The Association of Independent Specialist Medical Accountants (AISMA) Limited - Period Ending 2020-03-31

Registration number: 08924751

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Unaudited Financial Statements

(Companies House Version)

for the Year Ended 31 March 2020

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

The Association of Independent Specialist Medical Accountants (AISMA) Limited

(Registration number: 08924751)
Balance Sheet as at 31 March 2020

	Note	2020		2019
		£	£	£	£
Fixed assets
Tangible assets	3		135		180
Current assets
Debtors	4	4,338		295
Cash at bank and in hand		185,388		279,353
		189,726		279,648
Creditors: Amounts falling due within one year	5	(99,748)		(195,058)
Net current assets			89,978		84,590
Net assets			90,113		84,770
Capital and reserves
Other reserves		55,800		55,800
Profit and loss account		34,313		28,970
Total equity			90,113		84,770

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

The Association of Independent Specialist Medical Accountants (AISMA) Limited

(Registration number: 08924751)
Balance Sheet as at 31 March 2020

For the financial year ending 31 March 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 of its accounts for the year in question in accordance with section 476; and
•	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 and delivered to the Registrar in accordance with the provisions applicable to companies subject to the small companies' regime and the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved and authorised by the Board on 13 May 2020 and signed on its behalf by:
 

.........................................

Mr R M Senior

Chairman

.........................................

Miss F M W Wood

Director

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a company limited by guarantee incorporated in England and Wales.

The address of its registered office is:
48 St. Leonards Road
Bexhill on Sea
East Sussex
TN40 1JB

These financial statements were authorised for issue by the Board on 13 May 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

Revenue recognition

Income comprises of income received or receivable for the provision of services in the ordinary course of the company's activities. Income is shown net of VAT, rebates and discounts.

Tax

The company has mutual trading status and only pays corporation tax on interest receivable and royalty income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 4

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2019	456	456
At 31 March 2020	456	456
Depreciation
At 1 April 2019	276	276
Charge for the year	45	45
At 31 March 2020	321	321
Carrying amount
At 31 March 2020	135	135
At 31 March 2019	180	180

4

Debtors

	2020 £	2019 £
Trade debtors	4,008	-
Other debtors	330	295
	4,338	295

5

Creditors

		2020 £	2019 £
Due within one year
Taxation and social security		5,568	23,511
Other creditors		94,180	171,547
		99,748	195,058

6	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Page 5