Shrewsbury Community Transport Initiative Limited 31/03/2023 iXBRL

Shrewsbury Community Transport Initiative Limited 31/03/2023 iXBRL

SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED - Company Information

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Company registration number: 03274618
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
31 March 2023
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS AND OTHER INFORMATION
Directors Mr V T Bushell
Mr M P Waller
Mrs M C Rayner
Mr C J Fryer
Ms H C Burke (Resigned 4 July 2023)
Mrs C S Ruscoe
Mr C D Ure
Secretary Mr A R Nelson
Company number 03274618
Registered office Unit 7, Sundorne Trade Park
Shrewsbury
Shropshire
SY1 4NS
Business address Unit 7, Sundorne Trade Park
Shrewsbury
Shropshire
SY1 4NS
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Bankers Lloyds plc
P O Box 1
Pride Hill
Shrewsbury
Shropshire
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shrewsbury Community Transport Initiative Limited for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Shrewsbury Community Transport Initiative Limited, as a body, in accordance with the terms of our engagement letter dated 6 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Shrewsbury Community Transport Initiative Limited and state those matters that we have agreed to state to the board of directors of Shrewsbury Community Transport Initiative Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shrewsbury Community Transport Initiative Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Shrewsbury Community Transport Initiative Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shrewsbury Community Transport Initiative Limited. You consider that Shrewsbury Community Transport Initiative Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shrewsbury Community Transport Initiative Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
23 October 2023
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 MARCH 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 53,650 46,130
_______ _______
53,650 46,130
Current assets
Debtors 7 25,611 24,803
Cash at bank and in hand 207,449 187,954
_______ _______
233,060 212,757
Creditors: amounts falling due
within one year 8 ( 9,047) ( 7,763)
_______ _______
Net current assets 224,013 204,994
_______ _______
Total assets less current liabilities 277,663 251,124
_______ _______
Net assets 277,663 251,124
_______ _______
Capital and reserves
Profit and loss account 277,663 251,124
_______ _______
Members funds 277,663 251,124
_______ _______
For the year ending 31 March 2023 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr V T Bushell
Director
Company registration number: 03274618
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2023
Profit and loss account Total
£ £
At 1 April 2021 199,673 199,673
Profit for the year 51,451 51,451
_______ _______
Total comprehensive income for the year 51,451 51,451
_______ _______
At 31 March 2022 and 1 April 2022 251,124 251,124
Profit for the year 26,539 26,539
_______ _______
Total comprehensive income for the year 26,539 26,539
_______ _______
At 31 March 2023 277,663 277,663
_______ _______
SHREWSBURY COMMUNITY TRANSPORT INITIATIVE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Unit 7, Sundorne Trade Park, Shrewsbury, Shropshire, SY1 4NS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Public Benefit Entity
The company is a Public Benefit Entity providing transport for the local community.
4. Limited by guarantee
The company is limited by guarantee.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 8,681 239,200 247,881
Additions 754 23,995 24,749
Disposals - ( 16,750) ( 16,750)
_______ _______ _______
At 31 March 2023 9,435 246,445 255,880
_______ _______ _______
Depreciation
At 1 April 2022 8,298 193,452 201,750
Charge for the year 141 15,552 15,693
Disposals - ( 15,213) ( 15,213)
_______ _______ _______
At 31 March 2023 8,439 193,791 202,230
_______ _______ _______
Carrying amount
At 31 March 2023 996 52,654 53,650
_______ _______ _______
At 31 March 2022 383 45,748 46,131
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 8,445 8,604
Other debtors 17,166 16,199
_______ _______
25,611 24,803
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 3,829 2,257
Social security and other taxes 1,732 1,816
Other creditors 3,486 3,690
_______ _______
9,047 7,763
_______ _______