Company registration number 08814824 (England and Wales)
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,136
3,089
Current assets
Trade and other receivables
4
27,443
24,692
Cash and cash equivalents
317,947
345,008
345,390
369,700
Current liabilities
5
(63,620)
(55,592)
Net current assets
281,770
314,108
Net assets
283,906
317,197
Reserves
Income and expenditure account
283,906
317,197
Members' funds
283,906
317,197
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr K Hanson
Mr D Speer
Director
Director
Company registration number 08814824 (England and Wales)
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Salisbury Business Improvement District Limited is a private company limited by guarantee incorporated in England and Wales, registered number 08814824. The registered office is Chequers Court, 35 Brown Street, Salisbury, Wiltshire, SP1 2AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are recognised in the financial statements at the fair value of the consideration received or paid for services provided in the normal course of business and are included as they become receivable or due. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Expenses are recognised inclusive of VAT where applicable, as the company cannot reclaim it.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Office Fixtures - 25% Straight Line
Motor vehicles
20% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Property, plant and equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
104,148
10,500
114,648
Additions
2,315
2,315
Disposals
(76,090)
(76,090)
At 31 March 2023
30,373
10,500
40,873
Depreciation and impairment
At 1 April 2022
101,059
10,500
111,559
Depreciation charged in the year
1,268
1,268
Eliminated in respect of disposals
(74,090)
(74,090)
At 31 March 2023
28,237
10,500
38,737
Carrying amount
At 31 March 2023
2,136
2,136
At 31 March 2022
3,089
3,089
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Service charges due
2,400
9,389
Other receivables
25,043
15,303
27,443
24,692
5
Current liabilities
2023
2022
£
£
Trade payables
41,002
14,603
Corporation tax
223
105
Other taxation and social security
8,484
7,355
Other payables
13,911
33,529
63,620
55,592
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
SALISBURY BUSINESS IMPROVEMENT DISTRICT LIMITED
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Related party transactions
In the previous year, the senior partner of Hugh Davies & Co Accountants was a director of the company, resigning on 25 November 2021, in 2022, £4,878 was paid to Hugh Davies & Co for payroll and compliance services provided. They also recharged expenses in relation to office space, parking and lighting and heat during the year.
£0 (2022: £195) was received and £0 (2022: £94) was paid to The Artisan Wine & Spirit Co, a director of whom is a director of the company, for goods and services.
In the previous year, a director of I N Newman Ltd was a director of the company, resigning on 25 November 2021, in 2022, £150 was received from I N Newman Ltd for voluntary levy contribution.
During the year £6,250 (2022:£0) was paid to Personnel Placements Limited of which Keith Hanson is a director, in respect of recruitment costs.
All other directors' make a levy contribution via Wiltshire County Council levies, by virtue of the fact they are a director of a company which has a rateable value of over £10,000 which, in turn pays business rates on which the Wiltshire County Council levy is calculated.
All values stated above are exclusive of VAT.