Company Registration No. 12245290 (England and Wales)
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
COMPANY INFORMATION
Directors
Mr J A Rogers
Mr J J Jones
Company number
12245290
Registered office
8 The Paddock
Prestatyn
Denbighshire
United Kingdom
LL19 8NB
Accountants
Azets
First Floor
Unit 55 Ffordd William Morgan
St Asaph Business Park
St Asaph
United Kingdom
LL17 0JG
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
3,777
8,695
Cash at bank and in hand
9,250
7,313
13,027
16,008
Creditors: amounts falling due within one year
3
(19,937)
(2,325)
Net current (liabilities)/assets
(6,910)
13,683
Reserves
Other reserves
28,273
Income and expenditure account
(6,910)
(14,590)
Members' funds
(6,910)
13,683
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 year ended 31 March 2024 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 year 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 and signed by the commercial director on behalf of the board and authorised for issue on 6 November 2024:
2024-11-06
Mr J A Rogers
Director
Company Registration No. 12245290
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
North Wales Mersey Dee Business Council Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 8 The Paddock, Prestatyn, Denbighshire, United Kingdom, LL19 8NB.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Income and expenses exclude VAT where applicable.
1.3
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.
1.4
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. As all financial assets are classified within one year, they are not amortised but carried at face value.
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.
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
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 continue to be measured at face value.
1.5
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
19,937
2,325
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,500
8,677
Other debtors
2,277
18
3,777
8,695
NORTH WALES MERSEY DEE BUSINESS COUNCIL LIMITED
- CYNGOR BUSNES GOGLEDD CYMRU A MERSWY DYFRDWY CYFYNGEDIG
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
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.