Medical Artists' Association of Great Britain Filleted accounts for Companies House (small and micro)

MEDICAL ARTISTS' ASSOCIATION OF GREAT BRITAIN - Company Information

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COMPANY REGISTRATION NUMBER: 02506846

Medical Artists' Association of Great Britain

Filleted Unaudited Financial Statements

31 December 2022

Medical Artists' Association of Great Britain

Statement of Financial Position

31 December 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	4	292	390

Current assets

Debtors	5	1,939	1,939
Cash at bank and in hand		16,153	13,004
		--------	--------
		18,092	14,943

Creditors: amounts falling due within one year	6	2,663	2,406
		--------	--------
Net current assets		15,429	12,537
		--------	--------
Total assets less current liabilities		15,721	12,927
		--------	--------

Capital and reserves

Other reserves	6,000	6,000
Profit and loss account	9,721	6,927
	--------	--------
Shareholders funds	15,721	12,927
	--------	--------

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 . Officers' 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 31 March 2023 , and are signed on behalf of the board by:

Mrs P Pollier-Green (Chairman)

Officer

Company registration number: 02506846

Medical Artists' Association of Great Britain

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Elizabeth House, 54 - 58 High Street, Edgware, Middlesex, HA8 7TT.

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 and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	25 % reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2022 and 31 December 2022	1,232	1,232
	-------	-------
Depreciation
At 1 January 2022	842	842
Charge for the year	98	98
	-------	-------
At 31 December 2022	940	940
	-------	-------
Carrying amount
At 31 December 2022	292	292
	-------	-------
At 31 December 2021	390	390
	-------	-------

5. Debtors

	2022	2021
	£	£
Other debtors	1,939	1,939
	-------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Subscriptions in advance	1,802	1,545
Other creditors	861	861
	-------	-------
	2,663	2,406
	-------	-------

7. Bequest

Medals were struck from monies received from the Patricia Archer Trust bequeathed to the Association for the purpose of making awards to members for outstanding work. Although the cost was written off in the 2012 Accounts, medals are held by the Council for future presentations.