Weymouth BID Limited - Period Ending 2017-07-31

Company registration number: 07953027

Weymouth BID Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

Weymouth BID Limited

Contents

Directors' Report	1 to 2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Weymouth BID Limited

Directors' Report for the Year Ended 31 July 2017

The directors present their report and the financial statements for the year ended 31 July 2017.

Directors of the company

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

I Ferguson (appointed 9 June 2017)

S Newstead - Chairman

J L Owen (appointed 30 June 2017)

P G Flood (appointed 21 June 2017)

S J R Roper

L Cox (resigned 10 November 2016)

T A M K Mutton-McKnight

T Williams

S N N Newport

E Cogan (resigned 2 March 2017)

S J J Connell (resigned 14 September 2016)

Principal activity

The principal activity of the company is to operate a Business Improvement District (BID) on behalf of the BID levy payers and to deliver the Business Plan as voted through in the ballot held in March 2013 for the five year life of the BID.

Chairman's statement

These accounts cover Year 4 of the current 5 year BID term and provide the financial information on its delivery to date.

The Board present the Year 4 accounts that show a surplus, but overall there is still a deficit on the profit and loss reserve following the investment made in previous years in projects supported by the BID. This is in line with the 5 year business plan and the budget for 2017/18 takes into account the need to balance the books and have a reserve fund as we approach the end of the 5 year plan in August 2018.

In this year we will start the process of the BID renewal.

The consultation and legal processes are well underway and a copy of the Interim Business Plan is available to view on the BID website www.weymouthbid.co.uk/BID2.

 

Page 1

Weymouth BID Limited

Directors' Report for the Year Ended 31 July 2017

We as always are looking for new Board Directors from levy payers and their representatives. Information about the role of a Board Member and an application form is available on the BID website.

I would like to place on record my thanks to you for your continued support of Weymouth BID. I would like to mention in particular the members who offer their time, expertise and knowledge freely and voluntarily so that Weymouth BID can made a difference in not only the BID area but in Weymouth as a whole.
As this report goes to print, all eligible stakeholders are being invited to help us continue making a difference in the town centre over the next five years, as we ask them to vote in favour of a second BID term.

The Board looks forward to working with you in the year ahead and throughout the next BID term to deliver projects and services that will add value to your business and ensure that as a levy payer you have all the support and information that you need. With your support we believe that together we can make Weymouth not only a prime tourist destination but also the business heart of Dorset.
 

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 8 February 2018 and signed on its behalf by:

S Newstead Chairman

Page 2

Weymouth BID Limited

(Registration number: 07953027)
Balance Sheet as at 31 July 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	4	254	794
Current assets
Stocks	5	2,750	450
Debtors	6	25,400	23,154
Cash at bank and in hand		24,826	30,399
		52,976	54,003
Creditors: Amounts falling due within one year	7	(61,058)	(69,735)
Net current liabilities		(8,082)	(15,732)
Net liabilities		(7,828)	(14,938)
Capital and reserves
Profit and loss reserve		(7,828)	(14,938)
Total equity		(7,828)	(14,938)

For the financial year ending 31 July 2017 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 8 February 2018 and signed on its behalf by:
 

T Williams Director

Page 3

Weymouth BID Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

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:
Lupins Business Centre
1 - 3 Greenhill
Weymouth
Dorset
DT4 7SP

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. This is the first year that the accounts have been prepared under FRS102 - 1A. There have been no transitional adjustments.

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 (£).

Going concern

The company generates the vast majority of its income through levy payers' contributions. This income is guaranteed up to the end of the BID cycle, which is 31 August 2018. The directors of the company have confirmed their intention to seek a renewal of the BID and they believe this will be successful, but this is dependent on a successful vote by levy payers. Therefore the company has no guaranteed income from 1 September 2018.

The accounts have been prepared on a going concern basis and it is not considered that there would be any material adjustments were the accounts to be prepared on a break up basis.

Page 4

Weymouth BID Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

Turnover recognition

Turnover represents levies received from Weymouth and Portland Borough Council collected from business rates payers within the BID area and other local fundraising activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Levy payments from Weymouth and Portland Borough Council are invoiced for the year to 31 August and therefore amounts not earned are deferred into the next accounting period as required to match income receivable to the financial year of the company.

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

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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Weymouth BID Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2016 - 6).

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 August 2016	3,160	3,160
Additions	109	109
At 31 July 2017	3,269	3,269
Depreciation
At 1 August 2016	2,366	2,366
Charge for the year	649	649
At 31 July 2017	3,015	3,015
Carrying amount
At 31 July 2017	254	254
At 31 July 2016	794	794

5

Stocks

	2017 £	2016 £
Merchandise	2,750	450

6

Debtors

Page 6

Weymouth BID Limited

Notes to the Financial Statements
for the Year Ended 31 July 2017

	2017  £	2016  £
Trade debtors	13,025	20,493
Other debtors	12,375	2,661
Total current trade and other debtors	25,400	23,154

7

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	25,219	38,864
Taxation and social security	5,144	1,145
Other creditors	30,695	29,726
	61,058	69,735

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Financial commitments

The total amount of financial commitments not included in the balance sheet is £Nil (2016 - £6,250).

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