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COMPANY REGISTRATION NUMBER: 03468194
Eastern Landlords Association
Company Limited by Guarantee
Unaudited financial statements
31 December 2024
Eastern Landlords Association
Company Limited by Guarantee
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
6
10,256
15,384
Tangible assets
7
378,403
378,780
---------
---------
388,659
394,164
Current assets
Debtors
8
51,817
41,168
Cash at bank and in hand
299,875
265,379
---------
---------
351,692
306,547
Creditors: Amounts falling due within one year
9
( 9,173)
( 15,303)
---------
---------
Net current assets
342,519
291,244
---------
---------
Total assets less current liabilities
731,178
685,408
Provisions
Taxation including deferred tax
( 19,706)
( 19,777)
Accruals and deferred income
( 72,027)
( 32,152)
---------
---------
Net assets
639,445
633,479
---------
---------
Capital and reserves
Revaluation reserve
95,914
95,914
Other reserves
28,000
28,000
Profit and loss account
515,531
509,565
---------
---------
Members funds
639,445
633,479
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Eastern Landlords Association
Company Limited by Guarantee
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
P C Bussey
Director
Company registration number: 03468194
Eastern Landlords Association
Company Limited by Guarantee
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 1 Sprowston Road, Norwich, NR3 4QL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises member's annual subscriptions, joining fees, ticket sales for the annual dinner, sale of draft tenancy agreements, printing and stationery, insurance and mortgage commission and advertising.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
App Development
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated on equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Office equipment
-
25% reducing balance
The directors are of the opinion that no depreciation should be charged on the freehold property on the basis that the company keeps it in a good state of repair such that a depreciation charge to reflect dilapidations would not be material. This is not in accordance with Financial Reporting Standards, however the departure is required in order to give a true and fair view. Any material change in value of the property would be reflected in periodic revaluations or impairments.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The company is limited by guarantee and does not have a share capital. The members have guaranteed that in the event of the company being wound up during their membership or one year thereafter, each would contribute to the assets of the company a sum not exceeding £10.
5. Employee numbers
The average number of employees during the year was 10 (2023: 12 ).
6. Intangible assets
App development
£
Cost
At 1 January 2024 and 31 December 2024
15,384
-------
Amortisation
Charge for the year
5,128
-------
At 31 December 2024
5,128
-------
Carrying amount
At 31 December 2024
10,256
-------
At 31 December 2023
15,384
-------
7. Tangible assets
Land and buildings
Plant and machinery
Equipment
Investment property
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
100,298
6,000
8,436
275,000
389,734
Additions
686
704
1,390
---------
------
------
---------
---------
At 31 December 2024
100,984
6,000
9,140
275,000
391,124
---------
------
------
---------
---------
Depreciation
At 1 January 2024
5,000
5,954
10,954
Charge for the year
1,000
767
1,767
---------
------
------
---------
---------
At 31 December 2024
6,000
6,721
12,721
---------
------
------
---------
---------
Carrying amount
At 31 December 2024
100,984
2,419
275,000
378,403
---------
------
------
---------
---------
At 31 December 2023
100,298
1,000
2,482
275,000
378,780
---------
------
------
---------
---------
At the year end the investment property has been revalued by the directors to its current market value .
8. Debtors
2024
2023
£
£
Trade debtors
40,335
19,563
Other debtors
11,482
21,605
-------
-------
51,817
41,168
-------
-------
9. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
263
889
Social security and other taxes
8,583
13,559
Other creditors
327
855
------
-------
9,173
15,303
------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
192
768
Later than 1 year and not later than 5 years
192
----
----
192
960
----
----