The Association for Project Safety Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC155374 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 January 2023

for

The Association for Project Safety

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J K Moulam

R L Bone

A P Baker

B M Wilde

REGISTERED OFFICE:

Suite 3

5 New Mart Place

Edinburgh

EH14 5AY

REGISTERED NUMBER:

SC155374 (Scotland)

ACCOUNTANTS:

MacMillan Craig

Chartered Accountants

Festival Business Centre

150 Brand Street

Glasgow

G51 1DH

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

375,826

384,628

Investments

6

234,631

242,768

610,457

627,396

CURRENT ASSETS

Stocks

20,708

20,974

Debtors

7

21,245

23,855

Cash at bank and in hand

473,668

559,173

515,621

604,002

CREDITORS

Amounts falling due within one year

8

385,745

393,592

NET CURRENT ASSETS

129,876

210,410

TOTAL ASSETS LESS CURRENT LIABILITIES

740,333

837,806

RESERVES

Income and expenditure account

740,333

837,806

740,333

837,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 6 September 2023 and were signed on its behalf by:

R L Bone - Director

1.	STATUTORY INFORMATION

The Association for Project Safety Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

Included in turnover are members' annual subscriptions which run for 12 months from the date of acceptance as a member. Income is recognised in the period to which it relates and the proportion of subscriptions relating to future periods is included as subscriptions in advance within creditors.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost

Stocks

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

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.

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.

Irrecoverable vat

The company is registered for VAT partially exempt status. Input VAT which cannot be recovered under the partial exemption rules is shown as irrecoverable VAT under expenditure.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 February 2022

and 31 January 2023

11,500

AMORTISATION

At 1 February 2022

and 31 January 2023

11,500

NET BOOK VALUE

At 31 January 2023

-

At 31 January 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2022

483,648

40,440

524,088

Additions

-

3,195

3,195

At 31 January 2023

483,648

43,635

527,283

DEPRECIATION

At 1 February 2022

103,905

35,555

139,460

Charge for year

9,673

2,324

11,997

At 31 January 2023

113,578

37,879

151,457

NET BOOK VALUE

At 31 January 2023

370,070

5,756

375,826

At 31 January 2022

379,743

4,885

384,628

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 February 2022

242,768

Revaluations

(8,137

)

At 31 January 2023

234,631

NET BOOK VALUE

At 31 January 2023

234,631

At 31 January 2022

242,768

Cost or valuation at 31 January 2023 is represented by:

Other

investments

£

Valuation in 2023

234,631

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

5,916

2,382

Prepayments and accrued income

15,329

21,473

21,245

23,855

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade creditors

17,307

22,663

Social security and other taxes

16,374

12,182

VAT

9,367

3,440

Accruals and deferred income

342,697

355,307

385,745

393,592

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.23

31.1.22

£

£

Within one year

5,875

5,875

Between one and five years

1,467

7,344

7,342

13,219