Company Registration No. 05195305 (England and Wales)
HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
33 Boston Road South
Holbeach
Spalding
Lincolnshire
PE12 7LR
HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
CONTENTS
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 5
HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,509
17,800
Current assets
Cash at bank and in hand
25,578
24,058
Creditors: amounts falling due within one year
5
(648)
(612)
Net current assets
24,930
23,446
Net assets
45,439
41,246
Reserves
Income and expenditure account
45,439
41,246
Members' funds
45,439
41,246

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

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

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 2 May 2025 and are signed on its behalf by:
Mr N Worth
Mr F Marsden
Director
Director
Company registration number 05195305 (England and Wales)
HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

Holbeach St Marks Community Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 33 Boston Road South, Holbeach, Spalding, Lincolnshire, PE12 7LR.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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 reclaim it.

1.3
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:

Gym equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Office equipment
25% reducing balance

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
HOLBEACH ST MARKS COMMUNITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Tangible fixed assets
Gym equipment
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 September 2023
49,565
33,760
1,267
84,592
Additions
8,697
-
0
-
0
8,697
At 31 August 2024
58,262
33,760
1,267
93,289
Depreciation and impairment
At 1 September 2023
44,985
20,994
813
66,792
Depreciation charged in the year
3,321
2,553
114
5,988
At 31 August 2024
48,306
23,547
927
72,780
Carrying amount
At 31 August 2024
9,956
10,213
340
20,509
At 31 August 2023
4,580
12,766
454
17,800
5
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
648
612
2024-08-312023-09-01falsefalsefalse02 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr Nick WorthMr F Marsden051953052023-09-012024-08-31051953052024-08-31051953052023-08-3105195305core:PlantMachinery2024-08-3105195305core:FurnitureFittings2024-08-3105195305core:ComputerEquipment2024-08-3105195305core:PlantMachinery2023-08-3105195305core:FurnitureFittings2023-08-3105195305core:ComputerEquipment2023-08-3105195305core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3105195305core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3105195305core:RetainedEarningsAccumulatedLosses2024-08-3105195305core:RetainedEarningsAccumulatedLosses2023-08-3105195305bus:Director12023-09-012024-08-3105195305bus:Director22023-09-012024-08-3105195305core:PlantMachinery2023-09-012024-08-3105195305core:FurnitureFittings2023-09-012024-08-3105195305core:ComputerEquipment2023-09-012024-08-31051953052022-09-012023-08-3105195305core:PlantMachinery2023-08-3105195305core:FurnitureFittings2023-08-3105195305core:ComputerEquipment2023-08-31051953052023-08-3105195305core:CurrentFinancialInstruments2024-08-3105195305core:CurrentFinancialInstruments2023-08-3105195305bus:CompanyLimitedByGuarantee2023-09-012024-08-3105195305bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3105195305bus:FRS1022023-09-012024-08-3105195305bus:AuditExemptWithAccountantsReport2023-09-012024-08-3105195305bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP