SOCIAL_AFFAIRS_UNIT_MAGAZ - Accounts

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Social Affairs Unit Magazines Limited for the year ended 30 June 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Social Affairs Unit Magazines Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Social Affairs Unit Magazines Limited and state those matters that we have agreed to state to the Board of Directors of Social Affairs Unit Magazines Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Social Affairs Unit Magazines Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Social Affairs Unit Magazines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Social Affairs Unit Magazines Limited. You consider that Social Affairs Unit Magazines Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Social Affairs Unit Magazines Limited. 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 statutory financial statements.

The trueDirectors elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Social Affairs Unit Magazines Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Greenwich Quay, Clarence Road, London, England, SE8 3EY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The directors have a reasonable expectation that the company has adequate current and future resources and sources of income to continue in operational existence for the foreseeable future. Accordingly, the directors will continue to adopt the going concern basis in preparing the annual report and financial statements.true

Turnover is the amount receivable for the provision of services falling within the company's ordinary activities excluding value added tax and grants receivable from The Social Affairs Unit.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors are not interest bearing and are included at their nominal value.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including Directors) employed by the company during the year was:

There was no single ultimate controlling party during the year.

The company is included in the consolidated financial statements of The Social Affairs Unit Limited, forming at once the largest and the smallest body of undertakings in which the company forms a part as a direct subsidiary undertaking. The registered office of this company is located at 10 Greenwich Quay Clarence Road, London, SE8 3EY. Accounts for The Social Affairs Unit can be obtained from Companies House.