Company registration number 00053741 (England and Wales)
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,218
2,036
Current assets
Debtors
4
63,440
24,283
Cash at bank and in hand
296,688
317,121
360,128
341,404
Creditors: amounts falling due within one year
5
(46,899)
(29,707)
Net current assets
313,229
311,697
Net assets
314,447
313,733
Reserves
Income and expenditure account
314,447
313,733
Members' funds
314,447
313,733
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
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 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
Mr D E Park
Mr C Gardner (President)
Director
Director
Company registration number 00053741 (England and Wales)
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Lancaster & Morecambe Chamber of Commerce is a private company limited by guarantee incorporated in England and Wales. The registered office is Lancaster and Morecambe College, Morecambe Road, Lancaster, LA1 2TY.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors do not consider there to be a material uncertainty at this time, and there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting 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, and are shown exclusive of VAT.
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 and fittings
25% reducing balance
Computer equipment
3 years straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with bank.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The company has obtained exemption from the Revenue Commissioners in respect of corporation tax in respect of the main trade as the objective of the company is not to generate profits. However investment income including rental income from investment properties and interest received is chargeable to corporation tax and is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the liability is realised. Deferred tax is charges or credited in the profit and loss account, except when it relates to items charged or credited to equity, in which case the deferred tax is also dealt with in equity.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.12
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.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
11,495
21,529
33,024
Additions
124
465
589
Disposals
(8,769)
(17,297)
(26,066)
At 31 March 2024
2,850
4,697
7,547
Depreciation and impairment
At 1 April 2023
10,115
20,873
30,988
Depreciation charged in the year
937
470
1,407
Eliminated in respect of disposals
(8,769)
(17,297)
(26,066)
At 31 March 2024
2,283
4,046
6,329
Carrying amount
At 31 March 2024
567
651
1,218
At 31 March 2023
1,380
656
2,036
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,175
24,230
Other debtors
2,265
53
63,440
24,283
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,428
2,103
Corporation tax
5,291
439
Other taxation and social security
16,426
12,072
Other creditors
7,877
353
Accruals and deferred income
15,877
14,740
46,899
29,707
LANCASTER & MORECAMBE CHAMBER OF COMMERCE
PREVIOUSLY LANCASTER DISTRICT CHAMBER OF COMMERCE, TRADE & INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
7
Parent company
There is no ultimate controlling party in either the current or previous year.