Silverfin false 31/03/2023 01/04/2022 31/03/2023 Miriam Joy Cates 08/12/2020 Danny Rayne Kruger 08/12/2020 Imogen Alice Sinclair 08/12/2020 27 November 2023 The principal activities of the Company during the year was that of policy research and campaigning in receipt of donations 13069712 2023-03-31 13069712 bus:Director1 2023-03-31 13069712 bus:Director2 2023-03-31 13069712 bus:Director3 2023-03-31 13069712 2022-03-31 13069712 core:CurrentFinancialInstruments 2023-03-31 13069712 core:CurrentFinancialInstruments 2022-03-31 13069712 core:RetainedEarningsAccumulatedLosses 2023-03-31 13069712 core:RetainedEarningsAccumulatedLosses 2022-03-31 13069712 core:ComputerEquipment 2022-03-31 13069712 core:ComputerEquipment 2023-03-31 13069712 2022-04-01 2023-03-31 13069712 bus:FullAccounts 2022-04-01 2023-03-31 13069712 bus:SmallEntities 2022-04-01 2023-03-31 13069712 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13069712 bus:CompanyLimitedByGuarantee 2022-04-01 2023-03-31 13069712 bus:Director1 2022-04-01 2023-03-31 13069712 bus:Director2 2022-04-01 2023-03-31 13069712 bus:Director3 2022-04-01 2023-03-31 13069712 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 13069712 2020-12-08 2022-03-31 13069712 core:ComputerEquipment 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 13069712 (England and Wales)

THE NEW SOCIAL COVENANT UNIT LTD

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

THE NEW SOCIAL COVENANT UNIT LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

THE NEW SOCIAL COVENANT UNIT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
THE NEW SOCIAL COVENANT UNIT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Tangible assets 3 333 666
333 666
Current assets
Cash at bank and in hand 99,319 3,532
99,319 3,532
Creditors: amounts falling due within one year 4 ( 103,226) ( 7,586)
Net current liabilities (3,907) (4,054)
Total assets less current liabilities (3,574) (3,388)
Net liabilities ( 3,574) ( 3,388)
Reserves
Profit and loss account ( 3,574 ) ( 3,388 )
Total reserves ( 3,574) ( 3,388)

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 financial statements of The New Social Covenant Unit Ltd (registered number: 13069712) were approved and authorised for issue by the Director on 27 November 2023. They were signed on its behalf by:

Miriam Joy Cates
Director
THE NEW SOCIAL COVENANT UNIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
THE NEW SOCIAL COVENANT UNIT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

The New Social Covenant Unit Ltd (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Barn Kings Newton Hall, Main Street, Kings Newton, DE73 8BX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment 3 years straight line
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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

Year ended
31.03.2023
Period from
08.12.2020 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2022 999 999
At 31 March 2023 999 999
Accumulated depreciation
At 01 April 2022 333 333
Charge for the financial year 333 333
At 31 March 2023 666 666
Net book value
At 31 March 2023 333 333
At 31 March 2022 666 666

4. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Accruals and deferred income 99,858 6,273
Taxation and social security 3,143 1,313
Other creditors 225 0
103,226 7,586

5. Liability of members

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.