Textile Services Association Limited Filleted accounts for Companies House (small and micro)

TEXTILE SERVICES ASSOCIATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00169160

Textile Services Association Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 December 2021

Textile Services Association Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Textile Services Association Limited

Company Limited by Guarantee

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	6	4,782	–
Tangible assets	7	3,176	731
Investments	8	1,190,559	1,022,164
		------------	------------
		1,198,517	1,022,895

Current assets

Debtors	9	66,433	99,480
Cash at bank and in hand		317,207	358,454
		---------	---------
		383,640	457,934

Creditors: amounts falling due within one year	10	196,762		262,679
		---------		---------
Net current assets			186,878	195,255
			------------	------------
Total assets less current liabilities			1,385,395	1,218,150
			------------	------------
Net assets			1,385,395	1,218,150
			------------	------------

Textile Services Association Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2021

	2021		2020
Note	£	£	£

Capital and reserves

Profit and loss account	1,385,395	1,218,150
	------------	------------
Members funds	1,385,395	1,218,150
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 1 April 2022 , and are signed on behalf of the board by:

Mr I P Kerry

Director

Company registration number: 00169160

Textile Services Association Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Regus, Venture House, 2 Arlington Square, Downshire Way, Bracknell, RG12 1WA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Due to the Covid19 pandemic and in order to support the membership, a discount totalling £147,900 (2020 - £106,000) was provided this year to members for their annual subscription. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	3 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Furniture, fittings and equipment	-	4 years

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Company limited by guarantee

The company is limited by guarantee and has no share capital.

The liability of each member is limited to £1, being the amount each member undertakes to contribute to the assets of the Association in the event of its being wound up while they are a member or within one year after they cease to be a member, for:

i. payment of the Association's debts and liabilities contracted before they cease to be a member,

ii. payment of the costs, charges and expenses of winding up, and

iii. adjustment of the rights of the contributions among themselves.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

6. Intangible assets

	Website costs
	£
Cost
At 1 January 2021	24,673
Additions	7,173
Other movements	( 24,673)
	--------
At 31 December 2021	7,173
	--------
Amortisation
At 1 January 2021	24,673
Charge for the year	2,391
Disposals	( 24,673)
	--------
At 31 December 2021	2,391
	--------
Carrying amount
At 31 December 2021	4,782
	--------
At 31 December 2020	–
	--------

7. Tangible assets

	Furniture, fittings & equipment
	£
Cost
At 1 January 2021	4,759
Additions	3,041
	-------
At 31 December 2021	7,800
	-------
Depreciation
At 1 January 2021	4,028
Charge for the year	596
	-------
At 31 December 2021	4,624
	-------
Carrying amount
At 31 December 2021	3,176
	-------
At 31 December 2020	731
	-------

8. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021	1,022,164
Additions	60,072
Disposals	( 3,998)
Revaluations	112,321
	------------
At 31 December 2021	1,190,559
	------------
Impairment
At 1 January 2021 and 31 December 2021	–
	------------

Carrying amount
At 31 December 2021	1,190,559
	------------
At 31 December 2020	1,022,164
	------------

9. Debtors

	2021	2020
	£	£
Trade debtors	8,507	11,518
Other debtors	57,926	87,962
	--------	--------
	66,433	99,480
	--------	--------

10. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	73,301	97,664
Social security and other taxes	4,726	1,897
Other creditors	118,735	163,118
	---------	---------
	196,762	262,679
	---------	---------