Fresh Element Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10535208 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Fresh Element Management Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P I Hunt

Mr A R Ross

REGISTERED OFFICE:

Baltic Centre for Contemporary Art

South Shore Road

Gateshead

Tyne and Wear

NE8 3BA

REGISTERED NUMBER:

10535208 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Coburg House

1 Coburg Street

Gateshead

Tyne and Wear

NE8 1NS

FIXED ASSETS

Tangible assets

5

911

1,223

911

1,223

CURRENT ASSETS

Debtors

6

81,631

36,571

Cash at bank and in hand

4,593

2,201

86,224

38,772

CREDITORS

Amounts falling due within one year

7

84,227

40,650

NET CURRENT ASSETS/(LIABILITIES)

1,997

(1,878

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,908

(655

)

CAPITAL AND RESERVES

Called up share capital

80

90

Capital redemption reserve

10

-

Profit and loss account

2,818

(745

)

2,908

(655

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 26 September 2019 and were signed on its behalf by:

Mr A R Ross - Director

1.	STATUTORY INFORMATION

Fresh Element Management Limited is a private company, limited by shares , 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

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 etc

-

25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment

losses.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those

assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable

amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable

amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss

is recognised immediately in profit and loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount, but not in excess of the amount that would have been determined had no

impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised

immediately in profit or loss.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A

current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a

previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses

in the financial statements and their inclusion in tax assessments.

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 and other future taxable profits.

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

reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting

period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss

is recognised in profit or loss.

Employee benefits

Short term employee benefits are recognised as an expense in the period in which they are incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - NIL ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

1,249

DEPRECIATION

At 1 January 2018

26

Charge for year

312

At 31 December 2018

338

NET BOOK VALUE

At 31 December 2018

911

At 31 December 2017

1,223

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

81,631

36,571

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

192

-

Taxation and social security

20,005

-

Other creditors

64,030

40,650

84,227

40,650