Sri Lanka Campaign for Peace and Justice Ltd - Period Ending 2022-06-30
Sri Lanka Campaign for Peace and Justice Ltd - Period Ending 2022-06-30
Registration number:
(A company limited by guarantee)
|
Sri Lanka Campaign for Peace and Justice Ltd
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Sri Lanka Campaign for Peace and Justice Ltd
(Registration number: 07285160)
Balance Sheet as at 30 June 2022
Note |
2022 |
(As restated) |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Profit and loss account |
|
|
|
Total equity |
|
|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
A G Seay
Company secretary and director
Sri Lanka Campaign for Peace and Justice Ltd
Notes to the Financial Statements for the Year Ended 30 June 2022
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Audit report
Prior period errors
The prior period included grants received in the period of £12,178 that related to expenditure incurred in the current period. The prior period has therefore been restated to defer this income which has resulted in opening reserves in 2020 decreasing from £16,911 to £3,542 and carried forward reserves in the prior period decreased from £29,851 to £17,673.
The profit for the year ending 30 June 2021 has, as a result, increased from £12,940 to £14,131.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Sri Lanka Campaign for Peace and Justice Ltd
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% Straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.
Sri Lanka Campaign for Peace and Justice Ltd
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sri Lanka Campaign for Peace and Justice Ltd
Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)
Tangible assets |
Furniture, fittings and office equipment |
Total |
|
Cost or valuation |
||
At 1 July 2021 |
|
|
Additions |
|
|
At 30 June 2022 |
|
|
Depreciation |
||
At 1 July 2021 |
|
|
Charge for the year |
|
|
At 30 June 2022 |
|
|
Carrying amount |
||
At 30 June 2022 |
|
|
At 30 June 2021 |
|
|
Debtors |
2022 |
2021 |
|
Other debtors |
|
|
|
|
Creditors |
2022 |
(As restated) |
||
Due within one year |
|||
Corporation tax liability |
- |
128 |
|
Other creditors |
|
|
|
|
|