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Registration number: 00009604

Hull & Humber Chamber of Commerce Industry & Shipping

(A company limited by guarantee)

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Hull & Humber Chamber of Commerce Industry & Shipping

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Consolidated Profit and Loss Account

4

Consolidated Balance Sheet

5

Balance Sheet

6 to 7

Consolidated Statement of Changes in Equity

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 16

 

Hull & Humber Chamber of Commerce Industry & Shipping

Company Information

Directors

Dr I S Kelly

Mrs I Keal

Mr J A Harris

Mr A E Weatherill

Mr P Andrews

Mr M J Walker

Sir N Dakin

Mrs C C Bennett

Mr C K Akdemir

Mr R S Gwilliam

Company secretary

Mrs S E Dennison

Registered office

34 - 38 Beverley Road
Hull
East Yorkshire
HU3 1YE

 

Hull & Humber Chamber of Commerce Industry & Shipping

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Principal activity

The principal activity of the group is the promotion and protection of trade, commerce, industry and shipping, the supply of employment and training services and property management.

Directors of the group

The directors who held office during the year were as follows:

Dr I S Kelly

Mrs I Keal

Mr J A Harris

Mr A E Weatherill

Mr P Andrews

Mr M J Walker

Sir N Dakin

Mrs C C Bennett

Mr C K Akdemir

Mr R S Gwilliam

Mr M S Whitehead (ceased 1 March 2024)

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

.........................................
Dr I S Kelly
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hull & Humber Chamber of Commerce Industry & Shipping
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hull & Humber Chamber of Commerce Industry & Shipping for the year ended 30 September 2024 as set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Hull & Humber Chamber of Commerce Industry & Shipping, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hull & Humber Chamber of Commerce Industry & Shipping and state those matters that we have agreed to state to the Board of Directors of Hull & Humber Chamber of Commerce Industry & Shipping, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hull & Humber Chamber of Commerce Industry & Shipping and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hull & Humber Chamber of Commerce Industry & Shipping has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hull & Humber Chamber of Commerce Industry & Shipping. You consider that Hull & Humber Chamber of Commerce Industry & Shipping is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hull & Humber Chamber of Commerce Industry & Shipping. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Botterill & Co
Chartered Certified Accountants
First Floor Offices
40 Norwood
Beverley
East Yorkshire
HU17 9EY

3 December 2024

 

Hull & Humber Chamber of Commerce Industry & Shipping

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

1,756,055

1,784,399

Cost of sales

 

(635,188)

(621,132)

Gross surplus

 

1,120,867

1,163,267

Administrative expenses

 

(1,018,993)

(967,119)

Operating surplus

3

101,874

196,148

Gain/(loss) on financial assets at fair value through profit and loss

 

117,639

(18,360)

Income from other fixed assets investments

 

19,312

14,957

Other interest receivable and similar income

4

1,488

622

Interest payable and similar expenses

5

(2)

(392)

   

138,437

(3,173)

Surplus before tax

 

240,311

192,975

Tax on profit

8

1

(21,265)

Surplus for the financial year

 

240,312

171,710

Profit/(loss) attributable to:

 

Owners of the company

 

240,312

171,710

 

Hull & Humber Chamber of Commerce Industry & Shipping

(Registration number: 00009604)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

9

(31,630)

(32,710)

Tangible assets

10

540,198

557,840

Other financial assets

1,069,282

943,575

 

1,577,850

1,468,705

Current assets

 

Debtors

11

3,591,862

4,150,972

Cash at bank and in hand

 

862,707

453,892

 

4,454,569

4,604,864

Creditors: Amounts falling due within one year

13

(396,873)

(599,201)

Net current assets

 

4,057,696

4,005,663

Net assets

 

5,635,546

5,474,368

Reserves

 

Revaluation reserve

402,324

402,324

Other reserves

3,265,013

3,344,147

Retained earnings

1,968,209

1,727,897

Attributable to owners of the company

 

5,635,546

5,474,368

Surplus

 

5,635,546

5,474,368

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

.........................................
Dr I S Kelly
Director

.........................................
Mr C K Akdemir
Director

 
     
 

Hull & Humber Chamber of Commerce Industry & Shipping

(Registration number: 00009604)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

5,271

9,890

Investments

102

102

 

5,373

9,992

Current assets

 

Debtors

11

513,422

511,629

Cash at bank and in hand

 

187,044

181,434

 

700,466

693,063

Creditors: Amounts falling due within one year

13

(149,947)

(188,653)

Net current assets

 

550,519

504,410

Net assets

 

555,892

514,402

Reserves

 

Retained earnings

555,892

514,402

Surplus

 

555,892

514,402

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

For the financial year ending 30 September 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.

Approved and authorised by the Board on 3 December 2024 and signed on its behalf by:
 

 

Hull & Humber Chamber of Commerce Industry & Shipping

(Registration number: 00009604)
Balance Sheet as at 30 September 2024

.........................................
Dr I S Kelly
Director

.........................................
Mr C K Akdemir
Director

 

Hull & Humber Chamber of Commerce Industry & Shipping

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Total equity
£

At 1 October 2023

402,324

3,344,147

1,727,897

5,474,368

5,474,368

Surplus for the year

-

-

240,312

240,312

240,312

Other comprehensive income

-

(79,134)

-

(79,134)

(79,134)

Total comprehensive income

-

(79,134)

240,312

161,178

161,178

At 30 September 2024

402,324

3,265,013

1,968,209

5,635,546

5,635,546

 

Hull & Humber Chamber of Commerce Industry & Shipping

Statement of Changes in Equity for the Year Ended 30 September 2024

Profit and loss account
£

Total
£

At 1 October 2023

514,402

514,402

Surplus for the year

41,490

41,490

Total comprehensive income

41,490

41,490

At 30 September 2024

555,892

555,892

Retained earnings
£

Total
£

At 1 October 2022

450,534

450,534

Surplus for the year

63,868

63,868

At 30 September 2023

514,402

514,402

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 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:
34 - 38 Beverley Road
Hull
East Yorkshire
HU3 1YE

These financial statements were authorised for issue by the Board on 3 December 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

2% on cost and 25% on cost

Plant and Machinery

25% reducing balance, 25% and 20% cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 2024

Share capital

The company is limited by guarantee and as such has no share capital.

The members of the company guarantee its indebtedness. This liability is limited to a nominal sum of £1 each. The directors may admit members in accordance with the Articles of Association.

Each member is entitled to one vote at a general meeting, irrespective of the guarantee that he or she may have made.

In the event of a winding up or dissolution of the company, the members are not entitled to a share of the assets or of any surplus arising.

3

Operating surplus

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,643

19,200

Amortisation expense

(12,365)

(12,365)

4

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

1,488

-

Other finance income

-

622

1,488

622

5

Interest payable and similar expenses

2024
£

2023
£

Foreign exchange gains

2

392

6

Staff costs

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 2024

2024
No.

2023
No.

Administration and support

9

9

Sales, marketing and distribution

3

3

Other departments

9

9

21

21

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

159,535

121,260

8

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(1)

21,265

9

Intangible assets

Group

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 2024

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

(43,508)

(43,508)

At 30 September 2024

(43,508)

(43,508)

Amortisation

At 1 October 2023

(10,798)

(10,798)

Amortisation charge

(1,080)

(1,080)

At 30 September 2024

(11,878)

(11,878)

Carrying amount

At 30 September 2024

(31,630)

(31,630)

At 30 September 2023

(32,710)

(32,710)

10

Tangible assets

Group

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

781,924

457,338

1,239,262

At 30 September 2024

781,924

457,338

1,239,262

Depreciation

At 1 October 2023

241,124

440,297

681,421

Charge for the year

5,700

11,943

17,643

At 30 September 2024

246,824

452,240

699,064

Carrying amount

At 30 September 2024

535,100

5,098

540,198

At 30 September 2023

540,799

17,041

557,840

Included within the net book value of land and buildings above is £535,100 (2023 - £540,800) in respect of freehold land and buildings and £Nil (2023 - £(1)) in respect of short leasehold land and buildings.
 

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 2024

Company

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

166,990

166,990

At 30 September 2024

166,990

166,990

Depreciation

At 1 October 2023

157,100

157,100

Charge for the year

4,619

4,619

At 30 September 2024

161,719

161,719

Carrying amount

At 30 September 2024

5,271

5,271

At 30 September 2023

9,890

9,890

11

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

3,535,789

4,053,425

128,153

92,347

Amounts owed by related parties

-

-

360,765

360,765

Other debtors

 

4,340

4,263

-

-

Prepayments

 

11,923

25,768

3,730

14,306

Accrued income

 

39,810

67,516

20,774

44,211

   

3,591,862

4,150,972

513,422

511,629

12

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

862,707

453,892

187,044

181,434

Bank overdrafts

(82)

(83)

-

-

Cash and cash equivalents in statement of cash flows

862,625

453,809

187,044

181,434

 

Hull & Humber Chamber of Commerce Industry & Shipping

Notes to the Financial Statements for the Year Ended 30 September 2024

13

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

82

83

-

-

Trade creditors

 

89,494

167,380

52,929

65,896

Amounts due to related parties

-

-

768

-

Social security and other taxes

 

50,022

45,231

33,986

28,611

Other payables

 

2,626

2,627

2,626

2,626

Accruals

 

237,249

333,929

59,633

91,515

Income tax liability

8

350

21,616

5

5

Deferred income

 

17,050

28,335

-

-

 

396,873

599,201

149,947

188,653