Lancaster & Morecambe Chamber Of Commerce

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Lancaster & Morecambe Chamber Of Commerce is a private company, limited by guarantee, incorporated in England & Wales, registered number 00053741 . The registered office is c/o Lancaster And Morecambe College, Morecambe Road, Lancaster, Lancashire, LA1 2TY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Income is deferred over the period to which it relates.

Membership income is now deferred and recognised over the period to which it relates, reflecting the performance obligations under the subscription. This represents a change from previous practice and has been applied in the current year.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	25% reducing balance
Computer Equipment	3 years straight line

2.5. 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.

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. 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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Page 2

Page 3

Lancaster & Morecambe Chamber Of Commerce

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

The company has obtained exemption from the Revenue Commissioners in respect of corporation tax in respect of the main trade as the objective of the company is not to generate profits. However investment income including rental income from investment properties, commission income and interest received is chargeable to corporation tax and is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the liability is realised. Deferred tax is charges or credited in the profit and loss account, except when it relates to items charged or credited to equity, in which case the deferred tax is also dealt with in equity.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the Income and Expenditure Account as they become payable in accordance with the rules of the scheme.

2.8. Government Grant

Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.

All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees during the year was: 4 (2024: 5)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	2,850	4,697	7,547
Additions	-	316	316

As at 31 March 2025	2,850	5,013	7,863

Depreciation
As at 1 April 2024	2,283	4,045	6,328
Provided during the period	141	563	704

As at 31 March 2025	2,424	4,608	7,032

Net Book Value
As at 31 March 2025	426	405	831

As at 1 April 2024	567	652	1,219

Page 3

Page 4

Lancaster & Morecambe Chamber Of Commerce

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	25,540	61,174
Other debtors	4,261	2,265

	29,801	63,439

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,895	1,427
Other creditors	75,777	23,754
Taxation and social security	15,323	21,717

	92,995	46,898

7. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

8. Ultimate Controlling Party

There is no ultimate controlling party in either the current or previous year.

9. Membership Income Recognition

In the current year, the Chamber revised its accounting treatment for membership income to more accurately match income to the period it relates to. Historically, membership subscriptions were not fully deferred, which resulted in income being recognised earlier than appropriate. This change has led to a significant reduction in reported revenue for the year and a resulting increase to the deficit. This is a timing adjustment only and does not reflect a deterioration in the Chamber’s underlying financial position.

Page 4

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		831		1,219

			831		1,219
CURRENT ASSETS
Debtors	5	29,801		63,439
Cash at bank and in hand		288,248		296,688

		318,049		360,127
Creditors: Amounts Falling Due Within One Year	6	(92,995 )		(46,898 )

NET CURRENT ASSETS (LIABILITIES)			225,054		313,229

TOTAL ASSETS LESS CURRENT LIABILITIES			225,885		314,448

NET ASSETS			225,885		314,448

Income and Expenditure Account			225,885		314,448

MEMBERS' FUNDS			225,885		314,448

Mr C Gardner (President) Director	Mr D Park Director
24/06/2025