Registration number:
V22 Foundation
(A company limited by guarantee)
for the Year Ended 31 December 2019
V22 Foundation
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
V22 Foundation
Company Information
Directors |
K T Cranswick D Rosenberg F Stapleton S R N Higgs D I Rowett |
Registered office |
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V22 Foundation
(Registration number: 07590502)
Balance Sheet as at 31 December 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Income and expenditure account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Comprehensive Income has been taken.
Approved and authorised by the
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V22 Foundation
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019
General information |
The company is a company limited by guarantee, incorporated in England and Wales, 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.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is pound sterling (£).
Going concern
The financial statements have been prepared on a going concern basis. The directors secured a funding loan in the period for the sum of £200,000 repayable over a period of five years. Also following the outbreak of COVID-19, the company received local authority grants of £75,000 to support the operation of three of its libraries. This in the directors opinion has secured the company's financial position and they are confident that it will continue as a going concern for the foreseeable future.
V22 Foundation
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)
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Accounting policies (continued) |
Revenue recognition
Turnover represents net invoiced sales of goods and services, excluding value added tax.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been meet for each of the company's activities noted below.
Grant and sponsorship income:
Grants are recognised in accordance with the stated accounting policy for grants. Sponsorship income is recognised on a received and receivable basis.
Community project management services:
The company provides local community project management services on a not for profit making basis which are recognised by reference to agreed contract sums and stage of completion.
Rental income:
Rental income from the letting of studios under licence is recognised on a straight-line basis over the term of the hire period.
Community events:
Event revenues are recognised by reference to the date of the event.
Grants
Grants received as a contribution towards expenditure on fixed assets is recognised in income when the grant is received or receivable subject to there being no performance related conditions. Where performance related conditions exist, income is recognised in income only when the conditions are met.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Long leasehold premium over the term of the lease; Long leasehold improvements 2% on cost or term of the lease if shorter; short term lease improvements over the term of the lease |
Furniture, fittings and equipment |
33 1/3% on cost per annum |
V22 Foundation
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)
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Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease, except where another systematic basis is more representative of the time pattern in which economic benefits from the lease assets are consumed.
In the event lease incentives are received to enter into the operating lease, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
V22 Foundation
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2019 |
2018 |
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Depreciation expense |
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Tangible assets |
Long leasehold land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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V22 Foundation
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include other creditors which are secured over the company's long leasehold property of £38,333 (2018: £nil).
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Creditors include other creditors which are secured over the company's long leasehold property of £145,866 (2018: £nil).
V22 Foundation
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with key management
Included within debtors due within one year:
- Receiveable from V22 Communities £29,446 (2018: £nil)
- Receiveable from V22 London Limited £62,882 (2018: £(8,496))
Both comprise short term funding loans repayable on demand and non interest bearing. They are related by virtue of common directorship.
Non adjusting events after the financial period |
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