Chichester BID Limited 10689870 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to operate within the regulations set by the government for Business Improvement Districts and its own Articles of Association to ensure that the Company's strategy creates long term value for the businesses within the Chichester Business Improvement District. Digita Accounts Production Advanced 6.30.9574.0 true true 10689870 2023-04-01 2024-03-31 10689870 2024-03-31 10689870 core:CurrentFinancialInstruments 2024-03-31 10689870 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10689870 core:FurnitureFittingsToolsEquipment 2024-03-31 10689870 bus:SmallEntities 2023-04-01 2024-03-31 10689870 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10689870 bus:FilletedAccounts 2023-04-01 2024-03-31 10689870 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10689870 bus:RegisteredOffice 2023-04-01 2024-03-31 10689870 bus:Director13 2023-04-01 2024-03-31 10689870 bus:Director15 2023-04-01 2024-03-31 10689870 bus:Director16 2023-04-01 2024-03-31 10689870 bus:Director18 2023-04-01 2024-03-31 10689870 bus:Director2 2023-04-01 2024-03-31 10689870 bus:Director20 2023-04-01 2024-03-31 10689870 bus:Director3 2023-04-01 2024-03-31 10689870 bus:Director4 2023-04-01 2024-03-31 10689870 bus:Director5 2023-04-01 2024-03-31 10689870 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 10689870 bus:Agent1 2023-04-01 2024-03-31 10689870 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 10689870 core:OfficeEquipment 2023-04-01 2024-03-31 10689870 countries:England 2023-04-01 2024-03-31 10689870 2023-03-31 10689870 core:FurnitureFittingsToolsEquipment 2023-03-31 10689870 2022-04-01 2023-03-31 10689870 2023-03-31 10689870 core:CurrentFinancialInstruments 2023-03-31 10689870 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10689870 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 10689870

Chichester BID Limited

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Chichester BID Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 6

 

Chichester BID Limited

Company Information

Directors

Ms A L Sim

Mr O J Tubb

Mr B J Cook

Ms H Marshall

Mrs S J E Longley

Mr M G Minchell

Ms J Grant

Ms D M Dunfield-Prayero

Mr J Brown

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
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
Chichester BID Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chichester BID Limited for the year ended 31 March 2024 as set out on pages 3 to 6 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 Chichester BID Limited , 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 Chichester BID Limited and state those matters that we have agreed to state to the Board of Directors of Chichester BID Limited , 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 Chichester BID Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chichester BID Limited 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 Chichester BID Limited . You consider that Chichester BID Limited 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 Chichester BID Limited . 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

16 July 2024

 

Chichester BID Limited

(Registration number: 10689870)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

302

603

Current assets

 

Debtors

5

3,708

6,798

Cash at bank and in hand

 

170,044

161,857

 

173,752

168,655

Creditors: Amounts falling due within one year

6

(35,709)

(15,788)

Net current assets

 

138,043

152,867

Net assets

 

138,345

153,470

Reserves

 

Other reserves

60,630

60,630

Retained earnings

77,715

92,840

Surplus

 

138,345

153,470

For the financial year ending 31 March 2024 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 16 July 2024 and signed on its behalf by:
 

.........................................
Ms H Marshall
Director

 

Chichester BID Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

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

These financial statements were authorised for issue by the Board on 16 July 2024.

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 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.

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.

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.

 

Chichester BID Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:

Asset class

Depreciation method and rate

Office equipment

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Chichester BID Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,792

2,792

At 31 March 2024

2,792

2,792

Depreciation

At 1 April 2023

2,189

2,189

Charge for the year

301

301

At 31 March 2024

2,490

2,490

Carrying amount

At 31 March 2024

302

302

At 31 March 2023

603

603

5

Debtors

2024
£

2023
£

Trade debtors

14

-

Other debtors

-

2,415

Prepayments

3,694

4,383

3,708

6,798

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

7,063

12,422

Taxation and social security

3,306

2,014

Accruals and deferred income

19,488

1,155

Other creditors

5,852

197

35,709

15,788

7

Reserves

The company holds £60,630 in contingent reserves. This is made up of £39,700 which relates to potential levy payer refunds, £5,000 which relates to the BIDs ballot costs and £15,930 which is held as a buffer to cover any exceptional expenditure that may arise due to unforeseen events.

8

Contingent liabilities

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £39,700 (2023 - £39,700).