Waterside Artists Co-Operative Limited
Waterside Artists Co-Operative Limited
Registered number: 03820744
Unaudited Financial Statements
For The Year Ended 31 March 2020
Waterside Artists Co-Operative Limited
Unaudited Financial Statements
For The Year Ended 31 March 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Waterside Artists Co-Operative Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
03820744
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Stocks | 4 |
|
|
||
| Debtors | 5 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 7 |
( |
( |
||
| NET LIABILITIES |
( |
( |
|||
| Income and Expenditure Account |
( |
( |
|||
| MEMBERS' FUNDS | (49,239) | (23,842) | |||
Page 1
Waterside Artists Co-Operative Limited
Balance Sheet (continued)
As at
31 March 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Waterside Artists Co-Operative Limited
Notes to the Financial Statements
For The Year Ended 31 March 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Leasehold |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Government Grant
Government grants are recognised in the income and expenditure account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income and expenditure account. Grants towards general activities of the entity over a specific period are recognised in the income and expenditure account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income and expenditure account over the useful life of the asset concerned.
All grants in the income and expenditure account are recognised when all conditions for receipt have been complied with.
Page 3
Waterside Artists Co-Operative Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2020
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Sales, marketing and distribution |
|
|
|
| Manufacturing |
|
|
|
|
|
|
||
3.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
( |
|
( |
| As at |
|
|
|
|
| Depreciation | ||||
| As at |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
( |
|
( |
| As at |
|
|
|
|
| Net Book Value | ||||
| As at |
|
|
|
|
| As at |
|
|
|
|
4.
Stocks
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
|
|
|
||
Page 4
Waterside Artists Co-Operative Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2020
5.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Bank loans and overdrafts |
|
|
|
| Other taxes and social security |
|
|
|
| Net wages | 258 | 3,404 | |
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Deferred government grants |
|
|
|
| Directors' loan accounts |
|
- | |
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Accruals and deferred grants (Long term liabilities - creditors > 1 year) |
|
|
|
| Directors loan account |
|
|
|
|
|
|
||
8.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Ms Anne Bennet |
|
|
( |
- |
|
9.
Related Party Transactions
Two of the directors rent studio space from the company at a market rate comparable to other tenants. Total rent charged to them during the year was £1484
Page 5
Waterside Artists Co-Operative Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2020
10.
General Information
Waterside Artists Co-Operative Limited Registered number 03820744 is a limited by guarentee company incorporated in England & Wales. The Registered Office is The Ropewalk, Maltkiln Road, Barton-upon-Humber, South Humberside, DN18 5JT. As at 31 March 2020 there were three members of the company, these being the three directors then in office. Each member has undertaken to contribute a sum not exceeding £1 (one pound) in the event of the company being wound up.
Page 6