Lincolnshire Chamber of Commerce & Ind - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 00028997 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Lincolnshire Chamber of Commerce &

Industry

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss U F R Lidbetter

Mr I E Extance

Mrs Y S Sampson

Mr S G McGarry

Mr J H Crosby

Mr G A Lee

Mr P Scarlett

Mr G C Headland

SECRETARY:

Wilkin Chapman LLP

REGISTERED OFFICE:

Commerce House

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

4

24,199

500,033

Investments

5

14,001

324,939

38,200

824,972

CURRENT ASSETS

Debtors

6

1,208,009

174,591

Prepayments and accrued income

19,100

30,545

Cash at bank and in hand

253,579

614,285

1,480,688

819,421

CREDITORS

Amounts falling due within one year

7

433,331

454,422

NET CURRENT ASSETS

1,047,357

364,999

TOTAL ASSETS LESS CURRENT LIABILITIES

1,085,557

1,189,971

RESERVES

Income and expenditure account

1,085,557

1,189,971

1,085,557

1,189,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 13 September 2017 and were signed on its behalf by:

Miss U F R Lidbetter - Director

1.	STATUTORY INFORMATION

Lincolnshire Chamber of Commerce & Industry 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2016 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2016

488,684

30,528

31,778

36,000

586,990

Additions

-

561

1,234

-

1,795

Disposals

(450,000

)

(10,343

)

(11,352

)

-

(471,695

)

At 31 March 2017

38,684

20,746

21,660

36,000

117,090

DEPRECIATION

At 1 April 2016

9,800

27,514

19,943

29,700

86,957

Charge for year

15,300

1,697

2,731

6,299

26,027

Eliminated on disposal

-

(10,121

)

(9,972

)

-

(20,093

)

At 31 March 2017

25,100

19,090

12,702

35,999

92,891

NET BOOK VALUE

At 31 March 2017

13,584

1,656

8,958

1

24,199

At 31 March 2016

478,884

3,014

11,835

6,300

500,033

During the year part of the land and buildings were let under operating leases. The costs

incurred were £80,655 (2016: £85,071) rental income was £27,026 (2016: £43,563).

Cost or valuation at 31 March 2017 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

38,684

20,746

21,660

36,000

117,090

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2016

318,829

Additions

1

Disposals

(304,829

)

At 31 March 2017

14,001

PROVISIONS

At 1 April 2016

(6,110

)

Movement

6,110

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

14,001

At 31 March 2016

324,939

The market value of the listed fixed asset investments as at 31 March 2017 was £nil as

these were all disposed of during the year (2016: £310,939).

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

include the following:

LCCI Services Limited

Registered office: Commerce House, Carlton Boulevard, Lincoln, LN2 4WJ

Nature of business: Property services

%

Class of shares:

holding

Ordinary

100.00

31/3/17

£

Aggregate capital and reserves

87,441

Profit for the year

87,441

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

154,459

140,757

Bad debt provision

(3,009

)

(698

)

Other debtors

21,652

34,532

LCCI Services Ltd

1,034,907

-

1,208,009

174,591

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade creditors

26,583

42,170

Social security and other taxes

12,518

13,105

VAT

15,639

29,989

Other creditors

2,003

16,215

Accruals and deferred income

376,588

352,943

433,331

454,422

8.	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.

9.	RELATED PARTY DISCLOSURES

Due to the nature of the company and the composition of the Board of Directors being drawn

from local private sector organisations, it is inevitable that transactions will take place with

organisations in which a Board Member may have an interest. All such transactions in which

a member of the board may have an interest are concluded at arm's length. No transactions

were identified which should be disclosed under the provisions of FRS102.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

11.	TRANSITION TO FRS 102 (SECTION 1A)

This is the first period that the company has presented accounts in accordance with FRS

102 (Section 1A) 'the Financial Reporting Framework Applicable in the UK and Republic of

Ireland'. For financial years up to and including the year end 31 March 2016, the company

prepared its financial statements in accordance with old UK GAAP.

The date of transition to FRS 102 (Section 1A) is therefore 1 April 2016. The opening equity

position as at the 1 April 2015 and its previously published financial statements for the year

ended 31 March 2016 have been restated from old UK GAAP.