Ilkeston Masonic Hall Association Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00498554 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Ilkeston Masonic Hall Association

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N R Bacon

T J Bailey

R W Oxley

M F Roe

G K Edwards

C Hill

SECRETARY:

R W Oxley

REGISTERED OFFICE:

The Old Estate Yard

Flake Lane

Stanton by Dale

Derbyshire

DE7 4QD

REGISTERED NUMBER:

00498554 (England and Wales)

ACCOUNTANTS:

Mabe Allen LLP

Chartered Accountants

The Old Manse

29 St. Mary Street

Ilkeston

Derbyshire

DE7 8AB

BANKERS:

Barclays Bank Plc

105 Bath Street

Ilkeston

Derbyshire

DE7 8AP

FIXED ASSETS

Tangible assets

4

249,044

253,704

CURRENT ASSETS

Debtors

5

11,348

8,310

Cash at bank

21,344

10,934

32,692

19,244

CREDITORS

Amounts falling due within one year

6

4,987

5,269

NET CURRENT ASSETS

27,705

13,975

TOTAL ASSETS LESS CURRENT LIABILITIES

276,749

267,679

PROVISIONS FOR LIABILITIES

1,338

1,404

NET ASSETS

275,411

266,275

RESERVES

Revaluation reserve

7

101,166

102,632

Retained earnings

174,245

163,643

275,411

266,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

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 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2021 and were signed on its behalf by:

R W Oxley - Director

M F Roe - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

The company is not a member of a group and the information contained within these accounts therefore refers only to the company.

The company's place of business is Ilkeston Masonic Hall High Street Ilkeston Derbyshire DE7 5JA.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of freehold land and buildings.

Turnover

Income from donations is recognised on receipt, unless it relates to an item of specific expenditure in which case it is recognised at the point that the related expenditure is incurred.

Annual voluntary contributions are recognised over the year to which they relate .

Income from functions and other activities is recognised in the period in which the services are provided.

Other income is recognised in the period in which the relevant services are provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

4% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 January 2020

and 31 December 2020

240,000

36,492

276,492

DEPRECIATION

At 1 January 2020

16,000

6,788

22,788

Charge for year

3,200

1,460

4,660

At 31 December 2020

19,200

8,248

27,448

NET BOOK VALUE

At 31 December 2020

220,800

28,244

249,044

At 31 December 2019

224,000

29,704

253,704

Included in cost or valuation of land and buildings is freehold land of £ 80,000 (2019 - £ 80,000 ) which is not depreciated.

Cost or valuation at 31 December 2020 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2015

109,962

-

109,962

Cost

130,038

36,492

166,530

240,000

36,492

276,492

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

130,038

130,038

Aggregate depreciation

10,404

8,670

Freehold land and buildings were valued on an open market basis on 31 December 2019 by the directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Contibutions owing

9,189

6,913

Other debtors

1,950

870

Prepayments

209

527

11,348

8,310

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Corporation tax

193

190

Deferred income and donations

3,939

4,384

Accruals

855

695

4,987

5,269

7.

RESERVES

Revaluation

reserve

£

At 1 January 2020

102,632

Transfer of excess depreciation on revaluation

(1,466

)

At 31 December 2020

101,166

8.	EFFECTS OF THE COVID 19 PANDEMIC

Due to the nature of the company's activities, the company has been unable to carry on any activities for long periods of the pandemic to date.

In order to try to ensure that the company is in as healthy a position as possible, as restrictions ease, the directors have taken advantage of all relevant and applicable government assistance which has been made available.

Consequently the directors are of the opinion that, as far as can been seen at the current time, the pandemic should not affect the company's ability to continue for the foreseeable future.