THE SID YOUTH CIC

Company limited by guarantee

Company Registration Number:
13142913 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2023

Period of accounts

Start date: 1 February 2022

End date: 31 January 2023

THE SID YOUTH CIC

Contents of the Financial Statements

for the Period Ended 31 January 2023

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

THE SID YOUTH CIC

Directors' report period ended 31 January 2023

The directors present their report with the financial statements of the company for the period ended 31 January 2023

Principal activities of the company

The principal activity of the company is delivering support to young people in Adur, Worthing and surrounding areas.

Additional information

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.



Directors

The directors shown below have held office during the whole of the period from
1 February 2022 to 31 January 2023

R Loversidge
PM Read


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
26 October 2023

And signed on behalf of the board by:
Name: R Loversidge
Status: Director

THE SID YOUTH CIC

Profit And Loss Account

for the Period Ended 31 January 2023

2023 2022


£

£
Turnover: 303,984 131,904
Cost of sales: ( 37,376 ) ( 22,992 )
Gross profit(or loss): 266,608 108,912
Administrative expenses: ( 242,139 ) ( 95,709 )
Operating profit(or loss): 24,469 13,203
Profit(or loss) before tax: 24,469 13,203
Tax: ( 3,817 ) ( 2,508 )
Profit(or loss) for the financial year: 20,652 10,695

THE SID YOUTH CIC

Balance sheet

As at 31 January 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 8,331 7,331
Total fixed assets: 8,331 7,331
Current assets
Debtors: 4 19,684 12,931
Cash at bank and in hand: 44,259 16,419
Total current assets: 63,943 29,350
Creditors: amounts falling due within one year: 5 ( 40,124 ) ( 24,593 )
Net current assets (liabilities): 23,819 4,757
Total assets less current liabilities: 32,150 12,088
Accruals and deferred income: ( 803 ) ( 1,393 )
Total net assets (liabilities): 31,347 10,695
Members' funds
Profit and loss account: 31,347 10,695
Total members' funds: 31,347 10,695

The notes form part of these financial statements

THE SID YOUTH CIC

Balance sheet statements

For the year ending 31 January 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 26 October 2023
and signed on behalf of the board by:

Name: R Loversidge
Status: Director

The notes form part of these financial statements

THE SID YOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 January 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

    Turnover comprises the fair value of the consideration received or receivable for the 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.

    Tangible fixed assets depreciation policy

    Tangible assets are stated in the statement of financial position 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 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 ratePlant and machinery, Over 4 yearsOffice equipment, Over 5 yearsComputer equipment, Over 2 years

    Other accounting policies

    General InformationThe 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 £2 towards the assets of the company in the event of liquidation.The address of its registered office is:Wiston House1 Wiston AvenueWorthingWest SussexBN14 7QLUnited KingdomThese financial statements were authorised for issue by the Board on 26 October 2023.Summary of significant accounting policies and key accounting estimatesThe 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 complianceThese 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 preparationThese 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.Going concernThe financial statements have been prepared on a going concern basis.TaxThe tax expense for the period comprises current and deferred 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 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.Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will 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 substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.Cash and cash equivalentsCash 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 debtorsTrade 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.Trade creditorsTrade 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.Defined contribution pension obligationA defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Contributions to defined contribution plans are recognised as employee benefit expensewhen they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

THE SID YOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 9 4

THE SID YOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2022 1,206 6,937 8,143
Additions 5,365 5,365
Disposals
Revaluations
Transfers
At 31 January 2023 1,206 12,302 13,508
Depreciation
At 1 February 2022 79 733 812
Charge for year 301 4,064 4,365
On disposals
Other adjustments
At 31 January 2023 380 4,797 5,177
Net book value
At 31 January 2023 826 7,505 8,331
At 31 January 2022 1,127 6,204 7,331

THE SID YOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

4. Debtors

2023 2022
£ £
Trade debtors 11,838 11,130
Prepayments and accrued income 7,846 1,801
Total 19,684 12,931

THE SID YOUTH CIC

Notes to the Financial Statements

for the Period Ended 31 January 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 5,523 1,116
Accruals and deferred income 31,249 22,416
Other creditors 3,352 1,061
Total 40,124 24,593

COMMUNITY INTEREST ANNUAL REPORT

THE SID YOUTH CIC

Company Number: 13142913 (England and Wales)

Year Ending: 31 January 2023

Company activities and impact

The SID Youth delivers support to young people in Adur, Worthing and surrounding areas. They provide a variety of sessions including mentoring to support young people struggling with well-being, education on anti-social behaviour, homelessness, substance use, modern day slavery and knife crime as well as Personalised plans involving the management of emotions and dealing with stress.These sessions are to raise awareness of any current issues impacting young people, build up a positive relationship with and support them in identifying existing strengths as well as providing a safe space to talk. All young people are at risk of exploitation and the aim of the mentoring is to support young people in identifying the signs of exploitation and them being supported in making positive changes.Majority of our income is from local councils, grants and schools, as well as donations from the local community.

Consultation with stakeholders

The companies’ stakeholders are the local community as a whole, but particular attention to young people to help those experiencing difficulties to achieve better grades, higher aspirations for future, stronger relationships, avoidance of drugs, healthier lifestyle choices.Schools and local councils are in regular contact for the running of a variety of sessions, including Mentoring, Wellbeing, Youth Coaching and Violence Reduction.The directors of the company have lived in the area for a number of years and have based their business model on their years of experience in their roles of working with young people and families.

Directors' remuneration

The total amount paid or receivable by directors in respect of qualifying services was £74,965.There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

An Air Fryer was purchased in January 2023 that has been donated to the Sidney Walter Centre, Worthing for them to use when preparing meals.

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

And signed on behalf of the board by:
Name: R Loversidge
Status: Director