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REGISTERED NUMBER: 06865563 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

ST IVES SOCIETY OF ARTISTS LTD

ST IVES SOCIETY OF ARTISTS LTD (REGISTERED NUMBER: 06865563)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ST IVES SOCIETY OF ARTISTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Ms S Dove
Ms A Peverall
J C Watson
Ms M Keeling
Mrs L Pierce
S M Taylor
Mrs Z F Eaton
P Giles





SECRETARY: Ms A Peverall





REGISTERED OFFICE: The Gallery
Norway Square
St Ives
Cornwall
TR26 1NA





REGISTERED NUMBER: 06865563 (England and Wales)





ACCOUNTANTS: Greenwood Wilson
The Old School
The Stennack
St Ives
Cornwall
TR26 1QU

ST IVES SOCIETY OF ARTISTS LTD (REGISTERED NUMBER: 06865563)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,226 2,208

CURRENT ASSETS
Stocks 750 655
Debtors 5 1,974 1,019
Cash at bank and in hand 146,603 156,069
149,327 157,743
CREDITORS
Amounts falling due within one year 6 3,130 7,694
NET CURRENT ASSETS 146,197 150,049
TOTAL ASSETS LESS CURRENT
LIABILITIES

148,423

152,257

RESERVES
Income and expenditure account 148,423 152,257
148,423 152,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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.

ST IVES SOCIETY OF ARTISTS LTD (REGISTERED NUMBER: 06865563)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





Ms M Keeling - Director


ST IVES SOCIETY OF ARTISTS LTD (REGISTERED NUMBER: 06865563)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

St Ives Society of Artists Ltd 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 preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents commission on the sale of artwork excluding value added tax.

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 - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 10 (2022 - 11 ) .

ST IVES SOCIETY OF ARTISTS LTD (REGISTERED NUMBER: 06865563)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 5,344
Additions 570
Disposals (450 )
At 31 January 2023 5,464
DEPRECIATION
At 1 February 2022 3,136
Charge for year 395
Eliminated on disposal (293 )
At 31 January 2023 3,238
NET BOOK VALUE
At 31 January 2023 2,226
At 31 January 2022 2,208

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,974 1,019

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 499 4,932
Other creditors 2,631 2,762
3,130 7,694

7. LIABILITY OF MEMBERS

The company is limited by guarantee and the liability of the members is limited to £1 on the winding up of the company.