Stamford Corn Exchange Company Limited - Accounts to registrar (filleted) - small 22.3
Stamford Corn Exchange Company Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| STAMFORD CORN EXCHANGE COMPANY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Company Information | 1 |
| Profit and loss account | 2 |
| Balance Sheet | 3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5 | to | 7 |
| STAMFORD CORN EXCHANGE COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 14 All Saints Street |
| Stamford |
| Lincolnshire |
| PE9 2PA |
| SOLICITORS: |
| (incorporating Kelham & Sons) |
| 9 Broad Street |
| Stamford |
| Lincolnshire |
| PE9 1PY |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2022 | 2021 |
| £ | £ |
| TURNOVER |
| Administrative expenses |
| OPERATING PROFIT |
| Interest receivable and similar income |
| PROFIT BEFORE TAXATION |
| Tax on profit |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| BALANCE SHEET |
| 31 MARCH 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 6 |
| Revaluation reserve | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2020 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 March 2021 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 March 2022 |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | STATUTORY INFORMATION |
| Stamford Corn Exchange Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is net rent receivable. The property owned by the company is currently let on a lease as detailed in note 8 to the financial statements. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2021 |
| and 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 4. | INVESTMENT PROPERTY - continued |
| Fair value at 31 March 2022 is represented by: |
| £ |
| Valuation in 2008 | 30,000 |
| Valuation in 2012 | 15,000 |
| Valuation in 2017 | 25,000 |
| 70,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2022 | 2021 |
| £ | £ |
| Cost | 5,582 | 5,582 |
| Investment Property was valued on an open market basis on 19 June 2017 by Richardson Chartered Surveyors . |
| In the opinion of the directors the market value of the investment property at 31 March 2022 was not materially different to the valuation on 19 June 2017. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Other taxes and social security costs |
| Unpaid dividends | 832 | 832 |
| Other creditors |
| Accruals and deferred income |
| 6. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary | £1 | 5,595 | 5,595 |
| 7. | RESERVES |
| Revaluation reserve |
| £ |
| Balance at 1 April 2021 | 55,838 |
| Deferred tax | (4,020 | ) |
| Balance at 31 March 2022 | 51,818 |
| The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with identification of profits available for distribution. |
| STAMFORD CORN EXCHANGE COMPANY LIMITED (REGISTERED NUMBER: 00209404) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 8. | LEASE OF INVESTMENT PROPERTY |
| A director of Stamford Corn Exchange Company Limited was also Trustees of the Corn Exchange Theatre Company which is a registered charity. |
| On 9 May 2003 the company entered into a tenant repairing lease with the Corn Exchange Theatre Company, a registered charity, letting to it the property known as the Corn Exchange, Broad Street, Stamford, Lincolnshire. This is the investment property owned by the company as shown in note 4. |
| The lease commenced on 8 January 2003 and is for an initial period of forty years. There is an option to renew the lease for a further period of forty years. The lease provided for an initial five year rent free period followed by an annual rental of £12,000 with five year reviews. Following the rent free period the board of directors decided that for the next five years they would waive rent of £11,999 per annum and charge a nominal rent of only £1 per annum. In December 2013 the board of directors agreed to extend the rent charge of £1 per annum for a further year to 8 January 2014. In December 2013 the directors also agreed that following this period the rent would remain at £12,000 per annum as shown in the lease but that £10,000 per annum would be waived for the next four years up to the date when the next rent review becomes due on 8 January 2018. In December 2017 the directors agreed that the rent be increased to £15,000 per annum from 8 January 2018 with £12,500 being excused for the first year. It was further agreed that the amount to be excused would be reviewed annually. The next rent review is due on 8 January 2023. |