Textile Services Association Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 00169160 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

TEXTILE SERVICES ASSOCIATION LIMITED

COMPANY LIMITED BY GUARANTEE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Carr

I P Kerry

A M M McCrae

D I Stevens

G J Turvill

C E Betteridge

P Egan

S J Fry

M W Jones

Dr P J Wright

A J Redgate

J C Miller

REGISTERED OFFICE:

3 Queen Square

Bloomsbury

London

WC1N 3AR

REGISTERED NUMBER:

00169160 (England and Wales)

ACCOUNTANTS:

Smith-Milne & Co. Limited

23 Church Street

Rickmansworth

Hertfordshire

WD3 1DE

BANKERS:

National Westminster Bank plc

36 Bridge Street

Pinner

Middlesex

HA5 3JH

FIXED ASSETS

Tangible assets

4

7,686

6,748

Investments

5

1,100,866

873,455

1,108,552

880,203

CURRENT ASSETS

Debtors

6

163,825

90,693

Cash at bank and in hand

216,789

352,220

380,614

442,913

CREDITORS

Amounts falling due within one year

7

(169,094

)

(72,456

)

NET CURRENT ASSETS

211,520

370,457

TOTAL ASSETS LESS CURRENT LIABILITIES

1,320,072

1,250,660

PROVISIONS FOR LIABILITIES

(12,890

)

(20,764

)

NET ASSETS

1,307,182

1,229,896

RESERVES

Retained earnings

1,307,182

1,229,896

1,307,182

1,229,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 profit or loss 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 28 February 2017 and were signed on its behalf by:

I P Kerry - Director

1.	STATUTORY INFORMATION

Textile Services Association Limited COMPANY LIMITED BY GUARANTEE 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Tangible fixed assets

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

Plant and machinery etc

-

15% on cost

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

The pension costs charged in the financial statements represent the contributions payable by the company during

the year in accordance with FRS 17

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, investments in non-puttable ordinary

shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method; Debt instruments

that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and

subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payments discounted at a market rate of interest for a similar

debt instrument.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are

measured:

i. At fair value with changes recognised in profit or loss if the shares are publicly traded

or their fair value can otherwise be measured reliably;

ii. At cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the

difference between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for

measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company

would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

16,337

Additions

3,353

At 31 December 2016

19,690

DEPRECIATION

At 1 January 2016

9,589

Charge for year

2,415

At 31 December 2016

12,004

NET BOOK VALUE

At 31 December 2016

7,686

At 31 December 2015

6,748

5.	FIXED ASSET INVESTMENTS

The market value for all of the investments at 31 December 2015 £873,455 ( 2014 £690,115)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

162,395

75,112

Other debtors

1,430

15,581

163,825

90,693

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

118

Trade creditors

45,069

18

Taxation and social security

10,218

52,194

Other creditors

113,807

20,126

169,094

72,456

8.	RELATED PARTY DISCLOSURES

All directors and their associated companies are members of the Association and , as such, are able to use the

services the Association offers its members. During 2015, the sum of £nil was paid as a chairman allowance to

Julian Carr as Chairman of the Association (2014 £nil).