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

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 2020
Textile Services Association Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2020
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 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
6
–
7,541
Tangible assets
7
731
1,586
Investments
8
1,022,164
1,031,863
------------
------------
1,022,895
1,040,990
Current assets
Debtors
9
99,480
175,980
Cash at bank and in hand
358,454
74,473
---------
---------
457,934
250,453
Creditors: amounts falling due within one year
10
262,679
92,389
---------
---------
Net current assets
195,255
158,064
------------
------------
Total assets less current liabilities
1,218,150
1,199,054
------------
------------
Net assets
1,218,150
1,199,054
------------
------------
Textile Services Association Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2020
2020
2019
Note
£
£
£
Capital and reserves
Profit and loss account
1,218,150
1,199,054
------------
------------
Members funds
1,218,150
1,199,054
------------
------------
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 2020 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 12 April 2021 , 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 2020
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Spaces, The Bower, 4 Roundwood Avenue, Stockley Park, London, UB11 1AF.
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 £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.
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 (2019: 3 ).
6. Intangible assets
Website costs
£
Cost
At 1 January 2020 and 31 December 2020
24,673
--------
Amortisation
At 1 January 2020
17,132
Charge for the year
7,541
--------
At 31 December 2020
24,673
--------
Carrying amount
At 31 December 2020
–
--------
At 31 December 2019
7,541
--------
7. Tangible assets
Furniture, fittings & equipment
£
Cost
At 1 January 2020 and 31 December 2020
4,759
-------
Depreciation
At 1 January 2020
3,173
Charge for the year
855
-------
At 31 December 2020
4,028
-------
Carrying amount
At 31 December 2020
731
-------
At 31 December 2019
1,586
-------
8. Investments
Other investments other than loans
£
Cost
At 1 January 2020
1,031,863
Additions
106,005
Disposals
( 93,302)
Revaluations
( 22,402)
------------
At 31 December 2020
1,022,164
------------
Impairment
At 1 January 2020 and 31 December 2020
–
------------
Carrying amount
At 31 December 2020
1,022,164
------------
At 31 December 2019
1,031,863
------------
9. Debtors
2020
2019
£
£
Trade debtors
11,518
40,212
Other debtors
87,962
135,768
--------
---------
99,480
175,980
--------
---------
10. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
97,664
51,622
Social security and other taxes
1,897
2,638
Other creditors
163,118
38,129
---------
--------
262,679
92,389
---------
--------