THE ITCHEN COMPANY LIMITED

Company Registration Number:
03231966 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

THE ITCHEN COMPANY LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

THE ITCHEN COMPANY LIMITED

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

The company manages The Itchen Sports and Performing Arts Centre, a facility which provides sports, retail and leisure services to Itchen College and the local community.



Directors

The directors shown below have held office during the whole of the period from
1 August 2023 to 31 July 2024

Robert Parke
Alex Scott


Secretary Susan Carter

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
5 December 2024

And signed on behalf of the board by:
Name: Susan Carter
Status: Secretary

THE ITCHEN COMPANY LIMITED

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 426,107 407,913
Cost of sales: ( 162,243 ) ( 155,639 )
Gross profit(or loss): 263,864 252,274
Administrative expenses: ( 247,845 ) ( 240,468 )
Operating profit(or loss): 16,019 11,806
Profit(or loss) before tax: 16,019 11,806
Profit(or loss) for the financial year: 16,019 11,806

THE ITCHEN COMPANY LIMITED

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 576,952 617,248
Total fixed assets: 576,952 617,248
Current assets
Stocks: 4 9,940 3,237
Debtors: 5 13,370 6,605
Cash at bank and in hand: 35,506 161,152
Total current assets: 58,816 170,994
Creditors: amounts falling due within one year: 6 ( 52,472 ) ( 26,797 )
Net current assets (liabilities): 6,344 144,197
Total assets less current liabilities: 583,296 761,445
Creditors: amounts falling due after more than one year: 7 ( 661,844 ) ( 856,012 )
Total net assets (liabilities): (78,548) (94,567)
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: (79,548 ) (95,567 )
Total Shareholders' funds: ( 78,548 ) (94,567)

The notes form part of these financial statements

THE ITCHEN COMPANY LIMITED

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

This report was approved by the board of directors on 5 December 2024
and signed on behalf of the board by:

Name: Alex Scott
Status: Director

The notes form part of these financial statements

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Turnover represents the value of sales to outside parties net of Value Added Tax.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost, net of depreciation and any impairment losses. a.Buildings Freehold buildings are depreciated over their expected useful economic life to the company of 50 years. The Company has a policy of depreciating major adaptations to buildings over the period of their useful economic life. Minor adaptations to the buildings are designated minor works and are depreciated over 15 years. Where buildings are acquired with the aid of specific grants they are capitalised and depreciated as above. The related grants are credited to a deferred capital grant account and are released to the income statement over the expected useful economic life of the related asset on a basis consistent with the depreciation policy. b.Equipment Equipment costing less than £5000 per individual item is written off to the income statement in the period of acquisition. All other equipment is capitalised at cost. All equipment is depreciated on a straight line basis over its remaining useful economic life to the company, as follows: Computers 20% Sports equipment 20% Administrative equipment 20% Furniture 20% Where equipment is acquired with the aid of specific grants it is capitalised and depreciated in accordance with the above policy, with the related grant being credited to a deferred capital grant account and released to the profit and loss account over the expected useful economic life of the related equipment.

    Other accounting policies

    Stocks Stocks are valued at the lower of cost and net realisable value. Pension Schemes Employees of the company are also employed by the Parent Undertaking, Itchen College. They participate in the Local Government Pension Scheme through Itchen College which is a defined benefit scheme. The employees share of the pension schemeforthe college cannot be determined and therefore the pension contributions are accounted for on an accruals basis. Deferred Taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by the balance sheet date with certain limited exceptions. Deferred tax is calculated on an undiscounted basis at the tax rates that were expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less . 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 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 trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. 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. Equity instruments Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Related Party Transactions The Company recharged costs to its subsidiary of £136,636. At the year-end £nil was outstanding in relation to these costs.

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 25 27

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 1,140,052 142,008 1,282,060
Additions
Disposals
Revaluations
Transfers
At 31 July 2024 1,140,052 142,008 1,282,060
Depreciation
At 1 August 2023 594,979 69,833 664,812
Charge for year 22,801 17,495 40,296
On disposals
Other adjustments
At 31 July 2024 617,780 87,328 705,108
Net book value
At 31 July 2024 522,272 54,680 576,952
At 31 July 2023 545,073 72,175 617,248

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Stocks

2024 2023
£ £
Stocks 9,940 3,237
Total 9,940 3,237

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Debtors

2024 2023
£ £
Trade debtors 7,875 2,320
Prepayments and accrued income 5,494 4,284
Other debtors 1 1
Total 13,370 6,605

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 5,416 5,471
Taxation and social security 2,817 2,486
Accruals and deferred income 13,810 13,810
Other creditors 30,429 5,030
Total 52,472 26,797

THE ITCHEN COMPANY LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Other creditors 661,844 856,012
Total 661,844 856,012