Company registration number 04438887 (England and Wales)
BETTER BANKSIDE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BETTER BANKSIDE
COMPANY INFORMATION
Directors
T Belafkir
(Appointed 16 July 2024)
N Casey
P De Souza
(Appointed 3 September 2024)
S Fitzpatrick
R Goodacre
(Appointed 3 September 2024)
S Greene
M Hill
M Holliday
D Hyslop
C Jenkins
L Low
C Millard
D Partridge
(Appointed 3 September 2024)
R Reardon
(Appointed 3 September 2024)
A Wraight
Secretary
S J Fitzpatrick
Company number
04438887
Registered office
The Community Space
18 Great Guildford Street
London
United Kingdom
SE1 0FD
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
BETTER BANKSIDE
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
56,920
24,326
Current assets
Debtors
6
434,937
266,896
Cash at bank and in hand
203,097
1,099,033
638,034
1,365,929
Creditors: amounts falling due within one year
7
(669,803)
(1,365,104)
Net current (liabilities)/assets
(31,769)
825
Net assets
25,151
25,151
Reserves
Income and expenditure account
25,151
25,151
Members' funds
25,151
25,151

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

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

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
D Hyslop
Director
Company Registration No. 04438887
BETTER BANKSIDE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Better Bankside is a private company limited by guarantee incorporated in England and Wales. The registered office can be found on the company information page.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The directors have considered the financial operations for a period of 12 months following the date of approval of theses financial statements.true

 

The principal activity of the company continues to be that of supporting, contributing to the funding of, the developing and the implementation of a number of identified projects in the Better Bankside Business Improvement District area, for the benefit of businesses, residents and visitors. The majority of the BID’s income is from the BID Levy charge which is supplemented by grant and partner funding on an agreed project basis. The BID is in its fifth year of a renewed five-year BID term (the accounting period relates to the fourth year) and intends to operate on the same basis for the forthcoming year by which time it will seek a renewal ballot of BID members.

 

After considering the above, the directors believe that the company will have adequate resources to meet its liabilities as they fall due for the next 12 months. The directors therefore consider it appropriate to continue to apply the going concern basis in preparing its financial statements.

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% on reducing balance
Motor vehicles
25% on 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.4
Retirement benefits

The company operates a defined contribution pension scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BETTER BANKSIDE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.6

Turnover

Turnover comprises fees levied excluding value added tax.

1.7

Grants and contributions

Grants and contributions are accounted for in the period in which they are received. If the grant or contribution is in respect of a capital asset, then the costs that match the revenues are reflected by way of an annual depreciation charge.

1.8

Project revenues carried forward

This includes levies and grants received for projects uncompleted by the year end.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,700
8,250
For other services
All other non-audit services
7,300
10,095
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
13
BETTER BANKSIDE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
277,480
Additions
51,567
At 31 March 2024
329,047
Depreciation and impairment
At 1 April 2023
253,154
Depreciation charged in the year
18,973
At 31 March 2024
272,127
Carrying amount
At 31 March 2024
56,920
At 31 March 2023
24,326
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
188,999
63,846
Other debtors
114,928
-
0
Prepayments
131,010
203,050
434,937
266,896
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,521
70,322
Taxation and social security
5,856
17,156
Deferred project income
450,136
1,129,146
Other creditors
3,673
2,945
Accruals
96,617
145,535
669,803
1,365,104
BETTER BANKSIDE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
8
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.

 

There was no single controlling party during the year.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
John Howard
Statutory Auditor:
Azets Audit Services
10
Operating lease commitments
Lessee
2024
2023
£
£
313,998
382,188
11
Related party transactions

Fees of £19,400 (2023: £41,200) were paid for consultancy services to Donald Hyslop Associates Ltd, a firm of which D Hyslop, a director of Better Bankside, is a director. There was no balance outstanding at the year-end in either the current or the prior year.

 

Fees of £7,000 (2023: £nil) were paid for professional fees to Boodle Hatfield LLP, a firm of which S Fitzpatrick, a director of Better Bankside, is a Partner. £7,000 (2023: £nil) was outstanding at the year-end.

 

Fees of £386 (2023: £nil) were paid for entertainment fees to Utobeer Limited, a firm of which M Hill, a director of Better Bankside, is a Director. There was no balance outstanding at the year-end in either the current or the prior year.

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