SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Company limited by guarantee

Company Registration Number:
06936680 (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

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 30 September 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Balance sheet

As at 30 September 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 386 1,228
Total fixed assets: 386 1,228
Current assets
Debtors: 4 12,479 22,826
Cash at bank and in hand: 141 856
Total current assets: 12,620 23,682
Creditors: amounts falling due within one year: 5 ( 30,836 ) ( 25,498 )
Net current assets (liabilities): (18,216) (1,816)
Total assets less current liabilities: (17,830) ( 588)
Total net assets (liabilities): (17,830) (588)
Members' funds
Profit and loss account: (17,830) ( 588)
Total members' funds: ( 17,830) (588)

The notes form part of these financial statements

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 28 March 2025
and signed on behalf of the board by:

Name: John Turner
Status: Director

The notes form part of these financial statements

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

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, excluding discounts, rebates, value added tax and other sales taxes. Rendering of services Revenue from maintenance and servicing is recognised when the service is performed.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 33% on cost

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 13 14

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2023 7,001 7,001
Additions
Disposals
Revaluations
Transfers
At 30 September 2024 7,001 7,001
Depreciation
At 1 October 2023 5,773 5,773
Charge for year 842 842
On disposals
Other adjustments
At 30 September 2024 6,615 6,615
Net book value
At 30 September 2024 386 386
At 30 September 2023 1,228 1,228

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Debtors

2024 2023
£ £
Trade debtors 12,061 17,768
Other debtors 418 5,058
Total 12,479 22,826

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 30 September 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 19,040
Trade creditors 800 14,116
Taxation and social security 8,572 9,472
Other creditors 2,424 1,910
Total 30,836 25,498

COMMUNITY INTEREST ANNUAL REPORT

SOMERSET TOURISM ASSOCIATION COMMUNITY INTEREST COMPANY

Company Number: 06936680 (England and Wales)

Year Ending: 30 September 2024

Company activities and impact

The Somerset Tourism Association CIC represents the Visit Somerset brand and is the official destination management organisation for the County of Somerset, underwritten by Visit England and Visit Britain and Somerset County Council only in kind and not financially. It carries out functions previously exercised by Somerset County Council and the local District Councils- (which would otherwise have had to be abandoned)- as well as working with central government and other agencies to promote the County and bring in 25,000,000 of visits annually. Visit Somerset is officially supporting the definitive Visitor Economy, its provenance and history & heritage, and is the official brand in Somerset held up as the organisation that officially markets the county as an influencing factor for the tourism sector Food and Drink, history, heritage and culture in Somerset. Tourism is now the 5th largest GDP driver in the county of Somerset and is vital to the economic and social infrastructure of the community & county, providing an estimated 34,000 jobs FTE jobs and bringing in £1.3 billion into the local economy. Financially, the 'trickle-down' effect of the Visitor Economy is considerable, and in social and aesthetic terms everyone benefits from a healthy Visitor Economy including all those trades and associated ancillary industries that feed into the sector. The Company's work has included the management of the official County Visitor website www.visitsomerset.co.uk and the official County print brochure 'Somerset: Jewel of the Southwest' Visit Somerset undertakes many promotional activities in and outside the County, as well as working with local authorities to ensure that major tourism projects are handled in a sensitive and advantageous way, that now doesn't impact but enhance the local and more general environment of Somerset, being one of Somerset's biggest USP's. Visit Somerset is focusing on the domestic visitor economy as it is felt this is where the major growth will be, whilst ensuring that we see as many people holidaying in the UK and not abroad as the Climate crisis emerges as a big threat than the Pandemic.

Consultation with stakeholders

The Company's stakeholders are our member businesses- just over 800- and the local authorities with whom we liaise and from whom we receive some grant funding. We consult with our local authorities through regular meetings on specific subjects of mutual interest. We consult with our members through regular newsletters- monthly, mostly through email, & through regular meetings- some social events, some 'meet the Directors' forums- and through our Annual Conference and AGM. The Directors themselves are broadly representative of the membership and the industry across North, South, East and West Somerset. Any member is welcome to raise any issue, either formally or informally, and these issues are discussed either at Directors meetings or at the Annual Conference and AGM, with the appropriate actions being taken in consequence. Members are invited to contact the Coordinator at the Company's office with any observations, suggestions, or concerns.

Directors' remuneration

There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director's loss of office, which are required to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
28 March 2025

And signed on behalf of the board by:
Name: John Turner
Status: Director