| Engineering Industries Association |
| Registered number: |
01747162 |
| Balance Sheet |
| as at 31 December 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Property, plant and equipment |
3 |
|
|
665 |
|
|
- |
|
| Current assets |
| Debtors |
4 |
|
7,787 |
|
|
4,913 |
| Cash at bank and in hand |
|
|
57,085 |
|
|
66,781 |
|
|
|
64,872 |
|
|
71,694 |
|
| Creditors: amounts falling due within one year |
5 |
|
(23,342) |
|
|
(30,549) |
|
| Net current assets |
|
|
|
41,530 |
|
|
41,145 |
|
| Net assets |
|
|
|
42,195 |
|
|
41,145 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Profit and loss account |
|
|
|
42,195 |
|
|
41,145 |
|
| Shareholder's funds |
|
|
|
42,195 |
|
|
41,145 |
|
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| K Finegold |
| Director |
|
| Approved by the board on 29 June 2021 |
|
| Engineering Industries Association |
| Notes to the Accounts |
| for the year ended 31 December 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
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). |
|
|
Functional currency |
|
These financial statements have been prepared in UK sterling, the Company's functional currency. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from subscriptions, the sale of publications, and for the rendering of services. Turnover from subscriptions is recognised rateably over the period of subscription. Turnover from the sale of publications is recognised when the publications have been delivered to customers such that the risks and rewards of ownership have been transferred. Turnover from the rendering of services is recognised by reference to the stage of completion of the transaction, which is evaluated by comparing the costs incurred for work performed to date to the total estimated transaction costs. |
|
|
Government grants |
|
Government grants receivable under the government's Support for Exhibitions and Seminars Abroad Scheme are credited to the profit and loss account when the related exhibition takes place. Where these grants are given in respect of member exhibitors, the related cost of sale is recognised at the same time as the income is recognised. Government grant income received in respect of Covid support without any future performance-related conditions are recognised when the grant income is received or receivable and has ben included in other operating income. |
|
|
Property, plant and equipment |
|
Property, plant and equipment is measured at cost, less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Computers |
33% per annum on cost |
|
Fixtures, fittings, and office equipment |
20% per annum on cost |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. 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. |
|
| 1 |
Accounting policies (continued) |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
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. |
|
|
Foreign currency translation |
|
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. |
|
|
Leased assets |
|
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Going concern |
|
These financial statements have been prepared on the going concern basis, which assumes that the Company can continue to meet its liabilities as they fall due for the foreseeable future. Despite the impact of Covid on the company's activities, the company has generated a very small surplus of £1,050 during the year and at 31 December 2020 the company had net assets of £42,195.
During 2021, the company sold the goodwill of the Engineering Industries Association, members contracts and certain other assets for a nominal sum to ensure the future of ongoing services to its members. It is anticipated that there will be limited future activity in the company following this transaction and in due course the directors expect to proceed with a solvent liquidation. The company continues to hold some cash resources and the directors believe there are sufficient funds to meet the companies expected liabilites as and when they fall due. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Property, plant ands equipment |
|
|
|
|
|
|
|
|
Fixtures, fittings, computers and office equipment |
| £ |
|
Cost |
|
At 1 January 2020 |
7,417 |
|
Additions |
1,995 |
|
At 31 December 2020 |
9,412 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2020 |
7,417 |
|
Charge for the year |
1,330 |
|
At 31 December 2020 |
8,747 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2020 |
665 |
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade debtors |
- |
|
601 |
|
Other debtors |
7,787 |
|
4,312 |
|
|
|
|
|
|
7,787 |
|
4,913 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Trade creditors |
8,549 |
|
4,792 |
|
Corporation tax |
30 |
|
- |
|
Deferred income |
7,920 |
|
8,037 |
|
Other taxes and social security costs |
430 |
|
3,010 |
|
Other creditors |
6,413 |
|
14,710 |
|
|
|
|
|
|
23,342 |
|
30,549 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Events after the reporting date |
|
|
On 1st June 2021, the goodwill of the Engineering Industries Association, members' contracts and certain other assets of the company were sold to The Manufacturing Technologies Association for a nominal sum. The EIA will continue to operate as an independent identity under the MTA umbrella brand. Following this transaction, the directors intend to wind down the company's activities with a view to liquidating the company in due course. |
|
|
| 7 |
Other statutory information |
|
|
Engineering Industries Association is a private company limited by guarantee. It is incorporated and domiciled in England and Wales, registration number 1747162. Its registered office and principal trading address is at: |
|
62 Bayswater Road |
|
London |
|
W2 3PS |
