Company registration number SC536343 (Scotland)
Northern Arts Club
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with registrar
Northern Arts Club
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Northern Arts Club
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northern Arts Club for the year ended 31 May 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Northern Arts Club, as a body, in accordance with the terms of our engagement letter dated 28 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Northern Arts Club and state those matters that we have agreed to state to the board of directors of Northern Arts Club, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northern Arts Club and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Northern Arts Club 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 deficit of Northern Arts Club. You consider that Northern Arts Club 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 Northern Arts Club. 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.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
28 November 2024
Northern Arts Club
Statement of financial position
at 31 May 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
610
815
Current assets
Debtors
2,312
2,932
Cash at bank and in hand
49,182
41,572
51,494
44,504
Creditors: amounts falling due within one year
(20,484)
(3,736)
Net current assets
31,010
40,768
Net assets
31,620
41,583
Reserves
Income and expenditure account
31,620
41,583

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Northern Arts Club
Statement of financial position (continued)
at 31 May 2024
3
The financial statements were approved by the board of directors and authorised for issue on 17 November 2024 and are signed on its behalf by:
David Dawson
Director
Company Registration No. SC536343
Northern Arts Club
Notes to the financial statements
for the year ended 31 May 2024
4
1
Accounting policies
Company information

Northern Arts Club is a private company limited by guarantee incorporated in Scotland. The registered office is 8 Bon Accord Square, Aberdeen, AB11 6DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

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 surplus or deficit.

Northern Arts Club
Notes to the financial statements (continued)
for the year ended 31 May 2024
5
2
Tangible fixed assets
Total
£
Cost
At 1 June 2023 and 31 May 2024
4,227
Depreciation and impairment
At 1 June 2023
3,412
Depreciation charged in the year
205
At 31 May 2024
3,617
Carrying amount
At 31 May 2024
610
At 31 May 2023
815

The club owns and operates from its premises at 8 Bon Accord Square, Aberdeen. The premises were donated to the original club and therefore they do not have an historical cost.

3
Members' liability

The company is limited by guarantee, not having a 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.

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