Company No: SC021856 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	24,860		31,640
Tangible assets	4	3,343		4,285
		28,203		35,925
Current assets
Stocks	5	200		200
Debtors	6	111,296		88,692
Cash at bank and in hand	7	37,521		63,898
		149,017		152,790
Creditors: amounts falling due within one year	8	( 96,375)		( 112,526)
Net current assets		52,642		40,264
Total assets less current liabilities		80,845		76,189
Creditors: amounts falling due after more than one year	9	( 13,100)		( 18,013)
Net assets		67,745		58,176
Reserves
Profit and loss account		67,745		58,176
Total reserves		67,745		58,176

For the financial year ending 30 June 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Perthshire Chamber Of Commerce (registered number: SC021856) were approved and authorised for issue by the Director on 29 June 2023. They were signed on its behalf by:

Lori McGaffney Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Perthshire Chamber Of Commerce. (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 66 Tay Street, Perth, PH2 8RA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable until 31 March 2022 as the company was only able to reclaim VAT under the flat rate scheme when certain conditions were met. After 31 March 2022, expenses have been presented as net of VAT where relevant following the Company's decision to leave the flat rate scheme.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment	50 % reducing balance
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		1

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 July 2021	33,900		33,900
At 30 June 2022	33,900		33,900
Accumulated amortisation
At 01 July 2021	2,260		2,260
Charge for the financial year	6,780		6,780
At 30 June 2022	9,040		9,040
Net book value
At 30 June 2022	24,860		24,860
At 30 June 2021	31,640		31,640

4. Tangible assets

	Office equipment		Computer equipment		Total
	£		£		£
Cost
At 01 July 2021	22,863		4,500		27,363
At 30 June 2022	22,863		4,500		27,363
Accumulated depreciation
At 01 July 2021	22,778		300		23,078
Charge for the financial year	42		900		942
At 30 June 2022	22,820		1,200		24,020
Net book value
At 30 June 2022	43		3,300		3,343
At 30 June 2021	85		4,200		4,285

5. Stocks

	2022		2021
	£		£
Stocks	200		200

6. Debtors

	2022		2021
	£		£
Trade debtors	87,735		68,492
Other debtors	23,561		20,200
	111,296		88,692

7. Cash and cash equivalents

	2022		2021
	£		£
Cash at bank and in hand	37,521		63,898

8. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	1,986		0
Other taxation and social security	21,766		28,956
Other creditors	72,623		83,570
	96,375		112,526

9. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Other creditors	13,100		18,013

10. Liability of members

The members of the Perthshire Chamber Of Commerce have undertaken to contribute a sum not exceeding £1 each to meet the liabilities of the Company if it should be wound up.