Company registration number 00064569 (England and Wales)
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
3,344
Tangible assets
4
3,860
7,164
3,860
10,508
Current assets
Debtors
5
162,770
219,521
Cash at bank and in hand
389,582
325,943
552,352
545,464
Creditors: amounts falling due within one year
6
(383,194)
(335,293)
Net current assets
169,158
210,171
Total assets less current liabilities
173,018
220,679
Creditors: amounts falling due after more than one year
7
(18,447)
(28,232)
Net assets
154,571
192,447
Reserves
Income and expenditure account
154,571
192,447
Members' funds
154,571
192,447

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
L J Walker
Director
Company registration number 00064569 (England and Wales)
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Sheffield Chamber of Commerce and Industry is a private company limited by guarantee incorporated in England and Wales. The registered office is 2nd Floor, Westfield House, 60 Charter Row, Sheffield, S1 3FZ.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company generated a deficit during the year ended 31 March 2024 of £37,876 (2023: deficit of £92,560). At 31 March 2024 the reserves were £154,571 (2023: £192,447). The company had a cash and cash equivalent balance at the year-end of £389,582 (2023: £325,943).

 

At the time of approving the financial statements the directors have considered the level of reserves and cash held compared to the operational expenditure and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Membership income, patronage income and other income is recognised in the period to which it relates.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software
33% straight line
1.5
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.

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:

Office Equipment
10% - 33% straight line

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.

SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

1.7
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.

1.8
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.

 

Financial instruments are recognised in the company's balance sheet 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 debtors 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 creditors and bank loans, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

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.

SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.10
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 fixed 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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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.

2
Employees

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

2024
2023
Number
Number
Total
20
18
3
Intangible fixed assets
Software
£
Cost
At 1 April 2023 and 31 March 2024
68,702
Amortisation and impairment
At 1 April 2023
65,358
Amortisation charged for the year
3,344
At 31 March 2024
68,702
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
3,344
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Office Equipment
£
Cost
At 1 April 2023
274,492
Additions
416
At 31 March 2024
274,908
Depreciation and impairment
At 1 April 2023
267,328
Depreciation charged in the year
3,720
At 31 March 2024
271,048
Carrying amount
At 31 March 2024
3,860
At 31 March 2023
7,164
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
125,353
173,588
Other debtors
37,417
45,933
162,770
219,521
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
10,648
Trade creditors
30,552
20,315
Taxation and social security
60,732
61,116
Other creditors
281,262
243,214
383,194
335,293

The bank loan is secured on the assets of the business.

 

SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,447
28,232

The bank loan is secured on the assets of the business.

 

 

8
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.

9
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.

Senior Statutory Auditor:
Terri Pierpoint
Statutory Auditor:
BHP LLP
Date of audit report:
21 November 2024
10
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
£
£
43,288
24,188
SHEFFIELD CHAMBER OF COMMERCE AND INDUSTRY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
11
Related party transactions

Avila Holdings Limited

Avila Holdings Limited is a company in which AJ Krachai is a director. During the year the company paid Avila Holdings Limited £nil for consultancy services (2023: £30,991).

 

LHW Consulting

LHW Consulting Limited is a company owned by L H Walker. During the year, the company paid LHW Consulting Limited £nil (2023: £30,589) for consultancy services.

 

Counter Context Limited

Counter Context Limited is a company in which AJ Krachai is a director. During the year the company paid Counter Context Limited £21,600 for consultancy services (2023: £22,044). At the year end, £1,800 was owed to Counter Context Limited (2023: £1,800).

 

 

 

 

 

 

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