Company registration number 00503870 (England and Wales)
DORSET CHAMBER OF COMMERCE AND INDUSTRY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
DORSET CHAMBER OF COMMERCE AND INDUSTRY
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
DORSET CHAMBER OF COMMERCE AND INDUSTRY
COMPANY INFORMATION
- 1 -
Directors
Mr M I Fretten
Mr I J Girling
Mrs C L Khan
Mr S P Boyd
Ms N H Busst
Mr T M Brown
Mrs L A Keets
Mrs L J Fox
Mr G J Sherwood
(Appointed 5 April 2023)
Miss T D Taylor
(Appointed 22 June 2023)
Mrs A G Polkinghorne
(Appointed 24 August 2023)
Mrs H E Palmer
(Appointed 17 December 2023)
Company number
00503870
Registered office
Unit B Acorn Office Park
Ling Road Tower Park
Poole
Dorset
United Kingdom
BH12 4NZ
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
DORSET CHAMBER OF COMMERCE AND INDUSTRY
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
202,553
213,923
Investment properties
5
340,000
340,000
Investments
6
22
22
542,575
553,945
Current assets
Stocks
-
2,555
Debtors
7
423,290
258,113
Cash at bank and in hand
171,632
270,593
594,922
531,261
Creditors: amounts falling due within one year
8
(708,933)
(587,540)
Net current liabilities
(114,011)
(56,279)
Total assets less current liabilities
428,564
497,666
Creditors: amounts falling due after more than one year
9
(80,315)
(117,548)
Net assets
348,249
380,118
Reserves
Fair value reserve
9,008
9,008
Income and expenditure account
339,241
371,110
Members' funds
348,249
380,118

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.

DORSET CHAMBER OF COMMERCE AND INDUSTRY
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
Mr T M Brown
Mrs L J Fox
Director
Director
Company Registration No. 00503870
The notes on pages 5 to 11 form part of these financial statements
DORSET CHAMBER OF COMMERCE AND INDUSTRY
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Fair value reserve
Income and expenditure
Total
£
£
£
Balance at 1 April 2022
34,008
414,588
448,596
Year ended 31 March 2023:
Loss for the year
-
(68,478)
(68,478)
Other comprehensive income:
Fair value adjustments reclassified to surplus or deficit
(25,000)
-
(25,000)
Total comprehensive income for the year
(25,000)
(68,478)
(93,478)
Transfers
-
0
25,000
25,000
Balance at 31 March 2023
9,008
371,110
380,118
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(31,869)
(31,869)
Balance at 31 March 2024
9,008
339,241
348,249
The notes on pages 5 to 11 form part of these financial statements
DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information

Dorset Chamber of Commerce and Industry is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.

 

The company has no authorised or issued share capital. In the event of the Dorset Chamber of Commerce and Industry being wound up each member has undertaken to contribute an amount of £1 each should a deficiency arise.

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
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract, when all the following conditions are met:

-the amount of turnover can be measured reliably;

-it is probable that the company will receive the consideration due under the contract;

-the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-the costs incurred and the costs to complete the contract can be measured reliably.

Events

Income received relating to ticket sales and sponsorship for events are deferred until the date of the event and then released to the profit and loss account.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -

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:

Leasehold land and buildings
2% on cost
Leasehold improvements
10% on cost
Fixtures and fittings
33% on cost
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 surplus or deficit.

1.5
Fixed asset 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stock is measured at the lower of cost and net realisable value.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits
The cost of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are described below.

 

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

 

The directors assess the closing tangible fixed asset balances for impairment. For the current year, the directors have assessed the balances and consider no impairment to be required against these.

 

The company's investment property has been assessed by the directors and recognised at fair value at the reporting end date.

 

Accruals for goods or services not yet invoiced are estimated based on historic activity with the supplier or quotations received ahead of invoicing. Prepayments are based on actual invoices received and costs allocated across the relevant accounting period on a straight line basis of the time period in which the service relates to.

 

The directors assess the closing debtor balances for recoverability and those not considered probable of recovery are provided for in full. For the current year, the directors have assessed the balances outstanding and consider no provision to be required against these.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
13
14
DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
330,993
23,471
129,018
483,482
Depreciation and impairment
At 1 April 2023
127,024
15,725
126,810
269,559
Depreciation charged in the year
6,580
2,582
2,208
11,370
At 31 March 2024
133,604
18,307
129,018
280,929
Carrying amount
At 31 March 2024
197,389
5,164
-
0
202,553
At 31 March 2023
203,969
7,746
2,208
213,923
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
340,000

The investment property was valued on an open market basis on 1 September 2023 by Sibbett Gregory.

 

The directors support the valuation provided by Sibbett Gregory on the basis that the value of the property has not changed significantly from 31 March 2024.

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
22
22
DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,357
81,961
Other debtors
317,933
176,152
423,290
258,113
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
43,866
43,968
Trade creditors
34,822
15,241
Corporation tax
375
357
Other taxation and social security
38,127
48,170
Other creditors
591,743
479,804
708,933
587,540
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
80,315
117,548

The bank loan is secured by a fixed and floating charge over the assets including the property held by the company.

10
Members' liability

The Dorset Chamber of Commerce and Industry is a member of the British Chambers of Commerce. The liability of the Dorset Chamber of Commerce and Industry as a member is limited to £5 on winding up.

11
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.

DORSET CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
Dean Pullen FCCA
Statutory Auditor:
TC Group
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
33,898
12,299
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