Company registration number 04029723 (England and Wales)
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) 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
4,079
6,643
Investments
5
2,509,173
2,418,147
2,513,252
2,424,790
Current assets
Trade and other receivables
6
213,858
216,719
Cash and cash equivalents
229,100
247,099
442,958
463,818
Current liabilities
7
(306,282)
(337,107)
Net current assets
136,676
126,711
Total assets less current liabilities
2,649,928
2,551,501
Non-current liabilities
8
(13,949)
(23,274)
Provisions for liabilities
(627,989)
(604,537)
Net assets
2,007,990
1,923,690
Reserves
Revaluation reserve
11
1,881,880
1,813,610
Income and expenditure account
126,110
110,080
Members' funds
2,007,990
1,923,690
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 4 October 2024 and are signed on its behalf by:
Matthew Stephens
Director
Company registration number 04029723 (England and Wales)
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Chamber of Commerce (Barnsley & Rotherham) 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, South Yorkshire, 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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Given truethe level of reserves held by the company and the low level of commitments, the directors are of the opinion that no material uncertainty exists about the Chamber’s ability to continue as a going concern.
Directors have considered forecasts for a period of twelve months from the date of approval of these financial statements, which show that current and future sources of funding or support will be more than adequate for the company's needs. They therefore believe that the Chamber’s financial statements should be prepared on a going concern basis.
In addition, the company continues to work closely with its subsidiary company, Rotherham Enterprise Agency Limited.
1.3
Income and expenditure
Membership and Patronage income is recognised in the financial statements over the period to which it corresponds.
Grant income is recognised in the period when grant conditions have been met.
All other income is recognised in the period to which it relates.
Expenditure is recognised in the period to which the expense relates.
1.4
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.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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
10% straight line
Computers
20% straight line
Motor vehicles
25% on reducing balance
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.
1.5
Non-current investments
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.
Fixed asset investments in subsidiary undertakings are included at their fair value at the balance sheet date. Fair value gains/losses in year are shown through other comprehensive income, unless a revaluation decrease exceeds the accumulated revaluation gains on an asset, in which case the excess shall be recognised in profit and loss.
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.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
Group losses are surrendered to members of the group when available. These are surrendered freely with no monetary payment from the company receiving the loss.
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.
Deferred tax is also recognised in respect of fair value gains on investments in subsidiaries.
1.9
Employee benefits
The costs 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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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
14
14
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
63,427
Additions
540
Disposals
(37,505)
At 31 March 2024
26,462
Depreciation and impairment
At 1 April 2023
56,784
Depreciation charged in the year
3,104
Eliminated in respect of disposals
(37,505)
At 31 March 2024
22,383
Carrying amount
At 31 March 2024
4,079
At 31 March 2023
6,643
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,509,173
2,418,147
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
2,418,147
Valuation changes
91,026
At 31 March 2024
2,509,173
Carrying amount
At 31 March 2024
2,509,173
At 31 March 2023
2,418,147
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Service charges due
163,989
171,678
Amounts owed by group undertakings
11,070
Other receivables
38,799
45,041
213,858
216,719
7
Current liabilities
2024
2023
£
£
Bank loans
9,324
9,932
Obligations under finance leases
22,658
Other borrowings
5,290
Trade payables
31,657
62,244
Corporation tax
191
191
Other taxation and social security
57,578
44,711
Accruals and deferred income
207,532
192,081
306,282
337,107
The bank loan is government guaranteed under the Bounceback loan scheme.
8
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
13,949
23,274
The bank loan is government guaranteed under the Bounceback loan scheme.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
696
-
Investments
627,293
604,537
627,989
604,537
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 April 2023
604,537
Charge to profit or loss
696
Charge to equity
22,756
Liability at 31 March 2024
627,989
10
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.
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
1,813,610
1,554,770
Deferred tax on revaluation of property, plant and equipment
(22,756)
(239,838)
Increase in valuation of investment in subsidiary
91,026
498,678
At the end of the year
1,881,880
1,813,610
12
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:
4 October 2024
13
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
£
£
49,105
19,180
CHAMBER OF COMMERCE (BARNSLEY & ROTHERHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
14
Directors' transactions
Due to the nature of the company's operations and the composition of the Board of directors being drawn from the local business community, it is inevitable that transactions will take place with organisations in which a director may have an interest. All transactions involving an organisation in which a director may have an interest are conducted in accordance with the company's normal procurement procedures.
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