603 |
108,084 |
Cash at bank and in hand |
143,000 |
140,800 |
|
--------- |
--------- |
|
221,603 |
248,884 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
58,499 |
65,680 |
|
--------- |
--------- |
Net current assets |
163,104 |
183,204 |
|
------------ |
------------ |
Total assets less current liabilities |
2,412,744 |
2,433,344 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
1,171,322 |
1,221,145 |
|
------------ |
------------ |
Net assets |
1,241,422 |
1,212,199 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Profit and loss account |
1,241,422 |
1,212,199 |
|
------------ |
------------ |
Members funds |
1,241,422 |
1,212,199 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
18 September 2024
, and are signed on behalf of the board by:
Company registration number:
SC342792
Carbeth Hutters Community Company |
|
Company Limited by Guarantee |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 139 Maryhill Road, Flat 1/2, Glasgow, G20 7XN, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the income and expenditure account represents amounts received for rentals and sales of sites during the year, and other income to support the operation of the Carbeth site.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income. In this case, tax is recognised in other comprehensive income. Current tax is recognised on taxable profit, being the company's profits arising from its transactions with non-members, for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost plus finance costs, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Community Hut |
- |
5% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Company limited by guarantee
The company is limited by guarantee. In the event of a winding up the liability of each member is limited to £1.
5.
Tangible assets
|
Plant and machinery |
Investment Properties |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 and 31 December 2023 |
10,000 |
2,245,932 |
2,255,932 |
|
-------- |
------------ |
------------ |
Depreciation |
|
|
|
At 1 January 2023 |
5,792 |
– |
5,792 |
Charge for the year |
500 |
– |
500 |
|
-------- |
------------ |
------------ |
At 31 December 2023 |
6,292 |
– |
6,292 |
|
-------- |
------------ |
------------ |
Carrying amount |
|
|
|
At 31 December 2023 |
3,708 |
2,245,932 |
2,249,640 |
|
-------- |
------------ |
------------ |
At 31 December 2022 |
4,208 |
2,245,932 |
2,250,140 |
|
-------- |
------------ |
------------ |
|
|
|
|
£18,750
of loan arrangement fees are included in the cost of investment properties (2022: £18,750
). Investment properties are held at historical cost as the fair value cannot be measured reliably without undue cost or effort on an on-going basis. The investment properties held are employed in the provision of operating leases.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
77,425 |
107,253 |
Other debtors |
1,178 |
831 |
|
-------- |
--------- |
|
78,603 |
108,084 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
34,458 |
36,071 |
Trade creditors |
– |
3,967 |
Corporation tax |
452 |
– |
Other creditors |
23,589 |
25,642 |
|
-------- |
-------- |
|
58,499 |
65,680 |
|
-------- |
-------- |
|
|
|
Bank loans of £1,142,984 (2022: ££1,175,088) are secured over the gross assets of the company.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
1,108,526 |
1,139,017 |
Other creditors |
62,796 |
82,128 |
|
------------ |
------------ |
|
1,171,322 |
1,221,145 |
|
------------ |
------------ |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £924,633 (2022: £955,336) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £39,596 (2022: £53,328) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Amounts falling due after more than 5 years are in respect of bank loans bearing interest at 11.25% per annum (2022: 9.5%). The loan term ends March 2038.
9.
Summary audit opinion
The auditor's report dated
18 September 2024
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw your attention to note 1 accounting policies which confirm the company policy in respect of Corporation tax. The company has not recognised a Corporation Tax charge in the current year or in any preceeding year in respect of profits arising from income received from the company's membership, on the basis that the relevant business is mutual in nature. Our opinion is not modified in this respect.
The senior statutory auditor was
Andrew B Wilson CA
, for and on behalf of
Nelson Gilmour Smith
.
10.
Related party transactions
All income arising in the current and preceeding year, with the exception of bank interest, was earned through transactions with the company's membership. No transactions with company's membership or other related parties were undertaken under non-market conditions and as such none are required to be disclosed under the terms of FRS 102 Section 1A.