STAINES-UPON-THAMES_BID_L - Accounts

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Staines-upon-Thames Bid Limited is a private company limited by guarantee registered in England and Wales. The registered office is Office 214 Regus, Centurion House, London Road, Staines upon Thames, TW18 4AX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In light of the rapid trueeffects of COVID-19 during the year, the directors have reviewed the going concern position of the company.

The primary impact of COVID-19 to the company is a decrease in the rate at which amounts are received from the company's primary customers. To help manage cashflow, a decrease in expenditure has been implemented. The company has retained a significant surplus for 2021 due to this.

Following this review, the directors consider the company to still be a going concern, dependent on the continued support of its primary customers.

Income mainly comprises income derived from the BID levy payable by the BID members for the period to 31 March, together with other contributions from landowners and excludes Value Added Tax. BID revenue is recognised as earned over time so that the amount of revenue reflects the actual right to consideration by reference to the period of the business rates levy covered.

BID revenue is measured at the fair value of the right to consideration, which represents amounts chargeable to the local authority. BID revenue not received is included in debtors, revenue received in excess of the relevant amount would be deferred to future periods to which it relates and included in deferred income within creditors.

Other income is received from ancillary activities and investment income that is wholly applied in furtherance of the BID objectives.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

The activities of the company do not constitute a trade for taxation purposes. Tax is payable on any interest income received.

Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

The average monthly number of persons (including directors) employed by the company during the year was:

The liability of the members is limited. Every member of the company undertakes to contribute to the assets of the company in the event of the company being wound up whilst they are a member, or within one year after they cease to be a member, for payment of debts and liabilities of the company contracted before they ceased to be a member, and of the cost, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amounts as may be required not exceeding £1.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The reserves are restricted to the company objectives in accordance with the company articles and are non distributable.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

In the normal course of its activities the company received levy income from its directors and entities in which directors are interested. These transactions are carried out at arm's length and at normal commercial rates and therefore have not been disclosed separately.