S1:artspace/projects - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03436124 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

S1:ARTSPACE/PROJECTS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Bickle

M N Bowles

R Light

R Mosley

S S Samra

N Shamma

S K Trentham-Black

R C Shaw

SECRETARIES:

L Hutchinson

E K Matthews

REGISTERED OFFICE:

1 Norwich Street

Park Hill

Sheffield

South Yorkshire

S2 5PN

REGISTERED NUMBER:

03436124 (England and Wales)

ACCOUNTANTS:

Brown McLeod Limited

Chartered Accountants

51 Clarkegrove Road

Sheffield

South Yorkshire

S10 2NH

FIXED ASSETS

Tangible assets

4

1,848

2,771

CURRENT ASSETS

Debtors

5

138,754

108,264

Cash at bank and in hand

51,641

39,587

190,395

147,851

CREDITORS

Amounts falling due within one year

6

137,496

84,508

NET CURRENT ASSETS

52,899

63,343

TOTAL ASSETS LESS CURRENT LIABILITIES

54,747

66,114

CREDITORS

Amounts falling due after more than one year

7

15,000

-

NET ASSETS

39,747

66,114

RESERVES

Income and expenditure account

39,747

66,114

39,747

66,114

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 5 December 2018 and were signed on its behalf by:

S K Trentham-Black - Director

1.	STATUTORY INFORMATION

S1:artspace/projects is a private company, limited by guarantee , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of measurement and preparation of accounts

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Income

Grants donations and income from charitable trading activities are recognised in full in the Statement of

Financial Activities in the year in which they are receivable.

Restricted Funds

Restricted Funds are used for specific purposes as laid down by the donor. Expenditure which meets the criteria

is identified to the fund together with a fair allocation of management and support costs. Capital project

restricted funds are those that relate to funding for the feasibility, design and planning work for the early stages

of the "Park Hill Art Space" capital project. During this year the project progressed to RIBA stage 1. As there is

a degree of uncertainty about the generation of any tangible asset, this expenditure has not been capitalised.

Unrestricted Funds

Unrestricted Funds are other income received or generated for the objects of the charity without further specified

purpose and are available as general funds.

Resources Expended

Resources Expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any

VAT that cannot be recovered.

Fund Accounting

Funds held by the charity are either restricted funds or unrestricted general funds. Unrestricted funds are funds

which can be used in accordance with the charitable objects at the discretion of the trustees. The Restricted

funds that can only be used for a particular purpose within the objects of the charity. Restrictions arise when

specified by the donor or when the funds are raised for particular restricted purposes.

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.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

3,773

DEPRECIATION

At 1 April 2017

1,002

Charge for year

923

At 31 March 2018

1,925

NET BOOK VALUE

At 31 March 2018

1,848

At 31 March 2017

2,771

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

4,444

20,603

Other debtors

134,310

87,661

138,754

108,264

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

121,702

2,610

Taxation and social security

8,114

4,644

Other creditors

7,680

77,254

137,496

84,508

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Other creditors

15,000

-