Company registration number 05115096 (England and Wales)
BRITISH TEXTILE MACHINERY ASSOCIATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BRITISH TEXTILE MACHINERY ASSOCIATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BRITISH TEXTILE MACHINERY ASSOCIATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,842
15,198
Investments
5
367,286
353,774
379,128
368,972
Current assets
Debtors
6
100,851
171,059
Cash at bank and in hand
350,991
70,664
451,842
241,723
Creditors: amounts falling due within one year
7
(33,622)
(32,593)
Net current assets
418,220
209,130
Net assets
797,348
578,102
Reserves
Income and expenditure account
797,348
578,102
Members' funds
797,348
578,102

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2024 and are signed on its behalf by:
J Kent
Director
Company registration number 05115096 (England and Wales)
BRITISH TEXTILE MACHINERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

British Textile Machinery Association is a private company limited by guarantee incorporated in England and Wales. The registered office is City Heliport, Liverpool Road, Eccles, Manchester, M30 7RU.

1.1
Reporting period

The financial statements presented cover the year to 31 December 2023 and are not directly comparable with the comparative amounts as they represent an eight month period to 31 December 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

BRITISH TEXTILE MACHINERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BRITISH TEXTILE MACHINERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
BRITISH TEXTILE MACHINERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
56,116
Additions
2,082
At 31 December 2023
58,198
Depreciation and impairment
At 1 January 2023
40,918
Depreciation charged in the year
5,438
At 31 December 2023
46,356
Carrying amount
At 31 December 2023
11,842
At 31 December 2022
15,198
5
Fixed asset investments
2023
2022
£
£
Investments
367,286
353,774
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
8,713
8,713
Other debtors
59,364
91,235
68,077
99,948
Deferred tax asset
32,774
71,111
100,851
171,059
BRITISH TEXTILE MACHINERY ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,315
13,079
Taxation and social security
1,242
-
0
Other creditors
7,365
-
0
Accruals and deferred income
23,700
19,514
33,622
32,593
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mark Turner FCA
Statutory Auditor:
Champion Accountants LLP
Date of audit report:
26 March 2024
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
8,010
27,235
11
Related party transactions

British Textile Machinery Association owns 11% of the issued share capital of ITMA Services NV and is therefore a related party.

 

During the year the company received other income of £650,463 (2022: £216,543) from ITMA Services NV.

2023-12-312023-01-01false26 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedR ArmitageB GoodwinM JarvisJ KentN MillerC MowbrayM YareR SlackV MatthewsC HullJ Hardingfalse051150962023-01-012023-12-31051150962023-12-31051150962022-12-3105115096core:OtherPropertyPlantEquipment2023-12-3105115096core:OtherPropertyPlantEquipment2022-12-3105115096core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105115096core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105115096core:CurrentFinancialInstruments2023-12-3105115096core:CurrentFinancialInstruments2022-12-3105115096core:RetainedEarningsAccumulatedLosses2023-12-3105115096core:RetainedEarningsAccumulatedLosses2022-12-3105115096bus:Director42023-01-012023-12-3105115096core:FurnitureFittings2023-01-012023-12-31051150962022-05-012022-12-3105115096core:OtherPropertyPlantEquipment2022-12-3105115096core:OtherPropertyPlantEquipment2023-01-012023-12-3105115096bus:CompanyLimitedByGuarantee2023-01-012023-12-3105115096bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105115096bus:FRS1022023-01-012023-12-3105115096bus:Audited2023-01-012023-12-3105115096bus:Director12023-01-012023-12-3105115096bus:Director22023-01-012023-12-3105115096bus:Director32023-01-012023-12-3105115096bus:Director52023-01-012023-12-3105115096bus:Director62023-01-012023-12-3105115096bus:Director72023-01-012023-12-3105115096bus:Director82023-01-012023-12-3105115096bus:Director92023-01-012023-12-3105115096bus:Director102023-01-012023-12-3105115096bus:Director112023-01-012023-12-3105115096bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP