London Region Arts Club - Period Ending 2022-07-31
London Region Arts Club - Period Ending 2022-07-31
Registration number:
London Region Arts Club
(A company limited by guarantee)
for the Year Ended 31 July 2022
London Region Arts Club
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Abridged Financial Statements |
London Region Arts Club
Company Information
Directors |
Dr Stuart Peter Mitchell Miss Sarah Louise Jennings Mrs Lynda Teresa Wood Ms Louise Slade Mr Selwyn Jeffrey Arnold Linda Anderson Mrs Caroline Jane Johnson Miss Cheryl Julie Watson |
Company secretary |
Linda Anderson |
Registered office |
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Accountants |
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London Region Arts Club
Directors' Report for the Year Ended 31 July 2022
The directors present their report and the abridged financial statements for the year ended 31 July 2022.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is provide events and workshops for members of the company
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 and authorised by the
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
London Region Arts Club
for the Year Ended 31 July 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of London Region Arts Club for the year ended 31 July 2022 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of London Region Arts Club, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of London Region Arts Club and state those matters that we have agreed to state to the Board of Directors of London Region Arts Club, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Region Arts Club and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that London Region Arts Club has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of London Region Arts Club. You consider that London Region Arts Club is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of London Region Arts Club. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
Rickmansworth
Hertfordshire
WD3 1DE
London Region Arts Club
Abridged Profit and Loss Account for the Year Ended 31 July 2022
Note |
2022 |
2021 |
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Gross deficit |
( |
( |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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Deficit before tax |
( |
( |
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Tax on loss |
( |
( |
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Deficit for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
London Region Arts Club
Statement of Comprehensive Income for the Year Ended 31 July 2022
2022 |
2021 |
|
Deficit for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
London Region Arts Club
(Registration number: 02035307)
Abridged Balance Sheet as at 31 July 2022
Note |
2022 |
2021 |
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Current assets |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Reserves |
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Retained earnings |
41,650 |
45,856 |
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Surplus |
41,650 |
45,856 |
For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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London Region Arts Club
Statement of Changes in Equity for the Year Ended 31 July 2022
Retained earnings |
Total |
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At 1 August 2021 |
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Deficit for the year |
( |
( |
At 31 July 2022 |
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Retained earnings |
Total |
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At 1 August 2020 |
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Deficit for the year |
( |
( |
At 31 July 2021 |
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London Region Arts Club
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2022
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 £Nil towards the assets of the company in the event of liquidation.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged 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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of events and workshops for members of the company in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Depreciation
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
London Region Arts Club
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2022
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
Debtors includes £Nil (2021 - £Nil) due after more than one year.