Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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1,941 | 1,939 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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101,277 | 98,518 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 30,735 | 26,615 | ||
Total assets less current liabilities | 32,676 | 28,554 | ||
Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of South East London Chamber of Commerce (registered number:
R Gallo
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
South East London Chamber of Commerce (the Company) is a private company, limited by guarantees, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit Tw/145 Trinity Wharf Harrington Way, Mellish Industrial Estate, Woolwich, SE18 5NR, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Office equipment | Total | |||
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Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Deferred tax asset |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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Commitments
2024 | 2023 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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The above amounts relate to office equipment ending within 3 years of the balance sheet date.
Transactions with the entity's directors
During the year the company paid consultancy fees of £0 (2023: £13,185) to HR2HR, a company in which T L Baker has a controlling interest. The services were provided on an arms length basis. At the year end there was £0.00 (2023:£2800) owed to HR2HR.