Wired Sussex Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03240234 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

WIRED SUSSEX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A W Morrison

P E Jones

M W Bedser

Ms J S Tzabar

Ms J L Lloyd

L M Hyland

J A E Woodford

D M Amor

A J Cowell

S Davies-Patrick

A K Reeves

M Crichton

REGISTERED OFFICE:

New England House

The Fuse Box

New England Street

Brighton

East Sussex

BN1 4GH

REGISTERED NUMBER:

03240234 (England and Wales)

FIXED ASSETS

Intangible assets

4

156,406

127,193

Tangible assets

5

12,069

13,255

Investments

6

1,100

1,100

169,575

141,548

CURRENT ASSETS

Debtors

7

136,958

106,463

Cash at bank and in hand

74,891

173,985

211,849

280,448

CREDITORS

Amounts falling due within one year

8

(122,539

)

(95,103

)

NET CURRENT ASSETS

89,310

185,345

TOTAL ASSETS LESS CURRENT LIABILITIES

258,885

326,893

RESERVES

Income and expenditure account

258,885

326,893

258,885

326,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2020 and were signed on its behalf by:

A W Morrison - Director

P E Jones - Director

1.	STATUTORY INFORMATION

Wired Sussex Limited is a private company limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised as contract activity progresses. Revenue not billed is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website build is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

3 years on cost

Government grants

Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Investments in associates

Investments in associate undertakings are recognised at cost.

Investments in associates represents the company's 49.99% holding in The Skiff Ltd, company number 05874801.

Other investments represents the company's 100% holding in Brighton Digital Exchange Cooperative Limited, a society incorporated under registration number RS004044

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

HMRC has agreed that no tax returns are due on the basis the company is limited by guarantee and does not distribute profits, with only a small amount of bank interest received, as well as other conditions being met and maintained.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Amortisation of rent was revised due to continuation of reduced rental costs.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2019 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Website

build

£

COST

At 1 April 2019

127,193

Additions

68,315

At 31 March 2020

195,508

AMORTISATION

Amortisation for year

39,102

At 31 March 2020

39,102

NET BOOK VALUE

At 31 March 2020

156,406

At 31 March 2019

127,193

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

25,370

25,723

51,093

Additions

1,622

1,569

3,191

At 31 March 2020

26,992

27,292

54,284

DEPRECIATION

At 1 April 2019

13,517

24,321

37,838

Charge for year

3,387

990

4,377

At 31 March 2020

16,904

25,311

42,215

NET BOOK VALUE

At 31 March 2020

10,088

1,981

12,069

At 31 March 2019

11,853

1,402

13,255

6.	FIXED ASSET INVESTMENTS

Interest

in

Unlisted

associate

investments

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

100

1,000

1,100

NET BOOK VALUE

At 31 March 2020

100

1,000

1,100

At 31 March 2019

100

1,000

1,100

The company holds an investment in The Skiff Ltd.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

70,776

53,117

Amounts owed by joint ventures

11,596

11,596

Other debtors

54,586

41,750

136,958

106,463

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

22,798

3,664

Amounts owed to participating interests

100

100

Taxation and social security

27,844

29,097

Other creditors

71,797

62,242

122,539

95,103

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

8,505

11,340

Between one and five years

-

8,505

8,505

19,845

10.	RELATED PARTY DISCLOSURES