The Weston-super-Mare Town Centre Partnership Company Limited Filleted accounts for Companies House (small and micro)

THE WESTON-SUPER-MARE TOWN CENTRE PARTNERSHIP COMPANY LIMITED - Company Information

9 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 12,462 3,066 15,528 11,548 1,662 13,210 2,318 914 xbrli:pure xbrli:shares iso4217:GBP 03612818 2022-04-01 2023-03-31 03612818 2023-03-31 03612818 2022-03-31 03612818 2021-04-01 2022-03-31 03612818 2022-03-31 03612818 2021-03-31 03612818 bus:Director1 2022-04-01 2023-03-31 03612818 core:PlantMachinery 2022-03-31 03612818 core:PlantMachinery 2023-03-31 03612818 core:PlantMachinery 2022-04-01 2023-03-31 03612818 core:WithinOneYear 2023-03-31 03612818 core:WithinOneYear 2022-03-31 03612818 core:RetainedEarningsAccumulatedLosses 2023-03-31 03612818 core:RetainedEarningsAccumulatedLosses 2022-03-31 03612818 core:PlantMachinery 2022-03-31 03612818 bus:SmallEntities 2022-04-01 2023-03-31 03612818 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03612818 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03612818 bus:CompanyLimitedByGuarantee 2022-04-01 2023-03-31 03612818 bus:FullAccounts 2022-04-01 2023-03-31

COMPANY REGISTRATION NUMBER: 03612818

The Weston-super-Mare Town Centre Partnership Company Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 March 2023

The Weston-super-Mare Town Centre Partnership Company Limited

Company Limited by Guarantee

Balance Sheet

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	6		2,318	914

Current assets

Debtors	7	101,881	74,885
Cash at bank and in hand		45,446	75,919
		---------	---------
		147,327	150,804

Creditors: amounts falling due within one year	8	127,991		109,536
		---------		---------
Net current assets			19,336	41,268
			--------	--------
Total assets less current liabilities			21,654	42,182

Provisions

Taxation including deferred tax	( 3,196)	174
	--------	--------
Net assets	24,850	42,008
	--------	--------

Capital and reserves

Profit and loss account	24,850	42,008
	--------	--------
Members funds	24,850	42,008
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Weston-super-Mare Town Centre Partnership Company Limited

Company Limited by Guarantee

Balance Sheet (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 13 December 2023 , and are signed on behalf of the board by:

Mr J N Brentnall

Director

Company registration number: 03612818

The Weston-super-Mare Town Centre Partnership Company Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 37 Boulevard, Weston-super-Mare, North Somerset, BS23 1PE. The principal activity of the company during the year was to improve the viability and vitality of Weston-super-Mare town centre.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity. The accounts have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Bad debt provision

Revenue recognition

The turnover shown in the profit and loss account is the amount derived from the entity's operating activities and is disclosed net of VAT.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible 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.

Depreciation

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:

	Office equipment	-	Straight line over 3 years

Impairment of fixed assets

A 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowing or current liabilities.

Government grants

Government 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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions 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 balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions 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.

4. Company limited by guarantee

The Company is limited by guarantee and has no share capital. The liability of each member, in the event of winding up, is limited to £1.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2022: 4 ).

6. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 April 2022	12,462	12,462
Additions	3,066	3,066
	--------	--------
At 31 March 2023	15,528	15,528
	--------	--------
Depreciation
At 1 April 2022	11,548	11,548
Charge for the year	1,662	1,662
	--------	--------
At 31 March 2023	13,210	13,210
	--------	--------
Carrying amount
At 31 March 2023	2,318	2,318
	--------	--------
At 31 March 2022	914	914
	--------	--------

7. Debtors

	2023	2022
	£	£
Trade debtors	13,405	14,308
Other debtors	88,476	60,577
	---------	--------
	101,881	74,885
	---------	--------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	2,836	3,257
Corporation tax	–	1,086
Social security and other taxes	5,820	7,992
Other creditors	119,335	97,201
	---------	---------
	127,991	109,536
	---------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	–	2,928
	----	-------

The above amounts relate to leases expiring in May 2022.