Lincolnshire Chamber of Commerce & Ind - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00028997 (England and Wales)

Financial Statements

for the Year Ended 31 March 2021

for

Lincolnshire Chamber of Commerce &

Industry Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I E Extance

Mr S G McGarry

Mr G A Lee

Mr G C Headland

Mr R H Colclough

Ms N Langton

Mr T Chambers

SECRETARY:

Wilkin Chapman Company Secretarial Services Limited

REGISTERED OFFICE:

Commerce House

Carlton Boulevard

LINCOLN

Lincolnshire

LN2 4WJ

REGISTERED NUMBER:

00028997 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

FIXED ASSETS

Intangible assets

4

2,522

4,453

Tangible assets

5

12,646

10,913

Investments

6

14,001

14,001

29,169

29,367

CURRENT ASSETS

Debtors

7

1,239,379

1,230,282

Prepayments and accrued income

17,758

16,147

Cash at bank and in hand

134,357

65,653

1,391,494

1,312,082

CREDITORS

Amounts falling due within one year

8

267,286

231,405

NET CURRENT ASSETS

1,124,208

1,080,677

TOTAL ASSETS LESS CURRENT LIABILITIES

1,153,377

1,110,044

CREDITORS

Amounts falling due after more than one year

9

43,333

-

NET ASSETS

1,110,044

1,110,044

RESERVES

Income and expenditure account

1,110,044

1,110,044

1,110,044

1,110,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 surplus or deficit 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2021 and were signed on its behalf by:

Mr G C Headland - Director

1.	STATUTORY INFORMATION

Lincolnshire Chamber of Commerce & Industry 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Lincolnshire Chamber of Commerce and Industry as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of Companies Act 2006 not to prepare consolidated accounts.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax, subscriptions and grant income on managed projects as outlined below.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Freehold property

Not provided / 20% on reducing balance

Plant and machinery

33% on cost

Fixtures and fittings

25% on reducing balance

Motor vehicles

33% on cost

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.

Pension costs and other post-retirement benefits

Contributions are paid to individuals personal pension schemes and are charged to the income and expenditure account in the period to which they relate.

Investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Government grants

Government grants are treated as income in the accounting period in which they are received. Income is stated gross and related expenditure shown separately in the income and expenditure account. Where the income relates to a future period, the income is included in deferred income.

Rental income received

Rents receivable are recognised in the income and expenditure account under Room Hire and are on an accruals basis.

Grants held for distribution

Funds held by the company in respect of grant funding to be distributed to third parties is not included in the accounts and is offset against each other.

Subscriptions

Subscription income is recognised in the income and expenditure account in the period to which they relate.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

6,384

AMORTISATION

At 1 April 2020

1,931

Charge for year

1,931

At 31 March 2021

3,862

NET BOOK VALUE

At 31 March 2021

2,522

At 31 March 2020

4,453

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2020

38,684

24,251

19,301

82,236

Additions

-

5,963

-

5,963

Disposals

-

(12,239

)

(3,518

)

(15,757

)

At 31 March 2021

38,684

17,975

15,783

72,442

DEPRECIATION

At 1 April 2020

31,728

23,637

15,958

71,323

Charge for year

1,391

1,124

682

3,197

Eliminated on disposal

-

(11,802

)

(2,922

)

(14,724

)

At 31 March 2021

33,119

12,959

13,718

59,796

NET BOOK VALUE

At 31 March 2021

5,565

5,016

2,065

12,646

At 31 March 2020

6,956

614

3,343

10,913

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2020

and 31 March 2021

14,001

NET BOOK VALUE

At 31 March 2021

14,001

At 31 March 2020

14,001

The company's investments at the Balance Sheet date in the share capital of companies include the following:

LCCI Services Limited

Registered office: Commerce House, Carlton Boulevard, Lincoln, LN2 4WJ

Nature of business: Property services

%

Class of shares:

holding

Ordinary

100.00

31/3/21

31/3/20

£

£

Aggregate capital and reserves

110,307

87,442

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade debtors

75,223

81,459

Bad debt provision

(7,744

)

(5,189

)

Amounts owed by group undertakings

1,163,362

1,128,454

Other debtors

8,538

25,558

1,239,379

1,230,282

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

£

£

Trade creditors

14,013

36,615

Social security and other taxes

15,904

6,984

VAT

2,228

7,888

Other creditors

6,667

-

Accruals and deferred income

228,474

179,918

267,286

231,405

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/21

31/3/20

£

£

Other creditors

43,333

-

10.	LEGAL STATUS OF THE COMPANY

The Lincolnshire Chamber of Commerce and Industry is a company limited by guarantee, and the liability of the members is limited to £1 each.

11.	RELATED PARTY DISCLOSURES

Due to the nature of the company and the composition of the Board of Directors being drawn from local private sector organisations, it is inevitable that transactions will take place with organisations in which a Board Member may have an interest. All such transactions in which a member of the board may have an interest are concluded at arm's length.