COMPANY REGISTRATION NUMBER:
00217053
Regent Street Association Limited
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Company Limited by Guarantee
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Filleted Abridged Financial Statements
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Regent Street Association Limited
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Company Limited by Guarantee
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Abridged Statement of Financial Position
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31 March 2018
Fixed assets
Tangible assets
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8
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297
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1,731
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Current assets
Debtors
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208,366
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136,285
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Cash at bank and in hand
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549,895
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687,079
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---------
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---------
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758,261
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823,364
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Creditors: amounts falling due within one year
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65,832
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76,800
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---------
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---------
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Net current assets
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692,429
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746,564
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---------
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---------
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Total assets less current liabilities
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692,726
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748,295
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---------
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---------
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Net assets
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692,726
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748,295
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---------
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Capital and reserves
Profit and loss account
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692,726
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748,295
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---------
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---------
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Members funds
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692,726
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748,295
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---------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
16 December 2018
, and are signed on behalf of the board by:
Ms J E Rothschild - Treasurer
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Director
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Regent Street Association Limited
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Company Limited by Guarantee
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Notes to the Abridged Financial Statements
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Year ended 31 March 2018
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Heddon house, Regent Street, London, W1B 4JD, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures and fittings
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-
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33% reducing balance
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Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2017:
7
).
6.
Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £788 (2017 - £nil) during the year.
Contributions amounting to £252 were payable to the fund at the balance sheet date and are included in creditors.
7.
Capital commitments
There were no capital commitments at balance sheet date.
8.
Tangible assets
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£
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Cost
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At 1 April 2017
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18,789
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Disposals
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(
15,713)
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--------
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At 31 March 2018
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3,076
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Depreciation
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At 1 April 2017
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17,058
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Charge for the year
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146
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Disposals
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(
14,425)
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At 31 March 2018
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2,779
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Carrying amount
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At 31 March 2018
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297
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At 31 March 2017
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1,731
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9.
Events after the end of the reporting period
On 1 April 2018 the personnel and activities of the Regent Street Association Ltd transferred to the New West End Company Ltd. The reserves of the Regent Street Association Ltd will continue to be used to further the aims of the Association.
10.
Summary audit opinion
The auditor's report for the year dated 17 December 2018 was unqualified.
The senior statutory auditor was
Mr Suda Ratnam FCCA
, for and on behalf of
Raffingers LLP
.
11.
Related party transactions
The company was under the control of the directors throughout the current and previous period. During the year remuneration was paid to
Ms A Walker
in her role as a director until her retirement in October 2017. No other directors were remunerated for their roles.