40 41 Community Opportunities Limited 08441480 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is delivering community projects Digita Accounts Production Advanced 6.30.9574.0 true 08441480 2023-04-01 2024-03-31 08441480 2024-03-31 08441480 core:CurrentFinancialInstruments 2024-03-31 08441480 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08441480 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 08441480 core:MotorVehicles 2024-03-31 08441480 bus:SmallEntities 2023-04-01 2024-03-31 08441480 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08441480 bus:FilletedAccounts 2023-04-01 2024-03-31 08441480 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08441480 bus:RegisteredOffice 2023-04-01 2024-03-31 08441480 bus:Director3 2023-04-01 2024-03-31 08441480 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 08441480 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08441480 core:MotorVehicles 2023-04-01 2024-03-31 08441480 countries:EnglandWales 2023-04-01 2024-03-31 08441480 2023-03-31 08441480 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08441480 core:MotorVehicles 2023-03-31 08441480 2022-04-01 2023-03-31 08441480 2023-03-31 08441480 core:CurrentFinancialInstruments 2023-03-31 08441480 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08441480 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08441480 core:MotorVehicles 2023-03-31 xbrli:pure iso4217:GBP

Registration number: 08441480

Community Opportunities Limited (A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Community Opportunities Limited

(Registration number: 08441480)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

84,479

60,689

Current assets

 

Debtors

5

470,369

327,400

Cash at bank and in hand

 

268,704

384,238

 

739,073

711,638

Creditors: Amounts falling due within one year

6

(413,776)

(335,517)

Net current assets

 

325,297

376,121

Net assets

 

409,776

436,810

Reserves

 

Retained earnings

409,776

436,810

Surplus

 

409,776

436,810

 

Community Opportunities Limited

(Registration number: 08441480)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 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 Income Statement.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
P J McEldon
Director

 

Community Opportunities Limited

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

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, 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:
Winchester House
132 Baxter Road
Town End Farm
Sunderland
Tyne and Wear
SR5 4LW

These financial statements were authorised for issue by the Board on 28 March 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.

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 £.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 

Community Opportunities Limited

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value on the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

 

Community Opportunities Limited

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

2

Accounting policies (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2023 - 41).

 

Community Opportunities Limited

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

60,689

-

60,689

Additions

-

27,988

27,988

At 31 March 2024

60,689

27,988

88,677

Depreciation

Charge for the year

-

4,198

4,198

At 31 March 2024

-

4,198

4,198

Carrying amount

At 31 March 2024

60,689

23,790

84,479

At 31 March 2023

60,689

-

60,689

5

Debtors

Current

2024
£

2023
£

Trade debtors

469,064

317,400

Other debtors

1,305

10,000

 

470,369

327,400

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

244,278

312,167

Taxation and social security

8,433

6,862

Accruals and deferred income

121,336

5,000

Other creditors

39,729

11,488

413,776

335,517

 

Community Opportunities Limited

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

7 Reserves

Included within the General Funds of £409,776, is £310,000 relating to restricted reserves. The balance of the general funds, £99,776, are unrestricted.