Warr Chamber Of Commerce & Industry - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02964309 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Warrington Chamber of Commerce &

Industry

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C Daniels

S J Broomhead

N R Schofield

Professor T Wheeler

N P Devney

K J Robertson

P Taylor

G Skentelbery

SECRETARY:

G McGough

REGISTERED OFFICE:

International Business Centre

Delta Crescent

Westbrook

Warrington

WA5 7WQ

REGISTERED NUMBER:

02964309 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Tangible assets

4

1

1

CURRENT ASSETS

Stocks

403

781

Debtors

5

6,937

6,841

Cash at bank and in hand

253,271

245,628

260,611

253,250

CREDITORS

Amounts falling due within one year

6

30,435

26,567

NET CURRENT ASSETS

230,176

226,683

TOTAL ASSETS LESS CURRENT LIABILITIES

230,177

226,684

RESERVES

Retained earnings

7

230,177

226,684

230,177

226,684

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 profit or loss 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 9 August 2018 and were signed on its behalf by:

C Daniels - Director

1.	STATUTORY INFORMATION

Warrington 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.

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 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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period

in which the estimate is revised where the revision affects only that period, or in the period of the revision and

future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the

reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial periods, are discussed below.

Turnover

Turnover represents the total value of amounts invoiced to customers, excluding value added tax, in respect of

services rendered during the year, net of credit notes, returns and any contractually agreed discounts.

Subscription income has been recognised evenly over the subscription period.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

of the company.

Employee benefits

The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs

are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday

entitlement is recognised in the period in which the employee's services are received. Termination benefits are

recognised immediately as an expense when the company is demonstrably committed to terminate the

employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2017

and 31 December 2017

475

1,401

4,226

6,102

DEPRECIATION

At 1 January 2017

and 31 December 2017

475

1,401

4,225

6,101

NET BOOK VALUE

At 31 December 2017

-

-

1

1

At 31 December 2016

-

-

1

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

5,729

5,334

Prepayments

1,208

1,507

6,937

6,841

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Payments on account

2,540

1,640

Trade creditors

65

217

Tax

240

104

Social security and other taxes

4,268

3,389

Accrued expenses

5,459

4,519

Income in advance

17,863

16,698

30,435

26,567

7.

RESERVES

Retained

earnings

£

At 1 January 2017

226,684

Profit for the year

3,493

At 31 December 2017

230,177

8.	LIMITED LIABILITY

The company is limited by guarantee and each member undertakes to contribute £1 in the event that the

company is wound up.