STAR OF THE SEA CULTURE CIC

Company limited by guarantee

Company Registration Number:
11968679 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2023

Period of accounts

Start date: 1 May 2022

End date: 30 April 2023

STAR OF THE SEA CULTURE CIC

Contents of the Financial Statements

for the Period Ended 30 April 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

STAR OF THE SEA CULTURE CIC

Directors' report period ended 30 April 2023

The directors present their report with the financial statements of the company for the period ended 30 April 2023

Additional information

Small company provisionsThis report has been prepared in accordance with the provisions applicable to companies entitled tothe small companies exemption.



Directors

The directors shown below have held office during the whole of the period from
1 May 2022 to 30 April 2023

Dr I T Hosker
C M Jackson Szczyrbowski
O L Kynaston
D J Silvester
C Bainbridge


The director shown below has held office during the period of
1 May 2022 to 4 January 2023

K M Hosker


The director shown below has held office during the period of
1 May 2022 to 20 October 2022

H Sharma


The director shown below has held office during the period of
1 May 2022 to 9 May 2022

S K J Wren-Lewis


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
23 October 2023

And signed on behalf of the board by:
Name: Dr I T Hosker
Status: Director

STAR OF THE SEA CULTURE CIC

Profit And Loss Account

for the Period Ended 30 April 2023

2023 2022


£

£
Turnover: 15,653 1,631
Cost of sales: ( 8,633 ) ( 1,082 )
Gross profit(or loss): 7,020 549
Distribution costs: ( 559 ) ( 244 )
Administrative expenses: ( 13,505 ) ( 13,601 )
Other operating income: 9,224 11,476
Operating profit(or loss): 2,180 (1,820)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 2,180 (1,820)
Tax: ( 428 ) 39
Profit(or loss) for the financial year: 1,752 (1,781)

STAR OF THE SEA CULTURE CIC

Balance sheet

As at 30 April 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 51,478 3,154
Investments:   0 0
Total fixed assets: 51,478 3,154
Current assets
Stocks:   0 0
Debtors: 4 0 39
Cash at bank and in hand: 4,370 10,348
Investments:   0 0
Total current assets: 4,370 10,387
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 50,529 ) ( 9,974 )
Net current assets (liabilities): (46,159) 413
Total assets less current liabilities: 5,319 3,567
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 5,319 3,567
Members' funds
Profit and loss account: 5,319 3,567
Total members' funds: 5,319 3,567

The notes form part of these financial statements

STAR OF THE SEA CULTURE CIC

Balance sheet statements

For the year ending 30 April 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 23 October 2023
and signed on behalf of the board by:

Name: Dr I T Hosker
Status: Director

The notes form part of these financial statements

STAR OF THE SEA CULTURE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue recognitionTurnover is measured at the fair value of the consideration received or receivable for goodssupplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards ofownership have transferred to the buyer (usually on despatch of the goods); the amount ofrevenue can be measured reliably; it is probable that the associated economic benefits will flow tothe entity; and the costs incurred or to be incurred in respect of the transactions can be measuredreliably.

    Tangible fixed assets depreciation policy

    Tangible assets are initially recorded at cost, and subsequently stated at cost less anyaccumulated depreciation and impairment losses. Any tangible assets carried at revaluedamounts are recorded at the fair value at the date of revaluation less any subsequentaccumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in othercomprehensive income and accumulated in equity, except to the extent it reverses a revaluationdecrease of the same asset previously recognised in profit or loss. A decrease in the carryingamount of an asset as a result of revaluation, is recognised in other comprehensive income to theextent of any previously recognised revaluation increase accumulated in equity in respect of thatasset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated inequity in respect of that asset, the excess shall be recognised in profit or loss.

    Valuation information and policy

    DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residualvalue, over the useful economic life of that asset as follows:Fixtures and fittings - 25% reducing balance.

    Other accounting policies

    Income taxThe taxation expense represents the aggregate amount of current and deferred tax recognised inthe reporting period. Tax is recognised in profit or loss, except to the extent that it relates to itemsrecognised in other comprehensive income or directly in equity. In this case, tax is recognised inother comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax ismeasured at the amounts of tax expected to pay or recover using the tax rates and laws thathave been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelievedtax losses and other deferred tax assets are recognised to the extent that it is probable that theywill be recovered against the reversal of deferred tax liabilities or other future taxable profits.Deferred tax is measured using the tax rates and laws that have been enacted or substantivelyenacted by the reporting date that are expected to apply to the reversal of the timing difference.Impairment of fixed assetsA review for indicators of impairment is carried out at each reporting date, with the recoverableamount being estimated where such indicators exist. Where the carrying value exceeds therecoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed forpossible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverableamount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiablegroup of assets that includes the asset and generates cash inflows that largely independent of thecash inflows from other assets or groups of assets.For impairment testing of goodwill, the goodwill acquired in a business combination is, from theacquisition date, allocated to each of the cash-generating units that are expected to benefit fromthe synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable. Grantsare not recognised until there is reasonable assurance that the company will comply with theconditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematicbasis over the periods in which the company recognises the related costs for which the grant isintended to compensate. Grants that are receivable as compensation for expenses or lossesalready incurred or for the purpose of giving immediate financial support to the entity with nofuture related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expecteduseful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised asdeferred income and not deducted from the carrying amount of the asset.Under the performance model, where the grant does not impose specified future performance related conditions on the recipient, it is recognised in income when the grant proceeds arereceived or receivable. Where the grant does impose specified future performance-relatedconditions on the recipient, it is recognised in income only when the performance-relatedconditions have been met. Where grants received are prior to satisfying the revenue recognitioncriteria, they are recognised as a liability.Company limited by guaranteeThe liability of each member is limited to £1m, being the amount that each member undertake tocontribute to the assets of the Company in the vent of it being wound up while he or she is amember or within one year after he or she ceases to be a member, for: payment of the Company's debts and liabilities contracted before he or she ceases to be amember;payment of the costs, charges and expenses of winding up; andadjustment of the right of the contributories among themselves.

STAR OF THE SEA CULTURE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

STAR OF THE SEA CULTURE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 May 2022 0 0 5,607 0 0 5,607
Additions 48,850 0 350 0 0 49,200
Disposals 0 0 0 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 30 April 2023 48,850 0 5,957 0 0 54,807
Depreciation
At 1 May 2022 0 0 2,453 2,453
Charge for year 876 876
On disposals
Other adjustments
At 30 April 2023 0 0 3,329 3,329
Net book value
At 30 April 2023 48,850 0 2,628 0 0 51,478
At 30 April 2022 0 0 3,154 0 0 3,154

STAR OF THE SEA CULTURE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

4. Debtors

2023 2022
£ £
Other debtors 0 39
Total 0 39

STAR OF THE SEA CULTURE CIC

Notes to the Financial Statements

for the Period Ended 30 April 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 389
Other creditors 50,140 9,974
Total 50,529 9,974

COMMUNITY INTEREST ANNUAL REPORT

STAR OF THE SEA CULTURE CIC

Company Number: 11968679 (England and Wales)

Year Ending: 30 April 2023

Company activities and impact

It has given the community a place to meet and put on performances and shows for all to enjoy.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
23 October 2023

And signed on behalf of the board by:
Name: Dr Ian Hosker
Status: Director