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REGISTERED NUMBER: 00934105 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Worthing Freemasons' Hall Company Ltd

Worthing Freemasons' Hall Company Ltd (Registered number: 00934105)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Worthing Freemasons' Hall Company Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Dumigan
P L Woolgar
A O Pollard
S C Piper
J Hopkins
T J England
S C Aston





REGISTERED OFFICE: The Charmandean Centre
Forest Road
Worthing
West Sussex
BN14 9HS





REGISTERED NUMBER: 00934105 (England and Wales)





ACCOUNTANTS: Reeves Wilkinson Limited trading as Botting & Co
Chartered Certified Accountants
41b Beach Road
Littlehampton
West Sussex
BN17 5JA

Worthing Freemasons' Hall Company Ltd (Registered number: 00934105)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,779,186 1,787,489
Investment property 5 750,000 750,000
2,529,186 2,537,489

CURRENT ASSETS
Stocks 5,817 6,136
Debtors 6 17,996 13,694
Cash at bank 84,147 96,556
107,960 116,386
CREDITORS
Amounts falling due within one year 7 (85,474 ) (76,822 )
NET CURRENT ASSETS 22,486 39,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,551,672

2,577,053

CREDITORS
Amounts falling due after more than one
year

8

(118,544

)

(142,034

)

PROVISIONS FOR LIABILITIES (431,200 ) (431,200 )
NET ASSETS 2,001,928 2,003,819

CAPITAL AND RESERVES
Called up share capital 2,300 2,300
Share premium 20,700 20,700
Revaluation reserve 1,379,573 1,379,573
Retained earnings 599,355 601,246
2,001,928 2,003,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Worthing Freemasons' Hall Company Ltd (Registered number: 00934105)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





D Dumigan - Director


Worthing Freemasons' Hall Company Ltd (Registered number: 00934105)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Worthing Freemasons' Hall Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for goods and services supplied by the company, net of VAT.

Bar income is recognised at the point of sale. Centre lettings and catering income are recognised in the period to which the event relates. Rental income is recognised on a receivable basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 20% on cost and 10% on cost

Depreciation is not provided on freehold land.

The directors have adopted a policy of not depreciating freehold buildings on the basis that the estimated remaining useful economic life of the buildings is so long, and the residual value so high, that any depreciation charge would be immaterial both in respect of the charge for the year, and its cumulative effect.

The gain or loss arising on the disposal of an asset is determined as the difference between sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting date. Changes in fair value are recognised in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Worthing Freemasons' Hall Company Ltd (Registered number: 00934105)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 9 ).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 1,750,000 88,348 1,838,348
Additions - 2,100 2,100
At 31 March 2024 1,750,000 90,448 1,840,448
DEPRECIATION
At 1 April 2023 - 50,859 50,859
Charge for year - 10,403 10,403
At 31 March 2024 - 61,262 61,262
NET BOOK VALUE
At 31 March 2024 1,750,000 29,186 1,779,186
At 31 March 2023 1,750,000 37,489 1,787,489

On 23 February 2005, the freehold land and buildings were revalued to £2,500,000 by Mr C T N Spratt FRICS IREV of Spratt & Son. This included the element of the site now held as investment property.

The board do not consider the fair value of the land and buildings at the balance sheet date to be materially different from the carrying value in the accounts.

The revaluation surplus is included in the revaluation reserve.

If held under the historical cost basis, the value of the portion of the freehold held under fixed assets would be £94,509 (2022 - £94,509), being cost £154,991, less accumulated depreciation £60,482.

Worthing Freemasons' Hall Company Ltd (Registered number: 00934105)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 750,000
NET BOOK VALUE
At 31 March 2024 750,000
At 31 March 2023 750,000

Investment property compromises the portion of the building leased out as residential and commercial units. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors, using their knowledge of the property market. The valuation was made on an open market value basis, by reference to market evidence of transaction prices for similar properties.

If investment properties were stated on the historical basis, rather than a fair value basis, the amounts would have been included as £40,504 (2022 - £40,504), being cost £66,425, less accumulated depreciation £25,921.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 15,129 10,187
Other debtors 2,867 3,507
17,996 13,694

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 40,772 39,888
Trade creditors 24,699 18,329
Taxation and social security 5,580 7,620
Other creditors 14,423 10,985
85,474 76,822

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 118,544 142,034