Year Ended
Registration number:
Somerset Chamber of Commerce and Industry Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Somerset Chamber of Commerce and Industry Limited
Company Information
Chief executive |
Mr S Henagulph |
Directors |
Miss H Lacey - Chair Mr N Farrant Mr G D Crosbie Mr D Woan Mrs E M A Adfield Mr M J Ruddle Ms E A Ginbey Mrs E K Warren Mr J G Timbrell |
Registered office |
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Accountants |
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Somerset Chamber of Commerce and Industry Limited
Balance Sheet
31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Deferred income |
118,334 |
99,671 |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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Somerset Chamber of Commerce and Industry Limited
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 03025625
Somerset Chamber of Commerce and Industry Limited
Notes to the Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
Immediately prior to the end of the financial year, the activities of the company, in common with many elements of the UK economy, were significantly impacted by the spread of the Coronavirus pandemic and the UK-wide “lockdown”. Notwithstanding the impact of the pandemic, the directors are satisfied that the going concern basis of preparation remains appropriate having made all necessary enquiries and taken the following, in particular, into consideration:
o The year to 31 March 2020 itself saw both improved profitability and improved balance sheet position with a profit of £25,915 for the year (2019: loss of £9,039). Were it not for the pandemic the directors were anticipating further financial growth in the year to 31 March 2021.
o The directors have given consideration as to the forecasted financial position of the company throughout a period of no less than 12 months from the date of approval of these financial statements.
o Subsequent to the year end the company has benefited from the government and other support measures such as the Coronavirus Job Retention Scheme where appropriate.
o Member and Patronage retentions remain at acceptable levels. In response to the restrictions placed upon business networking and other member events, the operations of the company have been remodelled to provide a full programme of events virtually and these are being delivered subsequent to the year end. This remodelling, and the wider impacts of the virus, has caused a significant restructuring of the company operations – this remodelling has been successfully delivered and thus the financial stability of the company has been secured.
Somerset Chamber of Commerce and Industry Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Revenue recognition
Turnover represents subscriptions from members, government funding and earnings from Chamber
projects and activities, excluding value added tax. Subscriptions from members are accounted for on an accruals basis and the element of subscriptions relating to the period after the year end is carried
forward in accruals and deferred income. All other revenue is recognised when the work is carried out and the event has taken place.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, as follows:
Asset class |
Depreciation method and rate |
Equipment |
25% Straight line |
Leasehold improvements |
10% Straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
20% Straight line |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Somerset Chamber of Commerce and Industry Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Somerset Chamber of Commerce and Industry Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Intangible assets |
Website costs |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Amortisation |
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At 1 April 2019 |
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Amortisation charge |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Tangible assets |
Leasehold Improvements |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
- |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Somerset Chamber of Commerce and Industry Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Accruals |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £