|Company<br>Information|||
|---|---|---|
|Report ofthe Directors|||
|Income Statement|||
|Balance Sheet|||
|Statement<br>of Changes|in Equity||
|Notes to the Financial|Statements||
|Chartered<br>Accountants'|Report||
|Detailed<br>Income and Expenditure||Accounts|





## 

## 



|Income Statement<br>for the Year Ended|31 May 2021||||
|---|---|---|---|---|
||||318.21|315.20|
|||Notes|||
|TURNOVER|||4,602|I5,040|
|Cost of sales|||(749)|(8,301 )|
|GROSS SURPLUS|||3,853|6,739|
|Administrative<br>expenses|||(8,304)|(6vt28)|
||||(4,451 )|311|
|Other operating<br>income|||4,000||
|OPERATING<br>(DEFICIT)/SURPLUS and|||||
|(DEFICIT)/SURPLUS|BEFORE TAXATION||(451)|311|
|Tax on (degcit)/surplus|||||
|(DEFICIT)/SURPLUS|FOR THE FINANCIAL||||
|YEAR|||(451 )|311|





|Balance Sheet<br>31 May 2021||||||
|---|---|---|---|---|---|
|||||31$.21|310.20|
||||Notes|||
|FIXED ASSETS||||||
|Intangible<br>assets|||6|||
|Tangible<br>assets|||7|132|176|
|||||132|176|
|CURRENT ASSETS||||||
|Cash at bank||||24,792|7,279|
|CREDITORS||||||
|Amounts<br>falling|due within one year|||(28,429)|(10409)|
|NET CURRENT LIABILITIES||||(3,637)|(3,230)|
|TOTAL ASSETS|LESSCURRENT LIABILITIES|||(3405)|(3,054)|
|RESERVES||||||
|Income and expenditure||account||(3405)|(3,054)|
|||||(3405)|(3,054)|





|||||Retained|Total|
|---|---|---|---|---|---|
|||||earnings|equity|
|Balance|at|I June|2019|(3,365)|(3,365)|
|Changes|in|equity||||
|Total comprehensive|||income|311|311|
|Balance|at|31 May|2020|(3,054)|(3,054)|
|Changesin||equity||||
|Total comprehensive|||income|(451)|(451 )|
|Balance|at|31 May|2021|(3405)|(3405)|





## 

## 

## 

## 

## 

## 

## 

|The operc|mng|defic|it|(2020 - operating<br>surplus)<br>is stated aft|er charging:||
|---|---|---|---|---|---|---|
||||||31$.21|31$.20|
|Depreciation||- owned||assets|44|59|
|Computer|software||amortisation|||350|



## 

## 



|6.|INTANGIBLE FIXED ASS|ETS|||
|---|---|---|---|---|
|||||Computer|
|||||software|
||COST||||
||At I June 2020||||
||and 31 May 2021|||1,050|
||AMORTISATION||||
||At I June 2020||||
||and 31 May 2021|||1,050|
||NET BOOK VALUE||||
||At 31 May 2021||||
||At 31 May 2020||||
||TANGIBLE FIXED ASSETS||||
|||||OfRce|
|||||equipment|
|||||F.|
||COST||||
||At I June 2020||||
||and 31 May 2021|||861|
||DEPRECIATION||||
||At I June 2020|||685|
||Charge for year|||44|
||At 31 May 2021|||729|
||NET BOOK VALUE||||
||At 31 May 2021|||132|
||At 31 May 2020|||176|
|8.|CREDITORS: AMOUNTS|FALLING DUE WITHIN ONE YEAR|||
||||31$.21|31.5.20|
||Other creditors||28,429|10409|





## 

|Incubation<br>Arts Limited<br>Detailed<br>Income and Expenditure<br>Account<br>for the Year Ended 31 May 2021|||||
|---|---|---|---|---|
||315.21||318.20||
|Sales||903||12,291|
|Cost ofsales|||||
|Artist fees paid||749||8,301|
|GROSS SURPLUS||154||3,990|
|Other income|||||
|Sundry<br>receipts||4,000|||
|||4,154||3,990|
|Expenditure|||||
|Rent|2,730||2,299||
|Rates and water|170||160||
|Light and heat|80||941||
|Printing, postage and stationery|57||50||
|Repairs and renewals|34||243||
|Computer<br>costs|654||601||
|Sundry expenses|296||209||
|Accountancy|540||5||
|||4461||4408|
|||(407)||(518)|
|Depreciation|||||
|Computer<br>software|||350||
|Office equipment|||59||
|||||409|
|NET DEFICIT||(451)||(927)|





|Detailed<br>Income and Expenditure<br>Accou<br>for the Year Ended 31 May 2021|nt||||
|---|---|---|---|---|
||31$.21||31$.20||
|Turnover|||||
|Donations||3,699||2749|
|Expenditure|||||
|Rent|229||688||
|Travelling|3,337||||
|Sundry expenses|||13||
|Accountancy|61||756||
|||3,627||1,457|
|||72||1,292|
|Finance costs|||||
|Bank charges||72||54|
|NET SURPLUS||||1,238|