British Footwear Association Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00059737 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2020

FOR

BRITISH FOOTWEAR ASSOCIATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W J Church BSc, MBA, MRICS

T C Cooper

D G W Gyves

R J King

R C Perkins

V A Podmore

L J P Reece-Raybould

D R Rubin

P R Savrimoothoo

D M Watson Smith

REGISTERED OFFICE:

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

REGISTERED NUMBER:

00059737 (England and Wales)

AUDITORS:

DNG Dove Naish LLP, Statutory Auditor

Eagle House

28 Billing Road

Northampton

Northamptonshire

NN1 5AJ

FIXED ASSETS

Tangible assets

4

169,562

138,895

Investments

5

288,262

707,459

Investment property

6

135,019

135,019

592,843

981,373

CURRENT ASSETS

Debtors

7

243,333

140,285

Cash at bank and in hand

291,526

134,667

534,859

274,952

CREDITORS

Amounts falling due within one year

8

242,437

258,674

NET CURRENT ASSETS

292,422

16,278

TOTAL ASSETS LESS CURRENT LIABILITIES

885,265

997,651

RESERVES

Fair Value Reserve

225,369

312,491

Income and expenditure account

659,896

685,160

885,265

997,651

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 13 July 2020 and were signed on its behalf by:

R C Perkins - Director

1.	STATUTORY INFORMATION

British Footwear 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.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about British Footwear Association Limited as an

individual company and do not contain consolidated financial information as the parent of a group. The

company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to

prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also

requires management to exercise its judgement in the process of applying the company accounting

policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions

and estimates are significant to the financial statements are disclosed within the individual accounting

policies below.

Revenue

Revenue is recognised to the extent that It is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured. Revenue is measured as the fair value of the

consideration received or receivable, excluding discounts, rebates, value added tax and other sales

taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are

provided in accordance with the stage of completion of the contract when all of the following conditions

are satisfied:

- The amount of revenue can be measured reliably;

- It is probable that the Company will receive the consideration due under the contract;

- The stage of completion of the contract at the end of the reporting period can be measured reliably;

and

- The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

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

Freehold property

-

2% on cost

Office equipment

-

20% on reducing balance

Software

-

33% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of property, plant and equipment have different useful lives, they are accounted

for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The

selection of these residual values and estimated lives requires the exercise of judgement. The

directors are required to assess whether there is an indication of impairment to the carrying value of

assets. In making that assessment, judgements are made in estimating value in use. The directors

consider that the individual carrying values of assets are supportable by their value in use.

Revaluation of tangible fixed assets

As permitted by FRS 102 s.35.10 (c) the Company has elected to measure its freehold property at its

fair value and use that fair value as its deemed cost at the date of transition. The freehold property was

revalued by Martin Pendered and Co Limited as at 1 March 2015 and was valued at £134,891.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are shown at fair value. Any gains or losses arising from change in fair value are

recognised in the Statement of Comprehensive Income.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term

deposits with an original maturity date of three months or less.

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 statement of

comprehensive income under administrative expenses.

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.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a

similar debt instrument, those financial instruments are classed as financial liabilities. Financial

liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to

financial liabilities are included in the profit and loss account. Finance costs are calculated so as to

produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a

financial liability then this is classed as an equity instrument. Dividends and distributions relating to

equity instruments are debited direct to equity.

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 sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Office

property

equipment

Software

Totals

£

£

£

£

COST

At 1 March 2019

134,891

9,128

20,282

164,301

Additions

-

3,436

39,280

42,716

Disposals

-

(5,778

)

(1,995

)

(7,773

)

At 28 February 2020

134,891

6,786

57,567

199,244

DEPRECIATION

At 1 March 2019

18,598

6,808

-

25,406

Charge for year

2,698

925

6,693

10,316

Eliminated on disposal

-

(5,382

)

(658

)

(6,040

)

At 28 February 2020

21,296

2,351

6,035

29,682

NET BOOK VALUE

At 28 February 2020

113,595

4,435

51,532

169,562

At 28 February 2019

116,293

2,320

20,282

138,895

The freehold property is stated at its fair value on transition to FRS102, as valued by Martin Pendered

and Co Limited on 1 March 2015.

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 March 2019

10

707,449

707,459

Additions

-

80,866

80,866

Disposals

-

(524,310

)

(524,310

)

Revaluations

-

24,247

24,247

At 28 February 2020

10

288,252

288,262

NET BOOK VALUE

At 28 February 2020

10

288,252

288,262

At 28 February 2019

10

707,449

707,459

Cost or valuation at 28 February 2020 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2020

-

98,597

98,597

Cost

10

189,655

189,665

10

288,252

288,262

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2019

and 28 February 2020

135,019

NET BOOK VALUE

At 28 February 2020

135,019

At 28 February 2019

135,019

The investment property is stated at fair value, as valued by Paul Campbell MRICS of Berrys on 25th

June 2019.

Fair value at 28 February 2020 is represented by:

£

Valuation in 2019

4,910

Cost

130,109

135,019

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

226,777

124,329

Provision for doubtful debts

(15,033

)

(3,982

)

Amounts owed by group undertakings

383

-

Other debtors

26,562

8,367

Prepayments and accrued income

4,644

11,571

243,333

140,285

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

107,748

76,122

Amounts owed to group undertakings

-

468

Social security and other taxes

6,029

4,556

VAT

16,648

21,543

Other creditors

4,295

4,057

Accruals and deferred income

107,717

151,928

242,437

258,674

9.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

6,829

6,731

Between one and five years

8,884

11,778

In more than five years

-

1,069

15,713

19,578

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Clifford (Senior Statutory Auditor)

for and on behalf of DNG Dove Naish LLP, Statutory Auditor

11.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held

separately from those of the Company in an administered fund. Contributions totalling £1,165 (2019:

£927) were payable to the fund at the Balance Sheet date and are included in creditors.

12.	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 £10 towards the assets

of the company in the event of liquidation.