Registration number:
V22 Foundation
(A company limited by guarantee)
for the Year Ended 31 December 2017
V22 Foundation
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
V22 Foundation
Company Information
Directors |
K T Cranswick D Rosenberg F Stapleton |
Registered office |
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Page 1 |
V22 Foundation
(Registration number: 07590502)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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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 liabilities |
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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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For the financial year ending 31 December 2017 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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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Page 2 |
V22 Foundation
Notes to the Financial Statements for the Year Ended 31 December 2017
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:
These financial statements were authorised for issue by the
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 (£).
Page 3 |
V22 Foundation
Notes to the Financial Statements for the Year Ended 31 December 2017 (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 statement of financial position 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 |
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V22 Foundation
Notes to the Financial Statements for the Year Ended 31 December 2017 (continued)
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Accounting policies (continued) |
Furniture, fittings and equipment |
33 1/3% on cost per annum |
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.
Staff numbers |
The company has no employees other than its 3 (2016: 4) directors who provide their time on an ad hoc basis.
Loss before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Page 5 |
V22 Foundation
Notes to the Financial Statements for the Year Ended 31 December 2017 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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- |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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- |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Included within the net book value of land and buildings above is £340,651 (2016 - £313,486) in respect of long leasehold land and buildings and £11,666 (2016 - £Nil) in respect of short leasehold land and buildings.
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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- |
Other debtors |
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Page 6 |
V22 Foundation
Notes to the Financial Statements for the Year Ended 31 December 2017 (continued)
Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Trade creditors |
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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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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 £
Page 7 |