| Directors | |
| Registered office | |
| Registered number | 11116003 |
| Accountant | Streets (Banbury) Ltd |
| Gilmarde House | |
| 47 South Bar Street | |
| Banbury | |
| Oxfordshire | |
| OX16 9AB |
| Notes |
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The financial statements were approved and authorised for issue by the Board of Directors on
Thomas, Ian Alan
Director |
Company registration number 11116003
Banbury BID Limited is a private company limited by guarantee and incorporated in England. Its registered office is:
Gilmarde House
47 South Bar Street
Banbury
Oxfordshire
OX16 9AB
The members of the company have each undertaken to contribute to the assets of the company, in the event of it being wound up while they are members, or within one year after they cease to be members, for payment of debt and liabilities contracted before they cease to be members, such an amount as may be required, not exceeding £1 per member.
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).
The financial statements are prepared in pound sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Incoming funds represents grants, levies, voluntary contributions and other income.
The company derives the majority of its income in the form of a levy receivable from Cherwell District Council, who collect it on behalf of the BID from non-domestic ratepayers in the BID catchment area, and all of the monies received is spent on the workstrands identified in the business plan.
Where conditions are attached to incoming funds (such as local authority grants or restricted contributions for specific projects) the fund are held as deferred income on the balance sheet and released to the income and expenditure account as relevant costs are incurred.
Where there are no specific conditions attached to the incoming funds (such as levies collected from local businesses and other income) the funds are taken straight to the income and expenditure account. Any resulting surplus is shown as part of the reserves of the company, which are not distributable and are to be used to further the objectives of the company in accordance with the Memorandum and Articles of Association.
Application has been made for exemption from corporation tax on the basis that the company is not for profit and that all incoming funds are to be utilised in the furtherance of the objectives of the company as set out in the Memorandum and Articles of Association.
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses.
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.
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