Registered number: 06385979
EXETER VISUAL ART DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
DP Associates (Accountancy) Limited
Unit 2 Beech Barn Eaglewood Park Ilminster Somerset TA19 9DQ
Exeter Visual Art Directors' Report and Unaudited Financial Statements For The Year Ended 31 October 2020
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountants' Report | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Income and Expenditure Account | 7 |
Exeter Visual Art Company Information For The Year Ended 31 October 2020
| Directors | Mr Samuel Moscrop |
|---|---|
| Mr Rolfe Mooney | |
| Mr Matthew Hammond | |
| Company Number | 06385979 |
| Registered Office | Marsh Gate House Alphin Brook Road |
| Marsh Barton Trading Estate | |
| Exeter | |
| Devon | |
| EX2 8TH | |
| Accountants | DP Associates (Accountancy) Limited |
| Unit 2 Beech Barn | |
| Eaglewood Park | |
| Ilminster | |
| Somerset | |
| TA19 9DQ |
Page 1
Exeter Visual Art Company No. 06385979 Directors' Report For The Year Ended 31 October 2020
The directors present their report and the financial statements for the year ended 31 October 2020.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing the financial statements the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who held office during the year were as follows:
Mr Samuel Moscrop Mr Rolfe Mooney Mr Matthew Hammond
Small Company Rules
This report has 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.
On behalf of the board
Mr Matthew Hammond
Director
28/07/2021
Page 2
Exeter Visual Art Accountants' Report For The Year Ended 31 October 2020
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 October 2020 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
28/07/2021
DP Associates (Accountancy) Limited
Unit 2 Beech Barn Eaglewood Park Ilminster Somerset TA19 9DQ
Page 3
Exeter Visual Art Income and Expenditure Account For The Year Ended 31 October 2020
| Notes TURNOVER Cost of sales GROSS SURPLUS Distribution costs Administrative expenses OPERATING (DEFICIT)/SURPLUS AND (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
2020 £ 41,319 (640) 40,679 (441) (40,924) (686) |
2019 £ 47,946 (303) |
|---|---|---|
| 47,643 - (40,692) |
||
| 6,951 |
The notes on page 6 form part of these financial statements.
Page 4
Exeter Visual Art Balance Sheet As at 31 October 2020
| Notes CURRENT ASSETS Cash at bank and in hand NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Income and Expenditure Account MEMBERS' FUNDS |
2020 £ £ 43,589 43,589 43,589 43,589 43,589 43,589 43,589 |
2020 £ £ 43,589 43,589 43,589 43,589 43,589 43,589 43,589 |
2019 £ £ 44,275 44,275 44,275 44,275 44,275 44,275 44,275 |
2019 £ £ 44,275 44,275 44,275 44,275 44,275 44,275 44,275 |
|---|---|---|---|---|
| 43,589 | 44,275 | |||
| 43,589 | 44,275 | |||
| 43,589 | 44,275 | |||
| 43,589 | 44,275 | |||
| 43,589 | 44,275 |
For the year ending 31 October 2020 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Matthew Hammond
Director
28/07/2021
The notes on page 6 form part of these financial statements.
Page 5
Exeter Visual Art Notes to the Financial Statements For The Year Ended 31 October 2020
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2019: 1)
3. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
4. General Information
Exeter Visual Art is a private company, limited by guarantee, incorporated in England & Wales, registered number 06385979. The registered office is Marsh Gate House Alphin Brook Road, Marsh Barton Trading Estate, Exeter, Devon, EX2 8TH.
Page 6
Exeter Visual Art Detailed Income and Expenditure Account For The Year Ended 31 October 2020
| TURNOVER Sales COST OF SALES Deposits repaid GROSS SURPLUS Distribution Costs Waste disposal Administrative Expenses Wages and salaries Rent Rates Light and heat Water rates Repairs and maintenance Other premises costs Insurance Printing, postage and stationery Telecommunications and data costs Telecommunications Accountancy fees Sundry expenses OPERATING (DEFICIT)/SURPLUS AND (DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
2020 £ £ 41,319 640 (640) 40,679 441 (441) 2,790 25,000 3,287 5,951 909 279 - 828 50 880 - 600 350 (40,924) (686) |
2020 £ £ 41,319 640 (640) 40,679 441 (441) 2,790 25,000 3,287 5,951 909 279 - 828 50 880 - 600 350 (40,924) (686) |
2019 £ £ 47,946 303 (303) 47,643 - - 3,120 25,000 3,230 5,650 - 799 374 785 - - 787 613 334 (40,692) 6,951 |
2019 £ £ 47,946 303 (303) 47,643 - - 3,120 25,000 3,230 5,650 - 799 374 785 - - 787 613 334 (40,692) 6,951 |
|---|---|---|---|---|
| 441 | - | |||
| 40,679 (441) (40,924) |
47,643 - (40,692) |
|||
| 2,790 25,000 3,287 5,951 909 279 - 828 50 880 - 600 350 |
3,120 25,000 3,230 5,650 - 799 374 785 - - 787 613 334 |
|||
| (686) | 6,951 |
Page 7