ARIKA HEAVY INDUSTRIES CIC
ARIKA HEAVY INDUSTRIES CIC
ARIKA HEAVY INDUSTRIES CIC
Company Registration Number:
SC299245 (Scotland)
Unaudited statutory accounts for the year ended 31 March 2020
Period of accounts
Start date: 1 April 2019
End date: 31 March 2020
ARIKA HEAVY INDUSTRIES CIC
Contents of the Financial Statements
for the Period Ended 31 March 2020
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
ARIKA HEAVY INDUSTRIES CIC
Balance sheet
As at
Notes | 2020 | 2019 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Tangible assets: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Debtors: | 4 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 5 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Provision for liabilities: | ( | ||
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
ARIKA HEAVY INDUSTRIES CIC
Balance sheet statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
ARIKA HEAVY INDUSTRIES CIC
Notes to the Financial Statements
for the Period Ended 31 March 2020
-
1. Accounting policies
Basis of measurement and preparation
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102 Turnover policy
The turnover shown in the profit and loss account represents amounts earned during the year. Tangible fixed assets depreciation policy
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Computer Equipment - 33% straight line Other accounting policies
Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.Going ConcernThe financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.TaxationThe accounting policy in respect of deferred tax reflects the requirements of FRS 102 Section 1A.Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.Foreign currenciesForeign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.Operating leasesLease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.Tangible assetsTangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.Impairment of fixed assetsA review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Contained within 'Other operating income' are grants received from Creative Scotland during the year totalling £205,071 (2019: £210,125).ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Financial instrumentsA financial asset or liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors, and loans and borrowings.(i) Cash and cash equivalentsCash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with maturities of three months or less.(ii) Trade and other debtorsTrade and other debtors are initially recognised at the transaction price, including ant transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable net of any impairment. Where a financial asset constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.(iii) Trade and other creditors and loans and borrowingsTrade and other creditors and loans and borrowings are initially measured at transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.Defined contribution pension plansContributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
ARIKA HEAVY INDUSTRIES CIC
Notes to the Financial Statements
for the Period Ended 31 March 2020
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2. Employees
2020 2019 Average number of employees during the period 5 4
ARIKA HEAVY INDUSTRIES CIC
Notes to the Financial Statements
for the Period Ended 31 March 2020
3. Tangible assets
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 April 2019 | | | ||||
Additions | ||||||
Disposals | ||||||
Revaluations | ||||||
Transfers | ||||||
At 31 March 2020 | | | ||||
Depreciation | ||||||
At 1 April 2019 | | | ||||
Charge for year | | | ||||
On disposals | ||||||
Other adjustments | ||||||
At 31 March 2020 | | | ||||
Net book value | ||||||
At 31 March 2020 | | | ||||
At 31 March 2019 | | |
ARIKA HEAVY INDUSTRIES CIC
Notes to the Financial Statements
for the Period Ended 31 March 2020
4. Debtors
2020 | 2019 | |
---|---|---|
£ | £ | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
ARIKA HEAVY INDUSTRIES CIC
Notes to the Financial Statements
for the Period Ended 31 March 2020
5. Creditors: amounts falling due within one year note
2020 | 2019 | |
---|---|---|
£ | £ | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |
ARIKA HEAVY INDUSTRIES CIC
Notes to the Financial Statements
for the Period Ended 31 March 2020
6. Financial Commitments
COMMUNITY INTEREST ANNUAL REPORT
ARIKA HEAVY INDUSTRIES CIC
Company Number: SC299245 (Scotland)
Year Ending: 31 March 2020
In 2019/20 we undertook the following activities:Local Organising During the year we produced multiple projects through this strand. Sex worker led organisations, migrant led organisations and anti-poverty networks in Scotland and London all proposed projects that they needed but did not have the capacity to deliver. We then worked with them to build their capacity, and manage the projects with them. This model is held up by our principle funders Creative Scotland as a benchmark for arts organisations consultation with and community led programming.Episode 10Brought together members of multiple communities- scientists, artists, performers, filmmakers, community arts groups, philosophers, poets- to explore over 5 days the links between science, maths and political art. The project won a Turner Prize Bursary, the most prestigious arts award in the UK.I wanna be with your everywhereA 4 day festival of disability justice and disability aesthetics produced by a steering group of disabled artists and activists in New York. Hailed as the most successful disability arts event in recent memory in New York.
StakeholdersFunders: Arika is core funded by Creative Scotland. we have a detailed consultation and feedback process with them, involving attendance at our projects, regular meetings, annual reviews and formal feedback.During 2019/20 Arika worked on a long term funding application and consultation with Paul Hamlyn Foundation, which in part will help fund a greater degree of community/ stakeholder consultation going forward. The award was delayed due to COVID, but secured in Sept 2020, so outwith the period covered in this form. However the major work was done during this reporting period. Communities Local organising: consults on an ongoing, almost weekly basis with leaders of 8 separate community led groups across Glasgow. they decide on the activities the project entails, how they are delivered and work with us to deliver them.I Wanna Be With You Everywhere: steering group of disability community members established to curate the project. Project delivered under their direction.Episode 10 was developed in consultation with a group we initiated drawn from close collaborators in arts, science and philosophical communities, called the Institute of Physical Sociality. We consulted with them on the programme for the Episode.
The aggregate amount of emoluments paid to or receivable by directors in respect of qualifying services was £77,655.There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.
No transfer of assets other than for full consideration
This report was approved by the board of directors on
28 January 2021
And signed on behalf of the board by:
Name: Barry R Esson
Status: Director