BID Leicester Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11082503 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

BID LEICESTER LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G K Rowntree

Mr R M Osborn

Mr C J Stafford

Mrs J J Tallack

Ms D Rose

Mr A R Fraser

Ms S E Thomson

Mr S P Beattie

Ms S Harrison

Mr S Hagger

REGISTERED OFFICE:

St Martins House

7 Peacock Lane

Leicester

Leicestershire

LE1 5PZ

REGISTERED NUMBER:

11082503 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Intangible assets

4

10,100

-

Tangible assets

5

1,550

3,099

11,650

3,099

CURRENT ASSETS

Debtors

6

97,684

69,339

Cash at bank

180,503

171,669

278,187

241,008

CREDITORS

Amounts falling due within one year

7

63,156

123,412

NET CURRENT ASSETS

215,031

117,596

TOTAL ASSETS LESS CURRENT LIABILITIES

226,681

120,695

RESERVES

BID renewal reserve

9

20,000

-

Income and expenditure account

9

206,681

120,695

MEMBERS' FUNDS

226,681

120,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2021 and were signed on its behalf by:

Mr A R Fraser - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover represents levy payments received from businesses in the Leicester Business Improvement District, voluntary contributions and other income generated in the course of promoting Leicester City Centre.

Levy payments are recognised on a straight line basis over the year to which they relate with any necessary adjustments being made through deferred income.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website development is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Grants

Grants of a revenue nature are recognised in the Statement of Income in the year in which the related expenditure is incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and bank facilities.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Going concern

The directors have considered the impact of the COVID-19 pandemic on the activities of the BID. Planned events may be cancelled or postponed and future levy collections may also be affected.

The directors will continue to forecast and monitor cashflows carefully and adjust expenditure accordingly. The directors therefore consider that the going concern basis of accounting is appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INTANGIBLE FIXED ASSETS

Website

development

£

COST

Additions

10,100

At 31 January 2020

10,100

NET BOOK VALUE

At 31 January 2020

10,100

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 February 2019

and 31 January 2020

4,648

DEPRECIATION

At 1 February 2019

1,549

Charge for year

1,549

At 31 January 2020

3,098

NET BOOK VALUE

At 31 January 2020

1,550

At 31 January 2019

3,099

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

97,684

69,339

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

67,477

Other creditors

63,156

55,935

63,156

123,412

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

5,740

5,740

Between one and five years

11,480

17,220

17,220

22,960

9.

RESERVES

Income

and

BID

expenditure

renewal

account

reserve

Totals

£

£

£

At 1 February 2019

120,695

-

120,695

Surplus for the year

105,986

105,986

Transfer to BID renewal reserve

(20,000

)

20,000

-

At 31 January 2020

206,681

20,000

226,681

A transfer is made each year from the surplus on the income and expenditure account to the BID renewal reserve. This is done to ensure sufficient funds are available to facilitate the BID renewal process at the end of the current BID term.

10.	LIMITED BY GUARANTEE

The company is limited by guarantee. The directors have an interest as guarantors for an amount not exceeding £1. Each member of the company under clause 2 of the Memorandum of Association has agreed to contribute up to £1 in the event of a winding up.