0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06683125 2023-09-01 2024-08-31 06683125 2024-08-31 06683125 2023-08-31 06683125 2022-09-01 2023-08-31 06683125 2023-08-31 06683125 2022-08-31 06683125 bus:Director34 2023-09-01 2024-08-31 06683125 core:WithinOneYear 2024-08-31 06683125 core:WithinOneYear 2023-08-31 06683125 core:OtherReservesSubtotal 2024-08-31 06683125 core:OtherReservesSubtotal 2023-08-31 06683125 core:RetainedEarningsAccumulatedLosses 2024-08-31 06683125 core:RetainedEarningsAccumulatedLosses 2023-08-31 06683125 bus:SmallEntities 2023-09-01 2024-08-31 06683125 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 06683125 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 06683125 bus:CompanyLimitedByGuarantee 2023-09-01 2024-08-31 06683125 bus:FullAccounts 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: 06683125
WESTMINSTER VENUE COLLECTION LTD
Company Limited by Guarantee
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2024
WESTMINSTER VENUE COLLECTION LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
228
14
Current assets
Debtors
6
31,065
54,040
Cash at bank and in hand
72,015
41,651
----------
---------
103,080
95,691
Creditors: amounts falling due within one year
7
49,339
70,117
----------
---------
Net current assets
53,741
25,574
---------
---------
Total assets less current liabilities
53,969
25,588
---------
---------
Net assets
53,969
25,588
---------
---------
Capital and reserves
Other reserves
6,297
6,297
Profit and loss account
47,672
19,291
---------
---------
Members funds
53,969
25,588
---------
---------
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 year ending 31 August 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 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 .
WESTMINSTER VENUE COLLECTION LTD
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 8 October 2024 , and are signed on behalf of the board by:
Mr P A Martins
Director
Company registration number: 06683125
WESTMINSTER VENUE COLLECTION LTD
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the restrictions that were put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for subscriptions/ memberships in the period incurred, net 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 instruments. 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
The company is limited by guarantee with no share capital. Any surplus from the activities of the company shall in due course be applied in the carrying out of the objectives.
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 September 2023
888
888
Additions
290
290
-------
-------
At 31 August 2024
1,178
1,178
-------
-------
Depreciation
At 1 September 2023
874
874
Charge for the year
76
76
-------
-------
At 31 August 2024
950
950
-------
-------
Carrying amount
At 31 August 2024
228
228
-------
-------
At 31 August 2023
14
14
-------
-------
6. Debtors
2024
2023
£
£
Trade debtors
31,065
54,040
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
4,358
9,736
Other creditors
44,981
60,381
---------
---------
49,339
70,117
---------
---------
8. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.