Registered number
08351977
Isleham Community Enterprises Limited
Report and Accounts
31 October 2023
Isleham Community Enterprises Limited
Report and accounts
Contents
Page
Balance Sheet 2
Notes to the Accounts 3
Isleham Community Enterprises Limited
Registered number: 08351977
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Current assets
Stocks 2,150 2,748
Debtors 3 12,509 12,424
Cash at bank and in hand 11,787 12,985
26,446 28,157
Creditors: amounts falling due within one year 4 (86,013) (81,794)
Net current liabilities (59,567) (53,637)
Total assets less current liabilities (59,567) (53,637)
Net liabilities (59,567) (53,637)
Called up share capital 1 1
Profit and loss account (59,570) (53,637)
Shareholder's funds (59,567) (53,637)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D S Beckett
Director
Approved by the board on 23 October 2024
Isleham Community Enterprises Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
At the Statement of Financial Position date the company's liabilities exceeded its assets by £60,231. There is a liability owing to the Parent Company, Isleham Community Association Limited of £66,803 in respect of an inter-company loan account. The Parent Company Directors have confirmed they will continue to support the company for the foreseeable future and consider the company to be a going concern.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Debtors 2023 2022
£ £
Trade debtors 12,509 5,653
Prepayments - 248
Other debtors - 6,523
12,509 12,424
Amounts due after more than one year included above - -
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade Creditors 4,224 406
Accruals 1,626 1,432
Deferred income 3,944 5,323
Amounts owed to group undertakings 66,803 65,490
Taxation and social security costs 7,999 4,150
Other creditors 1,417 4,993
86,013 81,794
5 Related party transactions
The company owed its parent company, Isleham Community Association Limited, £66,803 at the reporting date (2022 - £65,490). There are no formal repayment terms and no interest is being paid.
6 Other information
Isleham Community Enterprises Limited is a private company limited by shares and incorporated in England. Its registered office is:
32 Mill Street
Isleham
Ely
Cambridgeshire
CB7 5RY
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