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Registration number: 02035307

London Region Arts Club

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

London Region Arts Club

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 10

 

London Region Arts Club

Company Information

Directors

Dr Stuart Peter Mitchell

Mrs Sarah Louise Thomas

Mrs Linda Fenton Anderson

Ms Louise Slade

Mrs Lynda Teresa Wood

Mr Selwyn Jeffrey Arnold

Mrs Caroline Jane Johnson

Miss Cheryl Julie Watson

Company secretary

Mrs Linda Fenton Anderson

Registered office

23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

Accountants

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

 

London Region Arts Club

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Dr Stuart Peter Mitchell

Mrs Sarah Louise Thomas

Mrs Linda Fenton Anderson - Company secretary and director

Ms Louise Slade

Mrs Lynda Teresa Wood

Mr Selwyn Jeffrey Arnold

Mrs Caroline Jane Johnson

Miss Cheryl Julie Watson

Principal activity

The principal activity of the company is provide events and workshops for members of the company

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.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mrs Sarah Louise Thomas
Director

.........................................
Mr Selwyn Jeffrey Arnold
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
London Region Arts Club
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of London Region Arts Club for the year ended 31 July 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of London Region Arts Club, 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 London Region Arts Club and state those matters that we have agreed to state to the Board of Directors of London Region Arts Club, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Region Arts Club and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that London Region Arts Club 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 London Region Arts Club. You consider that London Region Arts Club 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 London Region Arts Club. 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.

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

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

21 February 2024

 

London Region Arts Club

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

1,384

1,496

Cost of sales

 

(1,783)

(1,997)

Gross deficit

 

(399)

(501)

Administrative expenses

 

(2,692)

(3,708)

Operating deficit

 

(3,091)

(4,209)

Other interest receivable and similar income

 

172

4

Deficit before tax

(2,919)

(4,205)

Tax on loss

 

(33)

(1)

Deficit for the financial year

 

(2,952)

(4,206)

The above results were derived from continuing operations.

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

 

London Region Arts Club

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

Deficit for the year

(2,952)

(4,206)

Total comprehensive income for the year

(2,952)

(4,206)

 

London Region Arts Club

(Registration number: 02035307)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

866

481

Cash at bank and in hand

 

38,991

42,143

 

39,857

42,624

Creditors: Amounts falling due within one year

5

(1,159)

(974)

Net assets

 

38,698

41,650

Reserves

 

Retained earnings

38,698

41,650

Surplus

 

38,698

41,650

For the financial year ending 31 July 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.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mrs Sarah Louise Thomas
Director

.........................................
Mr Selwyn Jeffrey Arnold
Director

 

London Region Arts Club

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

Retained earnings
£

Total
£

At 1 August 2022

41,650

41,650

Deficit for the year

(2,952)

(2,952)

At 31 July 2023

38,698

38,698

Retained earnings
£

Total
£

At 1 August 2021

45,856

45,856

Deficit for the year

(4,206)

(4,206)

At 31 July 2022

41,650

41,650

 

London Region Arts Club

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

1

General information

The 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 £Nil towards the assets of the company in the event of liquidation.

The address of its registered office is:
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE
United Kingdom

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

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of events and workshops for members of the company 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.

Tax

The tax expense for the period comprises current 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.

Depreciation

 

London Region Arts Club

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

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Debtors

Current

2023
£

2022
£

Trade debtors

352

-

Prepayments

514

481

 

866

481

 

London Region Arts Club

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

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

42

9

Accruals and deferred income

1,117

965

1,159

974