Company registration number 13044206 (England and Wales)
DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
BALANCE SHEET
AS AT
28 NOVEMBER 2023
28 November 2023
- 1 -
28 November 2023
29 November 2022
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,770
8,696
Current assets
Debtors
4
43
43
Cash at bank and in hand
6,372
20,334
6,415
20,377
Creditors: amounts falling due within one year
5
(1,452)
(11,727)
Net current assets
4,963
8,650
Net assets
12,733
17,346
Reserves
Income and expenditure account
12,733
17,346
Members' funds
12,733
17,346

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

For the financial period ended 28 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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 27 November 2024 and are signed on its behalf by:
Mrs S Clarke-Chadwick
Director
Company registration number 13044206 (England and Wales)
DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Darwen Valley Community Centre Management Board Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 59-61 Sudellside Street, Darwen, BB3 3DL.

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.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors 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

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.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% 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.

1.5
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.

DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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 balance sheet 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.

1.8
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.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
5
8
DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 November 2022 - as restated
9,257
Additions
544
At 28 November 2023
9,801
Depreciation and impairment
At 30 November 2022
561
Depreciation charged in the period
1,470
At 28 November 2023
2,031
Carrying amount
At 28 November 2023
7,770
At 30 November 2022 - as restated
8,696
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
43
43
5
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Other creditors
1,452
11,727
6
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.

7
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
DARWEN VALLEY COMMUNITY CENTRE MANAGEMENT BOARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 NOVEMBER 2023
7
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in surplus for the previous financial period
2022
£
Total adjustments
-
Surplus as previously reported
8,752
Surplus as adjusted
8,752
Notes to reconciliation

The prior period adjustment relates to the inclusion of expenses previously omitted from the financial statements.

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