Company registration number 02624455 (England and Wales)
STOCKFIELD COMMUNITY ASSOCIATION (SUBSIDIARY) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STOCKFIELD COMMUNITY ASSOCIATION (SUBSIDIARY) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
STOCKFIELD COMMUNITY ASSOCIATION (SUBSIDIARY) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
14,139
12,776
Cash at bank and in hand
642
18,612
14,781
31,388
Creditors: amounts falling due within one year
5
(14,781)
(31,388)
Net current assets
-
0
-
0
Reserves
-
-

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 25 October 2024 and are signed on its behalf by:
Mrs A J Millward
Mrs E A Leach
Director
Director
Company registration number 02624455 (England and Wales)
STOCKFIELD COMMUNITY ASSOCIATION (SUBSIDIARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Stockfield Community Association (Subsidiary) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is New Media House, Davidson Road, Lichfield, WS14 9DZ.

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

1.2
Income and expenditure

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

 

Income represents ground rents receivable and sales of head leases.

 

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

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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 statement of financial position 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.

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.

STOCKFIELD COMMUNITY ASSOCIATION (SUBSIDIARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.5
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years 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.

2
Employees

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

2023
2022
Number
Number
Total
-
0
-
0
3
Leasehold land

Leasehold land with a value of £1,452,755 was acquired from Birmingham City Council for a period of 125 years, and disposed via underleases to individual owner occupiers for 125 years less three days.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
14,139
12,776
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
12,624
29,737
Other creditors
2,157
1,651
14,781
31,388
STOCKFIELD COMMUNITY ASSOCIATION (SUBSIDIARY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Stuart Penfold
Statutory Auditor:
Haslehursts Limited
Date of audit report:
28 October 2024
7
Related party transactions

During the year the company made donations of £14,387 (2022 - £30,717) to its parent charity undertaking, Stockfield Community Association. At the year end, the company owed £12,624 (2022 - £29,737) to its parent undertaking.

8
Parent company

The company is a wholly owned subsidiary of Stockfield Community Association (a registered charity) and is a company limited by guarantee not having share capital. The company is ultimately controlled by the Board of Trustees of its parent company.

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