Company registration number 05754180 (England and Wales)
LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
L Bloomfield
C E Shore
G Lindsay
J Cramphorn
Secretary
N Dixon
Company number
05754180
Registered office
c/o North Lancs Training Group
Bradshawgate House
Oak Street
Accrington
Lancashire
BB5 1EQ
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
909
1,021
Current assets
Debtors
4
32,233
22,446
Cash at bank and in hand
342,545
338,942
374,778
361,388
Creditors: amounts falling due within one year
5
(5,992)
(6,599)
Net current assets
368,786
354,789
Net assets
369,695
355,810
Reserves
Income and expenditure account
369,695
355,810
Total members' funds
369,695
355,810

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 December 2024 and are signed on its behalf by:
L Bloomfield
Director
Company registration number 05754180 (England and Wales)
LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Lancashire Work Based Executive Forum is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o North Lancs Training Group, Bradshawgate House, Oak Street, Accrington, Lancashire, BB5 1EQ.

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
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot recover VAT suffered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33% or 50% or 100% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Cash at bank and in hand

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.

1.6
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.

LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities are recognised at transaction price.

1.7
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

 

Taxation is only provided on investment income from interest received on bank deposits.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
9,236
Additions
872
At 31 July 2024
10,108
Depreciation and impairment
At 1 August 2023
8,215
Depreciation charged in the year
984
At 31 July 2024
9,199
Carrying amount
At 31 July 2024
909
At 31 July 2023
1,021
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,711
4,622
Prepayments and accrued income
28,522
17,824
32,233
22,446

Prepayments and accrued income includes £27,125 (2023: £16,375) in respect of accrued income on contracts spanning the company year end.

 

5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,735
703
Other taxation and social security
1,263
1,567
Accruals and deferred income
1,994
4,329
5,992
6,599
6
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 £10.

LANCASHIRE WORK BASED EXECUTIVE FORUM
LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
7
Related party transactions

The company operates from part of a property owned by a member of the company. No rent has been charged in respect of this office space in either the current or the comparative year.

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