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Registration number: 02035307

London Region Arts Club

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2018

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

 

London Region Arts Club

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 5

 

London Region Arts Club

Company Information

Directors

Dr Stuart Peter Mitchell

Miss Sarah Louise Jennings

Lynda Wood

Ms Louise Slade

Mr Selwyn Jeffrey Arnold

Ms Linda Anderson

Ms Caroline Johnson

Company secretary

Ms Linda Anderson

Registered office

23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

Accountants

Smith-Milne & Co. Limited
Chartered Certified Accountants
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE

 

London Region Arts Club

(Registration number: 02035307)
Abridged Balance Sheet as at 31 December 2018

Note

2018
£

2017
£

Current assets

 

Cash at bank and in hand

 

54,646

57,659

Prepayments and accrued income

 

164

133

Creditors: Amounts falling due within one year

(17)

(12)

Total assets less current liabilities

 

54,793

57,780

Accruals and deferred income

 

(720)

(720)

Net assets

 

54,073

57,060

Capital and reserves

 

Profit and loss account

54,073

57,060

Total equity

 

54,073

57,060

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

London Region Arts Club

(Registration number: 02035307)
Abridged Balance Sheet as at 31 December 2018

Approved and authorised by the Board on 9 August 2019 and signed on its behalf by:
 

.........................................

Miss Sarah Louise Jennings
Director

.........................................

Mr Selwyn Jeffrey Arnold
Director

 

London Region Arts Club

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
23 Church Street
Rickmansworth
Hertfordshire
WD3 1DE
United Kingdom

These financial statements were authorised for issue by the Board on 9 August 2019.

2

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of events and workshops for members of the company in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

London Region Arts Club

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

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

Plant and machinery

25% reducing balance

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.