The Ridings Merchants' Association - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02060517 (England and Wales)

The Ridings Merchants' Association

Limited

Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms J Williams

Mrs L Thompson

Miss A J Henson

Mr L A Appleton

Mrs C A Webster

Miss G A Kelly

REGISTERED OFFICE:

Centre Managers Office

The Ridings Shopping Centre

Wakefield

West Yorkshire

WF1 1DS

REGISTERED NUMBER:

02060517 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

CURRENT ASSETS

Debtors

4

38,609

42,496

Cash at bank and in hand

9,815

3,454

48,424

45,950

CREDITORS

Amounts falling due within one year

5

18,849

1,744

NET CURRENT ASSETS

29,575

44,206

TOTAL ASSETS LESS CURRENT LIABILITIES

29,575

44,206

RESERVES

Retained earnings

29,575

44,206

29,575

44,206

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2021 and were signed on its behalf by:

Mr L A Appleton - Director

1.	STATUTORY INFORMATION

The Ridings Merchants' Association Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern - Coronavirus Pandemic

The directors have considered the risks and uncertainties arising from the coronavirus pandemic which began to take effect on a global scale from February 2020 onwards. The initial national lockdown led to a temporary closure of a large number of retailers within the Ridings Shopping Centre. As the lockdown restrictions were lifted, more tenants have been permitted to reopen however, overall, the Centre has operated at a lower occupancy level.

The lockdown has also restricted the marketing activities the company has been able to undertake and together with the reduced occupancy levels the directors expect to see a reduced level of tenant funding for 2021.

Having taken account of the impact of the coronavirus pandemic as well as the trading expectations for the remainder of 2020 and into 2021 the directors are in the process of undertaking a strategic review of the future objectives of the company.

Whilst the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability, the directors believe that the company should be able to operate within the level of its financial facilities. Accordingly, the directors 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 these financial statements.

Turnover

Turnover represents income from members subscriptions, excluding discounts, rebates, value added tax and other sales taxes.

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 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

20,261

26,705

VAT

18,282

15,653

Prepayments and accrued income

66

138

38,609

42,496

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

7,983

-

Other creditors

8,366

-

Accruals and deferred income

2,500

1,744

18,849

1,744

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DCha (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

7.	COMPANY LIMITED BY GUARANTEE

The company does not have any share capital and is limited by guarantee.