S1:artspace/projects - Abbreviated accounts 16.3

REGISTERED NUMBER: 03436124 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

S1:ARTSPACE/PROJECTS

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M N Bowles

R Light

P R S Petchey

Ms S K Trentham-Black

D J Bickle

R Mosley

S S Samra

N Shamma

SECRETARY:

Ms L Hutchinson

REGISTERED OFFICE:

21-24 South Street

Park Hill

Sheffield

South Yorkshire

S2 5QX

REGISTERED NUMBER:

03436124 (England and Wales)

ACCOUNTANTS:

Brown McLeod Limited

Chartered Accountants

51 Clarkegrove Road

Sheffield

South Yorkshire

S10 2NH

FIXED ASSETS

Tangible assets

2

238

-

CURRENT ASSETS

Debtors

133,761

1,100

Cash at bank

3,575

17,514

137,336

18,614

CREDITORS

Amounts falling due within one year

73,532

7,252

NET CURRENT ASSETS

63,804

11,362

TOTAL ASSETS LESS CURRENT LIABILITIES

64,042

11,362

RESERVES

Income and expenditure account

64,042

11,362

64,042

11,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 December 2016 and were signed on its behalf by:

N Shamma - Director

1.	ACCOUNTING POLICIES

Basis of measurement and preparation of accounts

a) The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities effective April 2008, the Companies Act 2006 and follow the

recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice issued in

March 2005 and revised in May 2008.

b) Fund accounting

i) Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives

of the charity.

ii) Restricted funds are subjected to restrictions on their expenditure imposed by the donor.

c) Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the

income and the amount can be quantified with reasonable accuracy. The following specific policies are applied

to particular categories of income:

i) Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of

Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific

performance by the chanty, are recognised when the charity becomes unconditionally entitled to the grant.

ii) Investment income is included when receivable.

iii) Incoming resources from activities for generating funds are accounted for when earned.

iv) Incoming resources from grants, where related to performance and specific deliverables, are accounted for as

the charity earns the right to consideration by its performance. Where grants are given for capital expenditure,

this expenditure is reduced by the cost of the grant given and both the income from the grant end expenditure

incurred are accounted for through the Statement of Financial Activities.

d) Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which

cannot be fully recovered, and is reported as part of the expenditure to which it relates. All costs are allocated

between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs

relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

e) Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lesser are charged against profit on a straight line basis over the lease term.

f) Going concern

The charity is reliant upon continued grant support mainly from the Arts Council to continue trading. This

funding is applied for annually to provide for the charity's operations and overhead costs. Without this continued

support the charity would be unable to continue its activities. The financial statements have been drawn up on a

going concern basis which assumes that sufficient support will continue.

Company limited by guarantee

Company is limited by guarantee and consequently does not have share capital.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents income received from grants, rent, and provision of exhibitions.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

317

At 31 March 2016

317

DEPRECIATION

Charge for year

79

At 31 March 2016

79

NET BOOK VALUE

At 31 March 2016

238