The Association of European Lawyers Filleted accounts for Companies House (small and micro)

The Association of European Lawyers Filleted accounts for Companies House (small and micro)

THE ASSOCIATION OF EUROPEAN LAWYERS - Company Information

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0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,221 6,221 xbrli:pure xbrli:shares iso4217:GBP 04001353 2022-01-01 2022-12-31 04001353 2022-12-31 04001353 2021-12-31 04001353 2021-01-01 2021-12-31 04001353 2021-12-31 04001353 2020-12-31 04001353 bus:Director4 2022-01-01 2022-12-31 04001353 bus:Director12 2022-01-01 2022-12-31 04001353 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04001353 core:WithinOneYear 2022-12-31 04001353 core:WithinOneYear 2021-12-31 04001353 core:UKTax 2021-01-01 2021-12-31 04001353 core:RetainedEarningsAccumulatedLosses 2022-12-31 04001353 core:RetainedEarningsAccumulatedLosses 2021-12-31 04001353 bus:SmallEntities 2022-01-01 2022-12-31 04001353 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 04001353 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04001353 bus:CompanyLimitedByGuarantee 2022-01-01 2022-12-31 04001353 bus:FullAccounts 2022-01-01 2022-12-31 04001353 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 04001353
THE ASSOCIATION OF EUROPEAN LAWYERS
COMPANY LIMITED BY GUARANTEE
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
THE ASSOCIATION OF EUROPEAN LAWYERS
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
THE ASSOCIATION OF EUROPEAN LAWYERS
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
CURRENT ASSETS
Cash at bank and in hand
367,119
388,913
CREDITORS: amounts falling due within one year
6
11,588
11,590
-----------
-----------
NET CURRENT ASSETS
355,531
377,323
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
355,531
377,323
-----------
-----------
NET ASSETS
355,531
377,323
-----------
-----------
THE ASSOCIATION OF EUROPEAN LAWYERS
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
2022
2021
Note
£
£
CAPITAL AND RESERVES
Profit and loss account
355,531
377,323
-----------
-----------
MEMBERS FUNDS
355,531
377,323
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 December 2022 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 4 September 2023 , and are signed on behalf of the board by:
Mr J G M Akermarck
Mr B A C Smith
Director
Director
Company registration number: 04001353
THE ASSOCIATION OF EUROPEAN LAWYERS
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. GENERAL INFORMATION
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is JTC (UK) Limited 18th Floor, The Scalpel, 52 Lime Stree, London, EC3M 7AF, United Kingdom.
2. 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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Trademark
-
Over 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.
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 company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. COMPANY LIMITED BY GUARANTEE
The Association of European Lawyers is a company limited by guarantee, it does not therefore have any share capital and the liability to members is limited to the amounts they have agreed to guarantee in the event of the company's winding up.
4. TAX ON (LOSS)/PROFIT
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
–
2
-----
-----
Tax on (loss)/profit
–
2
-----
-----
5. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 January 2022 and 31 December 2022
6,221
--------
Amortisation
At 1 January 2022 and 31 December 2022
6,221
--------
Carrying amount
At 31 December 2022
–
--------
At 31 December 2021
–
--------
6. CREDITORS: amounts falling due within one year
2022
2021
£
£
Corporation tax
–
2
Other creditors
11,588
11,588
----------
----------
11,588
11,590
----------
----------
7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances, credits or guarantees with the company.