Aluminium Federation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00723801 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Aluminium Federation Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C S Davies

G R Ashmead

S D MacVicker

R P Hindley

P M Dines

R B Barr

G Mothersole

C R Bush

Dr R C Zante

S E Melia

S C Barron

A M Doran

R C Ablett

SECRETARY:

Attwoods Accountants Ltd

REGISTERED OFFICE:

Suite 9

Alcora Building

Mucklow Hill

Halesowen

West Midlands

B62 8DG

REGISTERED NUMBER:

00723801 (England and Wales)

ACCOUNTANTS:

Attwoods

90-92 High Street

Evesham

Worcestershire

WR11 4EU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

28,403

19,484

28,403

19,484

CURRENT ASSETS

Stocks

2,955

3,182

Debtors

6

73,375

95,438

Cash at bank and in hand

162,496

196,964

238,826

295,584

CREDITORS

Amounts falling due within one year

7

116,357

115,754

NET CURRENT ASSETS

122,469

179,830

TOTAL ASSETS LESS CURRENT LIABILITIES

150,872

199,314

RESERVES

Non-distributable reserve

9

9,720

12,000

Income and expenditure account

9

141,152

187,314

150,872

199,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 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 9 November 2020 and were signed on its behalf by:

G R Ashmead - Director

C R Bush - Director

1.	STATUTORY INFORMATION

Aluminium Federation 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

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors have not complied with the requirements on disclosure of defined benefit schemes as required by FRS 102, section 28, and are of the opinion that the costs of obtaining the necessary information far outweigh any potential benefits of disclosure.

Turnover

Turnover is measured at fair value of consideration received or receivable, excluding any discounts, rebates, value added tax and other sales tax. Member contributions are invoiced on an annual basis and are recognised over the period of membership. Service fees are recognised when the service is provided to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Web design are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Office equipment

-

25% on cost, 20% on cost and 10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Grant income

Grant income is recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates both a fully defined benefit and defined contribution pension schemes, the assets of which are held independently of the company. Contributions to the defined benefit scheme are charged to the profit and loss account in accordance with actuarial advice and contributions to the defined contribution scheme are charged on the basis of a constant percentage of earnings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Web

Computer

design

software

Totals

£

£

£

COST

At 1 January 2019

2,340

2,025

4,365

Disposals

(2,340

)

(2,025

)

(4,365

)

At 31 December 2019

-

-

-

AMORTISATION

At 1 January 2019

2,340

2,025

4,365

Eliminated on disposal

(2,340

)

(2,025

)

(4,365

)

At 31 December 2019

-

-

-

NET BOOK VALUE

At 31 December 2019

-

-

-

At 31 December 2018

-

-

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Diane De

to

Office

and

Gabies

property

equipment

fittings

Statue

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2019

-

28,423

4,345

12,000

44,768

Additions

2,990

7,344

6,289

-

16,623

Disposals

-

(13,806

)

(897

)

-

(14,703

)

At 31 December 2019

2,990

21,961

9,737

12,000

46,688

DEPRECIATION

At 1 January 2019

-

22,480

2,804

-

25,284

Charge for year

598

3,406

1,387

-

5,391

Eliminated on disposal

-

(11,746

)

(644

)

-

(12,390

)

At 31 December 2019

598

14,140

3,547

-

18,285

NET BOOK VALUE

At 31 December 2019

2,392

7,821

6,190

12,000

28,403

At 31 December 2018

-

5,943

1,541

12,000

19,484

Cost or valuation at 31 December 2019 is represented by:

Improvements

Fixtures

Diane De

to

Office

and

Gabies

property

equipment

fittings

Statue

Totals

£

£

£

£

£

Valuation in 2018

-

-

-

12,000

12,000

Cost

2,990

21,961

9,737

-

34,688

2,990

21,961

9,737

12,000

46,688

Diane De Gabies Statue asset was valued on indemnity cover basis on 17 September 2018 by Directors .

6.

DEBTORS

31.12.19

31.12.18

£

£

Amounts falling due within one year:

Trade debtors

23,541

24,639

VAT

7,596

22,667

Deferred tax asset

19,340

11,071

Prepayments

18,698

35,577

69,175

93,954

31.12.19

31.12.18

£

£

Amounts falling due after more than one year:

Other debtors

4,200

-

Prepayments

-

1,484

4,200

1,484

Aggregate amounts

73,375

95,438

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

25,856

19,289

Social security and other taxes

16,558

16,091

Other creditors

47,301

60,812

Deferred income

22,329

5,547

Accrued expenses

4,313

14,015

116,357

115,754

8.	DEFERRED TAX

£

Balance at 1 January 2019

(11,071

)

Credit to Income Statement during year

(8,269

)

Balance at 31 December 2019

(19,340

)

Deferred tax carried forward is split as follows:

£

Accelerated capital allowances

2,519

Tax losses carried forward

23,899

Other timing differences

(240

)

Deferred tax on revaluations

2,280

Total

(19,340

)

9.

RESERVES

Income

and

expenditure

Non-distributable

account

reserve

Totals

£

£

£

At 1 January 2019

187,314

12,000

199,314

Deficit for the year

(46,162

)

(46,162

)

Asset revaluation

-

(2,280

)

(2,280

)

At 31 December 2019

141,152

9,720

150,872

10.	EMPLOYEE BENEFIT OBLIGATIONS

Defined benefit scheme

The company operates a defined benefit pension scheme which has been closed to new members since July 2004.

The Trustees of the Scheme have consulted with the Scheme Actuary and latest Triennial Valuation Report, based on prescribed assumptions, indicate that there was a deficit of £80,000 as at January 2017.

Based on this valuation the latest agreed Schedule Of Contributions states that monthly contributions of £750 are due (in respect of the scheme deficit) from 1 May 2018 to 1 May 2028. In addition monthly contributions of £470 are also due (in respect of an allowance towards scheme charges) from 1 May 2018 to 1 May 2023. All necessary contributions that were due in 2018 have been paid.

Investment assets comprise funds invested in a fully insured Deposit Administration Contract with Friends Life Services (previously AXA Sunlife). Contributions are held in an accumulation account which provides retirement benefits through the build up of contributions.

Pensions payable to retired members may be secured by annuities purchased on their retirement date from Friends Life Services and only the single premium cost of purchasing such benefits is reflected in the schemes accounts. Alternatively, pensions may be paid on a monthly basis out of the scheme, in which case the pension cost is reflected in the years accounts.

Lump sum, widows and dependants death-in-service benefits are secured by policies of assurance under-written by Friends Life Services. The premiums for these benefits are paid by the employer. Following the closure of the scheme on 31 July 2004 no policies of assurance are required as there are no longer any active members.

Transfer values in respect of individual members are accounted for in the period in which they are paid or received.

Pensions paid by the principal employer to pensioners on behalf of the scheme are reflected as contributions to the scheme and benefits payable. To the extent that such payments result in contributions being paid in excess of that required by the Schedule of Contribution the excess is shown as contributions received in advance.

Defined contribution scheme

The company operates a defined contribution pension scheme, the assets of which are held independently of the company. Contributions to this scheme are charged on a basis of a constant percentage of earnings.

The cost of payments in to the defined contribution scheme in 2019 was £25,337 (2018: £26,759)

11.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments over the next 12 months of £18,800 (2018 £18,800).

12.	RELATED PARTY DISCLOSURES

At the year end the following bank balances were held on behalf of associates; Qualanod: £5,396 (2018: £4,062), Qualicoat: £33,677 (2018: £29,433).

13.	LIMITED BY GUARANTEE

The company is limited by guarantee and does not have any share capital.