We Are Weymouth Limited - Period Ending 2023-08-31

We Are Weymouth Limited

Contents

Directors' Report	1 to 3
Accountants Report	4 to 5
Balance Sheet	6
Notes to the Unaudited Financial Statements	7 to 9

We Are Weymouth Limited

Directors' Report for the Year Ended 31 August 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors of the company

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

I Ferguson (resigned 31 August 2023)

C W Truscott - Chairman

J Dixey

M L Johnson (resigned 19 July 2023)

J Orell

T A Mutton-McKnight

J M Oldroyd

G J Perry

L M Fisher

N J Steadman (appointed 26 April 2023 and resigned 28 September 2023)

H E Moore (appointed 26 July 2023)

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 March 2023 for the four years and seven months life of the BID.

We Are Weymouth Limited

Directors' Report for the Year Ended 31 August 2023

Chairman's statement

During 2022 we continued with our delivery whilst also going to ballot. During this time, we met with many of you to determine your views on what had gone well during the BID 2 term and what your priorities were ahead of the ballot. We listened to your feedback and many ideas were generated which then formed part of the BID 3 business plan, being delivered from September 2023. You agreed with the plan and voted yes with a majority of 73% recognising that together we are stronger.

The We Are Weymouth Board are levy paying, local business owners who want to see Weymouth thrive and tackle issues head-on. The board is committed to creating an effective and efficient BID and values the input of levy payers; completely focused on delivering a better future for the town.

Our decisions to improve, market and shape the town are critical to the success of the town and our members, and as always, the BID continues to act as a strong representative voice for businesses in times of uncertainty and change. The challenges we all face, make the need for Weymouth businesses to work together as a Business Improvement District to shape the trading environment more important than ever, and this year has seen us tackling some major issues to shape 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. Many of the projects we had implemented in the previous year such as the September Dusk ‘til Dark event, hanging flower baskets, crime reduction partnership and the BID Ranger, were key areas you wanted the BID to continue, as well as marketing the town to a wider demographic to encourage visitors to the town. During 22/23 we delivered on this and many other projects which are detailed in the report.

I am 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 with any of the operational team or board members. We will continue to collaborate closely with our partners, to represent and where appropriate challenge and we can only do this with your productive engagement and involvement.

I would like to take this opportunity to recognise the efforts of our board members, who devote a considerable amount of unremunerated time with the sole focus of making a positive difference to the area in which we all operate, and to welcome two new Board Directors to the team, Natalie Steadman owner of Weymouth Fancy Dress shop on the Esplanade and Hayley Moore owner of The Flamingo Room in St Thomas Street. We also are saying goodbye to two board members; Ian Ferguson who has been a board member across the BID’s first and second term and was vice chair of the board for 2 years. Ian was pivotal in ensuring BID 2 was elected and to whom we owe a debt of gratitude for the years of service to the town, and Mikey Johnson a recent board member, Loss Prevention Manager, at the Range who has moved to Southampton. I very much look forward to working with the new Board, and hope that any members who wish to drive positive change for our town, will offer to volunteer, in order that we can be truly representative of the BID demographic and deliver a long-term strategy for the town.
 

We Are Weymouth Limited

Directors' Report for the Year Ended 31 August 2023

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.

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 30 November 2023 and signed on its behalf by:

C W Truscott Chairman

Independent Chartered Accountants' Review Report to the Directors of We Are Weymouth Limited
for the Year Ended 31 August 2023

We have reviewed the financial statements of We Are Weymouth Limited for the year ended 31 August 2023, which comprise the Profit and Loss Account, the Balance Sheet and related notes as set out on pages 6 to 9, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' Responsibility for the Financial Statements

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' Responsibility

Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised) Engagements to review historical financial statements and ICAEW technical release TECH 09/13AAF (Revised) Assurance review engagements on historical financial statements. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with the United Kingdom Generally Accepted Accounting Practice, specifically FRS 102 Section 1A. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.

Scope of Assurance Review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures, and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Independent Chartered Accountants' Review Report to the Directors of We Are Weymouth Limited
for the Year Ended 31 August 2023

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

• so as to give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its defecit for the year then ended;

• in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

• in accordance with the requirements of the Companies Act 2006.

Use of our report

This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter. Our review has been undertaken so that we may state to the company's directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report or the conclusions we have formed.

Albert Goodman LLP
Chartered Accountants
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

29 February 2024

We Are Weymouth Limited

(Registration number: 07953027)
Balance Sheet as at 31 August 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	1,464	1,671
Current assets
Debtors	5	47,296	44,131
Cash at bank and in hand		114,641	100,796
		161,937	144,927
Creditors: Amounts falling due within one year	6	(64,300)	(27,535)
Net current assets		97,637	117,392
Net assets		99,101	119,063
Capital and reserves
Profit and loss account		99,101	119,063
Total equity		99,101	119,063

For the financial year ending 31 August 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 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 30 November 2023 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 2023

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 Dorset County Council collected from business rates payers within the BID area and other local fundraising activities. Turnover is shown net of value added tax and is recognised in the period to which it relates.

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

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

We Are Weymouth Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023

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 (excluding directors) during the year was 2 (2022 - 3).

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 September 2022	6,913	6,913
Additions	465	465
Disposals	(843)	(843)
At 31 August 2023	6,535	6,535

We Are Weymouth Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 August 2023

	Office equipment  £	Total £
Depreciation
At 1 September 2022	5,242	5,242
Charge for the year	672	672
Eliminated on disposal	(843)	(843)
At 31 August 2023	5,071	5,071
Carrying amount
At 31 August 2023	1,464	1,464
At 31 August 2022	1,671	1,671

5

Debtors

Current	2023 £	2022 £
Trade debtors	38,032	11,563
Prepayments	3,809	24,423
Other debtors	5,455	8,145
	47,296	44,131

6

Creditors

	2023 £	2022 £
Due within one year
Trade creditors	21,198	9,397
Other creditors	43,102	18,138
	64,300	27,535