REGISTERED NUMBER: |
Level Up Action |
Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
Level Up Action |
Financial Statements |
for the Year Ended 31 March 2024 |
Level Up Action (Registered number: 10699910) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Level Up Action |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Level Up Action (Registered number: 10699910) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Reserves |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Level Up Action (Registered number: 10699910) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
Level Up Action is a private company, limited by guarantee, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
The place of business address is Level Up Action, PO Box 75836, London, E2 2FP. |
The presentational and functional currency is Pound Sterling (£). |
Amounts have been rounded to the nearest £. |
2. | Accounting policies |
Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention. |
Grants |
A grant is recognised only when there is reasonable assurance that (a) the Company will comply with any conditions attached to the grant and (b) the grant will be received. |
Grants relating to income are recognised in profit and loss on a systematic basis over the periods in which the Company recognises the related costs for which the grant is intended to compensate. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
Financial assets - classified as basic financial instruments |
(i) Cash at bank and in hand |
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid |
investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
Financial Liabilities - classified as basic financial instruments |
(iii) Trade payables and other financial liabilities |
Trade payables and other financial liabilities are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
Level Up Action (Registered number: 10699910) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projections for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
The directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios alongside measures that they can take to mitigate the impact. Based on these assessments and the confidence of the directors of continued support to meet liabilities as they fall due, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Donation income |
Income is recognised when the Company has entitlement to the funds, any performance conditions attached to the funds have been met, it is probable that the income will be received and the amount can be measured sufficiently reliably. |
Membership and consultancy income |
Revenue is recognised when the Company has entitlement to the funds, any performance conditions attached to the funds have been met, it is probable that the income will be received and the amount can be measured sufficiently reliably. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |