Sutton-in-Ashfield Town Hall Company Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 00010416 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Sutton-in-Ashfield Town Hall Company Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C G W Buckland

M A Slade

A T Slade

GEG Pepper

M S Slade

SECRETARY:

M A Slade

REGISTERED OFFICE:

1 Low Street

Sutton-in-Ashfield

Nottinghamshire

NG17 1DH

REGISTERED NUMBER:

00010416 (England and Wales)

ACCOUNTANTS:

Brockhurst Davies Limited

11 The Office Village

North Road

Loughborough

Leicestershire

LE11 1QJ

FIXED ASSETS

Investment property

4

1,863,519

CURRENT ASSETS

Debtors

5

8,905

14,313

Cash at bank

112,013

121,669

120,918

135,982

CREDITORS

Amounts falling due within one year

6

146,629

154,262

NET CURRENT LIABILITIES

(25,711

)

(18,280

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,837,808

1,845,239

CREDITORS

Amounts falling due after more than one year

7

(122,535

)

(172,112

)

PROVISIONS FOR LIABILITIES

(99,553

)

(99,553

)

NET ASSETS

1,615,720

1,573,574

CAPITAL AND RESERVES

Called up share capital

5,000

Revaluation reserve

9

582,158

Capital redemption reserve

150

Retained earnings

1,028,412

986,266

SHAREHOLDERS' FUNDS

1,615,720

1,573,574

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2024 and were signed on its behalf by:

M A Slade - Director

1.	STATUTORY INFORMATION

Sutton-in-Ashfield Town Hall Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency if the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Impairment

The impairment gain or loss is written off in the income statement in the year that it becomes due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4.	INVESTMENT PROPERTY

Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value are recognised in the income statement.

Fair value at 31 March 2024 is represented by:

£

Valuation in 2016

(39,000

)

Valuation in 2012

(439,387

)

Valuation in 2007

892,444

Valuation in 2002

33,000

Valuation in 1997

2,929

Valuation in 1992

(386

)

Valuation in 1987

132,558

Cost

1,281,361

1,863,519

The freehold property comprises investment properties and these were externally valued by WA Barnes, Chartered Surveyors as at 3 March 2020 subject to existing tenancies. An internal valuation was carried out by the directors on 13 May 2024 and In the directors opinion, the value of the properties at 31 March 2024 is not significantly different to this valuation.

The valuation comprises:

Historical cost £1,281,361

Revaluation £582,158

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

8,905

14,313

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

49,577

48,262

Trade creditors

-

1

Tax

11,935

12,263

Social security and other taxes

1,051

3,565

Other creditors

3,292

3,072

Accruals and deferred income

80,774

87,099

146,629

154,262

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans - 1-2 years

53,091

49,576

Bank loans - 2-5 years

69,444

122,536

122,535

172,112

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

172,112

220,374

The bank loans are secured upon the relevant assets.

9.

RESERVES

Revaluation

reserve

£

At 1 April 2023

and 31 March 2024

582,158

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.