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Registration number: SC497400

The Cultural Change Company Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

The Cultural Change Company Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

The Cultural Change Company Ltd

Company Information

Director

Dr David Potter

Registered office

1 Kirkview Court
Cumbernauld
Glasgow
G67 4EJ

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

The Cultural Change Company Ltd

(Registration number: SC497400)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

296

370

Current assets

 

Cash at bank and in hand

 

52,811

59,511

Creditors: Amounts falling due within one year

5

(1,768)

(6,832)

Net current assets

 

51,043

52,679

Net assets

 

51,339

53,049

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

51,239

52,949

Shareholders' funds

 

51,339

53,049

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 August 2023
 

.........................................
Dr David Potter
Director

 

The Cultural Change Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 Kirkview Court
Cumbernauld
Glasgow
G67 4EJ
Scotland

The principal place of business is:
1 Kirkview Court
Cumbernauld
Glasgow
G67 4EJ
Scotland

These financial statements were authorised for issue by the director on 29 August 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Cultural Change Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

20% reducing balance

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.

Trade 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

The Cultural Change Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

1,568

1,568

At 28 February 2023

1,568

1,568

Depreciation

At 1 March 2022

1,198

1,198

Charge for the year

74

74

At 28 February 2023

1,272

1,272

Carrying amount

At 28 February 2023

296

296

At 28 February 2022

370

370

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

612

612

Taxation and social security

85

3,984

Other creditors

1,071

2,236

1,768

6,832

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

The Cultural Change Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £20.00 (2022 - £20.00) per ordinary share

 

2,000

 

2,000