Gosport Masonic Hall Limited Filleted accounts for Companies House (small and micro)

GOSPORT MASONIC HALL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 238143

Gosport Masonic Hall Limited

Filleted Unaudited Financial Statements

31 March 2019

Gosport Masonic Hall Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		638,082	636,880

Current assets

Stocks		4,250	4,593
Debtors	6	1,119	1,220
Cash at bank and in hand		27,245	29,895
		--------	--------
		32,614	35,708

Creditors: amounts falling due within one year	7	48,663		50,870
		--------		--------
Net current liabilities			16,049	15,162
			---------	---------
Total assets less current liabilities			622,033	621,718

Creditors: amounts falling due after more than one year	8		105,134	114,000

Provisions

Taxation including deferred tax	75,000	75,000
	---------	---------
Net assets	441,899	432,718
	---------	---------

Capital and reserves

Called up share capital	121,745	121,745
Other reserves	3,734	3,734
Fair value reserve	300,000	300,000
Profit and loss account	16,420	7,239
	---------	---------
Shareholders funds	441,899	432,718
	---------	---------

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 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 statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 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 .

Gosport Masonic Hall Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 20 August 2019 , and are signed on behalf of the board by:

P Adams Esq
Director

Company registration number: 238143

Gosport Masonic Hall Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Masonic Hall, Clarence Road, Gosport, Hampshire, PO12 1BB.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

No significant judgements have been made by the director in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rents and the sale of goods and services to customers.

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 revaluation decrease exceeds the accumulated revaluation gains accumulated in 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 & Machinery	-	10% reducing balance
Fixtures & Fittings	-	10% reducing balance

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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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. Staff

The average number of persons employed by the company during the year amounted to 19 (2018: 26 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2018	621,463	7,809	69,845	699,117
Additions	–	–	3,048	3,048
	---------	-------	--------	---------
At 31 March 2019	621,463	7,809	72,893	702,165
	---------	-------	--------	---------
Depreciation
At 1 April 2018	–	6,823	55,414	62,237
Charge for the year	–	99	1,747	1,846
	---------	-------	--------	---------
At 31 March 2019	–	6,922	57,161	64,083
	---------	-------	--------	---------
Carrying amount
At 31 March 2019	621,463	887	15,732	638,082
	---------	-------	--------	---------
At 31 March 2018	621,463	986	14,431	636,880
	---------	-------	--------	---------

The company holds investment property with a cost price of £246,463 A formal revaluation was carried out on 16th August 2016 by Nicholas Buckle BSc (Hons) MRICS RICS Registered Valuer. The valuation will be reviewed annually by the directors.

6. Debtors

	2019	2018
	£	£
Other debtors	1,119	1,220
	-------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	15,000	15,000
Trade creditors	5,217	4,762
Social security and other taxes	2,001	1,520
Other creditors	26,445	29,588
	--------	--------
	48,663	50,870
	--------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	105,134	114,000
	---------	---------

The sum of £103,634 (2018: £112,500) reflected within creditors due after 1 year is secured by the company by way of bank loan.