SILKFUTURES CIC

Company limited by guarantee

Company Registration Number:
12461003 (England and Wales)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

SILKFUTURES CIC

Contents of the Financial Statements

for the Period Ended 29 February 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

SILKFUTURES CIC

Directors' report period ended 29 February 2024

The directors present their report with the financial statements of the company for the period ended 29 February 2024

Principal activities of the company

video production activities, sound recording, music publishing activities, photographic activities



Directors

The director shown below has held office during the whole of the period from
1 March 2023 to 29 February 2024

Toni-Marie Andrews


The directors shown below have held office during the period of
1 March 2023 to 10 November 2023

Samuel Gibson
Derrick Bonsu


The director shown below has held office during the period of
15 January 2024 to 10 November 2023

Dionne Rowe


The director shown below has held office during the period of
10 November 2023 to 29 February 2024

Nathan Misra


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
22 August 2024

And signed on behalf of the board by:
Name: Toni-Marie Andrews
Status: Director

SILKFUTURES CIC

Profit And Loss Account

for the Period Ended 29 February 2024

2024 2023


£

£
Turnover: 24,890 34,458
Cost of sales: ( 18,263 ) ( 20,538 )
Gross profit(or loss): 6,627 13,920
Administrative expenses: ( 7,887 ) ( 22,556 )
Operating profit(or loss): (1,260) (8,636)
Profit(or loss) before tax: (1,260) (8,636)
Tax: 0 0
Profit(or loss) for the financial year: (1,260) (8,636)

SILKFUTURES CIC

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 582 761
Total fixed assets: 582 761
Current assets
Cash at bank and in hand: 4,234 223
Total current assets: 4,234 223
Creditors: amounts falling due within one year: 4 ( 10,054 ) ( 4,962 )
Net current assets (liabilities): (5,820) (4,739)
Total assets less current liabilities: (5,238) ( 3,978)
Total net assets (liabilities): (5,238) (3,978)
Members' funds
Profit and loss account: (5,238) ( 3,978)
Total members' funds: ( 5,238) (3,978)

The notes form part of these financial statements

SILKFUTURES CIC

Balance sheet statements

For the year ending 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 22 August 2024
and signed on behalf of the board by:

Name: Toni-Marie Andrews
Status: Director

The notes form part of these financial statements

SILKFUTURES CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Fixtures, fittings, tools and equipment over 5 years

    Intangible fixed assets amortisation policy

    Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

SILKFUTURES CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 1

SILKFUTURES CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 895 895
Additions
Disposals
Revaluations
Transfers
At 29 February 2024 895 895
Depreciation
At 1 March 2023 134 134
Charge for year 179 179
On disposals
Other adjustments
At 29 February 2024 313 313
Net book value
At 29 February 2024 582 582
At 28 February 2023 761 761

SILKFUTURES CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 10,054 4,962
Total 10,054 4,962

COMMUNITY INTEREST ANNUAL REPORT

SILKFUTURES CIC

Company Number: 12461003 (England and Wales)

Year Ending: 29 February 2024

Company activities and impact

The company facilitates and supports young people to progress in creativity. Breaking down barriers that hinder young people from low socio economic accessing creative sectors especially music and performing. The community has benefitted in the following ways Silkfutures has financially supported over 100 young people directly by facilitating and providing recording time at the recording studio, giving specialised mentoring and guidance in the music sector. Silkfutures supported over 250 young people indirectly through workshops and events. During the financial year 2023-2024 the projects have raised aspirations in young people, supported young people into next steps including education and employment, supported young people to connect and build networks in the wider creative community. We have seen a reduction in violence and crime for the young people supported. Silkfutures has created employment for up to 10 young people pursuing a career in the creative industries.

Consultation with stakeholders

We regularly include young people in consultations about the projects they take part in. To monitor the projects, evaluations are completed at the beginning and end of projects to learn from and to ensure the voices of young people are considered.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
22 August 2024

And signed on behalf of the board by:
Name: Toni Andrews
Status: Director