5
17 December 2021
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No description of principal activity
2020-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
16,008
8,794
4,002
12,796
3,212
7,214
xbrli:pure
xbrli:shares
iso4217:GBP
08825761
2020-01-01
2020-12-31
08825761
2020-12-31
08825761
2019-12-31
08825761
2019-01-01
2019-12-31
08825761
2019-12-31
08825761
bus:Director2
2020-01-01
2020-12-31
08825761
core:WithinOneYear
2020-12-31
08825761
core:WithinOneYear
2019-12-31
08825761
core:RetainedEarningsAccumulatedLosses
2020-12-31
08825761
core:RetainedEarningsAccumulatedLosses
2019-12-31
08825761
bus:SmallEntities
2020-01-01
2020-12-31
08825761
bus:Audited
2020-01-01
2020-12-31
08825761
bus:FullAccounts
2020-01-01
2020-12-31
08825761
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
08825761
bus:CompanyLimitedByGuarantee
2020-01-01
2020-12-31
08825761
core:ComputerEquipment
2020-01-01
2020-12-31
08825761
core:ComputerEquipment
2020-12-31
08825761
core:ComputerEquipment
2019-12-31
COMPANY REGISTRATION NUMBER:
08825761
Company Limited by Guarantee
|
|
Filleted Financial Statements
|
|
Company Limited by Guarantee
|
|
Year ended 31 December 2020
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
2
|
|
|
Company Limited by Guarantee
|
|
Statement of Financial Position
|
|
31 December 2020
Fixed assets
Tangible assets
|
6
|
|
3,212
|
7,214
|
|
|
|
|
|
Current assets
Debtors
|
7
|
836,544
|
|
732,772
|
Cash at bank and in hand
|
369,370
|
|
185,029
|
|
------------
|
|
---------
|
|
1,205,914
|
|
917,801
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
10,688
|
|
14,960
|
|
------------
|
|
---------
|
Net current assets
|
|
1,195,226
|
902,841
|
|
|
------------
|
---------
|
Total assets less current liabilities
|
|
1,198,438
|
910,055
|
|
|
------------
|
---------
|
Net assets
|
|
1,198,438
|
910,055
|
|
|
------------
|
---------
|
|
|
|
|
|
Capital and reserves
Profit and loss account
|
|
1,198,438
|
910,055
|
|
|
------------
|
---------
|
Members funds
|
|
1,198,438
|
910,055
|
|
|
------------
|
---------
|
|
|
|
|
These 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 Section 1A of 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 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 financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
16 December 2021
, and are signed on behalf of the board by:
Company registration number:
08825761
Company Limited by Guarantee
|
|
Notes to the Financial Statements
|
|
Year ended 31 December 2020
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2.
Statement of compliance
These 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 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 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 and represents amounts receivable and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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:
|
Equipment
|
-
|
25% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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 Voices Project
is a company limited by guarantee and has no share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2019:
4
).
6.
Tangible assets
|
Equipment
|
|
£
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
16,008
|
|
--------
|
Depreciation
|
|
At 1 January 2020
|
8,794
|
Charge for the year
|
4,002
|
|
--------
|
At 31 December 2020
|
12,796
|
|
--------
|
Carrying amount
|
|
At 31 December 2020
|
3,212
|
|
--------
|
At 31 December 2019
|
7,214
|
|
--------
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Other debtors
|
836,544
|
732,772
|
|
---------
|
---------
|
|
|
|
Included within other debtors is £237,676 owed by PayPal (2019: £117,679) and £3,914 (2019: £9,370) as a prepaid currency card by FairFX.
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
1,538
|
8,460
|
Other creditors
|
9,150
|
6,500
|
|
--------
|
--------
|
|
10,688
|
14,960
|
|
--------
|
--------
|
|
|
|
9.
Summary audit opinion
The auditor's report for the year dated
17 December 2021
was
unqualified
.
The senior statutory auditor was
Matthew Lightfoot
, for and on behalf of
Burgess Hodgson LLP
.
10.
Related party transactions
At the year end The Voices Project was owed £588,308 (2019: £603,555) by a not for profit company related by common control, no interest was chargeable on this balance. Members and associated businesses make donations to The Voices Project.