| WOOD PANEL INDUSTRIES FEDERATION |
| (LIMITED BY GUARANTEE) |
| Notes to the Accounts |
| for the year ended 31 December 2019 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover represents the value of services provided to members and does not include value added tax. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office equipment |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Colin Wain |
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Firm: |
Begbies |
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Date of audit report: |
14 May 2020 |
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| 3 |
Employees |
2019 |
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2018 |
| Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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| 4 |
Tangible fixed assets |
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Office equipment |
| £ |
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Cost |
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At 1 January 2019 |
7,668 |
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Additions |
2,197 |
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At 31 December 2019 |
9,865 |
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Depreciation |
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At 1 January 2019 |
7,668 |
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At 31 December 2019 |
7,668 |
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Net book value |
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At 31 December 2019 |
2,197 |
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| 5 |
Debtors |
2019 |
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2018 |
| £ |
£ |
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Other debtors |
5,602 |
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4,560 |
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| 6 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
| £ |
£ |
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Trade creditors |
11,402 |
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9,321 |
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Corporation tax |
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16 |
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- |
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Other taxation and social security |
4,174 |
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6,426 |
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Accruals |
3,100 |
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3,100 |
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Other creditors |
108,125 |
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98,637 |
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126,817 |
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117,484 |
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| 7 |
Other financial commitments |
2019 |
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2018 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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22,141 |
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33,693 |
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| 8 |
Other information |
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Wood Panel Industries Federation is a company limited by guarantee and not having a share capital. Each member of the company is liable for the amount of the guarantee, not exceeding £1 to the company's assets if it should be wound up while he/she is a member or within one year after ceasing to be a member. |
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The company is incorporated in England and its registered office is: |
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Autumn Park Business Centre |
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Dysart Road |
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Grantham |
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Lincolnshire |
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NG31 7EU |
