We Are Weymouth Limited - Period Ending 2021-08-31

We Are Weymouth Limited

Contents

Directors' Report	1 to 3
Balance Sheet	4
Notes to the Unaudited Financial Statements	5 to 8

We Are Weymouth Limited

Directors' Report for the Year Ended 31 August 2021

The directors present their report and the financial statements for the year ended 31 August 2021.

Directors of the company

The directors who held office during the year were as follows:

C Wells (appointed 14 December 2020)

I Ferguson

C W Truscott - Chairman

T A Mutton-McKnight

J M Oldroyd

G J Perry

K Treggiden

L M Fisher

Principal activity
The principal activity of the company is to operate a Business Development District (BID) on behalf of the BID levy payers and to deliver the Business Plan as voted through in the ballot held in June 2018 for the five year life of the BID.

We Are Weymouth Limited

Directors' Report for the Year Ended 31 August 2021

Chairman's statement

We are pleased to present the financial report for the Weymouth Business Improvement District. 2020-2021 has not been without its challenges at a national and local level with business restrictions due to COVID and the subsequent lockdown measures imposed by Government. We recognise the unprecedented challenges presented to all businesses across the country, but particularly throughout Tourism destinations such as our own here in Weymouth. We also understood the immediacy and significance of these challenges to all members as the entire country entered a prolonged period of social restrictions and decreased mobility. During the Autumn and Winter months we reduced our immediate and short-term marketing of the town putting all our energy into National campaigns for 2021/2022.

We have reviewed our strategy considering the current situation and have found that it is not only still relevant, but even more critical to the success of the town and our members. As always, Weymouth BID continues to act as a strong representative voice for businesses in these times of uncertainty and change.

Our volunteer Directors have worked hard with the newly appointed management team to take the next steps towards delivering against our stated strategy for the benefit of all businesses and levy payers across the area. Our primary focus is still to represent our members; delivering our stated strategy and initiatives will be the focus of the board going forward to ensure that we maximise opportunities across the town.

There have been many notable achievements throughout the last year with the continuation of existing projects as well as the introduction of several new initiatives. I know that not all levy payers agree with every initiative, but the role of the board is simple, it’s to listen to the wide range of views from members, influence and make decisions which will benefit the many and not the few and this is a principle that we will uphold.

I’m proud that we can and do represent you and your views and would encourage any members that want to constructively engage with the BID to help deliver positive improvements for our town to get in touch. We will continue to work closely with our partners at the local authorities, and all other stakeholders to represent and where appropriate challenge and we can only do this with your productive engagement and involvement.

I also want to acknowledge the diligence of our small management team who commenced work during January’s lockdown and have worked exceptionally hard to market the town nationally as well as build engagement with you as Levy payers. Across 2021/22 our focus is to continue to market the town whilst ensuring we invest in further improvement programmes improving how Weymouth looks and therefore performs economically.

I would like to take this opportunity to formally recognise the efforts of all our board members, who devote a considerable amount of un-remunerated time with the sole focus of making a positive difference to the area in which we all operate. I very much look forward to working with the existing board, and hope that new board members who wish to drive positive change for our town, will offer to volunteer, in order that every sector of our business community is represented and to ensure that we can deliver long term meaningful improvement for all.
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Directors' liabilities
The company does not have any share capital. Instead, each director has agreed to contribute an amount not exceeding £1 in the event of winding up as per clause 3.2 of the Memorandum and Articles of Association.

We Are Weymouth Limited

Directors' Report for the Year Ended 31 August 2021

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 12 January 2022 and signed on its behalf by:

C W Truscott Chairman

We Are Weymouth Limited

(Registration number: 07953027)
Balance Sheet as at 31 August 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	5	193	548
Current assets
Debtors	6	64,900	16,755
Cash at bank and in hand		140,615	150,160
		205,515	166,915
Creditors: Amounts falling due within one year	7	(24,464)	(60,813)
Net current assets		181,051	106,102
Net assets		181,244	106,650
Capital and reserves
Profit and loss account		181,244	106,650
Total equity		181,244	106,650

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 12 January 2022 and signed on its behalf by:
 

C W Truscott Chairman

We Are Weymouth Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2021

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Turnover recognition

Turnover represents levies received from Weymouth and Portland Borough Council collected from business rates payers within the BID area and other local fundraising activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and is recognised in the period to which it relates.

Turnover from other fundraising activities is recognised as it is earned.

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors or deferred income within the balance sheet.

We Are Weymouth Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2021

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from levy payers in respect of levy payments diue to the company in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2020 - 3).

We Are Weymouth Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2021

4	Government grants

Grants were received in the year ended 31 August 21 under the Coronavirus Job Retention Scheme and small business grants. No such amounts wre received in the current year.

The amount of grants recognised in the financial statements was £Nil (2020 - £18,561).

 

5	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 September 2020	4,686	4,686
At 31 August 2021	4,686	4,686
Depreciation
At 1 September 2020	4,138	4,138
Charge for the year	355	355
At 31 August 2021	4,493	4,493
Carrying amount
At 31 August 2021	193	193
At 31 August 2020	548	548

6

Debtors

	2021  £	2020  £
Trade debtors	40,095	453
Other debtors	24,805	16,302
Total current trade and other debtors	64,900	16,755

We Are Weymouth Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2021

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	16,680	21,816
Taxation and social security	-	31,574
Other creditors	7,784	7,423
	24,464	60,813