The European Shellac Association Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09306326 (England and Wales)

THE EUROPEAN SHELLAC ASSOCIATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W J Barrie

F M C Girin

S C Hall

REGISTERED OFFICE:

39a Welbeck Street

London

W1G 8DH

REGISTERED NUMBER:

09306326 (England and Wales)

ACCOUNTANTS:

Sinclairs Bartrum Lerner

Chartered Accountants

39A Welbeck Street

London

W1G 8DH

CURRENT ASSETS

Cash at bank

2,428

3,776

CREDITORS

Amounts falling due within one year

3

704,929

621,564

NET CURRENT LIABILITIES

(702,501

)

(617,788

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(702,501

)

(617,788

)

RESERVES

Income and expenditure account

(702,501

)

(617,788

)

(702,501

)

(617,788

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25th September 2019 and were signed on its behalf by:

S C Hall - Director

1.	STATUTORY INFORMATION

The European Shellac Association 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.

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.

The financial statements are prepared in Euro which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Company activities

The company's role is to promote the interests of its members by undertaking research and making

representations on behalf of the industry to which the members belong. The company is supported by its

members only to the extent that it is able to meet its objectives and does so with a non-profit making objective.

Any surplus or deficit in one accounting period is intended to be offset by adjustments to contributions in a later

period. Any surplus contributions at the year end are included as creditors.

Turnover

Turnover represents contributions received during the period.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into euros at the rates of exchange ruling at the balance

sheet date.

Transactions in foreign currencies are translated into euros at the rate of exchange ruling at the date of

transaction.

Exchange gains and losses are recognised in the profit and loss account.

Going concern

The financial statements have been prepared on the going concern basis. The company is reliant on the support

of the membership. If this support was withdrawn the company would be unable to continue in operational

existence. Adjustments would then have to be made to reduce the balance sheet values of assets to their

recoverable amounts and to provide for any further liabilities that may arise. The company is unable to quantify

the effect of such adjustments on the financial statements. The directors believe that it is appropriate for the

financial statements to be prepared on a going concern basis.

Debtors and creditors receivable or payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Cash and cash equivalents

Cash and cash equivalents comprise of cash balances and deposits.

3.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

€

€

Trade creditors

-

160,000

Other creditors

704,929

461,564

704,929

621,564

4.	RELATED PARTY DISCLOSURES

The European Shellac Association (TESA) members are collectively considered to be related parties in view of

the operations of the company.

Drawn from the membership, the directors S Hall, F Girin and W Barrie, are also considered to be related parties

by virtue of common directorship of TESA Ltd and their respective TESA member companies.

During the period, TESA members contributed to the company, a total of €Nil (2017: €115,674)

The company received separate loans from twelve members totalling €698,184 (2017: €458,184) . These loans

are interest free, unsecured and payable on demand, subject to the ability of the company to make repayment.