Company registration number 01672826 (England and Wales)
ROTHERHAM ENTERPRISE AGENCY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ROTHERHAM ENTERPRISE AGENCY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
ROTHERHAM ENTERPRISE AGENCY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
8,690
9,363
Investment property
5
2,111,720
2,111,720
Investments
6
182,436
2,302,846
2,121,083
Current assets
Trade and other receivables
7
28,615
42,394
Cash and cash equivalents
384,390
449,320
413,005
491,714
Current liabilities
8
(89,608)
(70,092)
Net current assets
323,397
421,622
Total assets less current liabilities
2,626,243
2,542,705
Provisions for liabilities
(162,878)
(162,878)
Net assets
2,463,365
2,379,827
Reserves
Non distributable revaluation reserve
875,848
875,848
Income and expenditure account
1,587,517
1,503,979
Members' funds
2,463,365
2,379,827
The directors of the company have elected not to include a copy of the income and expenditure account 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 5 November 2024 and are signed on its behalf by:
R M Staton
Director
Company registration number 01672826 (England and Wales)
ROTHERHAM ENTERPRISE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Rotherham Enterprise Agency Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Genesis Business Park, Sheffield Road, Templeborough, Rotherham, S60 1DX.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Computers
25% on cost
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 surplus or deficit.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Deferred taxation is provided on any gains at the rate expected to apply if the property is sold.
1.5
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
ROTHERHAM ENTERPRISE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
1.7
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 trade and other receivables 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
ROTHERHAM ENTERPRISE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
ROTHERHAM ENTERPRISE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
81,048
Depreciation and impairment
At 1 April 2023
71,685
Depreciation charged in the year
673
At 31 March 2024
72,358
Carrying amount
At 31 March 2024
8,690
At 31 March 2023
9,363
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,111,720
A full valuation, on an open market basis, of the investment properties was carried out as at 3 April 2023 by Burgess Commercial Limited, a RICS registered valuer. Mr P Burgess, director, is also a director of that company. In the opinion of the directors this is a true reflection of the fair value of the properties at the balance sheet date.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,138,891
1,138,891
Accumulated depreciation
-
-
Carrying amount
1,138,891
1,138,891
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
182,436
ROTHERHAM ENTERPRISE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Fixed asset investments
(Continued)
- 6 -
Movements in non-current investments
Investments
£
Cost or valuation
At 1 April 2023
-
Additions
165,000
Valuation changes
17,379
Dividend income
729
Charges
(683)
Disposals
11
At 31 March 2024
182,436
Carrying amount
At 31 March 2024
182,436
At 31 March 2023
-
7
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Service charges due
24,296
30,701
Other receivables
4,319
11,693
28,615
42,394
8
Current liabilities
2024
2023
£
£
Trade payables
1,472
10,133
Amounts owed to group undertakings
11,070
Corporation tax
21,980
4,516
Other taxation and social security
14,761
18,066
Other payables
40,325
37,377
89,608
70,092
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
ROTHERHAM ENTERPRISE AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
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 auditors' report was unqualified.
Senior Statutory Auditor:
Victoria Jane Davies
Statutory Auditor:
GBAC Limited
Date of audit report:
18 November 2024
11
Parent company
The parent company is Chamber of Commerce (Barnsley and Rotherham) Limited. It's registered office is 6 Genesis Business Park, Sheffield Road, Templeborough, Rotherham, S60 1DX.