KLSD COMMUNITY VENTURES C.I.C.

Company limited by guarantee

Company Registration Number:
12586707 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 1 June 2023

End date: 31 May 2024

KLSD COMMUNITY VENTURES C.I.C.

Contents of the Financial Statements

for the Period Ended 31 May 2024

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

KLSD COMMUNITY VENTURES C.I.C.

Directors' report period ended 31 May 2024

The directors present their report with the financial statements of the company for the period ended 31 May 2024

Directors

The directors shown below have held office during the whole of the period from
1 June 2023 to 31 May 2024

P R Hewitson
D Rodgers
K Rodgers


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
26 February 2025

And signed on behalf of the board by:
Name: P R Hewitson
Status: Director

KLSD COMMUNITY VENTURES C.I.C.

Profit And Loss Account

for the Period Ended 31 May 2024

2024 2023


£

£
Turnover: 18,239 94,746
Cost of sales: ( 15,157 ) ( 49,326 )
Gross profit(or loss): 3,082 45,420
Administrative expenses: ( 28,815 ) ( 64,715 )
Other operating income: 40,225 2,983
Operating profit(or loss): 14,492 (16,312)
Profit(or loss) before tax: 14,492 (16,312)
Profit(or loss) for the financial year: 14,492 (16,312)

KLSD COMMUNITY VENTURES C.I.C.

Balance sheet

As at 31 May 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 5,578 8,114
Total fixed assets: 5,578 8,114
Current assets
Stocks: 4 500 500
Cash at bank and in hand: 247 1,548
Total current assets: 747 2,048
Creditors: amounts falling due within one year: 5 ( 71,242 ) ( 89,571 )
Net current assets (liabilities): (70,495) (87,523)
Total assets less current liabilities: (64,917) ( 79,409)
Total net assets (liabilities): (64,917) (79,409)
Members' funds
Profit and loss account: (64,917) ( 79,409)
Total members' funds: ( 64,917) (79,409)

The notes form part of these financial statements

KLSD COMMUNITY VENTURES C.I.C.

Balance sheet statements

For the year ending 31 May 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 26 February 2025
and signed on behalf of the board by:

Name: P R Hewitson
Status: Director

The notes form part of these financial statements

KLSD COMMUNITY VENTURES C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

    Tangible fixed assets depreciation policy

    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: Plant and machinery -20% reducing balance Fixtures and fittings -20% reducing balance

    Other 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 This has been the company's first year of trading and there was a net deficiency of assets of £64,917 at the balance sheet date, however the directors and companies with a participating interest have confirmed that continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. 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. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

KLSD COMMUNITY VENTURES C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 7 7

KLSD COMMUNITY VENTURES C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2023 7,424 5,255 12,679
Additions
Disposals
Revaluations
Transfers
At 31 May 2024 7,424 5,255 12,679
Depreciation
At 1 June 2023 2,673 1,892 4,565
Charge for year 1,485 1,051 2,536
On disposals
Other adjustments
At 31 May 2024 4,158 2,943 7,101
Net book value
At 31 May 2024 3,266 2,312 5,578
At 31 May 2023 4,751 3,363 8,114

KLSD COMMUNITY VENTURES C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Stocks

2024 2023
£ £
Stocks 500 500
Total 500 500

KLSD COMMUNITY VENTURES C.I.C.

Notes to the Financial Statements

for the Period Ended 31 May 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 617
Taxation and social security 2,121 2,121
Accruals and deferred income 540 540
Other creditors 68,581 86,293
Total 71,242 89,571

COMMUNITY INTEREST ANNUAL REPORT

KLSD COMMUNITY VENTURES C.I.C.

Company Number: 12586707 (England and Wales)

Year Ending: 31 May 2024

Company activities and impact

KLSD Community Ventures CIC provides a community cafe which has strong links to the performing arts industry. The Cafe benefits local residents and those involved within the industry providing a safe place to eat but to also perform to a small audience. The community cafe provides affordable, healthy and nutritious food. The venue is also available for hire and provides a range of events that are accessible to the community and allows local children and adults perform to an audience.

Consultation with stakeholders

Key stakeholders Parents/Carers, students of the dance school. Constant feedback through face to face engagement at the cafe and the use of social media "groups" which allow a dialogue.

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
26 February 2025

And signed on behalf of the board by:
Name: P R Hewitson
Status: Director