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Registration number: 05230824

The Great Sussex Way Ltd

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

The Great Sussex Way Ltd

Contents

Company Information

1

Accountants' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 10

 

The Great Sussex Way Ltd

Company Information

Directors

Daniel Macauley

Erik Hobbs

Nicola Jones

Sophie Louisa Tanner

Ms Helen Marshall

Katherine Dickens

Andrew Coggings

Simeon Keates

Registered office

Cawley Priory
South Pallant
Chichester
PO19 1SY

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Great Sussex Way Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Great Sussex Way Ltd for the year ended 31 March 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Great Sussex Way Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Great Sussex Way Ltd and state those matters that we have agreed to state to the Board of Directors of The Great Sussex Way Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Great Sussex Way Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Great Sussex Way Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Great Sussex Way Ltd. You consider that The Great Sussex Way Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Great Sussex Way Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

2 October 2023

 

The Great Sussex Way Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

24,531

21,257

Cost of sales

 

(1,000)

-

Gross surplus

 

23,531

21,257

Administrative expenses

 

(179,360)

(191,148)

Other operating income

 

150,000

179,175

Operating (deficit)/surplus

 

(5,829)

9,284

Interest payable and similar expenses

 

(26)

(17)

(Deficit)/surplus before tax

(5,855)

9,267

Tax on (loss)/profit

 

-

(1,295)

(Deficit)/surplus for the financial year

 

(5,855)

7,972

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Great Sussex Way Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

(Deficit)/surplus for the year

(5,855)

7,972

Total comprehensive income for the year

(5,855)

7,972

 

The Great Sussex Way Ltd

(Registration number: 05230824)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,925

2,319

Current assets

 

Debtors

6

9,683

11,596

Cash at bank and in hand

 

52,355

56,554

 

62,038

68,150

Creditors: Amounts falling due within one year

7

(11,023)

(7,403)

Net current assets

 

51,015

60,747

Net assets

 

52,940

63,066

Reserves

 

Retained earnings

52,940

63,066

Surplus

 

52,940

63,066

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
Erik Hobbs
Director

 

The Great Sussex Way Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Retained earnings
£

Total
£

At 1 April 2022

63,066

63,066

Prior period adjustment

(4,271)

(4,271)

At 1 April 2022 (As restated)

58,795

58,795

Deficit for the year

(5,855)

(5,855)

At 31 March 2023

52,940

52,940

Retained earnings
£

Total
£

At 1 April 2021

55,094

55,094

Surplus for the year

7,972

7,972

At 31 March 2022

63,066

63,066

 

The Great Sussex Way Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
PO19 1SY

These financial statements were authorised for issue by the Board on 2 October 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.

Going concern

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.

Government grants

Government grants are recognised over the period to which they relate. However due to the Covid-19 pandemic it was agreed with the local authority that expenditure on marketing the region would be postponed until restrictions were relaxed and potential visitors could travel. Therefore, the grant income related to the current period has been deferred until marketing recommences which will occur when it is deemed beneficial to do so.

Tax

The tax expense for the period comprises 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.

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:

 

The Great Sussex Way Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Intangible assets

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

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

3 years straight line

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 debtors

Trade 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 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.

Defined contribution pension obligation

A 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 expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

The Great Sussex Way Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

26,738

26,738

At 31 March 2023

26,738

26,738

Amortisation

At 1 April 2022

26,738

26,738

At 31 March 2023

26,738

26,738

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

5,215

5,215

Additions

215

215

At 31 March 2023

5,430

5,430

Depreciation

At 1 April 2022

2,896

2,896

Charge for the year

609

609

At 31 March 2023

3,505

3,505

Carrying amount

At 31 March 2023

1,925

1,925

At 31 March 2022

2,319

2,319

6

Debtors

Current

2023
£

2022
£

Trade debtors

4,986

5,070

Prepayments

3,423

777

Other debtors

1,274

5,749

 

9,683

11,596

 

The Great Sussex Way Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,198

4,883

Taxation and social security

3,677

1,458

Accruals and deferred income

5,089

-

Other creditors

1,059

1,062

11,023

7,403