Cutlery & Allied Trades Research Ass - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00739777 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

Cutlery and Allied Trades Research

Association

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr C Inman

Mr D J Greensmith

Mr D A Pinder

Mr S J Beverley

REGISTERED OFFICE:

Henry Street

Sheffield

South Yorkshire

S3 7EQ

REGISTERED NUMBER:

00739777 (England and Wales)

BANKERS:

Lloyds Bank plc

1 High Street

Sheffield

South Yorkshire

S1 2GA

SOLICITORS:

Wake Smith LLP

No 1 Velocity

2 Tenter Street

Sheffield

South Yorkshire

S1 4BY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cutlery and Allied Trades Research Association for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Cutlery and Allied Trades Research Association, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cutlery and Allied Trades Research Association and state those matters that we have agreed to state to the Board of Directors of Cutlery and Allied Trades Research Association, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cutlery and Allied Trades Research Association and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cutlery and Allied Trades Research Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cutlery and Allied Trades Research Association. You consider that Cutlery and Allied Trades Research Association is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cutlery and Allied Trades Research Association. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

21 September 2021

FIXED ASSETS

Tangible assets

4

554,896

583,643

CURRENT ASSETS

Stocks

202,246

226,868

Debtors

5

79,588

85,578

Cash at bank and in hand

246,447

161,526

528,281

473,972

CREDITORS

Amounts falling due within one year

6

(113,742

)

(83,883

)

NET CURRENT ASSETS

414,539

390,089

TOTAL ASSETS LESS CURRENT LIABILITIES

969,435

973,732

CREDITORS

Amounts falling due after more than one year

7

(160,610

)

-

PROVISIONS FOR LIABILITIES

(31,275

)

(57,736

)

NET ASSETS

777,550

915,996

RESERVES

Revaluation reserve

9

394,384

395,152

Income and expenditure account

383,166

520,844

777,550

915,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 21 September 2021 and were signed on its behalf by:

Mr S J Beverley - Director

Mr D J Greensmith - Director

1.	STATUTORY INFORMATION

Cutlery and Allied Trades Research Association 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

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

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2.5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Going concern

The Covid-19 pandemic is an unprecedented situation and while the reduction in activity associated with Covid-19 could be sharp and large, it is likely to rebound sharply when social distancing measures are lifted.

In addition, in the intervening period, while activity is disrupted, substantial and substantive government and central bank measures have been put in place in the UK and internationally to support businesses and households.

The measures, which have been evolving rapidly and could evolve further, are expected to remain in place throughout the period of disruption.

In light of the above, and the steps the directors have undertaken, the directors consider that the company to continues to be a going concern

Government grants

Government grants relating to revenue expenditure are recognised in income on a systematic basis over the period in which the company recognises the related costs for which the grant is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2020

500,000

474,199

53,511

6,348

1,034,058

Additions

-

-

15,871

46,598

62,469

Disposals

-

-

-

(46,598

)

(46,598

)

At 31 December 2020

500,000

474,199

69,382

6,348

1,049,929

DEPRECIATION

At 1 January 2020

-

396,981

47,921

5,513

450,415

Charge for year

11,384

23,959

8,982

293

44,618

At 31 December 2020

11,384

420,940

56,903

5,806

495,033

NET BOOK VALUE

At 31 December 2020

488,616

53,259

12,479

542

554,896

At 31 December 2019

500,000

77,218

5,590

835

583,643

Included in cost or valuation of land and buildings is freehold land of £ 44,655 (2019 - £ 44,655 ) which is not depreciated.

Revaluation

The fair value of the company's land and buildings was assessed at 31 December 2019 by the directors. The basis of this valuation was open market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £28,182 (2019 - £29,478). The directors consider that there has been no material change in the fair value at 31 December 2020.

Cost or valuation at 31 December 2020 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 1998

116,124

-

-

-

116,124

Valuation in 2019

332,044

-

-

-

332,044

Cost

51,832

474,199

69,382

6,348

601,761

500,000

474,199

69,382

6,348

1,049,929

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

as

restated

£

£

Trade debtors

47,017

76,642

Other debtors

32,571

8,936

79,588

85,578

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

as

restated

£

£

Bank loans and overdrafts

36,360

-

Trade creditors

40,801

49,095

Taxation and social security

25,828

20,641

Other creditors

10,753

14,147

113,742

83,883

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/20

31/12/19

as

restated

£

£

Bank loans

160,610

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

15,170

-

8.	SECURED DEBTS

The Coronavirus Business Interruption Loan Scheme is not secured and is guaranteed by the UK government.

9.

RESERVES

Revaluatio

reserve

£

At 1 January 2020

395,152

Transfer excess depreciation

on revalued assets

(768

)

At 31 December 2020

394,384