MARCHES__CENTRE_FOR_COMMU - Accounts
MARCHES__CENTRE_FOR_COMMU - Accounts
Marches Centre for Community Led Housing Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Garden House, Queen Elizabeth Drive, Pershore, Worcs., WR10 1PZ.
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 £.
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.
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.
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, 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 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.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
The average monthly number of persons (excluding directors) employed by the company during the Period was:
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.
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.
The income of the company is derived from grant funding from the Community Led Homes Enabler Hub Programme. The surplus for the year represents unspent funding at the reporting date due to delays in establishing the programme. The funding will be utilised in the net financial year. Under the terms of the funding agreement, any funding remaining unspent is to be returned to the grant provider at the completion of the project. At 31 March 2020 reporting date there is a contingent liability of £48,656 being the unspent grant funding at that date.
Advantage is taken of the provisions of FRS 102 not to report transactions with group members on the basis that the results of this entity are reported in the consolidated financial statements of the parent.
The company is a subsidiary undertaking of Welcome To Our Future (Local Agenda 21), the sole member. Welcome To Our Future (Local Agenda 21) is the ultimate controlling party,and is a charitable company limited by guarantee, incorporated in England & Wales. Consolidated accounts may be obtained from the Company Secretary, The Garden House, Queen Elizabeth Drive, Pershore, Worcestershire, WR10 1PZ.