Saltend Community Development Company Li - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03786722 (England and Wales)

Saltend Community Development Company

Limited

Financial statements for the year ended 31 December 2020

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

Mr A Gordon-Freeman

Mr P M Kemp

Mr D Smith

Mr M E Stageman

Mr A Rookes FCCA

Mr M J Lauer

REGISTERED OFFICE:

8 St Augustine's Gate

Hedon

East Yorkshire

HU12 8EX

REGISTERED NUMBER:

03786722 (England and Wales)

ACCOUNTANTS:

Southgates

Chartered Certified Accountants

Owthorne Manor

2 Hubert Street

Withernsea

East Yorkshire

HU19 2AT

FIXED ASSETS

Tangible assets

4

160,164

162,835

CURRENT ASSETS

Debtors

5

260,868

238,838

Cash at bank and in hand

461,785

548,637

722,653

787,475

CREDITORS

Amounts falling due within one year

6

15,098

18,375

NET CURRENT ASSETS

707,555

769,100

TOTAL ASSETS LESS CURRENT LIABILITIES

867,719

931,935

CREDITORS

Amounts falling due after more than one year

7

38,926

33,280

NET ASSETS

828,793

898,655

CAPITAL AND RESERVES

Called up share capital

10

10

Revaluation Reserve

8

120,000

120,000

Retained earnings

708,783

778,645

SHAREHOLDERS' FUNDS

828,793

898,655

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 16 July 2021 and were signed on its behalf by:

Mr M E Stageman - Director

1.	STATUTORY INFORMATION

Saltend Community Development Company 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable in respect of sales of services excluding discounts, rebates, value added tax and other sales taxes and interest receivable on the client loan balance.

Amounts received from external funders towards the company's Loan Fund are to be recognised when receivable and are shown within 'Other Operating Income' in the Profit and Loss account.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 20 years

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on cost

Government grants

Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants related to purchase of assets are treated as deferred income and allocated to the profit and loss account over the useful lives of the related assets. Grants related to expenses are treated as income in the profit and loss account in the period they are receivable.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Bad debts

Outstanding loans are recognised as bad debts if there has been no repayment of the loan in the 12 months prior to the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2020

120,000

25,531

46,327

191,858

Additions

-

2,271

-

2,271

At 31 December 2020

120,000

27,802

46,327

194,129

DEPRECIATION

At 1 January 2020

-

23,883

5,140

29,023

Charge for year

-

831

4,111

4,942

At 31 December 2020

-

24,714

9,251

33,965

NET BOOK VALUE

At 31 December 2020

120,000

3,088

37,076

160,164

At 31 December 2019

120,000

1,648

41,187

162,835

Cost or valuation at 31 December 2020 is represented by:

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

Valuation in 2019

70,731

-

-

70,731

Cost

49,269

27,802

46,327

123,398

120,000

27,802

46,327

194,129

If freehold property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

49,269

49,269

Value of land in freehold land and buildings

120,000

120,000

Freehold Property was valued on an open market basis on 31 December 2020 by the Directors .

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 January 2020

and 31 December 2020

46,327

DEPRECIATION

At 1 January 2020

and 31 December 2020

1,028

NET BOOK VALUE

At 31 December 2020

45,299

At 31 December 2019

45,299

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

255,236

232,242

Other debtors

10

10

Prepayments

5,622

6,586

260,868

238,838

Trade debtors includes an amount of £204,907 which is due after one year.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

565

-

Finance leases

5,788

5,363

Trade creditors

3,471

7,932

Social security and other taxes

2,571

2,476

Accruals and deferred income

2,703

2,604

15,098

18,375

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

9,540

-

Bank loans more 5 yr by instal

1,895

-

Finance leases

27,491

33,280

38,926

33,280

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,895

-

8.

RESERVES

Revaluation

Reserve

£

At 1 January 2020

and 31 December 2020

120,000

9.	RELATED PARTY DISCLOSURES

The company made payments totalling £6,564 to Antony Rookes Limited for accountancy and management services in the year. Antony Rookes is a director and shareholder of Antony Rookes Limited t/a Southgates Chartered Certified Accountants.

10.	ULTIMATE CONTROLLING PARTY

The company has no controlling party.