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Company registration number: SC498145
Stirling City Centre BID Limited
Company limited by guarantee
Unaudited filleted financial statements
31 August 2023
Stirling City Centre BID Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Stirling City Centre BID Limited
Company limited by guarantee
Directors and other information
Directors A Mitchell
G Turnbull
K Moore
D Black
S Akil (Resigned 23 September 2022)
S R MacDonald (Appointed 13 March 2024, resigned 2 July 2024)
P Waterson
J Henderson
M E Ortega
A Peel
E McCann
D McDonald
S Simpson (Appointed 13 March 2024, Resigned 2 July 2024)
F Buchanan (Appointed 2 July 2024)
K Stevenson (Resigned 31 August 2023)
Non member Directors S Orr
C Hendry
Company number SC498145
Registered office Unit 9-11, RFL House
Anderson Street
Dunblane
FK15 9AJ
Accountants Dickson Middleton
20 Barnton Street
Stirling
FK8 1NE
Stirling City Centre BID Limited
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Stirling City Centre BID Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stirling City Centre BID Limited for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Stirling City Centre 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 financial statements of Stirling City Centre BID Limited and state those matters that we have agreed to state to the board of directors of Stirling City Centre BID Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stirling City Centre BID Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Stirling City Centre BID Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Stirling City Centre BID Limited. You consider that Stirling City Centre 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 financial statements of Stirling City Centre 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 financial statements.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK8 1NE
28 August 2024
Stirling City Centre BID Limited
Company limited by guarantee
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 27,183 37,264
_______ _______
27,183 37,264
Current assets
Debtors 7 83,872 1,207
Cash at bank and in hand 19,783 93,000
_______ _______
103,655 94,207
Creditors: amounts falling due
within one year 8 ( 82,079) ( 75,616)
_______ _______
Net current assets 21,576 18,591
_______ _______
Total assets less current liabilities 48,759 55,855
Provisions for liabilities ( 5,545) ( 7,080)
_______ _______
Net assets 43,214 48,775
_______ _______
Capital and reserves
Profit and loss account 43,214 48,775
_______ _______
Members funds 43,214 48,775
_______ _______
For the year ending 31 August 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 year 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
D Black G Turnbull
Director Director
Company registration number: SC498145
Stirling City Centre BID Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is c/o AMCounting Ltd, Unit 9-11, RFL House, Anderson Street, Dunblane, FK15 9AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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, rounded to the nearest £.
Going concern
The financial statements are prepared on a going concern basis. This is appropriate because the company has BID status that will continue in operation until at least 31 August 2027 under a funding model similar to that in operation during the period.
Turnover
Levy contributions are collected from rate payers in the BID area by Stirling Council. Income is measured at the fair value of the consideration received for services rendered net of VAT.Income is recognised in the period which it relates and in line with the related costs that have been incurred to deliver the BID project. Income received in the period but relating to future periods is treated as deferred income on the statement of financial position.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
By its very nature a BID will expect to expend all incoming resources on appropriate projects and as such would not expect to suffer corporation tax.
Tangible assets
tangible assets are initially recorded at cost, and are 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 and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
The company has only basic financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Limited by guarantee
The company is limited by guarantee, not having share capital, and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up, such amounts as may be required not exceeding £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 September 2022 101,806 5,577 107,383
Additions - 620 620
_______ _______ _______
At 31 August 2023 101,806 6,197 108,003
_______ _______ _______
Depreciation
At 1 September 2022 66,713 3,406 70,119
Charge for the year 9,273 1,428 10,701
_______ _______ _______
At 31 August 2023 75,986 4,834 80,820
_______ _______ _______
Carrying amount
At 31 August 2023 25,820 1,363 27,183
_______ _______ _______
At 31 August 2022 35,093 2,171 37,264
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 72,000 -
Other debtors 11,872 1,207
_______ _______
83,872 1,207
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 21,224 45,253
Social security and other taxes 9,123 12,251
Other creditors 51,732 18,112
_______ _______
82,079 75,616
_______ _______