Lincolnshire Chamber of Commerce & Ind - Abbreviated accounts 16.3

REGISTERED NUMBER: 00028997 (England and Wales)

Abbreviated Accounts

for the Year Ended 31 March 2016

for

Lincolnshire Chamber of Commerce &

Industry

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Miss U F R Lidbetter

Mr I E Extance

Mr H F F Kok

Mrs Y S Sampson

Mrs M Leonard

Mr S G McGarry

Mr J H Crosby

Mr G A Lee

Mr P Scarlett

Mr G C Headland

Mr A R Tye

SECRETARY:

Wilkin Chapman Epton Blades

REGISTERED OFFICE:

2 Carlton Boulevard

Outer Circle Road

LINCOLN

Lincolnshire

LN2 4WJ

REGISTERED NUMBER:

00028997 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

NatWest Bank Plc

Lincoln Smiths Branch

225 High Street

LINCOLN

Lincolnshire

LN2 1AZ

FIXED ASSETS

Tangible assets

2

500,033

523,732

Investments

3

324,939

339,347

824,972

863,079

CURRENT ASSETS

Debtors

174,591

176,635

Prepayments and accrued income

30,545

26,248

Cash at bank and in hand

614,285

665,512

819,421

868,395

CREDITORS

Amounts falling due within one year

454,422

527,334

NET CURRENT ASSETS

364,999

341,061

TOTAL ASSETS LESS CURRENT LIABILITIES

1,189,971

1,204,140

RESERVES

Revaluation reserve

304,356

304,356

Income and expenditure account

885,615

899,784

1,189,971

1,204,140

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2 September 2016 and were signed on its behalf by:

Miss U F R Lidbetter - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as

modified by the revaluation of certain assets and in accordance with the Financial Reporting

Standard for Smaller Entities (effective January 2015).

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.

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

The company has adopted a policy of revaluing the freehold land and buildings on a 5 yearly

basis (see note 5). The estimated residual value of the company's freehold is considered to

be equal to its net book value. It is the company's policy to maintain the property to a high

standard, so that the estimated residual value will not be impaired over time. The costs of

the maintenance are charged to the income and expenditure account as they are incurred.

The directors are of the opinion that any depreciation of the company's freehold property

would be immaterial and consequently no provision is made in the accounts for such

depreciation. This is a departure from the Companies Act 2006.

Freehold property includes additions in 2015 of £38,684 which relate to a porta cabin which

is a separate unit and has been depreciated.

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

Listed investments are adjusted to market value on an annual basis. Other fixed asset

investment 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.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2015

584,862

Additions

2,128

At 31 March 2016

586,990

DEPRECIATION

At 1 April 2015

61,130

Charge for year

25,827

At 31 March 2016

86,957

NET BOOK VALUE

At 31 March 2016

500,033

At 31 March 2015

523,732

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

318,830

Disposals

(1

)

At 31 March 2016

318,829

PROVISIONS

At 1 April 2015

(20,517

)

Movement

14,407

At 31 March 2016

(6,110

)

NET BOOK VALUE

At 31 March 2016

324,939

At 31 March 2015

339,347

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

include the following:

Boston BID Limited

Nature of business: Dissolved February 2016

%

Class of shares:

holding

Ordinary C £1

31/3/16

31/3/15

£

£

Aggregate capital and reserves

-

531

4.	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.