1520 STUDIOS CIC

Company limited by guarantee

Company Registration Number:
13026130 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2022

Period of accounts

Start date: 1 December 2021

End date: 30 November 2022

1520 STUDIOS CIC

Contents of the Financial Statements

for the Period Ended 30 November 2022

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

1520 STUDIOS CIC

Directors' report period ended 30 November 2022

The directors present their report with the financial statements of the company for the period ended 30 November 2022

Principal activities of the company

The company's principal activity during the year was of providing photography, film & video production facilities,, artistic creationfacilities and other related education & training facilities not elsewhere classified.



Directors

The directors shown below have held office during the whole of the period from
1 December 2021 to 30 November 2022

Mr James Eddisford
Mr Joshua Samuel Fenton-Thomas


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
24 January 2024

And signed on behalf of the board by:
Name: Mr James Eddisford
Status: Director

1520 STUDIOS CIC

Profit And Loss Account

for the Period Ended 30 November 2022

2022 2021


£

£
Turnover: 72,629 34,354
Cost of sales: ( 12,557 ) ( 3,166 )
Gross profit(or loss): 60,072 31,188
Administrative expenses: ( 92,000 ) ( 36,890 )
Other operating income: 28,440
Operating profit(or loss): (3,488) (5,702)
Profit(or loss) before tax: (3,488) (5,702)
Profit(or loss) for the financial year: (3,488) (5,702)

1520 STUDIOS CIC

Balance sheet

As at 30 November 2022

Notes 2022 2021


£

£
Fixed assets
Tangible assets: 3 2,146 2,167
Total fixed assets: 2,146 2,167
Current assets
Cash at bank and in hand: 15,707 1,750
Total current assets: 15,707 1,750
Creditors: amounts falling due within one year: 4 ( 19,923 ) ( 9,619 )
Net current assets (liabilities): (4,216) (7,869)
Total assets less current liabilities: (2,070) ( 5,702)
Creditors: amounts falling due after more than one year: 5 ( 7,120 )
Total net assets (liabilities): (9,190) (5,702)
Members' funds
Profit and loss account: (9,190) ( 5,702)
Total members' funds: ( 9,190) (5,702)

The notes form part of these financial statements

1520 STUDIOS CIC

Balance sheet statements

For the year ending 30 November 2022 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 24 January 2024
and signed on behalf of the board by:

Name: Mr James Eddisford
Status: Director

The notes form part of these financial statements

1520 STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:Fixtures & fittings 18%Computer equipment 18%

    Other accounting policies

    The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were nomaterial departures from that standard.The principal accounting policies adopted in the preparation of the financial statements are set out below and have remainedunchanged from the previous year, and also have been consistently applied within the same accounts.The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.The accounts are presented in £ sterling.

1520 STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 2 2

1520 STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 December 2021 551 2,091 2,642
Additions 450 450
Disposals
Revaluations
Transfers
At 30 November 2022 1,001 2,091 3,092
Depreciation
At 1 December 2021 99 376 475
Charge for year 162 309 471
On disposals
Other adjustments
At 30 November 2022 261 685 946
Net book value
At 30 November 2022 740 1,406 2,146
At 30 November 2021 452 1,715 2,167

1520 STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2022

4. Creditors: amounts falling due within one year note

2022 2021
£ £
Taxation and social security 687
Accruals and deferred income 15,000
Other creditors 4,236 9,619
Total 19,923 9,619

Total grant of £30,000 was received from 'SUSTAINABILITY. HEALTH. ENVIRONMENT. DEVELOPMENT.' during the year. An amount of £15,000 of this grant was spent during the year and remaining amount of £15,000 was accounted for as deferred income in the accounts which will be utilised in due course of time.

1520 STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 30 November 2022

5. Creditors: amounts falling due after more than one year note

2022
£
Other creditors 7,120
Total 7,120

During the current year, the directors provided loans to CIC and at the end of current year the CIC owes to the directors as follows:Mr Joshua Samuel Fenton-Thomas: £821Mr James Eddisford: £6,299

COMMUNITY INTEREST ANNUAL REPORT

1520 STUDIOS CIC

Company Number: 13026130 (England and Wales)

Year Ending: 30 November 2022

Company activities and impact

We are 1520 studios, a Community Interest Company that was founded in November 2020. A space in central Manchester that was created to serve and support the local creative community and give local residents access to film, photography and editing equipment. We were founded to empower, support and encourage the creative community of Manchester. At 1520 Studio ,the creative community members, local residents and organisations have access to affordable studio and desk space, where they were able to run workshops and events. They also benefit from training in our film studio, recording studio and editing suite which they wouldn’t otherwise have access to.We have grown as an organisation so has our family of artists and creatives and with it our ability to support and uplift these communities. We hope to continue growing as an organisation and to continue uplifting, supporting and empowering the people of Manchester by helping them reach their creative potential.

Consultation with stakeholders

The stakeholders of the studios are members of the local community and members of Manchester’s creative community. We, as directors, are members of both communities. The original motivation to set up the studio was to find a studios space that we, as creatives, wanted to find in the city. Through this initial urge to set up a studio space we became aware of other needs of the community and the lack of event spaces, knowledge sharing, workshop venues, libraries, community cinemas and dark room, photography studio equipment became apparent.We are now focused on providing what is needed by these communities in our space. We involve members in the governance of the company and the direction of projects. We also regularly ask people who come through our doors for advice on what areas we should be focusing on next.

Directors' remuneration

The directors of the CIC received following salaries during the year:Mr Joshua Samuel Fenton-Thomas: £12,870

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
24 January 2024

And signed on behalf of the board by:
Name: Mr James Eddisford
Status: Director