REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Manchester International Churches of |
Christ Estates Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Manchester International Churches of |
Christ Estates Ltd |
Manchester International Churches of |
Christ Estates Ltd (Registered number: 04869117) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Manchester International Churches of |
Christ Estates Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10th Floor |
3 Hardman Street |
Spinningfields |
Manchester |
M3 3HF |
Manchester International Churches of |
Christ Estates Ltd (Registered number: 04869117) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Fair value reserve | 6 |
Income and expenditure account |
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 surplus or deficit 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. |
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 |
Manchester International Churches of |
Christ Estates Ltd (Registered number: 04869117) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Manchester International Churches of Christ Estates Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
9 Derby Street was acquired on 4 October 2004. The property was acquired from the International Churches of Christ (ICC)which is an organisation to which the Manchester International Churches of Christ Estates is affiliated. The property was valued at £265,000 on acquisition. A payment of £107,500 was made to ICC for this acquisition. The remainder of the balance of £157,500 was recognised as a donation from International Churches of Christ for the purposes of charity accounting. The property is used for worship by the parishioners of ICC Missions. The charity receives rental income from ICC Missions which is used to maintain the property. This property is therefore not treated as investment property on the basis that the property is not being rented for commercial trading purposes and has been leased back to the original vendor who continues to use the property for the original purpose of worship. Manchester International Churches of Christ Estates continues to be connected to ICC Missions due to its affiliation to that organisation. |
The freehold building (excluding the land) is depreciated on a straight line basis at 2% per annum. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery etc - 25% on reducing balance |
Taxation |
The company is a registered charity and is therefore exempt from corporation tax on its charitable activities. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Manchester International Churches of |
Christ Estates Ltd (Registered number: 04869117) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
6. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 January 2023 |
and 31 December 2023 |
7. | LIMITED BY GUARANTEE |
In the event of the charity being wound up each member's liability is limited to £1. |