Company registration number 05801423 (England and Wales)
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
740,442
768,292
Investment property
4
735,802
735,802
1,476,244
1,504,094
Current assets
Debtors
5
33,124
28,681
Cash at bank and in hand
126,178
121,149
159,302
149,830
Creditors: amounts falling due within one year
Taxation and social security
3,754
3,012
Other creditors
6
17,248
22,400
21,002
25,412
Net current assets
138,300
124,418
Total assets less current liabilities
1,614,544
1,628,512
Creditors: amounts falling due after more than one year
Other creditors
7
204,783
210,355
(204,783)
(210,355)
Net assets
1,409,761
1,418,157
Reserves
Other reserves
182,207
164,210
Income and expenditure account
1,227,554
1,253,947
Members' funds
1,409,761
1,418,157
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

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 30 April 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 21 October 2024 and are signed on its behalf by:
D  Keyse
Director
Company registration number 05801423 (England and Wales)
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Other reserves
Resilience fund
Income and expenditure
Total
£
£
£
£
Balance at 1 May 2022
148,188
565
1,268,792
1,417,545
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
612
612
Transfers
16,022
-
(16,022)
-
Balance at 30 April 2023
164,210
565
1,253,382
1,418,157
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(8,396)
(8,396)
Transfers
17,997
-
(17,997)
-
Balance at 30 April 2024
182,207
565
1,226,989
1,409,761
Other reserves are amounts set aside into a sink fund for future capital repairs and replacement.
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Lancaster Cohousing Company Ltd. is a private company limited by guarantee incorporated in England and Wales under Registration Number 05801423. The registered office is 9 Forgebank Walk, Halton, Lancaster, UK, LA2 6FD.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have 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.

1.3
Income and expenditure

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

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:

Freehold land and property
50 years straight line
Plant and machinery
20 years straight line
Electricity substation
50 years straight line

Included within the closing balance of Freehold land and property is an amount totalling £27,492 (2023: £27,492) which relates to land upon which no depreciation is charged.

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
Investment properties

Investment property, which is property held to earn rentals and/or for 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 end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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 and loans, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

 

The tax currently payable is based on taxable profits from the non-mutual element of trade. Taxable profit differs from the surplus or deficit as reported in the profit and loss account because it excludes items of income or expense that apply to the members of the community, which are therefore classed as mutual trading for tax purposes, and it further excludes items that are never taxable or deductible.

 

The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Grants

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.

 

Grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the recognition criteria are satisfied is recognised as a liability.

LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Employees

The average monthly number of persons (excluding directors who are not remunerated) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Freehold land and property
Plant and machinery
Electricity substation
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
619,664
253,325
167,054
1,040,043
Depreciation and impairment
At 1 May 2023
115,503
126,179
30,069
271,751
Depreciation charged in the year
11,843
12,666
3,341
27,850
At 30 April 2024
127,346
138,845
33,410
299,601
Carrying amount
At 30 April 2024
492,318
114,480
133,644
740,442
At 30 April 2023
504,161
127,146
136,985
768,292
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
735,802

The directors consider the fair value of all investment property held by the company to be equal to cumulative cost of £735,802 as at 30 April 2024.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
12,035
14,249
Other debtors
9,907
903
Prepayments and accrued income
11,182
13,529
33,124
28,681
LANCASTER COHOUSING COMPANY LTD.
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Other creditors falling due within one year
2024
2023
£
£
Trade creditors
4,226
2,542
Accruals and deferred income
13,022
19,858
17,248
22,400
7
Other creditors falling due after one year
2024
2023
£
£
Deferred income
39,200
42,000
Other creditors
165,583
168,355
204,783
210,355

During the financial year 2021 the company took loans from 9 of its members to enable it to purchase one of the leasehold properties in Forgebank Walk. The loans are being repaid from the rents received on the property.

8
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.

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