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Registration number: SC305725

Stromness Community Development Trust

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Stromness Community Development Trust

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Stromness Community Development Trust

Company Information

Chairman

Kristopher Bevan

Directors

Daniel Lee

Katie Macleod

Alister Brown

Graham Bevan

Jacqueline Argo

Peter Long

Janette Park

Thomas Kettle

Jerry Rose Gibson

Company secretary

Alistair Gray

Registered office

Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

Accountants

Gray Associates
Chartered AccountantsRidgeways
Back Road
Stromness
Orkney
KW16 3DS

 

Stromness Community Development Trust

(Registration number: SC305725)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

361

361

Debtors

5

11,639

30,103

Cash at bank and in hand

 

19,204

6,563

 

31,204

37,027

Creditors: Amounts falling due within one year

6

(1,199)

(929)

Total assets less current liabilities

 

30,005

36,098

Creditors: Amounts falling due after more than one year

6

(9,470)

(22,343)

Net assets

 

20,535

13,755

Reserves

 

Other reserves

5,092

5,092

Retained earnings

15,443

8,663

Surplus

 

20,535

13,755

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 January 2025 and signed on its behalf by:
 

.........................................
Kristopher Bevan
Chairman

 

Stromness Community Development Trust

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a company limited by guarantee, incorporated in Scotland, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Ridgeways
Back Road
Stromness
Orkney
KW16 3DS
Scotland

These financial statements were authorised for issue by the Board on 23 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Stromness Community Development Trust

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

4

Stocks

2024
£

2023
£

Other inventories

361

361

 

Stromness Community Development Trust

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

346

344

Other debtors

11,293

29,759

 

11,639

30,103

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

432

478

Accruals and deferred income

395

313

Other creditors

372

138

1,199

929

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Deferred income

9,470

22,343

7

Share capital

The company is limited by guarantee and does not have a share capital.