Registration number:
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Burslem School of Art Trust Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Burslem School of Art Trust Limited
Company Information
Directors |
P Redmond N A Dawson |
Registered office |
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Accountants |
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Burslem School of Art Trust Limited
(Registration number: 03899303)
Balance Sheet as at 31 December 2023
Note |
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2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Retained earnings |
( |
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Shareholders' deficit |
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For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.
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
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Burslem School of Art Trust Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The presentational currency is pound sterling (£). The financial statements are rounded to the nearest whole pound.
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.
Government grants
The company use the accruals model to account for government grants. Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, those in relation to expenditure are credited when the expenditure is charged to the profit and loss.
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:
Burslem School of Art Trust Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Asset class |
Depreciation method and rate |
Long leasehold |
1% of cost |
Plant and machinery |
15 % reducing balance / 5 years straight line basis |
Computer equipment |
5 years straight line basis |
Cafe equipment |
20% reducing balance |
Financial instruments
Classification
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Recognition and measurement
Impairment
Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Burslem School of Art Trust Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Office equipment |
Café Equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Burslem School of Art Trust Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
2023 |
2022 |
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Due within one year |
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Other borrowings |
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Directors loan account |
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Other creditors |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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Other borrowings
Loan from Burslem Community Development Trust with a carrying amount of £24,090 (2022 - £24,090) is denominated in pound sterling (£) with a nominal interest rate of 0%. The final instalment is due upon demand.
Going Concern |
These financial statements have been prepared on a going concern basis. Although trading activities have reduced, the directors are willing to support to company for the foreseeable future and will not recall their loans until the company is in a position to repay them.