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COMPANY REGISTRATION NUMBER: 06608267
Young Presidents' Organization - London Mayfair Chapter
Company Limited by Guarantee
Filleted Unaudited Financial Statements
30 June 2024
Young Presidents' Organization - London Mayfair Chapter
Company Limited by Guarantee
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Current assets
Debtors
4
204,000
302,848
Cash at bank and in hand
580,644
523,811
--------
--------
784,644
826,659
Prepayments and accrued income
3,000
Creditors: amounts falling due within one year
5
20,024
77,628
--------
--------
Net current assets
767,620
749,031
--------
--------
Total assets less current liabilities
767,620
749,031
Accruals and deferred income
680,136
663,236
--------
--------
Net assets
87,484
85,795
--------
--------
Capital and reserves
(Deficit)/Surplus
87,484
85,795
-------
-------
Members funds
87,484
85,795
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Young Presidents' Organization - London Mayfair Chapter
Company Limited by Guarantee
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
U. Kumcuoglu
Director
Company registration number: 06608267
Young Presidents' Organization - London Mayfair Chapter
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by guarantee, incorporated, registered and conducts its business in England and Wales with company number 06608267 . The address of the registered office is 9 Hurst Road, Longford, Coventry, CV6 6EG.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Committee members remuneration
No fees have been paid to members of the committee of management except for the bona fide reimbursement of money paid out on the organisation's business.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable from chapter members in relation to annual dues.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
The company only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the company considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the company considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.
3. Company limited by guarantee
The company is a company formed under the Companies Act as a company limited by guarantee and does not have a share capital. It's registered number is 06608267 .
4. Debtors
2024
2023
£
£
Trade debtors
204,000
302,848
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,890
71,203
Other creditors
15,134
6,425
-------
-------
20,024
77,628
-------
-------
6. Related party transactions
No one individual controls the organisation and there are no related parties.