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# NEIGHBOURWORKS CIC

## Company limited by guarantee

## Company Registration Number:
08212369 (England and Wales)

## Unaudited statutory accounts for the year ended 31 December 2024

## Period of accounts

## Start date: 1 January 2024

## End date: 31 December 2024

# NEIGHBOURWORKS CIC

## Contents of the Financial Statements

for the Period Ended 31 December 2024

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

# NEIGHBOURWORKS CIC

Directors' report period ended 31 December 2024

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

Principal activities of the company

The company's principal activity during the year continued to be that of retail sale of new goods in a specialised store, and artistic creation.

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

Deborah Judd
Tina Jane Garrity
Ian Duncan Judd
Peter Lawrence
Elizabeth Anne Noon

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
17 September 2025

And signed on behalf of the board by:
Name: Deborah Judd
Status: Director

# NEIGHBOURWORKS CIC

## Profit And Loss Account

for the Period Ended 31 December 2024

| 2024 | 2023
--- | --- | ---
| £ | £
Turnover: | 150,968 | 155,307
Cost of sales: | ( 71,979 ) | ( 74,963 )
Gross profit(or loss): | 78,989 | 80,344
Administrative expenses: | ( 82,553 ) | ( 85,313 )
Other operating income: | 1,547 |
Operating profit(or loss): | (2,017) | (4,969)
Interest receivable and similar income: | 12 |
Profit(or loss) before tax: | (2,005) | (4,969)
Profit(or loss) for the financial year: | (2,005) | (4,969)

# NEIGHBOURWORKS CIC

## Balance sheet

As at 31 December 2024

| Notes | 2024 | 2023
--- | --- | --- | ---
|  | £ | £
Fixed assets
Tangible assets: | 3 | 1,772 | 1,698
Total fixed assets: |  | 1,772 | 1,698
Current assets
Stocks: | 4 | 17,249 | 12,350
Debtors: | 5 | 2,432 | 5,522
Cash at bank and in hand: |  | 10,530 | 13,158
Total current assets: |  | 30,211 | 31,030
Creditors: amounts falling due within one year: | 6 | ( 37,153 ) | ( 35,893 )
Net current assets (liabilities): |  | (6,942) | (4,863)
Total assets less current liabilities: |  | (5,170) | ( 3,165)
Total net assets (liabilities): |  | (5,170) | (3,165)
Members' funds
Profit and loss account: |  | (5,170) | ( 3,165)
Total members' funds: |  | ( 5,170) | (3,165)

The notes form part of these financial statements

# NEIGHBOURWORKS CIC

## Balance sheet statements

For the year ending 31 December 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 17 September 2025
and signed on behalf of the board by:

Name: Deborah Judd
Status: Director

The notes form part of these financial statements

# NEIGHBOURWORKS CIC

## Notes to the Financial Statements

for the Period Ended 31 December 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.

  Tangible fixed assets depreciation policy

  Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Plant and machinery - 20% reducing balance

  Other accounting policies

  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. Pensions Contributions to defined contribution plans are expensed in the period to which they relate.

# NEIGHBOURWORKS CIC

## Notes to the Financial Statements

for the Period Ended 31 December 2024

- ## 2. Employees

  | 2024 | 2023
  --- | --- | ---
  Average number of employees during the period | 6 | 6

# NEIGHBOURWORKS CIC

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 3. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 1 January 2024 |  | 6,290 |  |  |  | 6,290
Additions |  | 517 |  |  |  | 517
Disposals |  |  |  |  |  |
Revaluations |  |  |  |  |  |
Transfers |  |  |  |  |  |
At 31 December 2024 |  | 6,807 |  |  |  | 6,807
Depreciation |  |  |  |  |  |
At 1 January 2024 |  | 4,592 |  |  |  | 4,592
Charge for year |  | 443 |  |  |  | 443
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 31 December 2024 |  | 5,035 |  |  |  | 5,035
Net book value |  |  |  |  |  |
At 31 December 2024 |  | 1,772 |  |  |  | 1,772
At 31 December 2023 |  | 1,698 |  |  |  | 1,698

# NEIGHBOURWORKS CIC

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 4. Stocks

| 2024 | 2023
--- | --- | ---
| £ | £
Stocks | 17,249 | 12,350
Total | 17,249 | 12,350

# NEIGHBOURWORKS CIC

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 5. Debtors

| 2024 | 2023
--- | --- | ---
| £ | £
Trade debtors |  | 2,038
Other debtors | 2,432 | 3,484
Total | 2,432 | 5,522

# NEIGHBOURWORKS CIC

## Notes to the Financial Statements

for the Period Ended 31 December 2024

## 6. Creditors: amounts falling due within one year note

| 2024 | 2023
--- | --- | ---
| £ | £
Taxation and social security | 5,048 | 5,688
Other creditors | 32,105 | 30,205
Total | 37,153 | 35,893

# COMMUNITY INTEREST ANNUAL REPORT

### NEIGHBOURWORKS CIC

### Company Number: 08212369 (England and Wales)

### Year Ending: 31 December 2024

Company activities and impact

Neighbourworks CIC is a business that supports people to learn new skills, make new friends and contribute to their community through traditional wool crafts. We run three projects; 1. The Knit Stop, 2. The Knit Stop for Kids and 3. Wool on the Exe, our retail community fibre arts space. Our social knitting/crafting sessions offer a time to be creative and connect with others which in turn contributes to an improvement in overall well-being. We also support numerous efforts to raise funds for our local food bank. Through donations of socks and stitch markers, an online auction and a volunteer who helps others with their projects, we raised £3350 in 2024. We also created an opportunity for community members to knit/crochet garments for 70 young people who were leaving the care system to live on their own. We collected 53 hats, 14 shawls, and 12 scarves, 21 pairs of mittens, 3 head bands, 30 pairs of socks and 8 snoods / cowls as gifts. These items were given at a council- run Christmas dinner. In addition to this, our charity basket of donated yarn turned into 463 items of clothing/accessories for local charities St Petrock’s, Knit for Peace, the Baby Hub and Cranbrook Community Hub. We also received 76 handmade blankets for patients on the dementia ward at the Royal Devon and Exeter hospital to help them identify their beds and feel more at home. Our outreach coordinator conducted 5, 8-week Knit Stop groups for a total of 30 adults taking part. End of group surveys overwhelmingly confirm that learning new skills, making new friends and knitting together improves overall well-being. Knit Stop for Kids recorded 94 sessions at 2 local schools with an average of 10-12 students in attendance. Our outreach coordinator also connected with local libraries to offer pom-pom activities for children during the summer school break. 21 children took part. At Wool on the Exe, we host a very popular community drop-in group on that averages 12-15 participants each week. We work hard to provide a safe, welcoming and creative space for the members of our community in St Thomas and wider Exeter.

Consultation with stakeholders

Our stakeholders are 1. our board of directors, 2. our members, 3. participants in our programmes & groups and our customers. We hold quarterly board of directors’ meetings to ensure strategic and financial stability. We also occasionally survey members to gain informal input. In addition, we are always listening to the participants in our programmes & groups for ideas and opportunities for collaboration. Daily interactions in the shop and on our social media channels ensure that we’re listening to the needs of our community.

Directors' remuneration

Deborah Judd earned £9247 during 2024 as managing director of Wool on the Exe. Beyond that, there were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require 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
17 September 2025

And signed on behalf of the board by:
Name: Deborah Judd
Status: Director