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COMPANY REGISTRATION NUMBER: 05893941
Swansea Business Improvements Ltd
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 March 2023
Swansea Business Improvements Ltd
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
31 Mar 23
31 Aug 22
Note
£
£
£
Fixed assets
Tangible assets
6
1,406
1,704
Current assets
Debtors
7
4,655
19,276
Cash at bank and in hand
182,872
379,033
---------
---------
187,527
398,309
Creditors: amounts falling due within one year
8
59,192
110,808
---------
---------
Net current assets
128,335
287,501
---------
---------
Total assets less current liabilities
129,741
289,205
---------
---------
Net assets
129,741
289,205
---------
---------
Capital and reserves
Profit and loss account
129,741
289,205
---------
---------
Members funds
129,741
289,205
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Swansea Business Improvements Ltd
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 June 2024 , and are signed on behalf of the board by:
Mr MP Clements
Director
Company registration number: 05893941
Swansea Business Improvements Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Period from 1 September 2022 to 31 March 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 1 Picton Lane, Swansea, SA1 4AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the Bid Levy and contributions towards projects received, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Office Equipment
-
30% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instrumemts. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Company limited by guarantee
Swansea Business Improvements Limited is a company limited by guarantee and has no share capital. On winding up of the company, the members have undertaken to contribute up to £1 each to towards any deficit.
5. Employee numbers
The average number of persons employed by the company during the period amounted to 17 (2022: 17 ).
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2022 and 31 March 2023
11,000
6,373
17,373
--------
-------
--------
Depreciation
At 1 September 2022
11,000
4,669
15,669
Charge for the period
298
298
--------
-------
--------
At 31 March 2023
11,000
4,967
15,967
--------
-------
--------
Carrying amount
At 31 March 2023
1,406
1,406
--------
-------
--------
At 31 August 2022
1,704
1,704
--------
-------
--------
7. Debtors
31 Mar 23
31 Aug 22
£
£
Trade debtors
69
17,569
Other debtors
4,586
1,707
-------
--------
4,655
19,276
-------
--------
8. Creditors: amounts falling due within one year
31 Mar 23
31 Aug 22
£
£
Bank loans and overdrafts
789
985
Trade creditors
54,031
73,096
Social security and other taxes
3,085
9,570
Other creditors
1,287
27,157
--------
---------
59,192
110,808
--------
---------