Company registration number 08490990 (England and Wales)
IVY ST COMMUNITY CENTRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
IVY ST COMMUNITY CENTRE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
IVY ST COMMUNITY CENTRE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,932
3,716
Current assets
Debtors
4
13,175
-
0
Cash at bank and in hand
21,044
31,769
34,219
31,769
Creditors: amounts falling due within one year
5
(19,854)
(10,920)
Net current assets
14,365
20,849
Total assets less current liabilities
21,297
24,565
Provisions for liabilities
(723)
(706)
Net assets
20,574
23,859
Reserves
Income and expenditure account
20,574
23,859
Members' funds
20,574
23,859

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
Mrs C Connell
Director
Company registration number 08490990 (England and Wales)
IVY ST COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Ivy St Community Centre Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Ivy Street Community Centre, Ivy Street, Blackburn, BB2 3SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% Straight line
Computer equipment
20% Straight line
Motor vehicles
25% Reducing balance

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

1.5
Taxation
The tax expense represents the tax currently payable and any adjustment for deferred tax.
1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

IVY ST COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
4,206
Additions
4,244
At 31 March 2024
8,450
Depreciation and impairment
At 1 April 2023
490
Depreciation charged in the year
1,028
At 31 March 2024
1,518
Carrying amount
At 31 March 2024
6,932
At 31 March 2023
3,716
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
117
-
0
Prepayments and accrued income
13,058
-
0
13,175
-

Prepayments and accrued income £13,058 (2023 £0) comprises refund due from British Gas £6,504 (2023 £0), refund due from Smart Energy £4,754 (2023 £0), and grant due from Places for People £1,800 (2023 £0).

IVY ST COMMUNITY CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
-
0
2,000
Corporation tax
-
0
117
Government grants
17,656
6,946
Accruals and deferred income
2,198
1,857
19,854
10,920

Government grants £17,656 (2023 £6,946) comprise deferred grants not yet spent for the Wellbeing Man-Shed £6,691 (2023 £6,872), Blackburn with Darwen food grant £6,045 (2023 £0), Lottery grant £3,519 (2023 £0), and other sundry grants £1,401 (2023 £74).

6
Control

The company is a private company limited by guarantee and consequently does not have share capital.

 

The company is controlled by its directors, and committee.

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