WOT'S UP C.I.C.
WOT'S UP C.I.C.
WOT'S UP C.I.C.
Company limited by guarantee
Company Registration Number:
09221419 (England and Wales)
Unaudited statutory accounts for the year ended 30 September 2021
Period of accounts
Start date: 1 October 2020
End date: 30 September 2021
WOT'S UP C.I.C.
Contents of the Financial Statements
for the Period Ended 30 September 2021
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
WOT'S UP C.I.C.
Balance sheet
As at
Notes | 2021 | 2020 | |
---|---|---|---|
| £ | £ | |
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: | | | |
Creditors: amounts falling due after more than one year: | 6 | ( | |
Provision for liabilities: | ( | ( | |
Total net assets (liabilities): | | | |
Members' funds | |||
Profit and loss account: | | | |
Total members' funds: | | |
The notes form part of these financial statements
WOT'S UP C.I.C.
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
WOT'S UP C.I.C.
Notes to the Financial Statements
for the Period Ended 30 September 2021
-
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
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. Tangible fixed assets depreciation policy
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Motor Vehicles 25% reducing balance Fixtures, fittings, tools and equipment over 5 years Other accounting policies
Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Provisions Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. Leased assets A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. Pensions Contributions to defined contribution plans are expensed in the period to which they relate. Government Grants Government Grants are recognised at the fair value of assets received or receivable. Government grants are recognised based on the performance model.
WOT'S UP C.I.C.
Notes to the Financial Statements
for the Period Ended 30 September 2021
-
2. Employees
2021 2020 Average number of employees during the period 3 4
WOT'S UP C.I.C.
Notes to the Financial Statements
for the Period Ended 30 September 2021
3. Tangible assets
Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total | |
---|---|---|---|---|---|---|
Cost | £ | £ | £ | £ | £ | £ |
At 1 October 2020 | | | | |||
Additions | | | ||||
Disposals | ( | ( | ||||
Revaluations | ||||||
Transfers | ||||||
At 30 September 2021 | | | | |||
Depreciation | ||||||
At 1 October 2020 | | | | |||
Charge for year | | | | |||
On disposals | ( | ( | ||||
Other adjustments | ||||||
At 30 September 2021 | | | | |||
Net book value | ||||||
At 30 September 2021 | | | | |||
At 30 September 2020 | | | |
WOT'S UP C.I.C.
Notes to the Financial Statements
for the Period Ended 30 September 2021
4. Debtors
2021 | 2020 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Total | | |
WOT'S UP C.I.C.
Notes to the Financial Statements
for the Period Ended 30 September 2021
5. Creditors: amounts falling due within one year note
2021 | 2020 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Taxation and social security | | |
Other creditors | | |
Total | | |
WOT'S UP C.I.C.
Notes to the Financial Statements
for the Period Ended 30 September 2021
6. Creditors: amounts falling due after more than one year note
2020 | ||
---|---|---|
£ | ||
Amounts due under finance leases and hire purchase contracts | | |
Total | |
COMMUNITY INTEREST ANNUAL REPORT
WOT'S UP C.I.C.
Company Number: 09221419 (England and Wales)
Year Ending: 30 September 2021
Wot’s up CIC runs The Meeting Place in Ipswich.Its principal use is a base for a group of adults with learning and physical difficulties, meeting there three times a week for a social club. Day support is also provided.Rooms are hired to the community. Currently the room is rented to activities benefiting the community, faith groups, dance groups and a knitting circle. Quiz nights and discos are popular.During the year further investment has been made in activities and resources. A caravan was part exchanged for an updated model.
No consultation with stakeholders
The amount of remuneration paid to the director was £24,740, no bonus or other benefits were paid. 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
7 November 2021
And signed on behalf of the board by:
Name: M Fortune
Status: Director