Company Registration No. 01002384 (England and Wales)
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
193,278
112,491
Current assets
Debtors
4
4,137
2,168
Cash at bank and in hand
308,290
389,290
312,427
391,458
Creditors: amounts falling due within one year
5
(4,161)
(3,010)
Net current assets
308,266
388,448
Net assets
501,544
500,939
Reserves
Income and expenditure account
501,544
500,939
Members' funds
501,544
500,939
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
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 5 October 2022 and are signed on its behalf by:
Mr P J Beech
Mr C M Munton
Director
Director
Company Registration No. 01002384
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Essex Provincial Grand Lodge (Building Fund) Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
2 Station Court, Station Approach, Wickford, Essex, United Kingdom, SS11 7AT.
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 a
mounts
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.
1.2
Going concern
The directors, having reviewed the company’s financial standing for the foreseeable future, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.
true
The company continues to hold first legal charges over all the buildings whereby the loan is in excess of £10,000, and will continue to asses all future applications on a case by case basis.
1.3
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.
1.4
Fixed asset investments
Investments comprise investments in unquoted equity instruments and loans to Masonic Halls which are measured at amortised cost.
Loans are secured by way of a legal charge over the property to which they relate.
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.
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
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
paymen
ts 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. A
m
ounts 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The only employees of the company are the directors.
No emoluments have been paid to any director during the year or the preceding year.
3
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1,200
1,200
Loans
192,078
111,291
193,278
112,491
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2021
1,200
111,291
112,491
Valuation changes
-
80,787
80,787
At 31 March 2022
1,200
192,078
193,278
Carrying amount
At 31 March 2022
1,200
192,078
193,278
At 31 March 2021
1,200
111,291
112,491
Other investments
Other investments constitute loans to Masonic Halls. Of the loans outstanding of £
192,078
(202
1
: £1
11
,
291
), £
168
,
607
(202
1
: £
99,624
) falls due for payment after more than one year.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
4,137
2,168
5
Creditors: amounts falling due within one year
2022
2021
£
£
Corporation tax
881
600
Other creditors
3,280
2,410
4,161
3,010
6
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.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
ESSEX PROVINCIAL GRAND LODGE (BUILDING FUND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7
Audit report information
(Continued)
- 5 -
The senior statutory auditor was Mark Norton and the auditor was Azets Audit Services.