Company Registration No. 06140240 (England and Wales)
Hospice of St Francis Trading Limited
Financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Hospice of St Francis Trading Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
3 - 5
Hospice of St Francis Trading Limited
Statement of financial position
As at 31 March 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Stocks
93,029
59,850
Debtors
3
11,677
10,981
Cash at bank and in hand
199,555
57,140
304,261
127,971
Creditors: amounts falling due within one year
4
(229,235)
(52,945)
Net current assets
75,026
75,026
Capital and reserves
Called up share capital
40,000
40,000
Profit and loss reserves
35,026
35,026
Total equity
75,026
75,026
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 30 September 2024 and are signed on its behalf by:
Shailen Rao
Director
Company Registration No. 06140240
Hospice of St Francis Trading Limited
Statement of changes in equity
For the year ended 31 March 2024
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
40,000
35,026
75,026
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
73,307
73,307
Distributions to parent charity under gift aid
-
(73,307)
(73,307)
Balance at 31 March 2023
40,000
35,026
75,026
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
85,415
85,415
Distributions to parent charity under gift aid
-
(85,415)
(85,415)
Balance at 31 March 2024
40,000
35,026
75,026
Hospice of St Francis Trading Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information
Hospice of St Francis Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spring Garden Lane, Northchurch, Berkhamsted, Herts, HP4 3GW.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
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.
1.5
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.
Hospice of St Francis Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and balances with fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Hospice of St Francis Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
2
Employees
There are no employees employed directly by the company (2023: nil). The directors, who are also key management personnel, received no remuneration in the year (2023: nil).
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
11,677
10,981
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,188
6,537
Amounts owed to group undertakings
214,497
39,853
Other creditors
7,550
6,555
229,235
52,945
5
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:
Gareth Norris FCA
Statutory Auditors:
Saffery LLP
Date of audit report:
15 October 2024
6
Parent company
The ultimate controlling party is the Hospice of St Francis (Berhamstead) Limited, a charitable company registered in England and Wales. Consolidated accounts incorporating the Hospice of St Francis Trading Limited are available from the charity Commission. Exemption has been taken under Section 33 of FRS 102 from disclosing transactions with the parent undertaking.
Profits are paid to the parent charity under a deed of covenant at the end of each accounting period.