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Company No: 7621257 (England and Wales)

NEWLYN SCHOOL OF ART

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

NEWLYN SCHOOL OF ART

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

NEWLYN SCHOOL OF ART

COMPANY INFORMATION

For the financial year ended 30 November 2023
NEWLYN SCHOOL OF ART

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTORS Mrs Sasha Garfit
Mr Henry Garfit
REGISTERED OFFICE The Old Board School Chywoone Hill
Newlyn
Penzance
Cornwall
TR18 5AW
PENZANCE
United Kingdom
COMPANY NUMBER 7621257 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Leeward House
Fitzroy Road
Exeter Business Park
Exeter
Devon
EX1 3LJ
NEWLYN SCHOOL OF ART

BALANCE SHEET

As at 30 November 2023
NEWLYN SCHOOL OF ART

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 57,543 58,883
57,543 58,883
Current assets
Stocks 5 36,244 26,761
Debtors 6 7,419 7,885
Cash at bank and in hand 181,278 142,041
224,941 176,687
Creditors: amounts falling due within one year 7 ( 132,100) ( 81,844)
Net current assets 92,841 94,843
Total assets less current liabilities 150,384 153,726
Creditors: amounts falling due after more than one year 8 ( 30,816) ( 36,594)
Provision for liabilities ( 6,297) ( 5,661)
Net assets 113,271 111,471
Capital and reserves
Called-up share capital 0 0
Profit and loss account 113,271 111,471
Total shareholders' funds 113,271 111,471

For the financial year ending 30 November 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 Newlyn School of Art (registered number: 7621257) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Mr Henry Garfit
Director
NEWLYN SCHOOL OF ART

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
NEWLYN SCHOOL OF ART

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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 year, unless otherwise stated.

General information and basis of accounting

Newlyn School of Art (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 Old Board School Chywoone Hill, Newlyn, Penzance, Cornwall, TR18 5AW, PENZANCE, United Kingdom.

The financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Long courses are not deferred and instead are accounted for in the year in which the course begins, as payment is non-refundable following commencement of the course.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Limited by guarantee

The company is limited by guarantee without share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of it being wound up, such amount as may be required up to a maximum of £1 per member.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 9

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 December 2022 56,782 29,272 12,833 32,469 131,356
Additions 308 6,934 239 9,000 16,481
At 30 November 2023 57,090 36,206 13,072 41,469 147,837
Accumulated depreciation
At 01 December 2022 23,536 20,539 4,730 23,668 72,473
Charge for the financial year 5,689 3,373 2,809 5,950 17,821
At 30 November 2023 29,225 23,912 7,539 29,618 90,294
Net book value
At 30 November 2023 27,865 12,294 5,533 11,851 57,543
At 30 November 2022 33,246 8,733 8,103 8,801 58,883

5. Stocks

2023 2022
£ £
Raw materials 36,244 26,761

6. Debtors

2023 2022
£ £
Trade debtors 1,950 1,095
Other debtors 5,469 6,790
7,419 7,885

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,213 5,630
Trade creditors 22,261 13,641
Other taxation and social security 23,616 17,749
Other creditors 80,010 44,824
132,100 81,844

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 30,816 36,594

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 5,964 14,075