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COMPANY REGISTRATION NUMBER: 10528424
Halifax BID Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2024
Halifax BID Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
26,121
34,985
Current assets
Debtors
7
23,448
65,676
Cash at bank and in hand
14,385
34,751
--------
---------
37,833
100,427
Creditors: amounts falling due within one year
8
69,648
111,184
--------
---------
Net current liabilities
31,815
10,757
--------
--------
Total assets less current liabilities
( 5,694)
24,228
-------
--------
Net (liabilities)/assets
( 5,694)
24,228
-------
--------
Halifax BID Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Profit and loss account
( 5,694)
24,228
-------
--------
Members (deficit)/funds
( 5,694)
24,228
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
J T Gregg
Director
Company registration number: 10528424
Halifax BID Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company has a deficiency of assets at the year end of £5,694. Prior to the year end the Company arranged with Calderdale M.B.C. an advance of £40,000 on the 2024/25 levies. These funds have allowed the Company to continue operating as a going concern. At the date these accounts are signed the collection of the 2024/25 levies and savings in operating costs has returned the Company to a net asset position with sufficient funds to continue operating for the next 12 months. The financial statements have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The turnover of the Company during the period is represented by:- Levy income receivable from levy payers during the period Hub sales sales of miscellaneous items Grants & donations receivable during the period Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Pension costs
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Taxation
The Company is a not for profit organisation which operates for the benefit of its members and levy payers of Halifax BID area. Any surplus remaining at the end of the period under review will be expended over the next 12 months in pursuit of its principal activities. The Company is not trading for tax purposes and any surpluses are not subject to corporation tax.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Alterations to rented premises
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method .
4. Company limited by guarantee
The Company has no share capital being a company limited by guarantee. In the event of the Company being wound up, the liability of each member is limited to £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
6. Tangible assets
Alterations to rented premises
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
25,516
24,029
49,545
--------
--------
--------
Depreciation
At 1 April 2023
5,103
9,457
14,560
Charge for the year
5,103
3,761
8,864
--------
--------
--------
At 31 March 2024
10,206
13,218
23,424
--------
--------
--------
Carrying amount
At 31 March 2024
15,310
10,811
26,121
--------
--------
--------
At 31 March 2023
20,413
14,572
34,985
--------
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
3,262
545
Other debtors
20,186
65,131
--------
--------
23,448
65,676
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
105
1,081
Trade creditors
23,916
103,737
Social security and other taxes
2,126
2,521
Loan from CMBC
40,000
Other creditors
3,501
3,845
--------
---------
69,648
111,184
--------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
20,400
20,400
Later than 1 year and not later than 5 years
40,800
61,200
--------
--------
61,200
81,600
--------
--------