CIVIL_ENGINEERING_CONTRAC - Accounts

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Civil Engineering Contractors Association (Wales) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The measures that we put in place to manage the impacts of Covid continue to serve us well, although as restrictions have eased we have begun to operate in increasingly hybrid and “face to face” environments. The broader business environment, however, has become more challenging as a result of significant inflationary pressures caused by global market conditions and UK labour shortages in key skills areas. These impacts are being monitored and managed as best as possible but are unlikely to have an impact on the business prospects of CECA Wales as things currently stand.true

Furthermore, we recovered all our membership subscriptions by September 2021 and received positive feedback from many of our members on our service to them over the course of the year which suggests a good level of satisfaction amongst the membership of CECA Wales. As a result of the progress made in delivering CECA Wales’ annual programme of priorities and the recovery of subscriptions the board are satisfied that the Company will be able to operate as a going concern for at least twelve months from the approval date of the financial statements. Therefore the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Turnover represents net invoiced sales of services, including value added tax. Turnover is made up of subscriptions and revenue from publications and events. Subscriptions are paid annually and the accounts include those amounts due in the year.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 profit and loss account in other administrative expenses.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit. The tax expense represents the sum of the tax payable on bank interest.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has no ultimate controlling party.