**Registered number: 04034498**
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **UNAUDITED**
**DIRECTORS' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2020**
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **COMPANY INFORMATION**
**Directors** A Mckeown A Charles S Mckeown **Company secretary** L Brown **Registered number** 04034498 **Registered office** Middlesbrough Railway Station Zetland Road Middlesbrough TS1 1EG
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Directors' report**|1|
|**Accountants' report**|2|
|**Statement of comprehensive income**|3|
|**Balance sheet**|4|
|**Notes to the financial statements**|5 - 8|
|The following pages do not form part of the statutory financial statements:||
|**Detailed income and expenditure account and summaries**|9 - 11|
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2020**
The directors present their report and the financial statements for the year ended 31 July 2020.
## **Directors**
The directors who served during the year were:
A Mckeown A Charles S Mckeown
## **Small companies note**
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 15 April 2021 and signed on its behalf.
A Mckeown Director
Page 1
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **Report to the Trustees/Members of Platform Arts Limited (Charity number 1119710) On accounts for the year ended 31 July 2020 set out on pages 3 to 8**
## Responsibilities and basis of report
The charity's trustees (and also its directors for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act").
The charity’s trustees consider that an audit is not required for this year under Part 16 of the 2006 Act and are eligible for independent examination.
I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed the Directions given by the Charities Commission under section 145(5)(b) of the 2011 Act.
## Independent examiner's statement
In connection with my examination, I can confirm that no matter has come to my attention which gives me reasonable cause to believe that in, any material respect:
- accounting records were not kept in respect of the company in accordance with section 386 of the 2006 Act; or
- the accounts do not accord with those records; or
- the accounts do not comply with the requirements of section 396 of the 2006 Act other than the requirement that the accounts give a "true and fair view" which is not a matter considered as part of an independent examination; or
- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financail Reporting Standard applicable in the UK and Republic of Ireland.
I have no concernds and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Walker BA ACA Chartered Accountant 9 Avenue Victoria Roundhay Leeds LS8 1JE
15 April 2021
Page 2
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2020**
|**Note**
Turnover
**Gross profit**
Administrative expenses
Other operating income
**Operating (loss)/profit**
Interest receivable and similar income
**(Loss)/profit before tax**
**(Loss)/profit for the financial year**|**2020**
**£**
**18,995**
**18,995**
**(36,309)**
**8,522**
**(8,792)**
**16**
**(8,776)**
**(8,776)**|_2019_
_£_
_30,619_|
|---|---|---|
|||_30,619_
_(41,063)_
_30,302_|
|||_19,858_
_-_|
|||_19,858_|
|||_19,858_|
There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2020 (2019:£NIL).
The notes on pages 5 to 8 form part of these financial statements.
Page 3
**(A company limited by guarantee) REGISTERED NUMBER: 04034498**
## **PLATFORM ARTS LIMITED**
## **BALANCE SHEET AS AT 31 JULY 2020**
|**Note**
**Fixed assets**
Tangible assets
4
**Current assets**
Cash at bank and in hand
5
Creditors: amounts falling due within one
year
6
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
7
**Net assets**
**Capital and reserves**
Profit and loss account|**91,394**
**91,394**
**(1,910)**|**2020**
**£**
**1,810**
**1,810**
**89,484**
**91,294**
**(228)**
**91,066**
**91,066**
**91,066**|_100,456_
_100,456_
_(2,724)_|_2019_
_£_
_2,414_
_2,414_
_97,732_
_100,146_
_(304)_
_99,842_
_99,842_
_99,842_|
|---|---|---|---|---|
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 April 2021.
## **A Mckeown**
Director
The notes on pages 5 to 8 form part of these financial statements.
Page 4
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **1. General information**
The company is limited by guarantee. The registered office is Middlesbrough Railway Station, Zetland Road, Middlesbrough, TS1 1EG.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
## **2.2 Revenue**
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
## **Rendering of services**
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
## **2.3 Operating leases: the Company as lessee**
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
## **2.4 Government grants**
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
## **2.5 Interest income**
Interest income is recognised in profit or loss using the effective interest method.
Page 5
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **2. Accounting policies (continued)**
## **2.6 Tangible fixed assets**
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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 is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Office equipment - 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
## **2.7 Cash and cash equivalents**
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
## **2.8 Creditors**
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
## **2.9 Financial instruments**
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
## **3. Employees**
The average monthly number of employees, including directors, during the year was 3 _(2019 - 3)_ .
Page 6
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
|**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2020**||||
|---|---|---|---|
|**4.**
**Tangible fixed assets**
**Cost or valuation**
At 1 August 2019
At 31 July 2020
**Depreciation**
At 1 August 2019
Charge for the year on owned assets
At 31 July 2020
**Net book value**
At 31 July 2020
_At 31 July 2019_
**5.**
**Cash and cash equivalents**
Cash at bank and in hand
**6.**
**Creditors: Amounts falling due within one year**
Payments received on account
Accruals and deferred income|**2020**
**£**
**91,394**||**Office**
**equipment**
**£**
**24,424**
**24,424**
**22,010**
**604**
**22,614**
**1,810**
_2,414_
_2019_
_£_
_100,455_|
|||||
|||||
|||||
|||||
|||||
|||||
||**91,394**||_100,455_|
||**2020**
**£**
**1,166**
**744**||_2019_
_£_
_1,166_
_1,558_|
||**1,910**||_2,724_|
Page 7
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020**
## **7. Creditors: Amounts falling due after more than one year**
|Accruals and deferred income|**2020**
**£**
**228**
**228**|_2019_
_£_
_304_|
|---|---|---|
|||_304_|
## **8. Company status**
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
## **9. Commitments under operating leases**
The Company had no commitments under non-cancellable operating leases at the balance sheet date.
Page 8
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2020**
|**Note**
Turnover
**Gross profit**
**Gross surplus %**
Other operating income
**Less: overheads**
Administration expenses
**Operating (loss)/profit**
Interest receivable
**(Loss)/Profit for the year**|**2020**
**£**
**18,994**
**18,994**
**100.0 %**
**8,522**
**(36,308)**
**(8,792)**
**16**
**(8,776)**|_2019_
_£_
_30,619_|
|---|---|---|
|||_30,619_|
|||_100.0 %_
_30,302_|
|||_(41,063)_|
|||_19,858_
_-_|
|||_19,858_|
Page 9
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2020**
|**Turnover**
Rent receivable
Commission receivable
**Other operating income**
Government grants receivable
**Administration expenses**
Staff training
Commissions payable
Printing and stationery
Telephone and fax
Computer costs
Advertising and promotion
Accountancy
Sundry expenses
Rent - operating leases
Rates
Water
Light and heat
Insurances
Repairs and maintenance
Depreciation - plant and machinery
Artists' invoices
Travel
Security costs|**2020**
**£**
**18,499**
**495**
**18,994**
**2020**
**£**
**8,522**
**8,522**
**2020**
**£**
**-**
**12,700**
**52**
**1,057**
**1,569**
**-**
**548**
**56**
**5,734**
**336**
**456**
**1,770**
**1,586**
**1,026**
**604**
**5,222**
**1,907**
**1,685**
**36,308**|_2019_
_£_
_20,729_
_9,890_|
|---|---|---|
|||_30,619_|
|||_2019_
_£_
_30,302_|
|||_30,302_|
|||_2019_
_£_
_162_
_15,421_
_66_
_963_
_383_
_496_
_540_
_220_
_4,762_
_1,239_
_286_
_1,440_
_1,438_
_3,703_
_805_
_6,765_
_1,892_
_482_|
|||_41,063_|
Page 10
**PLATFORM ARTS LIMITED (A company limited by guarantee)**
## **SCHEDULE TO THE DETAILED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2020**
|**Interest receivable**
Bank interest receivable|**2020**
**£**
**16**
**16**|_2019_
_£_
_-_|
|---|---|---|
|||_-_|
Page 11