Registered number
08693863
Bermondsey Arts Club
Filleted Accounts
30 September 2024
Bermondsey Arts Club
Registered number: 08693863
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 73,039 87,119
Current assets
Stocks 28,680 30,875
Debtors 4 - 2,200
Cash at bank and in hand 27,802 12,185
56,482 45,260
Creditors: amounts falling due within one year 5 (740,558) (659,107)
Net current liabilities (684,076) (613,847)
Net liabilities (611,037) (526,728)
Capital and reserves
Called up share capital 100 100
Profit and loss account (611,137) (526,828)
Shareholders' funds (611,037) (526,728)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Joseph Lowe
Director
Approved by the board on 14 July 2025
Bermondsey Arts Club
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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.
Stocks
Stocks are 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 166,389 68,846 235,235
At 30 September 2024 166,389 68,846 235,235
Depreciation
At 1 October 2023 87,584 60,532 148,116
Charge for the year 12,000 2,080 14,080
At 30 September 2024 99,584 62,612 162,196
Net book value
At 30 September 2024 66,805 6,234 73,039
At 30 September 2023 78,805 8,314 87,119
4 Debtors 2024 2023
£ £
Other debtors - 2,200
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 17,652 28,016
Trade creditors 17,201 14,830
Amounts owed to group undertakings and undertakings in which the company has a participating interest 356,330 351,330
Other taxes and social security costs 163,913 79,469
Directors loans 185,462 185,462
740,558 659,107
The Company is related to Artistic Spaces Limited;City Arts Hospatility Limited and Workbee Develpments Limited Companies wholly owned by the directors.The amount outstanding at the year end amounted to £356,330.The loans are interest free. The directors confirm that they will maintain funding for the Company for atleast the next 12 months.
6 Directors advances, credits and controlling party and going concern
The directors have, from time to time, advanced funds to the company. Such loans are interest- free, unsecured and repayable on demand.The company is controlled by the directors, Mr J Lowe and Mr G Garnier who are also equal shareholders.
Notwithstanding the deficit of assets at the balance sheet date these financial statements have been prepared on the going concern basis, on the assurance that the directors have sought further financial support from the company's bankers as well as from own sources and associated companies. Consequently no adjustments have been made to the financial statements which might arise if the going concern basis were found not to apply.
7 Other information
Bermondsey Arts Club is a private company limited by shares and incorporated in England. Its registered office is:
20a Ironmonger Lane
London
EC2V 8EP
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