Company Registration No. 00952071 (England and Wales)
Charity Registration No. 500464
THE ABBEYFIELD BERWICK SOCIETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE ABBEYFIELD BERWICK SOCIETY LIMITED
COMPANY INFORMATION
Directors
Mrs E.M.A. Hardie
Mrs D. Higham
Mr S.A.F. Faed (Chairman)
Mr M. Pentecost
Dr C. Love
Secretary
Mr M. Pentecost
Company number
00952071
Charity number
500464
Registered office
4 Bankhill
Berwick upon Tweed
TD15 1BE
Accountants
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Barclay Bank Plc.
22/24 Hide Hill
Berwick upon Tweed
TD15 1AF
Solicitors
T C Smith Solicitors LLP
9 Church Street
Berwick upon Tweed
Northumberland
TD15 1EF
THE ABBEYFIELD BERWICK SOCIETY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THE ABBEYFIELD BERWICK SOCIETY LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
295,128
Investments
6
422,937
718,065
Current assets
Debtors
7
3,614
Cash at bank and in hand
73,236
76,850
Creditors: amounts falling due within one year
8
-
(3,683)
Net current assets
73,167
Total assets less current liabilities
791,232
Government grants
(82,583)
Net assets
708,649
Reserves
Income and expenditure account
11
-
708,649
Total members' funds
-
708,649
For the financial year ended 30 September 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 26 June 2025 and are signed on its behalf by:
Mrs E.M.A. Hardie
Mr S.A.F. Faed (Chairman)
Director
Director
Company registration number 00952071 (England and Wales)
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
The Abbeyfield Berwick Society Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Bankhill, Berwick upon Tweed, TD15 1BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with applicable law and UK accounting standards (United Kingdom Generally Accepted Accounting Practice) which includes FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, the Housing and Regeneration Act 2008, the Charities Act 2011 and the Statement of Recommended Practice (SORP) for Registered Social Housing Providers 2014, "Accounting by Registered Social Housing Providers" 2014. 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 Society has taken advantage of the disclosure exemptions available under FRS 102 and accordingly has not prepared a cash flow statement.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
All of the assets and liabilities as well as the activities of the society were transferred to Abbeyfield Northumbria on 1 October 2023.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Social housing grants towards capital costs of the property are taken to deferred income and held there until the property or part thereof is sold. The grants are then released to income.
Expenses include VAT where applicable as the company cannot reclaim it.
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:
Housing property
Not depreciated
Fixtures, fittings & equipment
15% 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.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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.
1.6
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.
1.7
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.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The society has charitable status and is exempt from Corporation Tax on income it receives.
The society is not registered for VAT. Accordingly no VAT is charged to residents, and expenditure in the income and expenditure account includes the relevant VAT.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.10
Expenses are allocated to management expenses, repair and maintenance costs and services costs on the basis of proportion of time or other relevant factors attributable to those activities.
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.
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Income/Service charges
2024
2023
£
£
Class of business
Residential charges receivable
-
156,646
Losses arising from vacancies
-
(18,011)
Donations
-
928
139,563
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in England and Wales.
4
Employees
The average monthly number of persons employed by the company during the year was 0 (2023: 9). No directors were employed during the year (2023: None).
5
Tangible fixed assets
Housing property
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 October 2023
286,680
43,455
330,135
Disposals
(286,680)
(43,455)
(330,135)
At 30 September 2024
Depreciation and impairment
At 1 October 2023
35,007
35,007
Eliminated in respect of disposals
(35,007)
(35,007)
At 30 September 2024
Carrying amount
At 30 September 2024
At 30 September 2023
286,680
8,448
295,128
All assets were transferred to Abbeyfield Northumbria on 1 October 2023.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
422,937
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Fixed asset investments
(Continued)
- 6 -
Fixed asset investments revalued
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
422,937
Disposals
(422,937)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 30 September 2023
422,937
All assets were transferred to Abbeyfield Northumbria on 1 October 2023.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
707
Loan to Abbeyfield Society
1,000
Other debtors
1,907
3,614
The loan to the Abbeyfield Society is undated and interest free.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,683
Other creditors
1,000
3,683
9
Accommodation units
The Society had the following bed spaces available for occupation:
2024
2023
Registered residential care
-
8
THE ABBEYFIELD BERWICK SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Accommodation units
(Continued)
- 7 -
10
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 £1.
11
Income and expenditure account
2024
2023
£
£
At the beginning of the year
708,649
667,099
Transfer of home to Abbeyfield Newcastle
(708,649)
-
Adjusted balance
-
667,099
Surplus for the year
-
41,550
At the end of the year
-
708,649
The income and expenditure account is an unrestricted revenue reserve.