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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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ILFORD BUSINESS IMPROVEMENT DISTRICT LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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ILFORD BUSINESS IMPROVEMENT DISTRICT LTD |
ILFORD BUSINESS IMPROVEMENT DISTRICT LTD (REGISTERED NUMBER: 03375025) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ILFORD BUSINESS IMPROVEMENT DISTRICT LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Crane Court |
302 London Road |
Ipswich |
Suffolk |
IP2 0AJ |
ILFORD BUSINESS IMPROVEMENT DISTRICT LTD (REGISTERED NUMBER: 03375025) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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MEMBERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ILFORD BUSINESS IMPROVEMENT DISTRICT LTD (REGISTERED NUMBER: 03375025) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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ILFORD BUSINESS IMPROVEMENT DISTRICT LTD (REGISTERED NUMBER: 03375025) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
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1. | STATUTORY INFORMATION |
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Ilford Business Improvement District Ltd is a
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England and Wales. The company's registered number and registered office address can be found on |
the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents levy payments received from businesses in the Ilford Business Improvement |
District (the "BID"), voluntary contributions and other income generated in the course of promoting |
Ilford Town Centre. |
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Levy overpayments are informed to levy payers but subsequently treated as income if not reclaimed |
within a reasonable timescale. Levy overpayments are always repaid when requested even if they had |
been previously recognised as income. |
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Grants of a revenue nature are credited to the Income Statement in the year in which they accrue. |
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Tangible fixed assets |
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Equipment | - |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable and bank facilities. |
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Debt instruments that are payable or receivable within one year, such as trade payables or receivables, |
are measured at the undiscounted amount of the cash or other consideration expected to be paid or |
received. Debt instruments that are repayable or receivable after one year are initially measured at the |
present value of the future cash flows and subsequently at amortised cost using the effective interest |
method. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each financial |
year for evidence of impairment. If objective evidence of impairment is found an impairment loss is |
recognised in the Income Statement. |
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ILFORD BUSINESS IMPROVEMENT DISTRICT LTD (REGISTERED NUMBER: 03375025) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Equipment |
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COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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ILFORD BUSINESS IMPROVEMENT DISTRICT LTD (REGISTERED NUMBER: 03375025) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Other creditors |
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7. | COMPANY LIMITED BY GUARANTEE |
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The company is limited by guarantee. The directors have an interest as guarantors for an amount not |
exceeding £1. Each member of the company under clause 2 of the Memorandum of Association has |
agreed to contribute up to £1 in the event of a winding up. |