Merton Chamber of Commerce Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03506880 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

MERTON CHAMBER OF COMMERCE LTD

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

J Borrow

N R Frank

R C Hylton-Potts

G N Martin

S M May

E Merrick

D J Porter

N S Samuel

S Szczepanski

S L Austin

S J Hodgson

SECRETARY:

D E Ifill

REGISTERED OFFICE:

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

BUSINESS ADDRESS:

The Generator Business Centre

95 Miles Road

Mitcham

Surrey

CR4 3FH

REGISTERED NUMBER:

03506880 (England and Wales)

ACCOUNTANTS:

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Merton Chamber of Commerce Ltd for the year ended 30 June 2022 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Merton Chamber of Commerce Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Merton Chamber of Commerce Ltd and state those matters that we have agreed to state to the Board of Directors of Merton Chamber of Commerce Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Merton Chamber of Commerce Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Merton Chamber of Commerce Ltd 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 Merton Chamber of Commerce Ltd. You consider that Merton Chamber of Commerce Ltd 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 Merton Chamber of Commerce Ltd. 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.

Hartley Fowler LLP

Chartered Accountants

4th Floor Tuition House

27-37 St George's Road

Wimbledon

London

SW19 4EU

24 March 2023

FIXED ASSETS

Tangible assets

4

4

4

CURRENT ASSETS

Debtors

5

45,709

17,718

Cash at bank

111,627

151,273

157,336

168,991

CREDITORS

Amounts falling due within one year

6

113,103

140,032

NET CURRENT ASSETS

44,233

28,959

TOTAL ASSETS LESS CURRENT LIABILITIES

44,237

28,963

RESERVES

Income and expenditure account

44,237

28,963

44,237

28,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 24 March 2023 and were signed on its behalf by:

S L Austin - Director

N R Frank - Director

1.	STATUTORY INFORMATION

Merton Chamber of Commerce Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

Following a review of detailed budgets and cashflow forecasts the directors are confident that the company has adequate resources to satisfy its liabilities as they fall due for a period of at least 12 months from the date of the signing of these financial statements. Accordingly, the company continues to apply the going concern basis in the preparation of these financial statements.

Turnover

Turnover represents the invoiced value of subscriptions, grants, contractual income, room rental and other income excluding Value Added Tax.

Revenue is recognised as earned when and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured as the fair value of the consideration given, including expenses and disbursements but excluding value added tax. The following criteria are also met before revenue is recognised:

(i) Contracted services. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not invoiced as turnover is included in debtors and payments on accounts in excess of the relevant amount of revenue are included in creditors. Revenue that is contingent on events outside the control of the company is recognised when the contingent event occurs.

(ii) Membership subscriptions. Membership income is recognised over the membership period (normally 12 months). 50% of the membership fee is released to income on commencement of membership with the balance spread over the following 12 months.

(iii) Events income. Revenue is recognised in the financial year in which the event occurs.

(iv) Sponsorship income. Revenue is recognised over the period of the sponsorship agreement.

(v) Room rental of managed offices. Revenue is recognised when the rooms are occupied by the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Office equipment

-

25% on cost

Computer equipment

-

25% on cost

Financial instruments

The company only has basic financial assets and liabilities and does not enter into financing transactions. They are measured initially at transaction price and subsequently at amortised cost, being transaction price less amounts settled and impairment losses.

(i) Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

(ii) Debtors and creditors

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income and expenditure account in administrative expenses.

Operating lease commitments

Rentals paid under operating leases are charged to the income and expenditure account in the period to which they relate.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions payable to the company's pension scheme are charged to the income and expenditure account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 July 2021

and 30 June 2022

413

2,786

3,199

DEPRECIATION

At 1 July 2021

and 30 June 2022

412

2,783

3,195

NET BOOK VALUE

At 30 June 2022

1

3

4

At 30 June 2021

1

3

4

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

32,883

8,419

Other debtors

4,000

978

Prepayments and accrued income

8,826

8,321

45,709

17,718

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

24,478

10,194

Taxation and social security

10,698

2,417

Accruals and deferred income

77,927

127,421

113,103

140,032

7.	LIMITED BY GUARANTEE

The company is limited by guarantee and does not have share capital. Members' reserves are not distributable. The company does not trade with a view to profit and all surpluses must be used for the furtherance of the objects of the company.

Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while they are a member, or within one year afterwards, for the payment of the debts and liabilities of the company contracted before he ceases to be a member, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required, not exceeding £1.

Any assets remaining upon a winding up must be passed on to an organisation with similar objects and having similar restrictions on distributions.