BUY NOWT LS6 CIC

Company limited by guarantee

Company Registration Number:
13600470 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2024

Period of accounts

Start date: 1 October 2023

End date: 30 September 2024

BUY NOWT LS6 CIC

Contents of the Financial Statements

for the Period Ended 30 September 2024

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

BUY NOWT LS6 CIC

Directors' report period ended 30 September 2024

The directors present their report with the financial statements of the company for the period ended 30 September 2024

Principal activities of the company

The company's principal activity during the period was the lending of tools and other equipment to the community in return for a voluntary donation.



Directors

The directors shown below have held office during the whole of the period from
1 October 2023 to 30 September 2024

Lee Ingham
Sarah Longworth


The director shown below has held office during the period of
1 October 2023 to 17 June 2024

Mark Stainton


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
9 June 2025

And signed on behalf of the board by:
Name: Lee Ingham
Status: Director

BUY NOWT LS6 CIC

Profit And Loss Account

for the Period Ended 30 September 2024

2024 2023


£

£
Turnover: 8,704 8,469
Gross profit(or loss): 8,704 8,469
Administrative expenses: ( 10,959 ) ( 9,370 )
Other operating income: 2,700 1,522
Operating profit(or loss): 445 621
Profit(or loss) before tax: 445 621
Tax: ( 85 )
Profit(or loss) for the financial year: 360 621

BUY NOWT LS6 CIC

Balance sheet

As at 30 September 2024

Notes 2024 2023


£

£
Current assets
Stocks: 3 3,490 3,212
Debtors: 4 726 648
Cash at bank and in hand: 6,052 3,263
Total current assets: 10,268 7,123
Creditors: amounts falling due within one year: 5 ( 7,071 ) ( 4,286 )
Net current assets (liabilities): 3,197 2,837
Total assets less current liabilities: 3,197 2,837
Total net assets (liabilities): 3,197 2,837
Members' funds
Profit and loss account: 3,197 2,837
Total members' funds: 3,197 2,837

The notes form part of these financial statements

BUY NOWT LS6 CIC

Balance sheet statements

For the year ending 30 September 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 9 June 2025
and signed on behalf of the board by:

Name: Lee Ingham
Status: Director

The notes form part of these financial statements

BUY NOWT LS6 CIC

Notes to the Financial Statements

for the Period Ended 30 September 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.

    Valuation information and policy

    Stock - Stock is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Debtors - Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors - 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.

    Other accounting policies

    Taxation - A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

BUY NOWT LS6 CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

BUY NOWT LS6 CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Stocks

2024 2023
£ £
Stocks 3,490 3,212
Total 3,490 3,212

BUY NOWT LS6 CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Debtors

2024 2023
£ £
Prepayments and accrued income 726 648
Total 726 648

BUY NOWT LS6 CIC

Notes to the Financial Statements

for the Period Ended 30 September 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 3,225 525
Taxation and social security 85
Accruals and deferred income 3,761 3,761
Total 7,071 4,286

COMMUNITY INTEREST ANNUAL REPORT

BUY NOWT LS6 CIC

Company Number: 13600470 (England and Wales)

Year Ending: 30 September 2024

Company activities and impact

The company’s activities benefit the residents of LS6 and those that identify with the area. In October 2021 we opened the Buy Nowt LS6 Library of Things (LS6 LOT), where members can borrow largely donated items on a donate-as-you-feel basis.

Consultation with stakeholders

The LS6 LOT has 2932 members; 966 items that people can borrow, with 200 loans at any one time and over 9054 completed loans. Potential members of the library were consulted through an online survey in 2021. In 2024 we consulted members about the service we offer including request for improvements to the library.

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 May 2025

And signed on behalf of the board by:
Name: Lee Ingham
Status: Director