Contents of the Financial Statements

for the Period Ended 31 December 2024

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

Directors

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

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
30 December 2025

And signed on behalf of the board by:
Name: E Solaz Oliete
Status: Director

Balance sheet

As at 31 December 2024

The notes form part of these financial statements

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.

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

The notes form part of these financial statements

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 at 25% reducing balance basis.

  Other accounting policies

  The Directors have considered the outlook for the company. The company had to move out of its creative space due to the site ownership change in 2024 which prompted a refocusing of the company's activities on a research arts laboratory where inter-disciplinary lines can overlap to create projects that explore processes and techniques, address social, political, cultural and critical issues, teaming up with other organisations and using various locations throughout UK. The company has also received a Crowdfunding donation this year which helped with the move and storage. During the year the company was supported through a combination of public funding, trusts and foundations, international cultural institutions, earned income, and community fundraising. Support continued from organisations including Arts Council England, British Council, House of Europe, AHRC, and European cultural partners. These partnerships are being cultivated to last beyond the year end. The directors are of the view that the company has sufficient cash reserves to continue as a Going Concern. Donations. Donations are brought into income when the Company has entitlement to the funds or assets, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Donations related to income are presented as part of profit or loss, under a general heading of other operating income. Grants. Grants are not recognised until there is a reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. The company choses to recognise grants based on the accrual model. Grants related to income are presented as part of profit or loss, under a general heading of other operating income. 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. Provisions. Provisions, i.e. liabilities of uncertain timing or amount, are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. Foreign currency translation. Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. Leased assets. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	2023
  Average number of employees during the period	0	0