Company No:
Contents
DIRECTORS | Dr John Anthony Elmore |
Stephen Henry Newman | |
David Guy Devereux Pearsons | |
Howard John Wright |
SECRETARY | Thomas Auber |
REGISTERED OFFICE | Freemasons Hall |
8-10 Soane Street | |
Ipswich | |
IP4 2BG | |
United Kingdom |
COMPANY NUMBER | 03142037 (England and Wales) |
CHARTERED ACCOUNTANTS | Gascoynes |
Gascoyne House | |
Moseleys Farm Business Centre | |
Fornham All Saints | |
Bury St Edmunds | |
Suffolk | |
IP28 6JY |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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215,000 | 215,000 | |||
Current assets | ||||
Cash at bank and in hand |
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9,737 | 9,252 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 9,003 | 8,518 | ||
Total assets less current liabilities | 224,003 | 223,518 | ||
Provision for liabilities | 5 | (
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Net assets |
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Reserves | ||||
Revaluation reserve |
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Retained earnings |
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Total reserves |
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Directors' responsibilities:
The financial statements of Ipswich Masonic Trust Company Limited (registered number:
Dr John Anthony Elmore
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Ipswich Masonic Trust Company Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Freemasons Hall, 8-10 Soane Street, Ipswich, IP4 2BG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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The investment property has been valued at £215,000 which in the opinion of the Directors is the fair value of the property.
2023 | 2022 | ||
£ | £ | ||
Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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The company has an investment property on its balance sheet. Deferred tax at 19% has been provided. Any change in future fair value will have deferred tax calculated on it and the amounts will be treated as a surplus or deficit through the profit and loss account.
The company is controlled by the directors.