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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
9,204
275
8,929
5,076
1,002
160
5,918
3,011
4,128
xbrli:pure
xbrli:shares
iso4217:GBP
11081207
2023-04-01
2024-03-31
11081207
2024-03-31
11081207
2023-03-31
11081207
2022-04-01
2023-03-31
11081207
2023-03-31
11081207
2022-03-31
11081207
bus:Director1
2023-04-01
2024-03-31
11081207
core:WithinOneYear
2024-03-31
11081207
core:WithinOneYear
2023-03-31
11081207
core:RetainedEarningsAccumulatedLosses
2024-03-31
11081207
core:RetainedEarningsAccumulatedLosses
2023-03-31
11081207
bus:SmallEntities
2023-04-01
2024-03-31
11081207
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
11081207
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
11081207
bus:CompanyLimitedByGuarantee
2023-04-01
2024-03-31
11081207
bus:FullAccounts
2023-04-01
2024-03-31
11081207
core:ComputerEquipment
2023-04-01
2024-03-31
11081207
core:ComputerEquipment
2023-03-31
11081207
core:ComputerEquipment
2024-03-31
COMPANY REGISTRATION NUMBER:
11081207
73 Degree Community Limited |
|
Company Limited by Guarantee |
|
Filleted Unaudited Financial Statements |
|
73 Degree Community Limited |
|
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
3,011 |
4,128 |
|
|
|
|
Current assets
Cash at bank and in hand |
4,482 |
5,140 |
|
|
|
Creditors: amounts falling due within one year |
6 |
2,055 |
2,250 |
|
------- |
------- |
Net current assets |
2,427 |
2,890 |
|
------- |
------- |
Total assets less current liabilities |
5,438 |
7,018 |
|
------- |
------- |
Net assets |
5,438 |
7,018 |
|
------- |
------- |
|
|
|
|
Capital and reserves
Profit and loss account |
5,438 |
7,018 |
|
------- |
------- |
Members funds |
5,438 |
7,018 |
|
------- |
------- |
|
|
|
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.
Director's 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 director acknowledges his 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
5 November 2024
, and are signed on behalf of the board by:
Company registration number:
11081207
73 Degree Community 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 73 Ffordd Glyn, Coed Y Glyn, Wrexham, LL13 7QW.
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.
Grants receivable
Grants are recognised using the accrual model.
Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Equipment |
- |
25% reducing balance |
|
|
|
|
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
4.
Company limited by guarantee
The liability of the members is restricted to £1, being the amount each member undertakes to contribute to the assets of the company in the event that the company is wound up whilst they are a member, or within one year of ceasing to be a member. In the event of the company being wound up or dissolved, should there remain property after all its debts and liabilities have been satisfied, such property would not be paid or distributed to the members but instead given or transferred to some other non-profit company or companies (whether charitable or not) having activities similar to those of the company at the time of dissolution.
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 April 2023 |
9,204 |
Disposals |
(
275) |
|
------- |
At 31 March 2024 |
8,929 |
|
------- |
Depreciation |
|
At 1 April 2023 |
5,076 |
Charge for the year |
1,002 |
Disposals |
(
160) |
|
------- |
At 31 March 2024 |
5,918 |
|
------- |
Carrying amount |
|
At 31 March 2024 |
3,011 |
|
------- |
At 31 March 2023 |
4,128 |
|
------- |
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Social security and other taxes |
– |
301 |
Other creditors |
2,055 |
1,949 |
|
------- |
------- |
|
2,055 |
2,250 |
|
------- |
------- |
|
|
|
7.
Director's advances, credits and guarantees
The director operates a current account within the company. The balance at the start of the year was £1,034 (2023 - £794) and with net movements in the year of £312 the balance at the year end was £1,346 (2023 - £1,034). No interest has been charged in respect of this loan.