Sandgate Heritage Trust Limited 31/03/2022 iXBRL

Sandgate Heritage Trust Limited 31/03/2022 iXBRL

SANDGATE HERITAGE TRUST LIMITED - Company Information

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Company registration number: 01645228
Sandgate Heritage Trust Limited
Company limited by guarantee
Unaudited filleted financial statements
31 March 2022
Sandgate Heritage Trust Limited
Company limited by guarantee
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sandgate Heritage Trust Limited
Company limited by guarantee
Directors and other information
Directors Ms M Chalk
Mr P R Savage
Mr K B Gorrie (Retired 31 January 2022)
Company number 01645228
Registered office 134 High Street
Hythe
Kent
CT21 5LB
Accountants PG Lemon LLP
134 High Street
Hythe
Kent
CT21 5LB
Bankers National Westminster Bank Plc
20 High Street
Ashford
Kent
TN24 8SH
Sandgate Heritage Trust Limited
Company limited by guarantee
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 20,259 20,263
_______ _______
20,259 20,263
Current assets
Cash at bank and in hand 45,117 36,317
_______ _______
45,117 36,317
Creditors: amounts falling due
within one year 7 ( 576) ( 576)
_______ _______
Net current assets 44,541 35,741
_______ _______
Total assets less current liabilities 64,800 56,004
_______ _______
Net assets 64,800 56,004
_______ _______
Capital and reserves
Profit and loss account 64,800 56,004
_______ _______
Members funds 64,800 56,004
_______ _______
For the year ending 31 March 2022 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.
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 Section 1A of 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 August 2022 , and are signed on behalf of the board by:
Ms M Chalk
Director
Company registration number: 01645228
Sandgate Heritage Trust Limited
Company limited by guarantee
Statement of changes in equity
Year ended 31 March 2022
Profit and loss account Total
£ £
At 1 April 2020 35,912 35,912
Profit for the year 20,092 20,092
_______ _______
Total comprehensive income for the year 20,092 20,092
_______ _______
At 31 March 2021 and 1 April 2021 56,004 56,004
Profit for the year 8,796 8,796
_______ _______
Total comprehensive income for the year 8,796 8,796
_______ _______
At 31 March 2022 64,800 64,800
_______ _______
Sandgate Heritage Trust Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by guarantee, registered in United Kingdom. The address of the registered office is 134 High Street, Hythe, Kent, CT21 5LB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - not depreciated
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only has basic financial instruments.
4. Limited by guarantee
This company is limited by a guarantee. In the event of the company being wound up during his or her membership or within one year thereafter.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2021 and 31 March 2022 20,259 1,152 21,411
_______ _______ _______
Depreciation
At 1 April 2021 - 1,148 1,148
Charge for the year - 4 4
_______ _______ _______
At 31 March 2022 - 1,152 1,152
_______ _______ _______
Carrying amount
At 31 March 2022 20,259 - 20,259
_______ _______ _______
At 31 March 2021 20,259 4 20,263
_______ _______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Other creditors 576 576
_______ _______