Lincolnshire Chamber of Commerce & Ind - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00028997 (England and Wales)

Financial Statements

for the Year Ended 31 March 2018

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

Mr S G McGarry

Mr J H Crosby

Mr G A Lee

Mr G C Headland

SECRETARY:

Wilkin Chapman Company Secretarial Services Limited

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

21,359

24,199

Investments

5

14,001

14,001

35,360

38,200

CURRENT ASSETS

Debtors

6

1,219,032

1,208,009

Prepayments and accrued income

17,547

19,100

Cash at bank and in hand

210,761

253,579

1,447,340

1,480,688

CREDITORS

Amounts falling due within one year

7

373,084

433,331

NET CURRENT ASSETS

1,074,256

1,047,357

TOTAL ASSETS LESS CURRENT LIABILITIES

1,109,616

1,085,557

RESERVES

Income and expenditure account

1,109,616

1,085,557

1,109,616

1,085,557

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 26 September 2018 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.

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

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.

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.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and

financial liabilities are recognised in the accounts only when the entity becomes party to the

contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt

instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction

price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial

instruments, and are measured at amortised cost. Where a financial liability constitutes a

financing transaction it is initially and subsequently measured at the present value of future

payments, discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2017

38,684

20,746

21,660

36,000

117,090

Additions

-

5,267

-

-

5,267

At 31 March 2018

38,684

26,013

21,660

36,000

122,357

DEPRECIATION

At 1 April 2017

25,100

19,090

12,702

35,999

92,891

Charge for year

2,716

2,857

2,534

-

8,107

At 31 March 2018

27,816

21,947

15,236

35,999

100,998

NET BOOK VALUE

At 31 March 2018

10,868

4,066

6,424

1

21,359

At 31 March 2017

13,584

1,656

8,958

1

24,199

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

costs incurred in the current year were £nil (2017: £80,655) rental income was £nil (2017:

£27,026).

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2017

and 31 March 2018

14,001

NET BOOK VALUE

At 31 March 2018

14,001

At 31 March 2017

14,001

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

31/3/18

31/3/17

£

£

Aggregate capital and reserves

87,441

87,441

Profit for the year

-

87,441

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Trade debtors

124,455

154,459

Bad debt provision

(3,009

)

(3,009

)

Other debtors

41,539

21,652

LCCI Services Ltd

1,056,047

1,034,907

1,219,032

1,208,009

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Trade creditors

47,801

26,583

Social security and other taxes

10,077

12,518

VAT

22,199

15,639

Other creditors

1,361

2,003

Accruals and deferred income

291,646

376,588

373,084

433,331

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.