Company registration number SC294227 (Scotland)
SOCIAL ENTERPRISE SCOTLAND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SOCIAL ENTERPRISE SCOTLAND
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SOCIAL ENTERPRISE SCOTLAND
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,823
2,430
Investments
4
1
1
1,824
2,431
Current assets
Debtors
5
1,203
859
Cash at bank and in hand
191,372
198,567
192,575
199,426
Creditors: amounts falling due within one year
6
(12,649)
(39,100)
Net current assets
179,926
160,326
Total assets less current liabilities
181,750
162,757
Provisions for liabilities
(274)
(390)
Net assets
181,476
162,367
Reserves
Called up share capital
7
Income and expenditure account
181,476
162,367
Members' funds
181,476
162,367
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SOCIAL ENTERPRISE SCOTLAND
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2022 and are signed on its behalf by:
R.A.G. Stobart
Director
Company Registration No. SC294227
SOCIAL ENTERPRISE SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Social Enterprise Scotland is a
private
company
limited by guarantee
incorporated in
Scotland
.
The registered office is
Thorn House, 5 Rose Street, Edinburgh, EH2 2PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Turnover represents amounts receivable f
rom grant funding, membership subscriptions, projects, and proceeds from events. All amounts are recognised when receivable and takes account of any amounts requiring to be deferred.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance basis
Fixtures, fittings & equipment
25% on reducing balance basis
1.4
Fixed asset investments
The profits and losses, assets and liabilities of associated companies and joint ventures are recorded
in the Financial Statements using the Equity method, except where the investments
are classified as held for sale.
Fixed asset investments, including jointly controlled entities, are initially
measured at transaction price excluding transaction costs and are subsequently measured at fair
value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for
the year. Transaction costs are expensed as incurred.
If the
company's
share of losses in a joint venture equals or exceeds its investment in the joint venture,
the
company
does not recognise further losses unless it has incurred obligations to do so or has made
payments on behalf of the joint venture.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SOCIAL ENTERPRISE SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received
, where considered material.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
SOCIAL ENTERPRISE SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
13,160
Depreciation and impairment
At 1 April 2021
10,730
Depreciation charged in the year
607
At 31 March 2022
11,337
Carrying amount
At 31 March 2022
1,823
At 31 March 2021
2,430
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
1
1
At 31 March 202
1
, the
company
had interests in the following joint venture:
Name of joint venture
Principal Registered Class of % held
Activity office Shares held Direct Indirect
Impact Investment Providing business Scotland Ordinary 50.00
Partnership Scotland support services
Limited
Name of joint venture
Profit/(Loss) Capital and Reserves
£ £
Impact Investment (12,894) (12,894)
Partnership Scotland
Limited
SOCIAL ENTERPRISE SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Service charges due
300
Corporation tax recoverable
232
232
Other debtors
671
627
1,203
859
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,328
7,136
Corporation tax
17
Other taxation and social security
5,820
8,457
Other creditors
5,484
23,507
12,649
39,100
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
39,414
12,696